VanadiumCorp Completes Private Placement

TSX-V: “VRB”

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VANADIUMCORP COMPLETES PRIVATE PLACEMENT

VANCOUVER, BRITISH COLUMBIA, August 26, 2020 – VanadiumCorp Resource Inc. (TSX-V: VRB) (the “Company”) is pleased to announce that it has completed its previously announced non-brokered private placement of flow-through common shares. Pursuant to the private placement, the Company issued 1,400,000 flow-through common shares at a price of $0.07 per share for gross proceeds of $98,000.

In connection with the private placement, the Company has agreed to pay a cash finder’s fee of $5,880. The shares issued in connection with the private placement are subject to a statutory hold period expiring on December 21, 2020.

Proceeds from the placement will be utilized for advancing the 100% owned Lac Dore vanadium project in Chibougamau, Quebec, Canada.

VanadiumCorp Resource Inc. is an integrated technology and mining company focused on developing the exclusive supply chain for vanadium-based energy storage and emerging technologies that utilize vanadium. Vanadiumcorp owns 100 per cent of two of the most coveted, undeveloped primary vanadium-rich magnetite resources rich in iron and titanium. The company has also co-developed process technology that can unlock maximum metal value with renewable energy from most vanadium-bearing feed stocks as well as flow battery technology that can utilize vanadium indefinitely. Vanadiumcorp's key vanadium mining assets are located in mining-friendly Quebec, Canada, including the 100-per-cent-owned Lac Dore project adjacent to Blackrock Mining Inc. and the 100-per-cent-owned Iron-T project located near the Glencore (Bracemac-McLeod) Matagami copper-zinc mine.

On behalf of the board of VanadiumCorp:

Adriaan Bakker President and Chief Executive Officer

For more information:

Adriaan Bakker, President and CEO, VanadiumCorp Resource Inc.

(TSX-V: “VRB”)

By phone: 1-604-385-4489 By email: [email protected] Website: www.vanadiumcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.