Exploration & Drilling

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an exploration update on the Reverse Circulation (“RC”) drilling and ground geophysics at ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada. Seventeen (17) of twenty (20) RC holes drilled at the Dipole and Yat targets, as well as 4 of 5 holes at J4 West (6^th hole on-going), have intersected near-surface zones of radioactivity.

“The spring RC drilling program at Angilak showcases the potential for zones such as Dipole, Yat and now J4 West to host high-grade, near-surface, basement-hosted uranium deposits, with multiple zones of near-surface radioactivity intersected in 22 of 27 holes with vertical depths of radioactive intersections ranging between 9 and 110 metres,” stated ValOre’s VP of Exploration, Colin Smith. “Real time results of radioactivity from RC drilling at J4 West are very exciting as RC22-J4W-001 returned a peak CPS value of 22,146 at ~36 m vertical depth, within a broader zone of 12,118 CPS over 4.6 m. J4 West sits less than 300 metres from, and may be a faulted offset continuation of, the J4 zone which contributes 14.4 million pounds to the 43.3 million pound Lac 50 inferred resource.”

Angilak 2022 RC Drilling Highlights:

• 26 RC drill holes in 3,063 metres (“m”) drilled to date from 13 drill sites at Dipole (17 holes), Yat (4 holes) and J4 West (5 holes, 6^th hole on-going) targets;
• Multiple zones of near-surface radioactivity intersected in 14 of 17 holes at Dipole, 4 of 4 holes at Yat and 4 of 5 holes at J4 West, with vertical depths of radioactive intersections ranging from 9 m to 110 m;
• Dipole, Yat and J4 West remain largely open along strike and at depth;
• Ground VLF-EM and magnetics program is complete, totaling 1,547 line-kilometres (“ln-km”) and 15,481 hectares (“ha”);
• Total of 401 samples (611 m) from 22 holes have been collected for assay, to date;
• Timing and specific areas of focus for the follow up diamond drill core program in Q3 will be announced upon receipt and review of assay results.

J4 West Target

• J4 West target (“J4W”), located 280 m west of the J4 uranium deposit, which hosts an inferred resource estimate of 14.4 Mlbs U₃O₈ grading 0.8% U₃O₈;
• 2022 J4W drilling has tested a strike length of 400 m of a 1-km-long EM conductor, with 2 RC holes drilled from each of three sites spaced 200 m apart;
• RC22-J4W-001 returned a peak CPS value of 22,146 at ~36 m vertical depth, within a broader zone of 12,118 CPS over 4.6 m.

The J4 West (“J4W”) target, formerly know as the J1 Zone, is a 1-km-long EM conductor located between Lac 50’s Eastern Extension (“EE”) and J4 uranium deposits. The easterly J4 deposit remains open along-strike to the west towards the EE, and down-plunge. Re-processed ground VLF-EM data highlights a distinct ~150 m sinistral off-set for the J4 conductor to the west of the deposit, which suggests a displaced continuation of the high-grade uraniferous structure ~280 m southwest of J4 (Figure 1). This 1-km-long conductor is mostly undrilled, except for 6 drill holes over a strike length of 150 m. Five of these holes intersected varying amounts of uranium at depths between 28 and 180 vertical metres (CLICK HERE for news release dates January 27, 2013). Mineralization occurs as narrow carbonate veins in sheared, hematized, sulfide-bearing graphitic tuff within a larger sequence of basalt and gabbro, similar to the lithological units hosting mineralization at the Lac 50 Trend resource.

2022 Drilling at J4 West

Drilling to date in 2022 at J4W was conducted from three sites spaced 200 m apart, with 2 RC holes drilled at each pad, testing a strike length of 400 m in between the area of previous drilling and the sinistral structure to the east. All holes to date have intercepted strong, shallow intervals of radioactivity, including a peak CPS value of 22,146 in RC22-J4W-001 at ~36 m vertical depth, within a broader zone of 12,118 CPS over 4.6 m (Table 1, Figure 1). A final drill hole is in progress.

Results to date from J4W are highly encouraging, and support the interpretation of a high-grade, shallow uranium deposit being off-set from J4, and continuing along the 1-km-long conductor to the west.

Figure 1: Plan Map of J4 West Target, and J4-Ray Uranium Deposits

2022 RC Drilling at Yat

A total of 4 RC holes (382.52 m) were drilled at Yat in 2022, with all four holes intercepting between 1 to 4 zones of near-surface, anomalous radioactivity (Table 1), up to a maximum value of 5,013 CPS in hole RC22-YAT-002. Three of these holes were previously released (CLICK HERE for news release dated June 2, 2022).

