VANADIUM RESOURCES LIMITED — Share Issue/Capital Change 2022

Feb 1, 2022

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

VANADIUM RESOURCES LIMITED

Date of this announcement

Wednesday February 02, 2022

The +securities the subject of this notification are:

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Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code Unlisted Options 5,000,000 02/02/2022 to be confirmed

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

VANADIUM RESOURCES LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

47618307887

1.3 ASX issuer code

VR8

1.4 The announcement is

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New announcement

1.5 Date of this announcement

2/2/2022

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Issue of unquoted options to Corporate Advisor in consideration for services

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities ASX +security code +Security description New class - code to be confirmed Unlisted Options +Security type ISIN code Options Date the +securities the subject of this notification were issued 2/2/2022 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.10000000 2/2/2024 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description

VR8: Ordinary Fully Paid

Any other information the entity wishes to provide about the +securities the subject of this notification

Part consideration for corporate advisory services, refer to Company announcement released 2 February 2022. 5 million options, with a 2 year expiry and subject to the Company achieving a share price of $0.15 on a 15 day VWAP during the first 9 months from issue date.

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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the market in an Appendix 3B

N/A

Issue details

Number of +securities

5,000,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Part consideration for corporate advisory services, refer to Company announcement released 2 February 2022

Purpose of the issue

To pay for services rendered

Additional Details

N/A

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
VR8 : ORDINARY FULLY PAID	473,112,374
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
VR8AG : CLASS A PERFORMANCE RIGHTS	9,625,000
VR8AH : CLASS B PERFORMANCE RIGHTS	4,000,000
New class - code to be confirmed : Unlisted Options	5,000,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

5,000,000

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? N/A

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