Australian Grant of Patent Issued FOR Vanadiumcorp'S Metallurgical Process
AUSTRALIAN GRANT OF PATENT ISSUED FOR VANADIUMCORP'S METALLURGICAL PROCESS
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.
Vancouver, British Columbia – February 28, 2024 – VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTC:
VRBFF) ("VanadiumCorp" or the "Company") is a Canadian critical metals company supporting the supply chain of a
new generation of long-duration Vanadium Flow Batteries (VFBs) and targeting the decarbonization of electrical
grids. To support our ambitions in electrolyte manufacturing, the Company is developing novel hydrometallurgical
processes to extract vanadium from the titanomagnetite deposits at its wholly owned Lac Doré property near
Chibougamau, Québec.
Vanadiumcorp is pleased to announce the Australian Government issued the Grant of a Patent (Patent number:
2018225820) for the hydrometallurgical processes for recovering vanadium and iron values from vanadiferous
titanomagnetite and vanadiferous feedstocks. The patent is for the Vanadiumcorp-Electrochem Process Technology
("VEPT"), invented by the prominent electrochemist Dr. Francois Cardarelli and now 100% owned by Vanadiumcorp.
The term of the patent runs for twenty years from February 21, 2018. VEPT is now patented in the U.S.A., South Africa,
and Australia. Patent applications are pending in India, Europe, and Canada. Additionally, VanadiumCorp has filed a
Continuation Patent in the U.S.A. that contains broader claims. All the granted patents and pending applications are
current and fully up to date.
Paul McGuigan, P. Geo., CEO of the Company, stated:
"We are pleased to be granted a patent for our VEPT process in Australia, which has rich vanadium mineral
resources and robust mine development activity. With Australia in our patent-protected sphere, VanadiumCorp
can protect its developing know-how in extracting vanadium from primary concentrates, fly ash and the slags
from electric arc furnaces."
The VEPT process consists of digesting vanadiferous titanomagnetite magnetite and other feedstocks into concentrated
sulfuric acid to minimize energy consumption significantly compared to conventional pyrometallurgical processes for
vanadium. After reducing the pregnant solution electrochemically, the VEPT process recovers ferrous sulfate
heptahydrate ("Copperas"), titanium hydrolysate and vanadyl sulfate. Vanadyl sulphate is a precursor for preparing the
vanadium electrolytes used in vanadium flow batteries (VFBs) or various vanadium chemicals used in lithium batteries.
About VanadiumCorp Resource Inc.
VanadiumCorp Resource Inc. seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding
international market for long-duration Vanadium Flow Batteries (VFB). The Company's initial manufacturing facility is
in Val-des-Sources, Québec. Stable, long-term access to vanadium feedstock to produce 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 test the quality of the anticipated outputs from a Lac Doré pilot plant and
reprocess electrolytes as needed. We are currently scoping the expansion of production to 4 million litres of electrolytes
per year.
On behalf of the Board of VanadiumCorp Resource Inc.:
Paul McGuigan, P.Geo.
Director, Chief Executive Officer
Direct: +1.604.970.3278
2
Company Contact Information:
Suite 303 - 5455 West Boulevard
Vancouver, British Columbia V6M 3W5
Canada
3 rue de Boisé,
Marieville, Québec J3M 1S7
Canada
Omniturm, 1st Floor, Große Gallusstraße 16-18
Frankfurt am Main, 60312
Germany
Email: [email protected] Website: www.vanadiumcorp.com
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accepts responsibility for the adequacy or accuracy of this release.
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PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT.
Forward-Looking Statements
This document may contain forward-looking statements (including "forward-looking information" within the meaning of applicable
Canadian securities laws and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act
of 1995) regarding, among other things, VanadiumCorp's business. and the environment in which it operates. In general, forward-
looking statements can be identified by the use of words such as "anticipates", "expects" or "does not expect", "is expected" ,
"budget", "forecast", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or statements that certain actions, events or results "may", "could", "would", "could" or "will be taken", "occur"
or "will be achieved". VanadiumCorp relies on a number of assumptions and estimates to make these forward-looking statements,
including, without limitation, the ability to acquire the necessary permits and authorizations to advance the Lac Doré property to
the production stage, the ability to add to existing resources at Lac Doré through drilling, the costs associated with the development
and operation of its properties. These assumptions and estimates are made in light of forecasts and conditions that are considered
relevant and reasonable based on available information and current circumstances. A number of risk factors may cause actual
results, level of activity, performance or results of such exploration and/or mine development to differ materially from thos e
expressed or implied by such forward-looking statements, including, without limitation, whether such discoveries will result in
commercially viable quantities of such mineralized materials, the ability to modify project parameters as plans continue to b e
refined, the ability to execute planned future exploration and drilling programs, the need for additional financing to continue
exploration and development efforts, changes in general economic, market and business conditions, and other risks outlined in
VanadiumCorp's latest Annual Information Form under the heading "Risk Factors" and in its other public documents. Forward-
looking statements are not guarantees of future performance and such information is inherently subject to known and unknown
risks, uncertainties and other factors that are difficult to predict and that may be beyond VanadiumCorp's control. Although
VanadiumCorp has attempted to identify important risks and factors that could cause actual actions, events or results to differ
materially from those described in the forward-looking statements, there may be other factors and risks that cause actions, events
or results not to be as anticipated, estimated or intended. Accordingly, undue reliance should not be placed on these forward-
looking statements. In addition, all forward-looking statements in this press release are made as of the date of this press release.
VanadiumCorp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by applicable securities laws.
The forward-looking statements contained herein are expressly qualified by this disclaimer.