VanadiumCorp Resource Inc. ( TSXV : VRB ) (the "Company") and Electrochem Technologies & Materials Inc. ("Electrochem") have both received the final payment from Ultra Power Systems Pty Ltd ("Ultra, UPS") as specified in the Patent Option Agreement ("POA" "Option") to purchase the exclusive license for the jurisdiction of Australia executed November 23, 2018. With the final payment made, the parties will now proceed to finalize the terms of license. Ultra intends to commence final license discussions immediately. Brad Appleyard, Managing Director of Ultra Power Systems Pty Ltd states that "Ultra Power now has the exclusive right to secure the most efficient and sustainable technology to produce vanadium in Australia. This cost reduction applies to the largest single cost component of our future vanadium redox battery.