VANADIUM RESOURCES LIMITED — Capital/Financing Update 2026

Apr 27, 2026

VANADIUM RESOURCES

28 April 2026

RAND MERCHANT BANK APPOINTED AS ADVISOR

Vanadium Resources Limited (the "Company" or "VR8") (ASX: VR8, DAX: TR3) is pleased to announce that it has appointed FirstRand Bank Limited (FirstRand), acting through its Rand Merchant Bank (RMB) division, as exclusive financial advisor and capital sourcing agent.

RMB will assist the Company in securing debt and/or equity funding for the construction of processing facilities, including a concentrator and pyrometallurgical beneficiation facilities.

Commenting on "Rand Merchant Bank Appointed as Advisor", Mr Nick Diack, Chief Executive Officer of VR8, said: "The appointment of RMB brings VR8 the benefit of first-class advisory capability and deep project-funding experience from one of Africa's most credible lending and investment banking institutions. Their involvement bolsters our ability to secure financing for the construction and development of our next generation V-Iron plant and the bringing into production of our world-class Steelpoortdrift deposit.

We look forward to working with RMB as we progress toward establishing VR8's Steelpoortdrift as a cornerstone asset of Western aligned critical mineral supply chains."

ABOUT FIRSTRAND AND RAND MERCHANT BANK

RMB is a leading African corporate and investment bank and a division of FirstRand Bank Limited, one of the largest financial services groups in Africa. RMB provides a range of advisory, funding, trading, corporate banking and principal investing solutions to corporate and institutional clients, with a focus on delivering innovative and value-added financial solutions. RMB represents the corporate and investment banking activities of the FirstRand Group and operates across key markets including Africa, the United Kingdom and India.

For more information about RMB, visit: https://www.rmb.co.za/

This announcement has been approved for release by the Board of Vanadium Resources Limited.

Vanadium Resources Limited (ASX.VR8)

7/63 Shepperton Road, Victoria Park, WA 6100 Australia

contact@VR8.global • (+61) 08 6158 9990

www.VR8.global

---

VRS VANADIUM RESOURCES

For further information, please visit https://vr8.global or contact:

Jurie H. Wessels
Executive Chairman
VANADIUM RESOURCES LIMITED
E: contact@vr8.global

Nick Diack
Chief Executive Officer
VANADIUM RESOURCES LIMITED
E: contact@vr8.global

Erik Bergseng CFA®
Investor Relations
P: (612) 8350 0882
E: ebergseng@nrinvestor.com.au

Stay connected

Follow us on LinkedIn, X (formerly known as Twitter), and join our mailing list to keep up to date with the latest news and developments.

Disclaimer

Some of the statements appearing in this announcement may be in the nature of forward-looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which VR8 operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement. No forward-looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside VR8's control.

VR8 does not undertake any obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of VR8, its directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.

This announcement is not an offer, invitation or recommendation to subscribe for, or purchase securities by VR8. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision.

www.vr8.global