November 22, 2022

St. John’s, Newfoundland and Labrador – Vulcan Minerals Inc. (TSX-V: VUL) (“Vulcan” or the “Company”) announces that its shareholders have approved all resolutions, including the Company’s 2022 rolling stock option plan at the annual meeting of shareholders held on November 10, 2022.

The principal amendments to the new stock option plan ensure compliance with the revised Policy 4.4 of the TSX Venture Exchange (“TSXV”) and include: (i) that share capital adjustments are subject to the prior approval of the TSXV, except where they relate to share consolidations or splits; and (ii) disinterested shareholder approval is required for any extension to stock options granted to individuals that are insiders at the time of the proposed amendment.

The maximum number of common shares which may be issued under the stock option plan is 10% of the Corporation’s issued and outstanding share capital at the date of grant.  The stock option plan has a “rolling” limit, as the number of common shares reserved for issuance pursuant to the grant of stock options will automatically increase as the Company’s issued and outstanding share capital increases.  The limit includes outstanding stock options previously granted.

About Vulcan Minerals

Vulcan Minerals is a precious and base metals exploration company based in St. John’s, with strategic land positions in multiple active Newfoundland gold exploration and development belts.  The Company has leveraged its exploration exposure in most of this land position through equity ownership of other explorers obtained by way of option and royalty agreements. It also holds approximately 33 per cent of the shares in Atlas Salt Inc. (TSXV: SALT). Atlas Salt is carrying out a feasibility analysis on its Great Atlantic salt deposit in western Newfoundland strategically located in the robust road de-icing market of eastern North America.  

For information please contact:

Patrick J. Laracy, President

(709) 754-3186

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.