Nevada Vanadium Mining Corp. Achieves Milestone as Record of Decision Issued by BLM for Gibellini Vanadium Project

• Record of Decision Issued by the Nevada Bureau of Land Management (BLM) approving the Gibellini Vanadium Project.

• In light of current geopolitical tensions, the U.S. Government has indicated U.S. reliance on certain foreign production of vanadium, among other critical minerals, is a supply chain risk and is encouraging the development of a domestic supply chain.

• The Gibellini Vanadium Project is designed to responsibly source vanadium and will be the first primary vanadium mine in the United States. Vanadium is essential for clean energy, defense supply chains, and domestic steel production.

• BLM also approved the Renewable Energy Alternative in the Final Environmental Impact Statement (EIS) ("Final EIS"). This alternative includes 6 megawatts ("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.

Vancouver, British Columbia--(Newsfile Corp. - October 27, 2023) - Nevada Vanadium Mining Corp. ("Nevada Vanadium" or the "Company") is pleased to report the issuance of the Record of Decision (ROD) for the Gibellini Vanadium project ("Gibellini" or the "Project") by the U.S. Department of the Interior ("DOI")'s 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 ROD represents the final step in the Federal permitting process for Gibellini.

"The issuance of the Gibellini ROD is a significant milestone for the Project," said Ron Espell, President and CEO of Nevada Vanadium. "It would not have been possible without the exceptional professionalism of the Nevada Vanadium team as well as members of the BLM, and other federal and state agencies. As one of the most advanced vanadium mine projects in the country, Gibellini represents exceptional optionality 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. Now, with the ROD in hand, we can concentrate on further exploring ways of reducing capital and operating costs in order to unlock the full value potential of this asset for all of our partners and stakeholders, in keeping with our deep commitment to community engagement and environmental stewardship."

"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."

Issuance of the ROD for Gibellini follows a comprehensive review of the potential impacts of the Project, including an evaluation of 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 ("EPA") all participated in developing the scope and/or reviewing the content of the Final EIS for Gibellini.

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

"The permitting process for the Gibellini Vanadium Project was very comprehensive and thorough," commented John Lee, Nevada Vanadium's Chairman. "At each stage of the EIS review process, all stakeholders were provided with multiple opportunities to engage and make meaningful contributions to the final outcome. We would like to extend special gratitude to the BLM and other cooperating agencies for their successful navigation of this complex process. Congratulations to the Nevada Vanadium team on achieving this important milestone. The ROD is a very detailed document, which serves as the foundation for us to build a technically, environmentally, and financially responsible, as well as a socially sustainable, operation."

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. Examples of forward-looking information in this news release include statements relating to: development of the Gibellini vanadium project; expectations that power requirements for the project can be 100% supplied from renewable sources; and that the Gibellini project will be the first mine to be fully powered by renewable sources.

Forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking statements, including but not limited to: mineral resource and mineral reserve estimation for the Project; government regulation of mining operations and treatment under governmental and taxation regimes; future production timing and volume; sufficient financing for Project development; results of the Company's permitting and advancement of engineering for the Project; receiving and maintaining permits as expected; demand and pricing for vanadium products; availability of personnel, equipment and supplies to advance the Project; reliability of technical data, including the accuracy of budgets and forecasts; continuing regulatory, legislative and community support for development of the Project; the Company's competitive position within the mining industry; and, general economic and market conditions. Additional risk factors are set out in the Company's latest annual and interim management's discussion and analysis, available on SEDAR+ at www.sedarplus.ca.

Forward-looking statements are based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results with be consistent with any forward-looking statements included herein. Readers are cautioned that all forward-looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking statements in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.

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