Press Release, First Vanadium Receives Exchange Acceptance of AVP Property Option Agreement, in Battle Mtn - Eureka Gold Trend, Nevada

Vancouver, British Columbia--(Newsfile Corp. - January 22, 2021) -  First Vanadium Corp. (TSXV: FVAN) (OTCQX: FVANF) (FSE: 1PY) ("First Vanadium" or the "Company") Further to its press release of January 14, 2021, the Company is pleased to announce that it has now received TSX Venture Exchange acceptance of the property option agreement to acquire the AVP Property. As a result, it has made the initial option payment of US$25,000 and has issued 250,000 common shares to the owner of the property in accordance with the terms of the agreement. These shares are subject to a hold period expiring May 22, 2021, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The AVP Property Option Agreement is with Dave Mathewson for a property he has held and planned to drill himself for a number of years in the Battle Mountain - Eureka Gold Trend. Mr. Mathewson is a renowned Nevada gold specialist and proven mine finder. The option on the AVP Property will further strengthen Dave Mathewson's position and engagement in First Vanadium Corp. with additional stock in the Company and will spearhead and supervise the exploration on both AVP Property and the Carlin Vanadium-Gold Project.

ON BEHALF OF FIRST VANADIUM CORP.
per: "Paul Cowley"
CEO & President
(778) 655-4311
pcowley@firstvanadium.com www.firstvanadium.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.