Voyager Metals Inc. announced an updated NI 43-101 Mineral Resource Estimate ("MRE") at its Mont Sorcier Iron and Vanadium project located in Chibougamau, Quebec. The updated mineral resource incorporates results from its 2021 infill drill program which was designed to upgrade Inferred Resources in the North Zone to the Indicated category in support of a future Bankable Feasibility Study, which is targeted to be completed by First Quarter 2023. The 2021 infill drill program consisted of 42 holes or 15,178 meters.

The new mineral resource update was completed by InnovExplo, an independent engineering firm located in Quebec, Canada. The MRE has delineated an Indicated Mineral Resource in the North Zone of 559M tonnes grading 28.2% magnetite and 0.21% V2O5, with an additional 507M tonnes grading 25.98% magnetite and 0.18% V2O5 in the Inferred category up from 809M tonnes of Inferred Resources in the prior Mineral Resources Estimate. This represents a total mineral resource tonnage increase of 31% in the North Zone.

Total Indicated Resources for both the North Zone and the South Zone are now estimated at 679M tonnes grading 27.7% magnetite and 0.20% V2O5, with the potential to produce 195M tonnes of magnetite concentrate grading at least 65% Fe and 0.52% vanadium pentoxide (V2O5). Total Inferred Resources for both the North Zone and the South Zone are now estimated at 596M tonnes grading 25.6% magnetite and 0.17% V2O5, with the potential to produce 158M tonnes of magnetite concentrate grading at least 65% Fe and 0.52% vanadium pentoxide (V2O5). The grades of magnetite and other elements may appear lower than in previous MRE statements for Mont Sorcier as a lower cut-off grade was used as well as an upgraded geological model.

Drilling in 2021 reached new depths on a strike length of 1.6 kilometers of a total strike length of 4 kilometers for the North Zone to support the 31% tonnage increase. The South Zone has less Inferred Resources than prior estimates despite not having been drilled since the last MRE. The new QP is of the opinion that some of the Inferred Resource in the South Zone should be declassified.

It should be noted that this material is supported by historical drilling from 1966 and could be upgraded in the future. As a result, the Inferred Resource in the South Zone has decreased from 144M to 88M tonnes. Soutex metallurgists used 215 out of a total 478 Davis Tube test results for 2021 core samples (plus a further 1,856 DDT results from prior years), completed as of June 6, to build a weight recovery model to calculate the expected production of concentrates at a grade of at least 65% Fe.

Based on the Davis Tube test results, Soutex considers it possible to produce a concentrate with grades of at least 65%. The only deleterious element foreseeable is a zone of higher concentration of Sulphur, which can be controlled both in the mine by selective mining and in its processing using flotation. This will be determined as part of the feasibility study testwork.

The sulphides are located on the north contact of the North Zone in a specific, well confined area. There is no significant quantity of sulphides in the South Zone.