Press Release, First Vanadium Provides Drilling Update at its Gold Target on the Carlin Gold Trend, Nevada

December 22, 2020 - Vancouver, British Columbia – First Vanadium Corp. (TSX-V: FVAN) (OTCQX®: FVANF)
(FSE: 1PY) (“First Vanadium” or the “Company”) is pleased to provide an update from the reverse circulation
drill campaign on the north-south trending gold target corridor within the Carlin Vanadium-Gold Property on
the Carlin Gold Trend of Nevada. The Company has just completed the seventh hole to a depth of 2500 feet.

The drilling program will temporarily pause for the holidays and pending assay results, which are expected in
January and February for the four holes completed in November and December (RC20-04 through RC20-07).
Results from RC20-01 through 03, previously reported, define a Carlin-style gold system with dimensions of at
least 500 metres vertically and 1.4 kilometre in length. The gold target opportunity was conceptualized and
now identified by renowned geologist and mine-finder Dave Mathewson, a former Newmont Regional
Exploration Manager who is the Company’s Geological Advisor and is the Qualified Person spearheading and
supervising the gold drilling program.
Hole RC20-04, drilled eastward at a 55o angle, is located 830m south of hole RC20-01. RC20-05, drilled
eastward at a 75o angle, is located 430m south of RC20-01. Hole RC20-06 is located from the same drill pad as
RC20-05, drilling eastward but at a shallower angle of 60o
. Hole RC20-07, drilled eastward at a 65
o angle, is
located 720m south of RC20-01.
Recent drilling continues to visually expand the size of the target zone, and high-grade gold zones representing
feeder conduits to the system are being sought.

The Company will continue to advance toward the discovery
of high-grade zones by assessing incoming assays within the context of the broad zones of alteration that have
been encountered within the drill holes. A geophysical Induced Polarization (IP) survey is scheduled in January.
The IP survey will cover an area of 1 square mile and provide data as deep as 2,000 feet, into the lower plate
rocks of Rodeo Creek Formation and the Popovich limestone. IP identifies areas of higher concentrations of
disseminated sulfides which in Carlin-type gold systems are commonly associated with higher grade areas.
This IP survey, along with the assays from all seven drill holes, will guide and optimize subsequent drilling to
evaluate the large system.

About First Vanadium Corp.
First Vanadium has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County,
6 miles south from the town of Carlin, Nevada and Highway I-80. The Project lies in the Carlin Gold Trend.
Approximately 9 million ounces comprised of multiple gold deposits, including past producing mines, are
present near the FVAN property (5-15km). The Carlin Vanadium-Gold Project also hosts the Carlin Vanadium
deposit.
ON BEHALF OF FIRST VANADIUM CORP.
per: "Paul Cowley"
CEO & President
(778) 655-4311
pcowley@firstvanadium.com www.firstvanadium.com