Vanadiumcorp Resource : Document

Management's Discussion and Analysis For the Three-Month Period Ended January 31, 2024

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VANADIUMCORP RESOURCE INC.

FORM 51-102F1

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE THREE-MONTH PERIOD ENDED JANUARY 31, 2024

INTRODUCTION

This Management's Discussion and Analysis ("MD&A"), prepared as of April 2, 2024, reviews and summarizes the activities of VanadiumCorp Resource Inc. ("VanadiumCorp" or the "Company") and compares the financial results for the three months ended January 31, 2024, with those of the three months ended January 31, 2023. This information is intended to supplement the unaudited condensed interim consolidated financial statements for the three months ended January 31, 2024, and the related notes thereto, which have been prepared by management in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. All dollar amounts included in this MD&A are stated in Canadian dollars unless otherwise indicated.

FORWARD-LOOKING INFORMATION

This MD&A contains certain forward-looking statements and information relating to VanadiumCorp and its operations that are based on the beliefs of its management as well as assumptions made by and information currently available to the Company. When used in this document, the words "anticipate", "believe", "budget", "estimate", "expect", "intends", "plans", "potential", and similar expressions, as they relate to the Company or its management and operations, are intended to identify forward-looking statements.

These forward-looking statements or information relate to, among other things: the Company's future financial and operational performance; the suWiciency of the Company's current working capital, anticipated cash flow or its ability to raise necessary funds; the anticipated amount and timing of work programs; our expectations with respect to future exchange rates; the estimated cost of and availability of funding necessary for sustaining capital; forecast capital and non-operating spending; and the Company's plans and expectations for its property, exploration and community relations operations.

These forward-looking statements and information reflect the Company's current beliefs as well as assumptions made by, and information currently available to the Company and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic, competitive, political, regulatory, and social uncertainties and contingencies. These assumptions include cost estimates for exploration programs; cost of drilling programs; prices for base and precious metals remaining as estimated; currency exchange rates remaining as estimated; capital estimates; our expectation that work towards the establishment of mineral resource estimates and the assumptions upon which they are based will produce such estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at our operations; no unplanned delays or interruptions in scheduled work; all necessary permits, licenses and regulatory approvals for our operations being received in a timely manner and can be maintained; and our ability to comply with environmental, health and safety laws, particularly given the potential for modifications and expansion of such laws. The foregoing list of assumptions is not exhaustive.

Management's Discussion and Analysis For the Three-Month Period Ended January 31, 2024

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Forward-looking statements and information involve known and unknown risks, uncertainties, assumptions, and other factors which may cause the actual results, performance, or achievements of the Company to be materially diWerent from any future results, performance or achievements expressed or implied by the forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results or events to diWer materially from those expressed or implied in the forward-looking statements (see "Risks and Uncertainties" in this MD&A), there may be other factors which could cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements or information.

Forward-looking statements and information contained herein are made as of the date of this MD&A. The Company does not intend and disclaims any obligation to update or revise forward-looking statements or information, whether as a result of new information, future events, or to reflect changes in assumptions or circumstances or any other events aWecting such statements or information, other than as required by applicable law.

RESERVES AND RESOURCES

National Instrument 43-101("43-101") of the Canadian Securities Administrators - Standards of Disclosure for Mineral Projects - requires that each category of mineral reserves and mineral resources be reported separately. Readers should refer to VanadiumCorp's continuous disclosure documents available at www.sedar.com for this detailed information, which is subject to the qualifications and notes therein set forth.

DESCRIPTION OF BUSINESS

VanadiumCorp Resource Inc. (VanadiumCorp" is a Canadian critical metals company in the expanding energy storage space. We support the critical-metals supply chain of a new generation of long-duration Vanadium Flow Batteries ("VFBs") targeting the decarbonization of electrical grids:

1. Industrial: the Company's manufacturing plant No. 1 in Val-des-Sources, Québec, will come on-stream in Q2 2024, producing high-purity vanadium electrolyte for VFB OEMs; after that, we scope a significant capacity increase for Plant No. 2.
2. Exploration: the Company's strategic mineral deposit of vanadium-titanium-iron at Lac Doré, Chibougamau, Québec, promises a stable supply of vanadium for electrolyte production for decades, contingent on a Positive Feasibility Study and successful permitting and development.
3. Strategy: Enter downstream electrolyte manufacturing now, during the lift-oW phase of VFB deployment worldwide, followed by our mine production when we have established a vanadium electrolyte market share.