The final hole, RC22-YAT-004, drilled through 4 distinct radioactive zones within a package of locally graphitic basaltic, trachytic and andesitic volcanic rocks, locally mineralized with sulfides (pyrite, chalcopyrite), copper oxides (malachite, azurite) and native copper.

2022 RC Drilling at Dipole

A total of 17 RC holes (2,141.21 m) were drilled at Dipole in 2022, with all 14 of 17 holes intercepting between 2 to 4 zones of near-surface, anomalous radioactivity (Table 1), up to a maximum value of 65,535 CPS in RC22-DP-005. All 2022 Dipole RC holes are summarized in news releases dated May 9, 2022  (CLICK HERE) and June 2, 2022 (CLICK HERE).

Table 1: 2022 RC Drilling Results to Date (Scintillometer CPS Radioactivity)

* All zone interval measurements are metres (“m”) down-hole, and true widths are yet to be determined

2022 Ground VLF-EM and Magnetics

A total of 1,547 line-km covering 15,481 ha of prospective area was surveyed in the 2022 ground geophysics campaign. The VLF-EM and magnetics data have been compiled and processed, which included the generation of 3D inversion models to aid in future drill targeting (Figure 2).

The program was planned for 2,400 line-km but was cut short due to reduced snow and deteriorating ice conditions. The remaining un-surveyed area will be considered for a spring 2023 ground geophysics program.

Figure 2: Regional Map of Angilak Property, Summarizing 2022 Exploration to Date

About Angilak

The 59,483-hectare Angilak Property is situated in the mining- and exploration-friendly Nunavut Territory, Canada, and has district-scale potential for uranium, precious and base metals. Since acquisition, ValOre has invested over CAD$55 million on resource delineation and exploration drilling (89,572 metres in 589 drill holes), metallurgy, geophysics, geochemistry, and logistics across the large land package. This work supported the development of the significant Lac 50 Trend NI 43-101 inferred uranium resource estimate (“Lac 50”).

The Lac 50 NI 43-101 Technical Report (effective date March 1, 2013) defined an inferred resource estimate which represents Canada’s highest-grade uranium resource outside of Saskatchewan, and one of highest-grade uranium resources on a global basis. Highlights include:

• 43.3 Mlbs U₃O₈ in 2,831,000 tonnes grading 0.69% U₃O₈. CLICK HERE for a summary table of the Lac 50 Trend inferred resource estimate;
• Supported by 351 resource delineation drill holes totaling 62,023 metres (“m”);
• Metallurgical results for Lac 50 demonstrate high uranium recoveries and rapid leach kinetics. See news releases: February 28, 2013, September 11, 2013 and February 27, 2014;
• Lac 50 Trend is a 15 kilometre (“km”) by 3 km area with excellent potential for resource growth and new discoveries;
• Uranium mineralization starts at surface, and has been drilled to 380 m vertical depth;

CLICK HERE for ValOre’s May 6, 2021 video summarizing the highlights of Angilak.

CLICK HERE for ValOre’s May 6, 2021 video reviewing the 2021 focus for Angilak.

Qualified Person (“QP”)

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre’s QP and Vice President of Exploration.

Information related to the independent Angilak mineral resource estimate has been approved by Michael Dufresne, M.Sc. P.Geo., President of Apex Geoscience Ltd., Robert Sim, P.Geo. of SIM Geological Inc. and Bruce Davis, FAusIMM of BD Resources Consulting Inc., who are independent QPs as defined under NI 43‐101.

Information related to the independent Pedra Branca mineral resource estimate has been approved by Fábio Valério, P.Geo., and Porfirio Cabaleiro, P.Eng., of GE21.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au (CLICK HERE for news release dated March 24, 2022). All the currently known Pedra Branca inferred PGE resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a current Inferred Resource of 2,831,000 tonnes grading 0.69% U₃O₈, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please CLICK HERE for ValOre's news release dated March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/

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 release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an update on the Reverse Circulation (“RC”) drilling at ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada. Seventeen (17) of twenty (20) RC holes drilled at the Dipole and Yat targets have intersected near-surface zones of radioactivity.

“RC drilling success at Dipole and Yat this season demonstrates the potential for these zones to host high-grade, near-surface, basement-hosted uranium deposits,” stated ValOre’s VP of Exploration, Colin Smith. “It is very encouraging that Lac 50-type uranium mineralization occurs on the opposite side of the Angikuni Basin, opening up over 60 kilometres of a highly prospective, yet underexplored trend at Angilak.”

