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Voyager Metals Announces After-Tax NPV of US$1.6 Billion and IRR of 43% for its Preliminary Economic Assessment of Mont Sorcier, Magnetite and Vanadium Iron Project in Quebec

TORONTOVoyager Metals Inc. (“Voyager” or the “Company”) (TSXV: VONE), is pleased to announce the results of a new Preliminary Economic Assessment (“PEA”) at its wholly-owned Mont Sorcier iron and vanadium project. located nearby Chibougamau, Quebec. The EEP was conducted by Clinton Swemmer P.Eng. (PEO), Vice President of Technical Services for Traveling Metals and a “qualified person” under National Instrument 43-101 – Disclosure Standards for Mining Projects of the Canadian Securities Administrators (“NI 43-101”), with input from an independent advisory group InnovExplo inc. (“InnovExplo”) for the Mineral Resource Estimation and Independent Advisory Group Soutex Inc (“Soutex”) for ore processing and metallurgical testing and recovery methods, Pierre-Jean Lafleur, eng.. (OIQ), VP Exploration at Traveling Metals and a “qualified person” under NI 43-101 who conducted the preliminary mine planning.

The Mont Sorcier PEA was carried out on the basis of the mineral resource estimate carried out by InnovExplo and filed by Voyager on July 22, 2022uses only the resource measured and indicated in the North area described in the latest NI 43-101 technical report published by the Company dated July 22, 2022, and available on SEDAR. The PEA outlines a robust economic assessment for Mount Sorcerer based on a traditional surface mining scenario with magnetic separation processing and a reverse flotation circuit to produce approximately 5.0 million tonnes per year of iron concentrates low in sulfur and rich in vanadium, with low levels of impurities. Based on testing to date, this material can be used in blast furnaces in both China Where Europe. The general development plan for the project described in the PEA is consistent with the potential development scenario envisioned by Voyager’s management as it progresses towards the completion of a Feasibility Study (“FS”) whose completion is expected in the first quarter of 2023.

Cliff Hale-Sanders, President and CEO of Voyager said, “We are very pleased that the results of this PEA will do more than support our ongoing efforts to improve the economy and advance development plans for the Mont Sorcier project, we see the potential of the project as a profitable, long-lived mine. Located in an established mining region, Mont Sorcier has excellent access to existing infrastructure already in place, reducing upfront capital requirements and shortening the development timeline. The production of 65% premium magnetite iron concentrate with valuable vanadium credits in conjunction with the advantageous infrastructure; positions Mont Sorcier as one of the world’s premier iron development projects.

Ongoing project optimization efforts and additional metallurgical testing performed as part of the ongoing FS should further improve product quality and project economics. Going forward, the company will focus on completing the feasibility study in the first quarter of 2023 to bring Mont Sorcier to a formal development decision as quickly as possible. The company continues to proactively engage with local communities to ensure that key ESG issues and other local issues are properly addressed and understood by all parties.

The PEA is preliminary in nature and there is no certainty that the preliminary economic assessment will be completed.

Project summary

Mount Sorcerer is located about 18 km east of Chibougamau, Quebec, in an area with a long history of mining and solid infrastructure in place to support future development. Mont Sorcier has access to all-weather roads, low-cost provincial hydroelectricity and is less than 50 km from a rail link with two all-weather ocean ports. The railway runs approximately 370 km to the Port of Saguenay which is currently underutilized and can provide sufficient capacity for project needs.

Market research on iron and vanadium prices

In late 2019, the company had commissioned an independent market price study to examine the expected credit obtainable for vanadium in iron concentrates. The study examined a value in use methodology based on a review of the chemistry of Mont Sorcier grade and concentrate compared to other similar iron products and the study concluded that Mont Sorcier concentrate should receive a $15/t premium to the Platts 65 iron price index for contained vanadium credits (based on net attributable value using a long-term V2O5 price of $7.25/kg). Since then, the outlook for premium concentrates has remained strong. Iron experienced a price spike of more than $140/t for Fe62% with an additional premium for Fe65% typically around 20% over this price level. This premium should be maintained in the market due to the significant environmental benefits. Similarly, the price of metals fell with the increase in shipping rates. To fairly assess the potential scenario, a long-term metal price consistent with the 21-year mine life estimate described in the PEA was adopted and, at the same time, this was assessed using long-term shipping costs.

About Voyager Metals Inc.

Voyager Metals Inc is a mining exploration company headquartered in Toronto, Canada. The Company is focused on advancing its Vanadium-rich Mount Sorcerer, Magnetite iron ore projectlocated just outside Chibougamau, Quebec.

At Mont Sorcier, Voyager is rapidly advancing the project towards feasibility and permitting The project currently has indicated resources of 679 million tonnes grading 27.8% magnetite and 0.20% V2O5, with the potential to produce 195 million tonnes of magnetite concentrate grading at least 65% Fe and 0.52% vanadium pentoxide (V2O5) and another estimated inferred resource of 547 million tonnes grading 26.1% magnetite and 0.17% V2O5 , with the potential to produce 148 million tonnes of magnetite concentrate grading at least 65% Fe and 0.52% vanadium pentoxide (V2O5).

Contact:

Cliff Hale-Sanders

President and CEO

Tel: +1-416-819-8558

Email: [email protected]

E: [email protected]

WEB: www.voyagermetals.com

Nicholas Campbell

CFA

Director

Business development

Tel: +1-905-630-0148

Email: [email protected]

Caution Regarding Forward-Looking Statements:

This press release contains “forward-looking statements” or “forward-looking information” (collectively “forward-looking statements”) that involve a number of risks and uncertainties. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terms such as “plans”, “expects”, “is planned”, “budget”, “expected ‘, ‘estimates’, ‘forecasts’, ‘guidance’, ‘outlook’, ‘intent’, ‘anticipates’, ‘believes’, or variations of these words and expressions or which indicate that certain actions, events or results ‘may ‘, ‘could’, ‘would’, ‘could’ or ‘will’ be taken, occur or be realized, or the negative form of any of these similar terms or expressions. The forward-looking statements contained in this press release relate to, among other things, the Company’s future exploration performance. Forward-looking statements are based on certain key assumptions and the opinions and estimates of management and qualified persons (in the case of technical and scientific information), as of the date such statements are made, and involve known risks and unknowns, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the forward-looking statements. In addition to the factors already discussed in this press release, these factors include, among others: there can be no assurance that the Company will upgrade a material portion of the North area to the categories measured and indicated to support the ongoing feasibility study; as well as the risk factors discussed or referred to in the Company’s MD&A under the heading “Risk Factors” and under the heading “Forward-Looking Statements and Use of Estimates” which include additional details on the material assumptions used in developing such forward-looking statements and important risk factors that could cause actual results to differ materially from forward-looking statements and other documents filed from time to time with securities regulatory authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that may have been used. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actual actions, events or results are not anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The company’s forward-looking statements reflect current expectations regarding future events and speak only as of the date hereof. Except as required by law, the Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

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.