By commencing the production of electrolytes in 2024, we demonstrate VanadiumCorp's commitment to value- added critical metal processing in Québec. Demand for energy storage is soaring and will likely require long-duration energy storage systems costing trillions of U.S. dollars by 2050. Vanadium flow batteries serve a segment of the long- duration energy storage (10+ hours) market that other technologies cannot economically target. Three-quarters of the installed base of VFBs was commissioned in the last two years. For background on the VFB, please view the Sumitomo Electric presentation: (https://youtu.be/TSsqCazP1V0 ).

Electrolyte supply is challenging the deployment of VFBs. Manufacturers seek secure supply sources and stable pricing of vanadium electrolytes.

Our assets are located in Québec, one of the world's best mining jurisdictions, and we are supportive of battery technology centers. VanadiumCorp has the support of PRIMA, the Québec government critical materials agency, which, in May 2023, gave a grant to support our electrolyte manufacturing facility.

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Vanadium electrolyte manufacturing in North America is only in the early stages. VanadiumCorp plans to build Plant No. 1 in Québec to demonstrate quality and production capability. After that, we will scope a fully commercial Plant No. 2 for Q4 2025. Plant No. 2, when commissioned, is forecasted to be a significant portion of North American vanadium electrolyte production.

QUALIFIED PERSON

Mr. Paul McGuigan, P. Geo., of Cambria Geosciences Inc., a Qualified Person under N.I. 43-101 and a senior consulting geoscientist and Director of the Company, has reviewed and approved the technical disclosure in this MD&A.

THE COMPANY

VanadiumCorp was incorporated under the Business Corporations Act (British Columbia) as Homestead Resources Inc. on October 23, 1980. The Company and its subsidiaries are engaged in the acquisition, exploration, and development of mineral properties in Canada, with a primary focus on the exploration of the Lac Doré and Iron-T Properties in Québec that are mostly prospective for vanadium, titanium, and iron.

The Company is also engaged in research in novel hydrometallurgical processes for recovering vanadium, iron, and titanium products from various feedstocks (principally titanomagnetite) and industrial waste streams.

The Company's registered oWice is Suite 2110 - 650 West Georgia Street, Vancouver, British Columbia, V6B 4N8. The Company is a publicly-traded junior resource company on the TSX Venture Exchange, where its trading symbol is "VRB". The Company's trading symbol on the Frankfurt Stock Exchange is "NWN.F" and "VRBFF" on the United States OTC Markets.

On March 11, 2022, Mr. Adriaan Bakker was removed as CEO of the Company and Mr. Paul McGuigan. P. Geo. was appointed the CEO.

EWective April 18, 2022, the Company consolidated its issued and outstanding common shares on a 10 to 1 basis. All references to common shares, warrants and stock options before this date in this report have been adjusted to reflect the change.

MINERAL PROPERTIES

Iron-T Property, Québec

The Iron-T Property is located in the Nord-du-Québec administrative region in the Province of Québec, approximately 15 km east of Matagami and 780 km northwest of Montréal. The Property straddles the townships of Isle-Dieu, Lozeau, Galinée and Comporté on NTS map sheets 32F11 (Rivière Opaoca), 32F12 (Ile Bancroft), 32F13 (Matagami) and 32F14 (Lac Olga).

All mineral titles are held 100% by the Company. The Property currently consists of one block of 86 claims staked by electronic map designation ("map-designated cells"), for an aggregate area of 4,789 hectares. The vendors will receive a 3% net smelter return ("NSR") royalty, which the Company may purchase at its discretion, 1½% of the net smelter return royalty for $500,000. The Company also retains a first right of refusal on the balance of the net smelter return royalty.