Angilak Property Uranium Project 2022 Dipole and Yat RC Drilling Highlights:

• Twenty RC drill holes in 2,141 metres (“m”) drilled to date from 10 drill sites at Dipole (17 holes) and Yat targets (3 holes);
• Multiple zones of near-surface radioactivity intersected in 14 of 17 holes at Dipole and 3 of 3 holes at Yat (Table 1);
• RC drilling at Dipole has extended the known strike extent of the mineralized structure from 150 m to 650 m;
• Radioactive intervals are shallow, with vertical depths of the intersections ranging from 9 m to 110 m below surface;
• RC drilling continues at the Yat target (“Yat”), located 10 kilometres (“km”) to the northeast;
• Prospecting and trenching at Yat in 2015 and 2016 yielded high-grade polymetallic (U-Pd-Pt-Au-Cu-Ag) rock samples which assayed up to 23% U₃O_8, 58 g/t Pd, 7.8 g/t Pt, 211 g/t Au, 22% Cu, and 3,200 g/t Ag;
• Yat program has been expanded due to strong preliminary results, with intervals of anomalous radioactivity intercepted in 3 of 3 holes, up to a maximum of 5,013 counts per second (“CPS”);
• Total of 315 samples (480 m total) from 17 holes have been collected for assay, to date;
• Dipole and Yat remain open in both directions and at depth.

Table 1: 2022 RC Drilling Results to Date (Scintillometer CPS Radioactivity)

* Previously release hole, CLICK HERE for news release dated May 9, 2022
** All zone interval measurements are metres (“m”) down-hole, and true widths are yet to be determined

2022 RC Drilling at Dipole

The main zone at Dipole was tested with 15 RC drill holes over 650 m of strike length in 2022, with 14 of 15 holes intersecting anomalous radioactivity (>350 CPS), 10 holes with intervals exceeding 1,000 CPS and 7 holes over 3,300 CPS (Figure 1). A maximum of 65,535 CPS was drilled in hole RC22-DP-005, a reading which maxed-out the handheld scintillometer. Assays for the 143 Dipole samples (217 m) remain pending.

All main zone drill pad locations produced a minimum of 2 and a maximum of 4 intervals of radiation, including the following highlight from hole RC22-DP-007 (Figure 2):

• Zone 1: 4.57 m averaging 8,486 CPS from 65.53 m (max 15,400 CPS)
• Zone 2: 6.64 m averaging 10,080 CPS from 92.96 m (max 26,580 CPS)
• Zone 3: 15.24 m averaging 3,561 CPS from 109.73 m (max 24,550 CPS)
• Zone 4: 24.38 m averaging 2,689 CPS from 129.54 m (max 4,755 CPS)

2022 VLF-EM ground surveys have delineated the target Dipole conductor for approximately 9 km, with strong uranium-in-soil anomalies remaining open in both directions of strike. Soil sampling along-trend will commence in July, and the core drill rig will further test the high-grade Dipole structure at depth and along strike in both directions.

One regional reconnaissance RC drill pad was located 1,250 m to the northwest of the main zone, where two 2022 holes were drilled. Both RC22-DP-016 and -017 only returned background radioactivity values, and thus will not receive follow-up. For more information regarding the Dipole target, CLICK HERE for news release dated May 9, 2022, and CLICK HERE for news release dated October 19, 2015.

Figure 1: Dipole target map, showing locations of the 2015 core holes, 2022 RC holes, prospective VLF-EM conductor, and uranium-in-soils samples.

Figure 2: Cross Section A-A’, Dipole Target

Yat Target

Yat is located near the northern margin of the Angikuni Basin, approximately 15 km southwest of the Lac 50 Trend uranium deposits (43.3 Mlbs U₃O₈ grading 0.69%) and 10 km northeast of Dipole. The target is characterized by a strong 250 m wide magnetic low with coincident high-grade polymetallic U-Pd-Pt-Au-Cu-Ag mineralized zones (Figure 3).

Work by ValOre between 2007 and 2012 included ground gravity, Mag-VLF surveys, and four shallow reconnaissance RC holes that did not intersect significant uranium mineralization. Subsequent soil sampling and prospecting in 2015 served to delineate uranium and silver soil anomalies running parallel to a discreet 1.6-km-long EM conductor that strikes northeast through the centre of the magnetic low.

A 2015 grab sample from brecciated quartz-carbonate veined glacial float collected on the southeast margin of the Yat magnetic response returned the highest precious metal assays ever reported from the Angilak Property with 1.82% U₃O₈, 6.8% Cu, 211 g/t Au, 80,900 g/t Ag, 3.1 g/t Pt and 6.7 g/t Pd (CLICK HERE for news release November 10, 2015).

