Eric Sprott Announces Changes to His Holdings in Vulcan Minerals Inc.

Toronto, Ontario--(Newsfile Corp. - December 27, 2023) -  Eric Sprott announces that, on December 23, 2023, 10,000,000 common share purchase warrants (Warrants) of Vulcan Minerals Inc., (held by 2176423 Ontario Ltd., a corporation he beneficially owns) expired unexercised representing a decrease in holdings of approximately 9.5% of the outstanding common shares (Shares) on a partially diluted basis since the date of the last early warning report. Prior to the expiry of these Warrants, Mr. Sprott beneficially owned 10,000,000 Shares and 10,000,000 Warrants representing approximately 7.8% of the outstanding Shares on a non-diluted basis and approximately 14.4% on a partially diluted basis assuming the exercise of such Warrants.

As a result of the Warrant expiry, Mr. Sprott now beneficially owns 10,000,000 Shares representing approximately 7.8% of the outstanding Shares on a non-diluted basis. The Warrant expiry combined with previous new share issuances by Vulcan Minerals resulted in an ownership change, on a partially diluted basis, of approximately 9.5% since the date of the last filing of an Early Warning Report and brings total holdings to under 10% on a non-diluted basis. As a result, Mr. Sprott and 2176423 Ontario Ltd. ceased to be insiders of Vulcan Minerals Inc.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Vulcan Minerals is located at 333 Duckworth St, St. John's, Newfoundland and Labrador, A1C 1G9. A copy of the early warning report with respect to the foregoing will appear on Vulcan Minerals profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, Ontario M5C 3C5).

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