The Company has performed minimal work on the Iron-T Property since 2014. Several mining companies have conducted exploration work since 1958 on or near the Iron-T Property. The main interest was on base metals mineralization following initial discoveries in the Matagami mining camp. VanadiumCorp (named Apella Resources Inc. at the time) first worked on the Iron-T Property in 2007. The Company reviewed the historical diamond drilling completed on the Iron-T Property from existing historical logs, sections, and maps. Juna Mining & Exploration Ltd,

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SDBJ and Noranda generated the most significant drilling results regarding oxide mineralization. Maxime Dupéré, P.Geo. of SGS Geostat validated that historical drilling information.

In 2009, VanadiumCorp completed a first and second drill campaign totalling 27 diamond drill holes and two trenches totalling 3,470 meters. This drilling to May 13, 2010, was utilized in a maiden mineral resource estimation (the "2010 MRE") issued by Maxime Dupéré, P.Geo. of SGS Geostat, titled, "Technical Report Vanadium-Titanium- Iron Resource Estimation of the Iron-T Property Matagami Area, Québec, Canada." The report presented a historical mineral resource measuring 11.63 Mt bearing 37.88% Fe2O3, 6.33% TiO2 and 0.40% V2O5 in the inferred category using a cut-oW grade of 0.48% V2O5. This historical estimate is not considered a current estimate by the Company.

The 2010 MRE recommended continuing drilling and provided a budget estimate of $2,623,500. The SGS budget includes 11,000 meters of diamond drilling, excluding numerous program support costs, which would be an additional cost.

By July 21, 2010, VanadiumCorp had completed a third drilling campaign totalling over 2,349 meters and sampling three trenches in the Lac Olga-Ouest mineralized zone.

In 2011, a mineral resource estimate (the "2011 MRE") was issued on behalf of the Company for the Lac Olga-Ouest mineralized occurrence (the "Genesis Zone"). A report by M. Dupere, P.Geo. of SGS Canada Inc. - Geostat, titled "Technical Report - Resource Update of the Iron-TVanadium-Titanium-Iron Property, Matagami Area, Québec " dated May 19, 2011 stated that the zone contains 14.37 Mt bearing 39.04% Fe2O3, 6.55% TiO2 and 0.42% V2O5 in the inferred category using a cut-oW grade of 0.48% V2O5. This historical estimate is not considered a current estimate by the Company.

The 2011 MRE was prepared using the results of the 2009-2010 drilling program. However, the Company conducted further drilling in 2011, and these results were not included in the resource estimate.

Drilling programs from 2009 to 2011 revealed a further potential for mineralization on the Property.

• Specifically, down-dip and step-out drill holes intersected mineralization with similar grades to those from the 2011 resource area, thereby demonstrating that the Main Zone remains open at depth and along trend.
• Several holes drilled in the Lac Shallow-Ouest area in the western half of the Property intersected V-Ti- Fe mineralization with similar features to the Lac Olga-Ouest showing, specifically the grades, the geological setting, and the coincident broad geophysical signature.
• Consistent drill results, trench samples and aeromagnetic responses along the entire 22 km strike length indicate remarkably similar geology to the Lac Doré Property, including virtually no impurities and exceptional metallurgical recoveries.

Priority for exploration shifted to the Company's Lac Doré Property in 2013, and the Iron-T Property was put on maintenance only.

The Iron-T Property is located within the Matagami volcanic complex in the northern part of the Abitibi Greenstone Belt, which represents one of several E.W. trending belts composed of a series of volcanic, sedimentary, and intrusive rocks within the Superior Province. Sharpe (1968) defined the stratigraphy of the Matagami area and identified two Archean volcanic packages, the Watson Lake Group marking the first of two phases of Archean volcanism characterized by the extrusion of bimodal Fe-rich, tholeiite volcanic rocks. The overlying Wabassee Group is characterized mainly by calc-alkaline basaltic to andesitic volcanics with some localized felsic units near its base.

The Watson Lake and Wabassee groups are intruded by the Bell River Complex, a large, 750 km2 layered synvolcanic intrusion dated 2724.6 ± 2.5 Ma (Mortensen, 1993). The Iron-T Property includes a few historical V-Ti-Fe mineralized

Management's Discussion and Analysis For the Three-Month Period Ended January 31, 2024

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occurrences and showings in the Bell River Complex (e.g., Lac Olga-Ouest and Lac Shallow-Ouest), as well as magmatic Cu-Ni mineralization (Lac Shallow-Est).