In July 2016, a trenching program was conducted proximal to the high-grade polymetallic boulder samples. Radioactive brecciated carbonate veining with sulphides, secondary yellow uranium staining and malachite were identified in several trench areas (CLICK HERE for news release dated November 8, 2016), including the following highlights (Figure 4):

• Channel sample 18924 from Trench KIV-16-T03:
  2.50% U₃O₈, 16.2% Cu, 417 g/t Ag and 1.3 g/t Au over a width of 0.5 m
• Channel sample A00560 from Trench KIV-PO-T05:
  0.32% U₃O₈, 0.10% Cu, 373 g/t Ag, 2.9 g/t Au and 6.4 g/t Pd across a width of 0.65 m
• Grab sample A00619:
  23.6% U₃O₈, 22.7% Cu, 879 g/t Ag and 5.3 g/t Au
• Grab sample 18939:
  3.0% U₃O₈, 1.3% Cu, 3200 g/t Ag, 43.3 g/t Au, 7.8 g/t Pt and 56.3 g/t Pd

2022 RC Drilling at Yat

The main Yat zone which produced the high-grade polymetallic boulder and trench channel samples has been tested with 3 RC holes (273 m) from 2 drill sites to date in 2022, with all holes intersecting zones of anomalous radioactivity. Highlight drill hole 22RC-YAT-002 returned 3 discrete radioactive zones between 15.25 to 32.00 m depth, with a maximum CPS value of 5,013 from 28.96-30.00 m (Table 1). A fourth drill hole is in process.

2022 RC holes are designed to drill under the high-grade trench assays, testing for continuity of mineralization at depth. Given the potential for Pd-Pt-Au mineralization being unassociated with radioactivity, every metre from the 2022 Yat RC holes will be sampled for assay.

Figure 3: Plan map regional Yat target area, showing uranium-in-soils anomaly, coincident VLF-EM conductor, high-grade rock samples, and drilling.

Figure 4: Plan map of main zone at Yat, with assay results from 2015 prospecting and 2016 trenching programs, and locations of historical and 2022 RC drill holes.

About Angilak

The 59,483-hectare Angilak Property is situated in the mining- and exploration-friendly Nunavut Territory, Canada, and has district-scale potential for uranium, precious and base metals. Since acquisition, ValOre has invested over CAD$55 million on resource delineation and exploration drilling (89,572 metres in 589 drill holes), metallurgy, geophysics, geochemistry, and logistics across the large land package. This work supported the development of the significant Lac 50 Trend NI 43-101 inferred uranium resource estimate (“Lac 50”).

The Lac 50 NI 43-101 Technical Report (effective date March 1, 2013) defined an inferred resource estimate which represents Canada’s highest-grade uranium resource outside of Saskatchewan, and one of highest-grade uranium resources on a global basis. Highlights include:

• 43.3 Mlbs U₃O₈ in 2,831,000 tonnes grading 0.69% U₃O₈. CLICK HERE for a summary table of the Lac 50 Trend inferred resource estimate;
• Supported by 351 resource delineation drill holes totaling 62,023 metres (“m”);
• Metallurgical results for Lac 50 demonstrate high uranium recoveries and rapid leach kinetics. See news releases: February 28, 2013, September 11, 2013 and February 27, 2014;
• Lac 50 Trend is a 15 kilometre (“km”) by 3 km area with excellent potential for resource growth and new discoveries;
• Uranium mineralization starts at surface, and has been drilled to 380 m vertical depth;

CLICK HERE for ValOre’s May 6, 2021 video summarizing the highlights of Angilak.

CLICK HERE for ValOre’s May 6, 2021 video reviewing the 2021 focus for Angilak.

Qualified Person (“QP”)

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre’s QP and Vice President of Exploration.

Information related to the independent Angilak mineral resource estimate has been approved by Michael Dufresne, M.Sc. P.Geo., President of Apex Geoscience Ltd., Robert Sim, P.Geo. of SIM Geological Inc. and Bruce Davis, FAusIMM of BD Resources Consulting Inc., who are independent QPs as defined under NI 43‐101.

Information related to the independent Pedra Branca mineral resource estimate has been approved by Fábio Valério, P.Geo., and Porfirio Cabaleiro, P.Eng., of GE21.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au (CLICK HERE for news release dated March 24, 2022). All the currently known Pedra Branca inferred PGE resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a current Inferred Resource of 2,831,000 tonnes grading 0.69% U₃O₈, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please CLICK HERE for ValOre's news release dated March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/

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 release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today provided a preliminary update on the Reverse Circulation (“RC”) drilling at ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada. All seven RC holes drilled at the Dipole target have intersected multiple, shallow zones of radioactivity.

“Dipole was first drilled in 2015, where 9 of 9 ValOre diamond drill holes intersected multiple zones of near surface uranium mineralization in rocks analogous to those found in the Lac 50 Trend deposits,” stated ValOre’s VP of Exploration, Colin Smith. “2022 RC drilling at Dipole confirms that U₃O₈ mineralization remains open at depth and along strike in both directions coincident to a 3.4-km-long, coincident, VLF-EM conductor and uranium-in-soils anomaly.”

