Pedra Branca

Vancouver, British Columbia, September 25^th, 2023 – ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today reported initial assay results from the recently completed 2023 Phase 1 core drilling at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

“Drill results from DD23TU33 indicate a broad interval of high-grade mineralization intersected in a 150-metre step out hole to the south of the existing resource at Trapia 1, underscoring the resource expansion potential. Importantly, this broad intersection contains a higher-sulphide, high-grade PGE-Ni-Cu interval that may be amenable to targeting by geophysical methods,” stated Thiago Diniz, Exploration Manager, ValOre Metals Corp. “Trapia 1 results have ramifications at other known zones across the Pedra Branca project, as they clearly demonstrate significant resource expansion potential at depth and down dip of previous drilling.”

Highlights

Trapia 1

• Assay results received for the first of four holes drilled in 2023 at the Trapia 1 deposit (total 1,326 m);
  • 71.8 metres (“m”) at 1.59 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”) starting from 235.9 m, including 8.15 m at 10.54 g/t 2PGE+Au, 0.37% Ni and 0.11% Cu;
  • High-grade palladium-platinum and nickel-copper mineralization occurs in association with a sulfide-rich peridotitic horizon at the bottom of the chromitite reef, and is characterized by up to 5% disseminated to brecciated pyrrhotite, pyrite, pentlandite and chalcopyrite (Figures 3 and 4);
• PGE mineralization intercepted 150 m outside of the existing 2022 NI 43-101 resource at Trapia 1 (480,000 oz of the total Trapia 2022 NI 43-101 resource of 885,000 oz at 0.96 g/t);
• Assays pending for the remaining Trapia 1 holes, including DD23TU35 located up-dip of DD23TU33; and DD23TU32, representing an additional 150 m step out to the south, along strike and down-plunge of DD23TU33.

2023 Drill Program

• 6,152 m drilled in 49 holes distributed along 8 separate exploration and resource zones (see ValOre news release of September 21, 2023);
• 1,625 core samples sent to lab, with assays pending for 641 samples from 14 holes.
• Recently received assays results also include near-surface PGE mineralization drilled in the Ipueiras target, including:
  • 11.85 m grading 0.55 g/t 2PGE+Au from surface, incl. 0.9 m grading 1.58 g/t 2PGE+Au from 2.65 m in drill hole DD23IP04;

Table 1: Drilling Totals by Zone

Target	Total Drilled (m)	# Holes	# Holes w/ UMs	Total UMs (m)	Core Samples	Assays Received	Assays Pending
Galante	790	11	11	190	384	384	0
Tróia	1,029	9	6	72	188	188	0
Nambi	665	6	6	74	203	185	18
Ipueiras	228	4	3	27	83	34	49
Massapê	380	4	3	19	48	48	0
Cedro	545	2	1	4	14	14	0
Trapiá South	133	1	1	4	36	36	0
Trapiá 1	1,326	4	4	175	272	95	177
Salvador	1,056	8	7	265	397	0	397
Total	6,152	49	42	830	1,625	984	641

Table 2: Core Assay Highlights (g/t 2PGE+Au) reported today

Target	Hole ID	From (m)	To (m)	Length (m)	2PGE+Au (g/t)	Summary Interval
Trapiá	DD23TU33	235.90	307.70	71.80	1.59	71.8 m @ 1.59 g/t 2PGE+Au from 235.9 m incl. 8.15 m @ 10.54 g/t 2PGE+Au, 0.37% Ni, 0.11% Cu from 258.85 m and 0.6 m @ 46.07 g/t 2PGE+Au from 259.5 m
		258.85	267.00	8.15	10.54
		259.50	260.10	0.60	46.07
Ipueiras	DD23IP04	0.00	11.85	11.85	0.55	11.85 m @ 0.55 g/t 2PGE+Au from surface incl. 0.9 m @ 1.58 g/t 2PGE+Au from 2.65 m
		2.65	3.55	0.90	1.58

**Reported core assay interval lengths are estimated to represent 90-100% of true width.

Figure 1: Pedra Branca project property map, highlighting locations of the 2023 drill targets and current resource zones (“Trapia” comprises four 2022 NI 43-101 resources zones: Trapia 1, Trapia 2, Trapia West and Trapia South).

Figure 2: Trapiá 1 Deposit long section (looking NE) highlighting location of drill hole DD23TU33 (today’s release) and the 300 m step out drilling at DD23TU32, for which assays are pending.