Geological setting and mineralization encountered on the Iron-TVanadium-Titanium-Iron Property located in the Bell River Complex indicate many similarities with typical large magmatic Fe-Ti-V oxide deposits associated with a layered intrusive complex consisting mainly of layered and massive concentrations of titanomagnetite, titaniferous magnetite, magnetite, and ilmenite.

The vanadium mineralization is associated with titanomagnetite, magnetite and ilmenite layers within the layered ferrogabbro zone. Vanadium is mainly associated with titanomagnetite and magnetite mineral species.

Taner et al. (1998) conducted a mineralogical and petrological study of vanadium mineralization in the Bell River and Lake Doré Complex. This study indicates that vanadium mineralization is associated with magnetite and ilmenite layers within the layered ferrogabbro zone of the upper part of the Bell River Complex. The oxide-rich gabbro horizons varying in width from 10 to 100 m clearly appear on the airborne regional magnetic survey. The oxide-rich gabbro is a mineralized cumulate forming either homogeneous horizons with disseminated oxide mineral contents ranging from 20 to 60% or massive homogeneous layers with oxide mineral contents varying from 60 to 90%. Massive oxide mineralized bands are interlayered with poorly mineralized gabbro forming pluri-centimetric to decimetric scale interlayers. The mineralized layering of the gabbro dips north from 75˚ to 85˚.

On October 30, 2019, the Company announced it had entered into an agreement (the "Agreement") with 11626191 Canada Inc., a private company (the "Private Company") whereby the Company can earn a 100% interest in the Property. On March 12, 2020, the Company announced in a press release that the transaction had closed.

Private Company had the right to:

• Earn a 75% interest on completion of $5 million in exploration expenditures and $1 million in cash and stock payments to VanadiumCorp before the 4th anniversary of the signing of the Agreement ("First Option");
• Earn an additional 10% interest on completion of a preliminary economic assessment ("Second Earn- in"); and
• Earn an additional 15% interest on completion of a positive feasibility study ("Third Earn-in").

After receipt of $25,000 upon signing a Letter of Intent, the Private Company defaulted on its commitments and as of October 31, 2021, the Agreement has been terminated.

In Q2, 2023, the Company conducted minor surface exploration and sampling on the southern fringe of the Property on a second linear zone of titanomagnetite-bearing intrusive layers. No significant vanadium results were obtained.

Lac Doré Property, Québec

The Company holds 100% ownership in the Lac Doré Vanadium, Iron and Titanium Property ("Lac Doré Property"). The Lac Doré Property is located approximately 27 km east-southeast from the City of Chibougamau, in Eeyou Istchee James Bay Territory, Nord-du-Québec administrative region, Province of Québec, Canada. The center of the Property lies at approximately Latitude 49°50'N, Longitude 74°0'W. The Property comprises two discontinuous groups of claims that straddle the border between National Topographic System (NTS) map sheets 32G-16 and 32H- 13:

• Lac Doré Main, holding mineral tenures over the Lac Doré deposit, comprises 23 claims of 648.8 hectares area.
• Lac Doré North to the north, straddling strike extensions of the Lac Doré deposit, comprises 15 claims of 701.9 hectares area.

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• Lac Doré Extension abuts Lac Doré North and is mostly west of the Main/North mineralized horizon. It comprises 86 claims of 4,789.0 hectare area. The Company recently abandoned 2,116.8 hectares of claims in the northwestern extremity because they are not mineralized.

The Lac Doré Property is located at the northeast end of the Abitibi greenstone belt, which is host to several Archaean mafic intrusions, including the Lac Doré Complex (LDC) near Chibougamau, which has been emplaced into volcano-sedimentary host rocks and has in turn been intruded by the felsic Chibougamau Pluton.

The LDC is a layered mafic complex and is comparable to other better-known complexes, such as the Bushveld Complex in South Africa. The Lac Doré Property area (located in the Layered Zone of the LDC) is underlain by anorthosite, gabbro, magnetitite, and pyroxenite in varying proportions.

