Cautionary Notes

Forward-Looking Statements

This website contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities laws (together, “forward-looking statements”). Forward-looking statements are statements that are not historical facts. They are often, but not always, identified by words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “targets”, “potential” or variations of these words, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking statements on this website include, but are not limited to, statements regarding:

• the timing, scope and results of metallurgical testwork, a Preliminary Economic Assessment (PEA), a Pre-Feasibility Study and licensing applications for the Pedra Branca PGE Project;
• the potential to expand, upgrade or update the mineral resource estimate at Pedra Branca;
• planned exploration, drilling and development activities and their expected outcomes;
• ValOre’s strategy to build an integrated precious metals platform, including the identification, evaluation, financing and completion of potential acquisitions;
• the timing of the catalysts shown on this website;
• future supply, demand and prices for platinum, palladium, gold and other metals;
• the availability and terms of future financing; and
• the receipt and timing of permits, licenses and other regulatory approvals in Brazil.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of management at the time they were made. These include assumptions regarding metal prices, exchange rates, the availability of financing, the receipt of regulatory approvals, the accuracy of mineral resource estimates and the assumptions on which they are based, the performance of contractors and consultants, and general economic, political and market conditions.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These include, among others: exploration and development risks; the speculative nature of mineral exploration; uncertainty in the estimation of mineral resources; metallurgical recovery risks; fluctuations in metal prices and currency exchange rates; the ability to obtain financing on acceptable terms; permitting, title and regulatory risks in Brazil; risks that a potential acquisition is not identified, agreed or completed, or does not deliver the expected benefits; environmental and community risks; reliance on key personnel; and the other risk factors described in ValOre’s continuous disclosure documents filed on SEDAR+ at www.sedarplus.ca.

Although ValOre believes the expectations reflected in its forward-looking statements are reasonable, they have been based on factors and assumptions concerning future events that may prove to be inaccurate. Readers should not place undue reliance on forward-looking statements. Forward-looking statements on this website speak only as of the date they were first published, and ValOre does not undertake to update them except as required by applicable securities laws.

Information on this website is provided for general information only. It is not an offer to sell or a solicitation of an offer to buy any securities, and it does not replace ValOre’s filings on SEDAR+. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this website.

Technical Report and Mineral Resource Estimate

The current mineral resource estimate for the Pedra Branca PGE Project is set out in the technical report titled “Independent Technical Report – Mineral Resource Update on the Pedra Branca PGE Project, Ceará State, Brazil”, with an effective date of March 8, 2022, prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The report was prepared by independent Qualified Persons Fábio Xavier, MAIG, and Porfirio Cabaleiro, P.Eng., of GE21 Consultoria Mineral, with metallurgical information reviewed by Chris Kaye of Mine and Quarry Engineering Services Inc. (MQes). The report is available under ValOre’s profile on SEDAR+ and on the ValOre website.

 

Pedra Branca Inferred Mineral Resource (effective March 8, 2022)

