The V Rising Radium Alloy material is one of the new craftables that was introduced as part of the hefty Gloomrot expansion. This free update adds a new region, complete with bosses, robot enemies, and like Radium Alloy, new resources to acquire in order to construct advanced workbenches in your castle...
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How to get Radium Alloy in V Rising
Source: PC Gamer (opens in a new tab)