Vanadiumcorp Announces Financing and Share Consolid Ation

VANADIUMCORP ANNOUNCES FINANCING AND SHARE CONSOLID ATION

VANCOUVER, BRITISH COLUMBIA, March 24 th , 2022 - VanadiumCorp Resource Inc. (TSX

VENTURE: "VRB") (OTCBB:"APAFF") (FRANKFURT:"NWN") ( the "Company") plans to arrange a

debenture financing to raise up to a maximum of $2 million (the “Debt Financing”).

Under the terms of the Debt Financing, the debentur es will mature two (2) years from the date of closi ng (the

"Maturity Date ") and will bear interest at 10% per annum and will be repayable by the Company on the Maturity

Date.

As compensation to the lenders for the risk of repayment, the Company will issue non-transferable common share

purchase warrants (the " Bonus Warrants ") exercisable to purchase common shares of the Com pany equal to

100% of the principal amount of the debentures divided by $0.05 per share, or up to 40,000,000 common shares,

or 4,000,000 after the consolidation outlined below , if the Debt Financing is fully subscribed (the " Warrant

Shares "). The Bonus Warrants will be exercisable at an exercise price of $0.05 per Warrant Share, or $0.50 after

the consolidation outlined below, for a period of two years following closing.

The proceeds of the Debt Financing will be used to fund to fund the first stage of new metallurgical t esting and

production methods for vanadium electrolyte and for general working capital. The terms of the Debt Fin ancing

are subject to the acceptance of the TSX Venture Exchange (the “ Exchange ”).

The Company announces that its Board of Directors has approved a consolidation of the Company’s issued share

capital on the basis of ten (10) common shares for one (1) new share of the Company (the “ Consolidation ”). The

Company currently has 319,251,120 common shares out standing and will have 31,925,112 common shares

outstanding after completion of the Consolidation, subject to rounding and the elimination of any fractional shares

resulting from the Consolidation. The number of out standing stock options and warrants of the Company will

similarly be adjusted by the Consolidation ratio, and the exercise prices adjusted accordingly.

The Consolidation is subject to Exchange approval. The Company will continue to trade after the Consol idation

under the name “VanadiumCorp Resource Inc.”. If the Consolidation is approved by the Exchange, the Company

will disseminate a further news release which will set out the effective date for the Consolidation.

Upon completion of the Consolidation, a letter of t ransmittal will be sent by mail to registered share holders

advising that the Consolidation has taken effect. T he letter of transmittal will contain instructions on how

registered shareholders can exchange their share certificates or DRS statements evidencing their pre-consolidated

common shares for new share certificates or new DRS statements representing the number of post-consoli dated

common shares to which they are entitled. No action is required by non-registered shareholders (shareh olders

who hold their shares through an intermediary) to effect the Consolidation. The Common Shares are expected to

begin trading on the Exchange on a post-Consolidation basis, after the Exchange issues its final bulletin advising

of the effective date of the Consolidation.

About VanadiumCorp

VanadiumCorp Resource Inc., is a mineral exploratio n company located in Vancouver, Canada, with 100%

ownership in the Lac Doré Vanadium, Iron and Titani um Project, located 27 km east-southeast from the c ity of

Chibougamau in Québec, as well as the Iron T, VTM d eposit in Matagami. VanadiumCorp also owns 100% of

a novel hydrometallurgical process, VEPT (VanadiumC orp, Electrochem, Process Technology) invented by D r.

Francois Cardarelli, that consists of digesting van adiferous feedstocks into concentrated sulfuric aci d. The

technology addresses the recovery of vanadium pento xide, vanadyl sulphate, ferrous sulphate, titanium

hydrolysate, and silica from feedstocks such as van adiferous titano- magnetite, iron ores and concentr ates such

as magnetite and hematite, vanadium industrial wastes such as BOF-slags, and other industrial by- products also

containing vanadium.

On behalf of the board of VanadiumCorp:

Paul McGuigan. P. Geo.

Director and Interim Chief Executive Officer

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.

Cautionary Note - The information in this news release includes certa in "forward-looking statements" All statements, oth er than statements of

historical fact, included herein including, without limitation, plans for and intentions with respect to the company's properties, statements regarding

intentions with respect to obligations due for vari ous projects, strategic alternatives, quantity of r esources or reserves, timing of permitting,

construction and production and other milestones, are forward-looking statements. Statements concerning Mineral Reserves and Mineral Resources

are also forward-looking statements in that they re flect an assessment, based on certain assumptions, of the mineralization that would be

encountered and mining results if the project were developed and mined in the manner described. Mineral resources that are not mineral reserves do

not have demonstrated economic viability. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such

statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important

factors that could cause actual results to differ materially from VRB's expectations include the uncertainties involving the need for additional financing

to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling

results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies and local groups in the

exploration, and development of properties; and the need to obtain permits and governmental approval. VRB's forward-looking statements reflect

the beliefs, opinions and projections of management on the date the statements are made. VRB assumes no obligation to update the forward looking

statements if management's beliefs, opinions, projections, or other factors should they change.