Target	Weathering	Mass	Average Value					Material Content
			Au	Pd	Pt	Pd eq	PGE+Au	Au	Pd	Pt	Pd eq	PGE+Au
		kt	g/t	g/t	g/t	g/t	g/t	koz	koz	koz	koz	koz
Trapiá	Weathered	4,547.12	0.02	0.53	0.30	0.69	0.85	3.26	77.13	44.58	100.82	124.97
	Fresh	24,238.76	0.04	0.63	0.31	0.85	0.98	30.44	488.30	241.75	662.31	760.49
	Total	28,785.88	0.04	0.61	0.31	0.82	0.96	33.69	565.43	286.33	763.13	885.46
Cedro	Weathered	3,023.54	0.01	0.71	0.34	0.88	1.06	1.07	69.05	32.90	85.82	103.02
	Fresh	10,610.17	0.01	0.65	0.37	0.88	1.03	4.99	220.47	124.64	298.63	350.10
	Total	13,633.71	0.01	0.66	0.36	0.88	1.03	6.05	289.53	157.54	384.45	453.12
Esbarro	Weathered	4,712.74	0.05	0.79	0.41	1.02	1.25	7.73	119.64	61.92	154.24	189.29
	Fresh	6,070.93	0.01	0.72	0.36	0.94	1.09	2.37	139.87	71.23	184.02	213.47
	Total	10,783.68	0.03	0.75	0.38	0.98	1.16	10.11	259.51	133.15	338.26	402.77
Santo Amaro	Weathered	2,104.78	0.02	0.56	0.47	0.80	1.06	1.67	37.80	32.03	54.46	71.49
	Fresh	2,169.46	0.04	0.63	0.49	0.96	1.16	2.54	44.27	34.24	66.99	81.04
	Total	4,274.24	0.03	0.60	0.48	0.88	1.11	4.20	82.06	66.27	121.45	152.53
Massapê	Weathered	601.27	0.03	0.88	0.33	1.05	1.23	0.57	16.94	6.31	20.35	23.82
	Fresh	2,710.42	0.02	0.85	0.33	1.07	1.20	1.79	74.25	28.89	93.04	104.92
	Total	3,311.69	0.02	0.86	0.33	1.06	1.21	2.36	91.18	35.19	113.39	128.74
Curiú	Weathered	1,147.91	0.06	1.64	1.07	2.20	2.77	2.39	60.37	39.54	81.11	102.30
	Fresh	974.02	0.05	0.91	0.56	1.30	1.53	1.71	28.55	17.60	40.68	47.87
	Total	2,121.93	0.06	1.30	0.84	1.79	2.20	4.10	88.92	57.14	121.79	150.17
Cana Brava	Weathered	523.56	0.04	0.63	0.44	0.87	1.12	0.72	10.69	7.43	14.73	18.83
	Fresh	133.80	0.02	0.84	0.59	1.20	1.44	0.07	3.61	2.53	5.16	6.21
	Total	657.36	0.04	0.68	0.47	0.94	1.18	0.79	14.30	9.96	19.89	25.04
All Targets	Weathered	16,660.93	0.03	0.73	0.42	0.95	1.18	17.40	391.61	224.71	511.53	633.72
	Fresh	46,907.56	0.03	0.66	0.35	0.90	1.04	43.91	999.32	520.88	1,350.84	1,564.11
	Total	63,568.48	0.03	0.68	0.36	0.91	1.08	61.31	1,390.94	745.58	1,862.36	2,197.83

Notes to the mineral resource estimate:

1. Mineral Resources which are not mineral reserves, do not have demonstrated economic viability.
2. The Mineral Resource estimates were prepared in accordance with the CIM Standards, and the CIM Guidelines, using geostatistical, plus economic and mining parameters appropriate to the deposit.
3. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding.
4. Mineral Resources are reported with Effective Date March 8, 2022.
5. Fábio Xavier (MAIG) is the QP responsible for the Mineral Resources estimate.
6. Mineral Resources were classified as Inferred.
7. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
8. Mineral Resources are associated to a cut-off grade of 0.4 g/t PGE+Au, correlated to Pd_eq. Grade of 0.35 g/t.
9. Mineral Resources were limited by an economic pit built in Geovia Whittle 4.3 software and following the geometric and economic parameters:
   • Pit slope angles: 55°;
   • Price: Pd=US$2000/oz, Pt=US$1000/oz and Au=US$1800/oz;
   • Costs: Mining costs=US$2.00/t; Milling=US$12.00/t; G&A=US$1.50/t;
   • Metallurgical Recoveries:
     • Weathered rock: 68% for Pd, 67% for Pt and 40% for Au;
     • Fresh rock: 71% for Pd, 82.9% for Pt and 85.2% for Au.

10. Blocks estimated by Ordinary Kriging at support of:
    • Trapia, Massape, Esbarro: 40m x 40m x 4m with sub-block 5m x 5m x 2m;
    • Santo Amaro, Cedro, Cana Brava: 20m x20m x 4m with sub-block 5m x 5m x 2m;
    • Curiu: 10m x 10m x 4m with sub-block 5m x 5m x 2m.
11. PGE+Au grade = Pt g/t + Pd g/t + Au g/t.

Sources:  March 24, 2022 MRE release

 

Qualified Person

Unless otherwise indicated, the scientific and technical information presented on the current website pages has been prepared in accordance with NI 43-101 and has been reviewed and approved by Thiago Diniz, P.Geo., Vice President of Exploration of ValOre and a “Qualified Person” as defined in NI 43-101. Mr. Diniz is not independent of ValOre.

Previously published news releases, technical reports and other documents available through this website retain the Qualified Person attribution provided in the original disclosure. The Qualified Persons responsible for the 2022 Pedra Branca Mineral Resource Estimate and Technical Report are identified in the applicable source references.

Any limitations on verification of historical or third-party technical information are described under “Historical and Third-Party Technical Information” below.