Magnetite deposits in layered complexes such as at Lac Doré are formed through primary magmatic processes, and the magnetite-bearing units (as well as the intervening mafic rocks that may contain minor amounts of magnetite) are generally continuous along strike. This is the case at Lac Doré, where magmatic layering has formed several magnetite-rich or magnetite-poor lithology zones. Based on the detailed correlation of lithological units logged during the 2019-2020 exploration campaign, a magmatic stratigraphy comprising nine units has been defined (P.O., P1, P2-LOW,P2-A,P2-PART,P2-B,P2-HW P3, P3-HW).

Mineralization is in the form of vanadiferous-titanomagnetite (VTM), which forms a significant proportion of the lithologies and in some cases, may make up close to 100% of the lithological unit. Each mineralized zone varies in thickness across the 3 km of strike, as outlined, and the entire mineralized zone varies between 200 m and 300 m in thickness. The lithologies and overall magmatic stratigraphy dip at approximately 50--60° to the southeast and have been drill-tested to depths of at least 220 m below the surface.

The concentration of vanadium and titanium within the magnetite varies with stratigraphic height. The magnetite from stratigraphically lower units (P1, P2-LOW) are more enriched in vanadium and has relatively low titanium levels, whereas stratigraphically higher levels (P3) have lower vanadium and higher titanium in magnetite. Titanium and vanadium levels in magnetite remain relatively constant within units and along strike.

The Lac Doré magnetite deposit was discovered in 1948 through an aeromagnetic survey and has since been the subject of exploration by several companies with work carried out, including mapping, channel sampling, drilling, metallurgical test work, resource estimates, and feasibility studies.

Before 2019, historical exploration work considered most relevant are:

• A 1997 stripping and sampling program by McKenzie Bay Resources Ltd. (McKenzie Bay), including sampling and assaying of 1734 diamond-cut samples along a series of northwest-southeast lines.
• Drilling programs carried out by SOQUEM Inc. (SOQUEM) that began in 1979.
• Seven drillholes completed by McKenzie Bay on the ground now held by the Company (i.e. within the current claim holdings).
• Four drillholes were completed by the Company (recorded as PacificOre Mining in the assessment filing registry) in 2013.
• The Company carried out several ground magnetic surveys between 2009 and 2013.

From 2019 to 2020, VanadiumCorp made 37 new diamond drill holes (9,601.8m), resampled the old drill core and cut new surface channel samples, managed by lnnovExplo Consultants. The Company commissioned an airborne Laser Imaging, Detection, And Ranging" (LiDAR) survey in 2020, and a detailed digital terrain model (DTM) prepared.

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The Company retained CSA Global Consultants Canada Limited ("CSA"), with Dr. Luke Longridge, P. Geo. as the lead consultant for a Technical Report titled "Lac Doré Project, Chibougamau, Québec, Canada, Dec. 10, 2020." The full technical report is available on the Company's website and SEDAR.

Drilling at the Lac Doré Project was carried out in September and October 2019 by Miikan Drilling Ltd of Chibougamau. An independent surveyor surveyed drill collars. A gyro-based Reflex instrument took downhole azimuth and dip measurements every run.

Core was split using a diamond saw and sampled predominantly at 1.5 m intervals. Samples were shipped to SGS Canada Inc.'s facilities in Val d'Or and Québec City, Québec for preparation, and were analyzed using x-ray fluorescence (XRF) spectroscopy at SGS Canada lnc.'s Lakefield facility for Whole Rock Analysis. The suite of elements analyzed includes SiO2, Al2O3, Fe2O3, MgO, CaO, Na2O, K2O, TiO2, P2O5, MnO, Cr2O3, V2O5, and loss on ignition (LOI).

QAQC samples comprising 5% each of standards and blanks were included with each shipment. The certified reference materials (CRMs) used by VanadiumCorp were supplied by AMIS (A Division of Torre Analytical Services (Pty) Limited, South Africa) including AMIS0567, AMIS0501, and AMIS0347. Blanks include both certified blank materials and silica sand. Results for CRMs and banks indicate no bias or contamination in the samples. Internal laboratory duplicate analyses show an excellent correlation between original and repeat analyses, indicating no nugget eWect.

