Base Metals

VVC Exploration Corporation (TSX:VVC), dba VVC Resources, (" VVC ") announces that Proton Green, LLC. has entered into a non-binding term sheet ("Term Sheet") which contemplates the reverse merger ("Merger") with Schmitt Industries, Inc. (NASDAQ: SMIT) ("Schmitt").

VVC is a founding shareholder of Proton Green, which launched in 2021 and currently owns approximately 14% of Proton Green.

"I would like to congratulate our former VVC colleague Steve Looper on his tremendous work building Proton Green into a trailblazer in helium, carbon capture and the global energy transition," said Jim Culver, VVC President and CEO. "We are proud to have supported Proton Green in its start-up phase and be a part of its vision for a 'carbon negative future'. This is an eco-friendly project and great for VVC shareholders. "

Highlights:

  • Proton Green, led by Steve Looper, a former VVC team member, is one of the leading helium and hydrogen production and carbon sequestration hubs in North America.
  • As a founding shareholder, VVC currently owns 13.97% of Proton Green.
  • Proton Green was founded in 2021 based on the potential of the St. John's Field which contains 33 billion cubic feet ("BCF") of helium based on an independent third-party report (source: Proton Green website ) .
  • Under the merger agreement with Schmitt, Proton Green would own 95% of the combined company. The Company would be renamed 'Proton Green Corporation' and the common stock would continue to trade on the Nasdaq under a new symbol.

The press release issued by Schmitt can be viewed at Cision PR Newswire . For more information on Proton Green, visit www.vvcresources.com/proton-green .

About VVC Resources
VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy.  Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies.  VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC).  To learn more, visit our website at: www.vvcresources.com .

About Proton Green
Proton Green, LLC, is a producer of helium and hydrogen, and is building out its position as a large carbon sequestration operator in North America. With operating control over the St. Johns Field, a 152,000-acre property in Apache Country, Arizona, Proton controls a helium reservoir and carbon storage basin. Helium remains in short supply and is used to cool magnets in MRI systems, as the temperate of silicon during semiconductor manufacturing, for space and satellite system applications, as well as in many other critical technologies. Carbon capture and sequestration is fast becoming a climate imperative, and Proton has the ability to inject up to 22 million metric tons of CO2 per year at its primary basin, and over one billion tons of total storage capacity.  For more information, please see Proton's website at: www.protongreen.com .

On Behalf of the board of Directors
Michel J. Lafrance, Secretary-Treasurer
For further information, please contact:
Patrick Fernet - (514) 631-2727 or Trevor Burbank - (214) 641-1041
pfernet@vvcexploration.com trevor@vvcresources.com

Neither 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.

2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 Tel: 416-619-5304


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VVC Exploration Corporation

VVC Exploration Corporation

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VVC Exploration CORPORATION [TSXV: VVC] (the "Company") announces the extension of the expiry date of the following warrants:

Series No. of Warrants Exercise Price Expiry Date Amended Expiry Date
AA 16,527,545 $0.06 30-Nov 2020 30-Nov 2022
AB 750,000 $0.11 20-Dec 2020 20-Dec 2022
AC 8,698,850 $0.06 18-Jan 2021 18-Jan 2023
TOTAL 25,976,395

These warrants were attached to private placements and debt financings approved by the TSXV in November 2017, December 2017 and January 2018. The warrants are not currently in-the-money, and no warrants were exercised. An aggregate of 7.73% of these warrants are held by insiders of the Company. The warrant extension is conditional on obtaining TSXV approval.

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Webcast on August 9, 2022

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