QA/QC and Analytical Procedures

ValOre implements quality assurance and quality control (“QA/QC”) procedures for its drilling and sampling programs at Pedra Branca.  The following summarizes procedures used for diamond core and Trado® auger drilling. Program-specific procedures and any material variations are described in the technical report or news release accompanying the applicable results.

Diamond core drilling – quality control. Eight QC samples are inserted into each batch of 72 samples, representing approximately 11% of the batch:

• One blank prepared from barren quartz outcrop;
• Three certified reference materials (“CRMs”) with certified grades, ; and
• Four duplicate samples.

QC results are reviewed against established acceptance criteria before an assay batch is accepted. Samples are delivered under documented chain-of-custody procedures to SGS Geosol Laboratórios Ltda. in Vespasiano, Minas Gerais, Brazil, an independent laboratory with no affiliation to ValOre.

SGS Geosol maintains ISO 9001:2015 and ISO 14001:2015 certifications for its quality and environmental management systems, respectively. Its Vespasiano laboratory is accredited by Cgcre/INMETRO to ISO/IEC 17025:2017 under accreditation number CRL-0386 for the activities included in its accredited scope.

Diamond core drilling – analytical procedures. At SGS Geosol, core sample density is determined by water immersion.  Samples are subsequently dried, crushed, and pulverized. Multi-element analysis uses sodium peroxide fusion followed by ICP-OES and ICP-MS (SGS method ICM90A). Samples returning more than 5% chromium are re-analyzed by ore-grade pyrosulfate fusion and XRF to determine Cr₂O₃ content (XRF82CR). Platinum, palladium and gold are determined by fire assay with an ICP finish using a nominal 30 g charge (FAI34V).

Reported drill intervals.  Reported mineralized intersections comprise continuous sampled intervals through favourable ultramafic rocks returning anomalous platinum, palladium and gold (“2PGE+Au”) values. Individual core sample intervals average approximately 1.0 m. Intersections are reported as lengths measured along the core. Where supported by geological interpretation, these lengths are estimated to represent 90–100% of true width. The applicable true-width estimate, or a statement that true width is unknown, accompanies each set of reported results.

 Trado® auger drilling — sampling and quality control.  Trado® auger drilling is a shallow, open-hole method used to investigate the weathered profile, including saprolite. Holes at Pedra Branca have reached depths of up to 25 m. Samples are collected over 1 m intervals, typically yielding approximately 15 kg of material per metre, with estimated recoveries of 90–100%. Recovered material is homogenized on a plastic tarp and quartered to obtain an approximately 2 kg sample for laboratory submission.

Each batch of 40–60 auger samples includes one CRM, one coarse blank and one pulp duplicate, representing approximately 5–7.5% of the batch, excluding the laboratory’s internal QC samples. Samples are submitted to SGS Geosol for platinum, palladium and gold analysis by fire assay with an ICP finish using a nominal 30 g charge (FAI34V), and multi-element analysis by sodium peroxide fusion with an ICP-OES finish (ICP90A).

Auger results represent samples of weathered material, where supergene processes may have redistributed metals. Auger intervals are reported as downhole lengths and should not be interpreted as true widths or treated as directly equivalent to diamond core intersections.

Historical and Third-Party Technical Information

Exploration results and targets. Drill, auger and surface sampling results, and references to new zones or targets not included in the current mineral resource estimate, are exploration results only. There is no certainty that further work will result in these areas being included in a mineral resource. Grades from selected samples or intervals are not necessarily representative of mineralization as a whole.

Historical data. References to historical exploration and historical expenditure at Pedra Branca rely on work carried out before ValOre’s involvement.  The extent of verification of historical technical data, and any material limitations, are described in the applicable technical report or accompanying disclosure. Historical expenditure does not establish current project value.

Nearby and comparable properties.  Information concerning nearby or comparable properties is drawn from the cited public disclosures. ValOre has not independently verified the underlying third-party datasets or estimates. Such information is not necessarily indicative of mineralization at ValOre’s properties or its future results.

Market and Third-Party Data

Metal prices, supply and demand figures, ratios and market commentary on this website (including the Why PGEs Now page and the metal price banner) are drawn from third-party sources believed to be reliable, including [list providers, e.g. Johnson Matthey, World Platinum Investment Council, LBMA, Kitco]. ValOre has not independently verified this data and makes no representation as to its accuracy or completeness. Prices shown may be delayed and are for information only. Statements about future metal markets are forward-looking statements. Unless otherwise stated, dollar amounts are in [Canadian / US] dollars.