Figure 3: Core photographs of the high-grade PGE zone intercepted in drill hole DD23TU33. Mineralization hosted within chromite reef and sulfide-rich peridotites.

Figure 4: Detailed core photographs of high-grade PGE-(Ni-Cu) mineralized peridotites (left) and >40 g/t 2PGE+Au chromitite reef (right) intercepted in diamond drill hole DD23TU33.

Quality Assurance/Quality Control (“QA/QC”)

CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval reporting.

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 Thiago Diniz, P.Geo., ValOre’s QP and Exploration Manager.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a team aiming 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 and innovation.

ValOre’s Pedra Branca Platinum Group Elements 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). ValOre’s team believes the Pedra Branca project has significant exploration discovery and resource expansion potential.

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 [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, British Columbia, September 21^st, 2023 – ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today reported the completion of the 2023 Phase 1 Diamond Drilling Program at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

“We are very pleased with the results of the first phase of ValOre’s 2023 exploration program, where we drilled over 6,150 metres at 8 different zones across the Pedra Branca property. Drilling confirmed the potential to expand resource zones like Trapia 1 and discover new mineralized zones like Salvador,” stated Thiago Diniz, Exploration Manager, ValOre Metals Corp. “The team continues advancing property-wide resource zones and new targets as we await final assay results over the next 6 weeks.”

Highlights

• 6,152 m drilled in 49 holes distributed along 8 separate exploration and resource zones;
• Target ultramafic (“UM”) rocks intercepted in 42 of 49 holes (794 m of UMs);
• 1,625 core samples sent to lab, with assays pending for 806 samples from 16 holes:
• Resource expansion potential confirmed at Trapiá 1, which remains largely open along-strike and down-plunge;
• Near surface PGE mineralization drilled at the following zones: Galante, Tróia, Nambi, Massapê, and Salvador (see Assay Highlights table below).

Table 1: Drilling Totals by Zone

Target	Total Drilled (m)	# Holes	# Holes w/ UMs	Total UMs (m)	Core Samples	Assays Received	Assays Pending
Galante	790	11	11	169	384	384	0
Tróia	1,029	9	6	66	188	188	0
Nambi	665	6	6	76	203	185	18
Ipueiras	228	4	3	27	83	0	83
Massapê	380	4	3	18	48	48	0
Cedro	545	2	1	4	14	14	0
Trapiá	1,459	5	5	169	308	0	308
Salvador	1,056	8	7	265	397	0	397
Total	6,152	49	42	794	1,625	819	806

Table 2: Core Assay Highlights (g/t 2PGE+Au)

