Vanadiumcorp Resource : Third Quarter 2025 Management’s Discussion & Analysis (MD&A) for the nine-month period ended July 31, 2025

About this update from Vanadiumcorp Resource Inc

VANADIUMCORP RESOURCE INC. FORM 51-102F1 MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE NINE-MONTH PERIOD ENDED JULY 31, 2025 INTRODUCTION This Management's Discussion and Analysis ("MD&A"), prepared as of August 26, 2025, reviews and summarizes the activities of VanadiumCorp Resource Inc. ("VanadiumCorp" or the "Company") and compares the financial results for the nine-month period ended July 31, 2025 with those of the nine-month period ended July 31, 2024. This information is intended to supplement the audited consolidated financial statements for the year ended October 31, 2024, and the related notes thereto, which have been prepared by management in accordance with IFRS Accounting 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 sufficiency 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 labor-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. 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 different 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 differ 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 affecting 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 https://www.sedarplus.ca 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: Industrial: the Company's Plant No. 1 in Val-des-Sources, Québec, a pilot plant, came on-stream in Q2 2024, producing high-purity vanadium electrolyte for Vanadium Flow Battery ("VFB") Original Equipment Manufacturer(s) ("OEM") during the testing of the plant. The Company is scoping a proposed Plant No. 2 with a significant increase in capacity. Exploration: the Company's strategic mineral deposit of vanadium-titanium-iron at Lac Doré, Chibougamau, Québec, holds the potential to provide a stable supply of titanium, iron and vanadium for electrolyte production for decades, contingent on the identification of appropriate production technologies and a Positive Feasibility Study and successful permitting, development and financing. Strategy: Enter downstream electrolyte manufacturing now, during the lift-off 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 as a byproduct of testing, 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 (LDES) (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 see, for example, the Sumitomo Electric presentation: ( https://youtu.be/TSsqCazP1V0) . Economic and high-quality electrolyte supply is challenging the deployment of VFBs. Manufacturers seek secure supply sources and stable pricing of vanadium electrolytes. Our assets are in Québec, one of the world's best mining jurisdictions, and which is highly supportive of battery technology centers. VanadiumCorp has the support of PRIMA, the Québec government critical materials agency, which, in May 2023, provided a grant to support our electrolyte manufacturing pilot plant. Vanadium electrolyte manufacturing in North America is only in the early stages. VanadiumCorp plans to operate Plant No. 1 in Québec to demonstrate quality and production capability. QUALIFIED PERSON Mr. Andre Gauthier, P. Geo., a Qualified Person under N.I. 43-101 and a senior consulting geoscientist, has reviewed and approved the technical disclosure in this MD&A. THE COMPANY VanadiumCorp was incorporated under the British Columbia Business Corporations Act as Homestead Resources Inc. on October 23, 1980. The Company and its subsidiaries are engaged in the research and development with a goal of eventual production and sale of high-purity vanadium electrolyte and in the acquisition and exploration 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 has commissioned a pilot plant, called Plant No. 1, that produces vanadium electrolyte for sample test purposes and for potential commercial sale in the future. The Company's mineral property interests have not reached the development stage or commercial production. To continue the process of the production and sale of vanadium electrolyte, the mineral exploration programs and maintain its mineral property interests and develop future projects beyond the exploration stage, the Company will need additional funding. The Company's registered office is Suite 2110 - 650 West Georgia St., 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". 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. 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, 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-off grade of 0.48% V2O5. This historical estimate is not considered a current estimate by the Company. These estimates would have to be reviewed. 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 totaling 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-T Vanadium-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-off 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 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-T Vanadium-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 was 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 which did not allow to take a decision in the potential. Further verification will be necessary. 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. 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. 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