Data Verification of historical results included resampling the 1997 trenches/channels originally sampled by McKenzie Bay (202 channel samples selected from 13 trenches), complete resampling of 2013 drill core (210 quarter-core samples), and twinning of several historical holes. Comparison of historical data with current data verifies and validates the use of the historical data. Longridge (2020) concluded that the data from the Lac Doré Project (with particular reference to 2019 drilling) is acceptable for Mineral Resource estimation. Analytical results are considered to pose minimal risk to the overall confidence level of the MRE.

Metallurgical test work was limited to magnetic separation carried out using Davis Tube tests at SGS Canada Inc.'s facilities in Val-d'Or, Québec, to create magnetite concentrates, which were then assayed to evaluate the iron, vanadium and titanium grades of the concentrates Samples were composited from pulp rejects previously prepared for assay. Samples were selected from all stratigraphic zones identified within the deposit. Magnetite content correlates with the iron content of the head grade, whereas vanadium contents vary by stratigraphic zone, with lower stratigraphic zones (P0, P1, P2-LOW) having elevated V2O5 values in the concentrate (approximately 1.4% to 1.6% V2O5), with the stratigraphically highest zone (P3 having grades of approximately 0.8% to 1.0% V2O5). The iron grade of the concentrates varies but, on average, remains constant at about 62%. Titanium grades of the concentrates show a linear inverse correlation with the vanadium grade of the concentrate.

The Company commissioned CSA Global to complete a mineral resource estimate ("MRE") and a Technical Report on the Lac Doré Project, with an eWective date of October 29, 2020. This report is under disclosure and reporting requirements set forth in National Instrument 43-101 - Standards for Disclosure for Mineral Projects (N.I. 43-101), Companion Policy 43-101CP, and Form 43-101F1. Only mineral resources are estimated, and no mineral reserves are defined. See the table below for the summary of the mineral resources at the Lac Doré Property. This MRE is a historical estimate, being over three years old now. Notably, no drilling or sampling has been conducted since then, and major assumptions contained in the report remain similar. Notwithstanding, the Company does not rely upon this CSA Global report and intends to commission an updated Technical Report and MRE in 2024.

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Historical Mineral Resource Estimate- Lac Doré Property, Québec - CSA Global, Longridge (2020) Table 17

Longridge (2020) concluded that VTM mineralization at the Lac Doré Project shows similarities to other magmatic VTM deposits associated with layered mafic intrusive complexes. In particular, the concentration of magnetite into several laterally continuous, tabular, stratiform zones, and the change in the ratio of vanadium and titanium in the magnetite through the stratigraphy (from high-V2O5,low-TiO2 layers in the lower layers to low-V2O5,high-TiO2 in the upper layers) in typical of these deposit types.

Several stratigraphic zones of mineralization have been identified, all strike northeast, dip at 50-60° to the southeast, and cumulatively have a true thickness of between 200 m and 300 m. Longridge (2020) concluded the Mineral Resources have been estimated with suWicient confidence to allow for more advanced studies to take place at Lac Doré Main, where future work would focus on metallurgical test work, mining studies, environmental test work, and other work necessary for advanced studies, termed Phase 1 in his recommended budget.

Exploration 2022: The Company commenced part of the recommended Phase 1 beginning in 2022, with a focus on the Lac Doré Main deposit. Fieldwork commenced in October 2022 with the collection and shipping of a 1100 kg metallurgical bulk sample. Additional metallurgical samples will be collected in the spring of 2023.

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Exploration Q4 2023 & Q1 2024: Exploration field work was not possible in the summer of 2023, due to fire hazards, community evacuations and forest closures in the summer of 2023. A limited program began in October (Q4 2023), after reopening of the forest. Company consultants conducted field work in Q1 2024 until mid-December 2023 comprising:

• Structural mapping of historical trenches on the Lac Doré Main zone.
• DGPS surveying of historic channel samples, cut grid and drill hole collars. Assembly of historical data in a 3D model using the LiDAR surface data.
• Examination of historical core in a newly rented core logging warehouse in Chapais.
• Verification of historical database information, with a focus on integrating all available data into a new geological and structural model.
• Preparation for an update mineral resource estimate and revised exploration recommendations.

