Vanadiumcorp Resource Inc. 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 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 surles 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.