Vanadian Energy Announces Settlement of Debt

Vancouver, British Columbia–(Newsfile Corp. – March 11, 2026) – Vanadian Energy Corp. (TSXV: VEC.H) (“VEC” or the “Company“) announces that it has received TSX Venture Exchange approval to the settlement of outstanding debt owed by the Company to various creditors in the aggregate amount of C$1,225,219 (the “Debt“) through the issuance of an aggregate of 7,657,617 common shares, at a deemed price of $0.16 per share (the “Debt Settlement“).

As the issuance exceeded 100% of the Company’s current outstanding shares and resulted in the creation of two new Control Persons, disinterested shareholder approval was received at the Company’s annual general and special meeting held on June 26, 2025.

The Debt Settlement included:

• Clive T. Johnson, a director of the Company, received 3,341,856 shares in settlement of debt of $534,697, resulting in ownership of approximately 32.49% of the outstanding shares of the Company.
• Gordon Keep, a director of the Company, through entities he controls, received 2,718,750 shares in settlement of debt of $435,000, resulting in ownership of approximately 22.88% of the outstanding shares of the Company.

The Debt Settlements with Messrs. Johnson and Keep constitute related party transactions under MI 61-101 (the “Related Party Transactions“). The Related Party Transactions are exempt from the requirement to obtain a valuation in respect thereof under MI 61-101 pursuant to section 5.5(c) of MI 61-101 as the Company is not listed on specified markets.

The Board of Directors (excluding the interested parties) approved the Debt Settlement, which is intended to strengthen the Company’s balance sheet. All securities issued pursuant to the Debt Settlement will be subject to a statutory hold period of four months and one day expiring July 11, 2026.

Early Warning Disclosure

Pursuant to the Debt Settlement, that Mr. Clive Johnson acquired 3,341,856 common shares of the Company. As a result of the acquisition of common shares described above, Mr. Johnson now owns and controls 3,860,994 common shares and holds 62,500 stock options, representing 32.49% of the issued and outstanding common shares of the Company and 32.84% on a partially diluted basis. Prior to this transaction, Mr. Johnson held 519,138 common shares and 62,500 stock options of the Company.

Mr. Johnson acquired these securities in settlement of debt and as disclosed in the early warning report accompanying this news release, may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.

The Company also announces that Mr. Gordon Keep, through Fiore Management & Advisory Corp. and Jasper Management & Advisory Corp. (companies controlled by Mr. Keep) acquired 2,718,750 common shares of the Company pursuant to the Debt Settlement. As a result of the acquisition of securities described above, Mr. Keep now owns and/or controls directly and indirectly 2,718,750 common Shares and 41,750 stock options, representing 22.88% of the issued and outstanding common shares of the Company and 23.15% on a partially diluted basis. Prior to this transaction, Mr. Keep and his related entities held no common shares and 41,750 stock options of the Company.

Mr. Keep and his related entities acquired these securities in settlement of debt and as disclosed in the early warning report accompanying this news release, may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.

This news release is being issued under the early warning provisions of Canadian securities legislation. A copy of the early warning report to be filed by Messrs. Johnson and Keep in connection with the transaction described above will be available under the Company’s profile on SEDAR+ at (www.sedarplus.ca) or contact Brenda Nowak at (604) 609-6136.

ABOUT VANADIAN ENERGY CORP.

Vanadian Energy Corporation is an energy minerals focused company headed by an experienced team, well versed in mineral exploration and capital markets. The company is focused on the strategic acquisition, exploration, and development of high-quality energy mineral properties in Canada and around the world. Vanadian Energy Corporation is building a leading vanadium focused resource company.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking information relating to the future performance of the Company. Forward-looking information is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, changes in world commodity markets or equity markets, the risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes, change in government and changes to regulations affecting the mining industry, and other risks and uncertainties detailed from time to time in the Company’s filings with the Canadian securities administrators (available at www.sedarplus.ca). Forward-looking statements are made based on various assumptions and on management’s beliefs, estimates and opinions on the date the statements are made. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information contained herein. The Company undertakes no obligation to update forward-looking statements if these assumptions, beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

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