Angilak Property Uranium Project 2022 Dipole RC Drilling Highlights:

• Seven RC drill holes in 778.76 metres (“m”) drilled to date from 3 drill sites at Dipole, out of a planned 16 holes (1,865 m);
• Multiple zones of near-surface radioactivity intersected in 7 of 7 holes (Table 1), with all holes returning scintillometer counts per second (“CPS”) measurements over 500 CPS, with a maximum of 65,535 CPS in drill hole RC22-DP-005;
• RC drilling to date has expanded the prospective structure along strike by 150 m to the northeast, doubling the historical trend to 300 m in length and wide open in both directions, and at depth;
• Total of 43 samples (65.53 m total) from 7 holes have been submitted for assay to date;
• RC drilling continues at Dipole, with significant U₃O₈ intercepts to be followed-up in the summer core drilling program.

ValOre’s May 9, 2022 video summarizing this news release.

Table 1: Preliminary 2022 RC Drilling Results (Scintillometer CPS Radioactivity)

* All zone interval measurements are metres (“m”) down-hole, and true widths are yet to be determined

2015 Core Drilling Success at Dipole

Nine of nine core holes drilled in 2015 intercepted multiple stacked zones of U₃O₈ mineralization at vertical depths ranging from 15 m to 110 m and along 150 m of strike length (Figure 1). Assay highlights include:

• 2.34% U₃O₈ and 44 g/t Ag over 1.3 m from 28.3 m, within a zone of 0.88% U₃O₈, 0.46% Mo and 17.6 g/t Ag over 3.5 m from 28.3 m, and a second separate zone of 0.21% U₃O₈ over 6.7 m from 46.6 m in drill hole 15-DP-009;
• 0.17% U₃O₈ over 8.0 m from 27.9 m in drill hole 15-DP-005;
• 0.18% U₃O₈ over 6.7 m from 35.5 m in drill hole 15-DP-006;
• 0.14% U₃O₈ over 2.1 m from 75.5 m in drill hole 15-DP-002.

2022 RC Drilling at Dipole

Exploration drilling at Dipole in 2022 will follow-up the high-grade U₃O₈ core intercepts from 2015, which outlined a 25 m to 48 m wide zone of multiple, steeply dipping mineralized intervals hosted in a sequence of structurally weak pyroclastic horizons. The 150 m of U₃O₈-bearing strike length drilled in 2015 will be further tested along 1.5 km of prospective trend, characterized by a strong VLF-EM conductor and coincident uranium-in-soil anomaly (Figure 2). It was the pairing of VLF-EM and soil data that led ValOre geologists to the Dipole drilling discovery in 2015.

The 1,865 m of proposed RC drilling will be conducted from approximately 7 drill sites, with an average of 2 holes per pad. Given the steep orientation (~70 to 75°) of Dipole’s uraniferous structures, the first hole from each pad will be drilled at a -45° dip to ensure a maximum thickness of target stratigraphy is tested, and that drilling intercepts are as close to true widths as possible. Subsequent drill hole(s) from the same pad will be drilled at steeper dips, in 10 to 15° increments, with a maximum of 3 holes at each pad.

Drill hole spacing proximal to the area of 2015 drilling will be 50 m, which is the average collar spacing at Lac 50. Subsequent step-outs along the regional strike will progressively increase to a collar spacing 100 m and 150 m (all divisible by 50 m), with a final regional step-out of 800 m along strike to the northeast, testing a strong geochemical anomaly. Favorable results on 100, 150, and 800 m step-outs may be followed up with infill drilling, to establish an overall spacing of 50 m between collars.

Preliminary RC drilling results indicate a strong continuity of the target uraniferous structure in all holes, with multiple zones of radioactivity encountered in 7 of 7 holes (7^th hole, RC22-DP-007, is ongoing). This suggests a doubling of the drill-confirmed Dipole zone from 150 to 300 m, with expansion potential wide open in both directions of strike, and at depth, along a 3.4-km-long geochemically anomalous conductor. Furthermore, while the current soil sampling coverage spans 3.4 km of strike, strong uranium-in-soil anomalies are truncated on both ends of the grid, with the target conductor extending for approximately 9 km. Extensional EL soil sampling is warranted to assess the uranium potential of this regional target.

Upon receipt of continued favorable results, an expansion to the 2022 RC and/or core drilling program at Dipole will reviewed and considered.

