VanadiumCorp Resource Receives Critical Metals Financing from Prima Quebec

VanadiumCorp Resource Inc. (TSXV:VRB) (FSE:NWNA) (OTC:VRBFF) (“VanadiumCorp” or the “Company”) is pleased to announce that the Company has received a grant of $500,000 to support the development of its vanadium electrolyte production plant in Val-des-Sources, Québec.  The grant from PRIMA will help ensure that the Company’s production process will be state-of-the-art and will contribute to an environmentally friendly circular economy.

The financial assistance comes from the support program for research and development for the circular economy applied to the sectors of critical and strategic minerals of the Ministry of Natural Resources and Forests of Québec, which is administered by PRIMA Québec.

The Company’s new production facility will operate in partnership with Carrefour d’innovation sur les matériaux de la MRC des Sources (CIMMS), and is expected to be in production in early 2024. It will produce high-quality vanadium electrolyte for use in vanadium redox flow batteries (VRFB). VFRBs are the new generation of long-duration batteries that are currently being deployed around the world to support the storage of renewable energy.

Gilles Dupuis, P. Eng., the Chief Operating Officer of the Company, said “This assistance is another demonstration of the tremendous leadership of the Government of Québec in supporting the development of new battery technologies and manufacturing.  This will help put vanadium from Québec on the world’s green energy map.”

 “Vanadium electrolyte produced in Québec will become a key component in the international battery industry.  Supporting this development in Québec will help diversify our industrial base and contribute to the establishment of a circular economy”, said Marie-Pierre Ippersiel, President and CEO of PRIMA Québec.

About PRIMA Québec

PRIMA Québec, the Advanced Materials Research and Innovation Hub, supports and facilitates the advanced materials ecosystem by promoting collaborative innovation for the economic development of Quebec.  It is the privileged catalyst between the industrial and research communities.

About VanadiumCorp Resource Inc.

VanadiumCorp Resource Inc. will produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration vanadium redox flow batteries (VRFB). The Company’s first electrolyte production facility is based in Val-des-Sources, Québec. Stable, long-term access to vanadium feedstock for the electrolytes is assured, success-contingent on developing our wholly-owned vanadium-titanium-iron mineral deposits, including our flagship Lac Doré deposit near Chibougamau, Québec.  The Company’s electrolyte plant will also be used to test the quality of Lac Doré pilot plant outputs and to reprocess electrolytes.