Nevada Vanadium Mining Corp. Announces Final Environmental Impact Statement Published for the Gibellini Vanadium Project

Vancouver, British Columbia--(Newsfile Corp. - September 11, 2023) - Nevada Vanadium Mining Corp. ("Nevada Vanadium" or the "Company") is pleased to report the release of the Final Environmental Impact Statement ("Final EIS") for the Gibellini Vanadium project ("Gibellini" or the "Project") by the United States Bureau of Land Management ("BLM"). Gibellini, located south of Eureka, Nevada, USA, is 100% owned by Nevada Vanadium LLC ("NvVan LLC"), a US corporation and wholly owned subsidiary of the Company. The final step in the Federal permitting process for Gibellini is the issuance of the Record of Decision ("ROD") by the BLM. The ROD is expected to be issued in October 2023.

"The publication of the Final EIS represents four years of collaborative effort between NvVan LLC, the Bureau of Land Management, Eureka County and all the critical stakeholders that provided insightful comments and direction on the project," commented Ron Espell, President and CEO. "Gibellini has the potential to provide a long-term domestic supply of high purity vanadium critical for establishing a strong domestic vanadium supply chain required to support dependent industries such as vanadium redox flow batteries, steel industries, and the super alloys needed for aerospace."

"We're proud that Nevada can be a leader in efficiently permitting the development of critical minerals," said Jon Raby, BLM Nevada State Director. "While supporting local jobs and the economy, this mine would strengthen the supply chain while safely developing vanadium, a necessary component in aerospace, defense, technology and clean energy."

Publication of the Final EIS for Gibellini follows a comprehensive review of the potential impacts of the Project, including alternatives and a full examination of project and site-specific mitigation measures. Local communities and Tribes, Eureka County, the State of Nevada, U.S. Fish and Wildlife Service and the U.S. Environmental Protection Agency all participated in developing the scope and/or reviewing the content of the Final EIS for Gibellini.

A renewable energy alternative was added to the EIS in response to EPA and DOI review and was selected by the BLM based on comments received. This alternative includes 6 MW of solar panels and a 10 MW vanadium flow battery to provide 100% of the Gibellini project's net electrical power demand. The Gibellini project would be the first mine in the US completely powered by renewable energy. The Gibellini project would also be the first primary vanadium mine in the U.S.

To implement the renewable energy alternative, NvVan LLC has signed an agreement with Hitachi Energy, the global technology and market leader in power grids, to provide consulting services related to the development of a renewable energy supply and integration of this supply with the site electrical infrastructure as well as interconnections with the existing electrical grid using Hitachi's microgrid technology.

The Final EIS and associated supplemental documents are available for inspection at the project's website on BLM's national NEPA Register. For more information, contact Scott Distel, Project Manager, at 775-635-4093.

About Nevada Vanadium

Nevada Vanadium Mining Corp. is a Canadian reporting issuer, holding a 100% interest in Nevada Vanadium LLC.

Further information on the Company can be found at www.nevadavanadium.com.

NEVADA VANADIUM MINING CORP.

ON BEHALF OF THE BOARD

"Ron Espell"
Chief Executive Officer

For more information about the Company, please contact:

Email: info@nevadavanadium.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, 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 as anticipated, estimated or intended. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180230