Dipole Trend

Dipole is located approximately 27 km southwest of the Lac 50 Trend deposits (“Lac 50” – 43.3 Mlbs U₃O₈ in 2,831,000 tonnes grading 0.69% U₃O₈) in a northeast-trending belt of Archean metavolcanic rocks analogous to those that host Lac 50. In 2011, a ValOre prospecting crew uncovered highly mineralized (up to 2.24% U₃O₈ and 116 g/t Ag) angular boulders on the shore of a small lake proximal to and immediately down-ice from the southwest portion of a ~3.4-km-long VLF-EM conductor anomaly. Subsequent enzyme leach (“EL”) soil sampling in 2014 defined a coincident uranium anomaly, which was drill tested by 9 core holes (958 m) in 2015. All 9 holes intercepted multiple stacked zones of U₃O₈ mineralization at vertical depths ranging from 15 m to 110 m and along 150 m of strike length. At Dipole, U₃O₈ mineralization remains open at depth and along strike in both directions along a 3.4-km-long, coincident, VLF-EM conductor and uranium-in-soils anomaly.

CLICK HERE for news release dated October 19, 2015 and see Figure 1 below for a summary of Dipole.

Additional EL soil sampling in 2016 defined a new 600-m-long uranium anomaly that overlies a parallel EM conductor 1.5 km to 2.1 km northeast of the Dipole drilling. This extended the prospective trend to over 3.4 km, with both the VLF-EM and soil anomalies remaining open along strike in both directions.

Mineralization at Dipole is associated with sheared and brecciated hematite-carbonate-chlorite altered graphitic tuff units, mineralized with pitchblende and sulphides, within a sequence of mafic to intermediate tuffs and massive to pillowed basalt. Much like Lac 50, molybdenum and silver occur with, and adjacent to, the uranium mineralization at Dipole.

Figure 1: Dipole target summary, showcasing historical core drilling, high-grade near surface U₃O₈ intercepts, and strong regional exploration upside.

Figure 2: Dipole target map, showing locations of historical (2015) core holes, proposed and drilled RC holes (2022), prospective VLF-EM conductor and uranium-in-soils anomalism.

Figure 3: Regional setting of Angilak Property Uranium Project, in relation to operating and past-producing mines, advanced exploration projects, and communities.

About Angilak

The 59,483-hectare Angilak Property is situated in the mining- and exploration-friendly Nunavut Territory, Canada, and has district-scale potential for uranium, precious and base metals. Since acquisition, ValOre has invested over CAD$55 million on resource delineation and exploration drilling (89,572 metres in 589 drill holes), metallurgy, geophysics, geochemistry, and logistics across the large land package. This work supported the development of the significant Lac 50 Trend NI 43-101 inferred resource estimate (“Lac 50”).

The Lac 50 NI 43-101 Technical Report (effective date March 1, 2013) defined an inferred resource estimate which represents Canada’s highest-grade uranium resource outside of Saskatchewan, and one of highest-grade uranium resources on a global basis. Highlights include:

• 43.3 Mlbs U₃O₈ in 2,831,000 tonnes grading 0.69% U₃O₈. CLICK HERE for a summary table of the Lac 50 Trend inferred resource estimate;
• Supported by 351 resource delineation drill holes totaling 62,023 metres (“m”);
• Metallurgical results for Lac 50 demonstrate high uranium recoveries and rapid leach kinetics. See news releases: February 28, 2013, September 11, 2013 and February 27, 2014;
• Lac 50 Trend is a 15 kilometre (“km”) by 3 km area with excellent potential for resource growth and new discoveries;
• Uranium mineralization starts at surface, and has been drilled to 380 m vertical depth;

ValOre’s May 6, 2021 video summarizing the highlights of Angilak.

ValOre’s May 6, 2021 video reviewing the 2021 focus for Angilak.

Qualified Person (“QP”)

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre’s QP and Vice President of Exploration.

Information related to the independent Angilak mineral resource estimate has been approved by Michael Dufresne, M.Sc. P.Geo., President of Apex Geoscience Ltd., Robert Sim, P.Geo. of SIM Geological Inc. and Bruce Davis, FAusIMM of BD Resources Consulting Inc., who are independent QPs as defined under NI 43‐101.

Information related to the independent Pedra Branca mineral resource estimate has been approved by Fábio Valério, P.Geo., and Porfirio Cabaleiro, P.Eng., of GE21.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au (CLICK HERE for news release dated March 24, 2022). All the currently known Pedra Branca inferred PGE resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a current Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please CLICK HERE for ValOre's news release dated March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/

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 release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today announced the commencement of a board approved and fully funded CAD$11 million exploration program at ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada.

ValOre’s Chairman & CEO, Jim Paterson, stated: “Angilak represents a world-class advanced uranium exploration project with compelling resource expansion and regional discovery potential. The Lac 50 inferred resource represents Canada’s highest grade uranium deposit outside of the Athabasca Basin and one of the highest-grade uranium resources on a global basis. Importantly, Nunavut Territory, Canada is an active and supportive mining jurisdiction, hosting the producing Meadowbank and Meliadine gold mines (Agnico Eagle) and the recently permitted Goose Mine at the Back River project (Sabina).”