Target	Hole ID	From (m)	To (m)	Length** (m)	2PGE+Au (g/t)	Summary Interval
Galante	DD23GE01	56.00	56.63	0.63	0.99	0.63 m @ 0.99 g/t 2PGE+Au from 56 m
	DD23GE02	10.25	19.30	9.05	0.35	9.05 m @ 0.35 g/t 2PGE+Au from 10.25 m
	DD23GE03	31.50	32.35	0.85	0.57	0.85 m @ 0.57 g/t 2PGE+Au from 31.50 m and 3.02 m @ 0.15 g/t 2PGE+Au from 35 m
		35.00	38.02	3.02	0.15
	DD23GE04	26.65	56.60	29.95	0.33	29.95 m @ 0.33 g/t 2PGE+Au from 26.65 m
	DD23GE05	35.60	48.70	13.10	0.30	13.10 m @ 0.30 g/t 2PGE+Au from 35.60 m
	DD23GE06	33.00	35.55	2.55	0.63	2.55 m @ 0.63 g/t 2PGE+Au from 33 m
	DD23GE07	15.00	23.60	8.60	3.18	8.60 m @ 3.18 g/t 2PGE+Au from 15 m incl. 2.10 m @ 5.26 g/t 2PGE+Au from 17.90 m
		17.90	20.00	2.10	5.26
	DD23GE08	16.70	31.50	14.80	0.15	14.8 m @ 0.15 g/t 2PGE+Au from 16.7 m
	DD23GE09	24.55	29.65	5.10	0.49	5.10 m @ 0.49 g/t 2PGE+Au from 24.55 m
	DD23GE10	12.20	19.25	7.05	0.16	7.05 m @ 0.16 g/t 2PGE+Au from 12.2 m incl. 1.05 m @ 0.39 g/t 2PGE+Au from 12.2 m
		12.20	13.25	1.05	0.39
	DD23GE11	10.60	22.70	12.10	0.25	12.1 m @ 0.25 g/t 2PGE+Au from 10.6 m and 3.9 m @ 0.43 g/t 2PGE+Au from 43 m and 4 m @ 0.22 g/t 2PGE+Au from 55 m and 10.1 m @ 0.6 g/t 2PGE+Au from 75.3 m
		43.00	46.90	3.90	0.43
		55.00	59.00	4.00	0.22
		75.30	85.40	10.10	0.60
Tróia	DD23TR05	22.25	26.83	4.58	0.75	4.58 m @ 0.75 g/t 2PGE+Au from 22.25 m
	DD23TR06	23.10	42.90	19.80	0.71	19.8 m @ 0.71 g/t 2PGE+Au from 23.1 m
	DD23TR07	31.15	47.50	16.35	1.03	16.35 m @ 1.03 g/t 2PGE+Au from 31.15 m incl. 2.6 m @ 4.03 g/t 2PGE+Au from 43.25 m
		43.25	45.85	2.60	4.03
	DD23TR08	22.45	32.95	10.50	0.57	10.5 m @ 0.57 g/t 2PGE+Au from 22.45 m
	DD23TR09	52.42	59.43	7.01	1.09	7.01 m @ 1.09 g/t 2PGE+Au from 52.42 m incl. 3 m @ 1.61 g/t 2PGE+Au from 53.1 m
		53.10	56.10	3.00	1.61
	DD23TR11	62.00	62.80	0.80	0.17	0.8 m @ 0.17 g/t 2PGE+Au from 62 m
Nambi	DD23NB02	48.64	50.33	1.69	0.56	1.69 m @ 0.56 g/t 2PGE+Au from 48.64 m
	DD23NB03	40.00	42.05	2.05	0.22	2.05 m @ 0.22 g/t 2PGE+Au from 40 m
	DD23NB04	32.94	56.57	23.63	1.56	23.63 m @ 1.56 g/t 2PGE+Au from 32.94 m incl. 7.9 m @ 2.80 g/t 2PGE+Au from 42 m
		34.10	42.00	7.90	2.80
	DD23NB05*	238.44	243.60	5.16	0.23	5.16 m grading 0.23 g/t 2PGE+Au from 238.44 m
	DD23NB06*	62.00	66.50	4.50	0.48	4.5 m grading 0.48 g/t 2PGE+Au from 62 m
	DD23NB07*	22.80	24.65	1.85	0.43	1.85 m grading 0.43 g/t 2PGE+Au from 22.8 m
Massapê	DD23MS18*	102.95	103.45	0.50	0.20	0.5 m grading 0.20 g/t 2PGE+Au from 102.95 m
	DD23MS19*	26.00	33.90	7.90	0.27	7.9 m grading 0.27 g/t 2PGE+Au from 26 m and 2 m grading 2.50 g/t 2PGE+Au from 56 m
		56.00	58.00	2.00	2.50

*New assay results in today’s release.

**Reported core assay interval lengths are estimated to represent 90-100% of true width.

Figure 1: Pedra Branca project property map, highlighting locations of the 2023 drill targets and current resource zones.

Figure 2: Salvador target 3D perspective view (looking NW). Total of 8 holes completed along a 400-metre priority trend, with 7 of 8 holes intercepting a thick package (average ~40-metre zone) of target ultramafic rocks (core assays pending). Salvador remains open in all directions.

Figure 3: Trapiá 1 Deposit long section (looking NE). Resource expansion potential demonstrated from the 2023 core drilling, compared with the 2019 and 2022 resource optimized open pits. An additional 300 metres of chromite-bearing UMs was intercepted along dip (core assays pending).

Figure 4: Massapê Deposit long section (looking W). DD23MS19 intercepted PGE mineralization 350 m outside of the 2022 resource, confirming resource expansion potential.

Quality Assurance/Quality Control (“QA/QC”)

CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval reporting.

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 Thiago Diniz, P.Geo., ValOre’s QP and Exploration Manager.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a team aiming 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 and innovation.

ValOre’s Pedra Branca Platinum Group Elements 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). ValOre’s team believes the Pedra Branca project has significant exploration discovery and resource expansion potential.

