Voyager Metals Reports after Tax NPV Of US$1.6 Billion and IRR of 43% For Its Preliminary Economic Assessment at the Mont Sorcier Magnetite Iron and Vanadium Project in Quebec

TORONTO - Voyager Metals Inc. ('Voyager' or the 'Company') (TSXV:VONE), is pleased to announce the results of a new Preliminary Economic Assessment ('PEA') at its 100% owned Mont Sorcier iron and vanadium project located near Chibougamau, Quebec. The PEA was completed by Clinton Swemmer P.Eng. (PEO), VP Technical Services for Voyager Metals and a 'qualified person' under National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Regulators ('NI 43-101'), with input from independent consulting group InnovExplo Inc ('InnovExplo') for the Mineral Resource Estimate and independent consulting group Soutex Inc ('Soutex') for the Mineral Processing & Metallurgical Testing and Recovery Methods, Pierre-Jean Lafleur, P.Eng. (OIQ), VP Exploration at Voyager Metals and also a 'qualified person' under NI 43-101 who completed the preliminary Mine Planning.

The PEA for Mont Sorcier has been conducted based upon the Mineral Resource Estimate completed by InnovExplo and filed by Voyager on July 22, 2022, uses only the Measured and Indicated Resource in the North Zone outlined in the Company's most recently released NI 43-101 Technical Report dated July 22, 2022, and available on SEDAR. The PEA outlines a robust economic assessment for Mont Sorcier based upon a traditional open pit mining scenario with magnetic separation processing and a reverse flotation circuit to produce approximately 5.0 million tonnes per annum of low sulphur, vanadium rich iron concentrates, with low levels of impurities. Based on test work to date, this material is amenable for blast furnace use in either China or Europe. The general project development plan outlined in the PEA is in line with the potential development scenario being contemplated by Voyager management as it advances towards completion of a Feasibility Study ('FS') that is targeted for completion in Q1 2023.

Cliff Hale-Sanders, President and CEO of Voyager commented 'We are very pleased that the results of this PEA more than support our continued efforts to improve the economics and progress with development plans for the Mont Sorcier project, we see the potential of the project to be a profitable, long-life mine. Located in an established mining region, Mont Sorcier has excellent access to existing infrastructure already in place, which reduces upfront capital requirements and shortens the development schedule. The production of premium 65% high grade magnetite iron concentrate with valuable vanadium credits in conjunction with the advantageous infrastructure; positions Mont Sorcier as one of the premier iron development projects in the world.

The ongoing project optimization efforts and additional metallurgical test work being carried out as part of the ongoing FS are anticipated to enhance product quality and project economics even further. Moving forward, the company will focus on completing the Feasibility Study in Q1 2023 to bring Mont Sorcier to a formal development decision as quickly as possible. The company continues its proactive engagement with local communities to ensure key ESG matters and other local issues are adequately addressed and properly understood by all parties''

The PEA is preliminary in nature and there is no certainty that the preliminary economic assessment will be realized.

Project Summary

Mont Sorcier is located approximately 18 km east of Chibougamau, Quebec, in a region with a long history of mining and robust infrastructure in place to support future development. Mont Sorcier has access to all season roads, low-cost provincial hydro power and is within 50km of rail connection to two all-season, ocean-going ports. The railway runs approximately 370 km to the Port of Saguenay which is currently underutilized and can provide sufficient capacity for the project needs.

Iron and Vanadium Pricing Market Study

In late 2019 the Company had commissioned an Independent Market Pricing Study to review the expected credit that can be achieved for the contained Vanadium within iron concentrates. The study reviewed a value in use methodology based upon a review of the grade and concentrate chemistry from Mont Sorcier relative to other similar iron products and the study concluded that the concentrate from Mont Sorcier should receive a US$15/t premium to the Platts 65 price iron Index for the contained vanadium credits (based on a net attributable value using a long term V2O5 price of $7.25/lb). Since that time the outlook for premium high-grade concentrates has remained robust. Iron has seen peak pricing of over US$140/t for Fe62% with an additional premium for Fe65% typically being around a 20% premium to this price level. This premium is expected to be sustained in the market due to the significant environmental benefits. Equally, the metal price has flexed with transportation shipping rate increases. To fairly assess the potential scenario a long-term metal price in line with the Life of Mine estimate of 21 years outlined in the PEA has been adopted and at the same time this has been assessed using long term shipping costs.

About Voyager Metals Inc.

Voyager Metals Inc is a mineral exploration company headquartered in Toronto, Canada. The Company is focused on advancing its Mont Sorcier, Vanadium-rich, Magnetite Iron Ore Project, located just outside of Chibougamau, Quebec.

At Mont Sorcier, Voyager is rapidly advancing the project towards Feasibility and permitting The project currently has Indicated Resources of 679M tonnes grading 27.8% magnetite and 0.20% V2O5, with the potential to produce 195M tonnes of magnetite concentrate grading at least 65% Fe and 0.52% vanadium pentoxide (V2O5) and a further Inferred Resource estimated at 547M tonnes grading 26.1% magnetite and 0.17% V2O5, with the potential to produce 148M tonnes of magnetite concentrate grading at least 65% Fe and 0.52% vanadium pentoxide (V2O5)..

Contact:

Cliff Hale-Sanders

President and CEO

Tel: [phone]

E: [e-mail]

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WEB: www.voyagermetals.com

Nicholas Campbell

CFA

Director

Corporate Development

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Cautionary Note Regarding Forward-Looking Statements:

This news release contains 'forward looking statements' or 'forward-looking information' (collectively 'Forward-Looking Statements') that involve a number of risks and uncertainties. Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'guidance', 'outlook', 'intends', 'anticipates', 'believes', or variations of such words and phrases or that state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The Forward-Looking Statements in this press release relate to, among other things: the future exploration performance of the Company. Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management and Qualified Persons (in the case of technical and scientific information), as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the Forward Looking Statements. In addition to factors already discussed in this news release, such factors include, among others: there being no assurance that the Company will upgrade a significant portion of the North Zone to the Measured and Indicated categories to support the pending feasibility study; as well as those risk factors discussed or referred to in the Company's MD&A under the heading 'Risk Factors' and under the heading 'Forward-looking statements and use of estimates' which include further details on material assumptions used to develop such Forward Looking Statements and material risk factors that could cause actual results to differ materially from Forward Looking Statements, and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com.

The reader has been cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward Looking Statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company's Forward Looking Statements reflect current expectations regarding future events and speak only as of the date hereof. Other than as it may be required by law, the Company undertakes no obligation to update Forward Looking Statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on Forward Looking Statements.

Neither 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.

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