ValOre’s Vice President Exploration, Colin Smith, stated: “CAD$85M of historical expenditures at Angilak, CAD$55M of that by ValOre between 2009 – 2016, served to generate the Lac 50 resource estimate, which is supported by 335 drill holes (60,258 m). The substantial prior investment will be fully leveraged in 2022, with this year’s comprehensive program designed to further demonstrate and rapidly advance the district-scale resource potential of this prolific uranium, base and precious metals property with ~8,000 m of project-wide drilling, ~2,400 ln-km of ground VLF-EM and magnetics, and multi-faceted geochemistry programs.”

Angilak Property Uranium Project 2022 Exploration Program Highlights:

• Mobilization of crews, consumables, and equipment commenced March 23;
• Initial 4,000 metre (“m”) Reverse Circulation (“RC”) drill program to commence by April 15, with a focus of expanding known zones of U₃O₈ mineralization;
• Geophysical program of 2,400-line-kilometres (“ln-km”) of ground VLF-EM and magnetics to commence by April 15;
• Geochemical sampling (1,000+ samples) including Enzyme Leach (“EL”) soils, rock sampling and lake sediment sampling to vector future exploration efforts;
• Baseline environmental and archaeology studies;
• Initial 4,000 m diamond drilling to commence in the summer, with a focus on resource expansion and following up positive RC drill results.

Lac 50 Trend NI 43-101 Inferred Resource Estimate

The Lac Trend (“Lac 50”) inferred mineral resource estimate comprises 2,831,000 tonnes grading 0.69% U₃O₈, totaling 43.3 million pounds (“Mlbs”) of U₃O₈. The resource estimate is supported by 335 drill holes (60,258 m) and represents Canada’s highest grade uranium deposit outside of the Athabasca Basin and one of the highest-grade uranium resources on a global basis. In addition to uranium, the Lac 50 Trend resource also contains significant quantities of silver, molybdenum and copper, and is interpreted as a basement hosted, vein-hydrothermal type, unconformity-associated uranium deposit. CLICK HERE for a summary table of the 2013 Lac 50 inferred resource estimate.

Lac 50 Metallurgical Work

In 2012 and 2013, the Saskatchewan Research Council (“SRC”) and TOMRA Sorting Inc. (“TOMRA”) conducted metallurgical and beneficiation testing respectively on Lac 50 Trend uranium mineralization. Optimized results from alkaline leaching indicate that 94.1% of uranium can be extracted in 48 hours and 95.9% of uranium extracted in 72 hours. Furthermore, the final yellowcake produced from a conventional preliminary precipitation test of the alkaline leach solution was low in impurities (below penalty levels), with a 71.9% uranium value attained.

Ore characterization testing carried out by TOMRA on a suite of high grade, medium grade, low grade and waste specimens demonstrated excellent sensor based sortability, with 96.7% cumulative uranium recovery in a mass recovery of 49.2% (i.e. 50.8% of the rock mass is rejected with a 3.3% loss of uranium). The testing reflects the high-grade uranium characteristics at Lac 50 where most of the uranium mineralization occurs as disseminations and veins of massive pitchblende within the carbonate and hematite alteration zone comprising the Lac 50 Trend inferred resource.

District-Scale, High-Grade, Near-Surface Potential

Angilak represents a world-class advanced uranium exploration project with considerable upside potential in a largely underexplored district. Exploration tenements are strategically staked around the margin of the Proterozoic Angikuni sedimentary sub-basin, enabling ValOre geologists to target the high-grade uraniferous structures from surface. In the case of Lac 50, mineralization has been traced by drilling from surface to a vertical depth of approximately 380 m and along a strike length of over 6 km, with mineralization occurring as southwest plunging shoots within the plane of a tuff unit.

Comprehensive exploration programs continue to demonstrate the district-scale potential of Angilak, as evidenced by the drilling discovery at the Dipole Trend, situated 30 km west-southwest of Lac 50, and on the opposing side of the Angikuni sub-basin. U₃O₈, mineralization was intercepted in all nine 2015 core holes, and included highlight hole 15-DP-009 which returned 2.34% U₃O₈, 1.13% Mo and 44 g/t Ag over 1.3 m from 28.3 m to 29.6 m, within a wider 3.5 m interval that assayed 0.88% U₃O₈, 0.46% Mo and 17.6 g/t Ag, and 6.7 m of 0.21% U₃O₈ from 46.4 m to 53.1 m. Dipole will be the first target tested in the spring 2022 RC drill program.

A total of 300 historical drill holes are situated outside the Lac 50 Trend: of these holes, 230 holes (77%) returned anomalous radioactivity, with counts per second (“CPS”) values above 200, and 171 holes (57%) returned CPS values above 1000.

