On November 6, 2018, Mr. Ian Ilsley (“Mr. Ilsley”) entered into the Desgrobois Option Agreement (the “Original Agreement”) with Mr. Fayz Yacoub (“Mr. Yacoub”) where Mr. Yacoub has agreed to grant an exclusive option to Mr. Ilsley which entitled Mr. Ilsley to acquire an undivided one hundred percent (100%) interest in and to 30 mineral claims in the Desgrobois Vanadium/Titanium Property (the “Property”). The Property represents 1,790 hectares (4,423 acres) situated in Quebec and the 30 mineral claims associated with it within NTS map sheets 31J/01 as more particularly described in Schedule A in exhibit 10.1.

On June 12, 2019, Mr. Ilsley and Mr. Yacoub entered into an Assignment of Desgrobois Option Agreement pursuant to which Mr. Ilsley agreed to the assign to Venture Vanadium Inc. of all of Mr. Ilsley’s rights and obligations under the Original Agreement.

On November 22, 2019, Mr. Ilsley, Venture Vanadium Inc. (“Optionee”) and Mr. Yacoub (“Optioner”) entered into the Amended and Restated Desgrobois Option Agreement (“Amended and Restated Agreement”) where Mr. Ilsley and Mr. Yacoub wish to amend certain terms of the Original Agreement.

Under the Amended and Restated Agreement, the representations, warrants and covenants of the optionee have been amended. In addition, Section 4.01 has been amended to that:

                        (a)      the Optionee making the following cash payments to the Optionor: 

                                   (i)     $70,000 within 5 business days of the Effective Date; 

                        (b)      The Optionee issuing shares of its common stock to the Optionor: 

   (i)     1,000,000 shares on or before the Effective Date; 

(c)  A two per cent (2.0%) Net Smelter Returns on all metals (hereinafter called the “Royalty”). 

The description above is a summary, Amended and Restated Agreement is filed as an exhibit to this report and incorporated herein by reference.