First Vanadium Receives Exchange Acceptance of AVP Property Option Agreement, in Battle Mtn – Eureka Gold Trend, Nevada

First Vanadium Receives Exchange Acceptance of AVP Property Option Agreement, in Battle Mtn –

Eureka Gold Trend, Nevada

January 22, 2021 - Vancouver, British Columbia – First Vanadium Corp. (TSX-V: FVAN) (OTCQX ®: FVANF)

(FSE: 1PY) (“First Vanadium” or the “Company”) Further to its press release of January 14, 2021, the Company

is pleased to announce that it has now received TSX Venture Exchange acceptance of the property option

agreement to acquire the AVP Property. As a result, it has made the initial option payment of US$25,000 and

has issued 250,000 common shares to the owner of the property in accordance with the terms of the

agreement. These shares are subject to a hold period expiring May 22, 2021, in accordance w ith applicable

securities laws and the policies of the TSX Venture Exchange.

The AVP Property Option Agreement is with Dave Mathewson for a property he has held and planned to drill

himself for a number of years in the Battle Mountain – Eureka Gold Trend . Mr. Mathewson is a renowned

Nevada gold specialist and proven mine finder. The option on the AVP Property will further strengthen Dave

Mathewson’s position and engagement in First Vanadium Corp. with additional stock in the Company and will

spearhead and supervise the exploration on both AVP Property and the Carlin Vanadium-Gold Project.

ON BEHALF OF FIRST VANADIUM CORP.

per: "Paul Cowley"

CEO & President

(778) 655-4311

[email protected] www.firstvanadium.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.