Evidence of high-grade, near-surface uranium mineralization is further demonstrated across the property by the presence of extensive historical rock samples, including 50 samples >1% U₃O₈, 18 samples >5% U₃O₈, and 8 samples >20% U₃O₈ (Figure 1).

Ground VLF-EM

Uranium mineralization at Angilak is structurally controlled (vein-hydrothermal type), and thus the identification of these prospective uraniferous corridors is a critical component of the exploration methodology. Ground VLF-EM has proven to be the most effective geophysical technique to delineate prospective structures property-wide, as evidenced by the ~230 km² (2,320 ln-kms) of historical coverage. The Lac 50 Trend (and most targets) are spatially associated to moderate to strong VLF-EM conductors, which are interpreted to be mapping graphite-chlorite-sulphide (and uranium) bearing structures.

An extensive ground VLF-EM and magnetics program is planned due to commence by mid-April. The proposed survey comprises approximately 2,400 ln-kms, with a dominant focus on the sparsely covered western half of the property which hosts several priority exploration targets, and over 40 km of highly prospective geological strike along trend from Lac 50 (Figure 1).

Geochemistry

Surficial geochemistry serves to identify the prospective sections of mineralized structures and supports more targeted follow-up initiative such as trenching and drilling. The historical database includes: 4,180 EL soils, 763 conventional soils, 583 rock samples, and 1,152 lake sediment samples.

ValOre will be expanding Angilak’s surficial geochemical coverage in 2022, with additional property wide EL soils, rocks and lake sampling, to commence in July once the snow and ice have melted. Program totals are dependent on results of both the RC and ground geophysics programs.

The 2022 lake sampling program is comprised of a 70-sample orientation survey (35 samples over Lac 50, and 35 samples over a presumed background area), analyzing multiple sample mediums (lake bottom sediments, lake water and off-gases from lake sediments), and multiple uranium pathfinder analytes (helium, radon, ICP-MS major and trace elements). The most effective technique(s) will be identified and considered for a property-wide program in 2023 to further amplify Angilak’s district-scale potential. Helium and radon are both continuously produced from the decay of uranium, and thus provide a potential pathfinder for remote detection of uranium deposits, and light hydrocarbon gases (C1 to C4) have been found in world class uranium deposits like Cigar Lake.

Figure 1: Regional map of Angilak Property.

About Angilak

The 59,483-hectare Angilak Property is situated in the mining- and exploration-friendly Nunavut Territory, Canada, and has district-scale potential for uranium, precious and base metals. Since acquisition, ValOre has invested over CAD$55 million on resource delineation and exploration drilling (89,572 metres in 589 drill holes), metallurgy, geophysics, geochemistry, and logistics across the large land package. This work supported the development of the significant Lac 50 Trend NI 43-101 inferred resource estimate (“Lac 50”).

The Lac 50 NI 43-101 Technical Report (effective date March 1, 2013) defined an inferred resource estimate which represents Canada’s highest-grade uranium resource outside of Saskatchewan, and one of highest-grade uranium resources on a global basis. Highlights include:

• 43.3 Mlbs U₃O₈ in 2,831,000 tonnes grading 0.69% U₃O₈. CLICK HERE for a summary table of the Lac 50 Trend inferred resource estimate;
• Supported by 351 resource delineation drill holes totaling 62,023 metres (“m”);
• Metallurgical results for Lac 50 demonstrate high uranium recoveries and rapid leach kinetics. See news releases: February 28, 2013, September 11, 2013 and February 27, 2014;
• Lac 50 Trend is a 15 kilometre (“km”) by 3 km area with excellent potential for resource growth and new discoveries;
• Uranium mineralization starts at surface, and has been drilled to 380 m vertical depth;

CLICK HERE for ValOre’s May 6, 2021 video summarizing the highlights of Angilak.

CLICK HERE for ValOre’s May 6, 2021 video reviewing the 2021 focus for Angilak.

Qualified Person (“QP”)

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre’s QP and Vice President of Exploration.

Information in this presentation related to the independent Angilak mineral resource estimate has been approved by Michael Dufresne, M.Sc. P.Geo., President of Apex Geoscience Ltd., Robert Sim, P.Geo. of SIM Geological Inc. and Bruce Davis, FAusIMM of BD Resources Consulting Inc., who are independent QPs as defined under NI 43‐101.

Susan Lomas, P.Geo., of LGGC is the QP, as defined in NI 43-101, responsible for the Pedra Branca mineral resource estimates as reported below.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au (CLICK HERE for news release dated March 24, 2022). All the currently known Pedra Branca inferred PGE resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a current Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please CLICK HERE for ValOre's news release dated March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/

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 release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities./p>