Metallurgical testing commenced in December 2023 under a contract with Impact Global Solutions, a laboratory in Delson, Québec. A 1200 kg bulk sample was crushed to minus 70 microns. After preparation of a titanomagnetite concentrate, testing of a selective leach for vanadium will be conducted and pelletizing tests done on the depleted titanomagnetite.

If tests are favorable, a process flowsheet is contemplated to strip vanadium and submit titanomagnetite pellets for DRI-EAF pyrometallurgy. Importantly, the EAF slags are likely suitable for processing by the Company's VEPT hydrometallurgical process, recovering titanium and any vanadium not stripped in the first leach process.

EXPLORATION AND EVALUATION ASSETS

The Company's exploration and evaluation assets are as follows:

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Contemplated Exploration Budget for 2024:

The Company accepted the recommendations of Longridge (2020), except that no economic studies will be performed until after metallurgical tests are conducted on a larger sample of the Lac Doré and Iron-T deposits, requiring additional sampling, mapping and surveying at Lac Doré Main and Lac Doré North.

The MRE and recommendations by Longridge (2020) are now historical. Prior to engaging an independent consulting firm to confirm and update the 2020 MRE, the Company will complete the field work of the 2023 program with additional mapping and core relogging, create a revised geological/structural model, and submit the verification surveys for review by the independent consultant. Recommendations are subject to revision mid-year, after receipt of the revised Technical Report and MRE.

Sampling, surveying, mapping & relogging	350,000
Updated MRE and Technical Report	70,000
Metallurgical testing, vanadium leach	180,000
Metallurgical testing, grinding and separations	150,000
Estimated 2024 Exploration Budget	$750,000

OTHER OPERATIONS

Hydrometallurgical Process Research and Development

The Company's main mineral deposit assets are dominated by titanomagnetite, magnetite and ilmenite mineralization. The dominant metal is iron. The Iron-T and Lac Doré deposits have been subject to metallurgical testing that indicates the concentrates will be almost entirely titanomagnetite.

Currently, the conventional commercial processing alternates for titanomagnetite include:

• The Company's concentrates will contain too much titanium (greater than 1% TiO2) to produce suitable iron concentrates for conventional pig iron production.
• Direct Reduced Iron (DRI) and Electric Arc Furnace (EAF) processing employ a DRI reduction of titanomagnetite concentrate to produce sponge iron, which is then passed into an EAF to produce pig iron. The slags from EAF iron making are processed to recover vanadium and titanium. Without economical hydrogen gas as the reductant, significant carbon emissions are generated. The development of hydrogen production is well-advanced, opening the consideration of DRI-EAF as a possible metallurgical solution for recovering vanadium and titanium values in the Company's titanomagnetite concentrates.
• The conventional roast-leach process flow sheet comprises the following: three stages of crushing, one stage of grinding, two stages of magnetic separation, magnetic concentrate roasting in the presence of a sodium salt, vanadium leaching, ammonium meta-vanadate (AMV) precipitation, AMV filtration, AMV calcining, and fusing to V2O5 flake as the final product. TiO2 and Fe2O3 are wastes in this process, and project economics rests solely on the recovery of V2O5. The process requires anthracite coal, coal, or natural gas inputs and, consequently, is not decarbonized.

To reduce potential greenhouse gas emissions and gain value from all the iron, titanium, and vanadium contents of the Lac Doré concentrate, in 2016, the Company partnered with Dr. Francois Cardarelli of Electrochem Materials & Technologies Inc. ("Electrochem") in Canada which resulted in Electrochem inventing a novel hydrometallurgical process for recovering for vanadium, iron, and titanium products from various feedstocks and waste streams (VEPT).

The VEPT process recovers vanadium, iron, titanium, and silica values from vanadiferous feedstocks. More specifically, VEPT relates, but not exclusively, to a metallurgical process in which vanadium, iron, titanium, and silica