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 [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, British Columbia, June 29^th, 2023 – ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an update on the fully-funded first phase of the 2023 core drilling program at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

2023 Drill Program Underway with Two Core Rigs Drilling at Galante Target:

• Fully-funded and permitted 5,000-metre (“m”) core drilling program started in early June;
• Two drill rigs are testing four PGE targets (Galante, Tróia, Nambi and Ipueiras), which were advanced through 2022 exploration but not included in the 2022 NI 43-101 Resource Estimate;
• Total of 9 diamond drill holes (“DDHs”) now completed at the northern portion of Galante target, with PGE hosting ultramafic rocks (“UM”) intersected in 8 holes drilled this year;
• Selected intervals from 8 holes sent to SGS Geosol Laboratórios Ltda. (“SGS Geosol”) in Vespasiano, Minas Gerais, Brazil with assay results expected in approximately 4 weeks.

“The 2023 core drilling program is off to a great start. We have now met our initial goal of increasing the Galante target strike length, with target geology intersected in 8 of 9 holes this year, and establishing a contiguous ultramafic package of over 515 metres in length which is open along strike in both directions,” stated ValOre’s VP of Exploration, Colin Smith. “Drilling production will now double with the commencement of a second core rig, as we continue to test 7 kilometres of predominantly undrilled mineralized trend at Pedra Branca.”

Galante Drill Program PGE Targets

Drilling commenced in early June at the Galante target area, the longest and most prospective undrilled trend at Pedra Branca, as evidenced by the 3-kilometre-long cumulative palladium-platinum soil anomaly, multiple high-grade Trado^® auger holes and assays from selected rock sampling at surface, in addition to 7 mineralized trenches excavated throughout the trend (Figure 1).

This spring, nine diamond drill holes have been completed at the northern portion of Galante target. Selected intervals from 8 holes were sent to SGS Geosol in Vespasiano, Minas Gerais, Brazil.

Both rigs have now commenced drilling a portion of the Galante target located immediately south of the BR-226 highway to follow-up ValOre 2022 trenches TR22GE06: 19 m grading 0.31 g/t 2PGE+Au (DD23GE10) and TR22GE07: 90 m grading 0.55 g/t 2PGE+Au incl. 17 m grading 1.17 g/t 2PGE+Au (DD23GE11).

Ipueiras, Tróia and Nambi also represent drill-ready “pipeline” targets developed in 2022 to be tested this year (Figure 1). CLICK HERE for a video summary of the exploration and discovery pipeline targets at Pedra Branca. CLICK HERE for a table which summarizes 2022 exploration results for Galante, Tróia, Nambi and Ipueiras.

Figure 1: Pedra Branca project property map, highlighting location of the 2023 drill targets and current resource zones.

 

Quality Assurance/Quality Control (“QA/QC”)

As part of ValOre’s QA/QC protocol, a total of eight quality control samples are inserted in each batch of 72 samples. These include the insertion of blanks, standards, and duplicates according to a logical sequence that follows strict industry standards. The eight quality control samples comprise: (i) two coarse blanks sampled from barren quartz vein outcrops in the area (3% of the batch); (ii) three certified reference materials (“CRMs”, 4% of the batch) with pre-determined PGE and Au grades produced by CDN Resource Laboratories; and (iii) four duplicate samples (6% of the batch), including one coarse reject duplicate and one pulp duplicate (both prepared at SGS laboratory following ValOre’s instructions) and one ¼ core duplicate, prepared at ValOre’s core logging facility in Capitão Mor. Assay results are systematically checked upon receipt and a specific batch is accepted if results are in accordance with a QA/QC failure chart. All samples are sent with an ensured chain of custody to SGS Geosol Laboratórios Ltda., an accredited mineral analysis laboratory) in Vespasiano, Minas Gerais, Brazil for analysis.

Grading intervals are reported from continuous drill intersections of favorable ultramafic intrusion that return anomalous 2PGE+Au values throughout, with sample widths averaging 1.0 metres in length throughout the mineralized zone.

Analytical Procedures, SGS Geosol

Once a core sample consignment is received and verified by SGS Geosol, all core samples undergo density calculation by water immersion method on the raw samples wrapped in PVC film. The samples are subsequently prepared for analyses by means of drying, crushing (with 75% passing 3 mm), homogenization, quartering and pulverizing 250 – 300 g of sample in a 95% steel mill at 150 mesh. Multielement analyses is then performed by Sodium Peroxide Fusion followed by a multielement combined ICP-OES and ICP-MS scan for base metals, trace, and lithological elements. Chromium values that exceeded 5% are redirected to ore-grade pyrosulfate fusion and XRF techniques to determine %Cr₂O₃. Samples are then analyzed for 2PGE+Gold (Pd, Pt, Au) content using standard Fire Assay techniques.

Certified PGE ore reference standards, blanks and field duplicates are inserted as a part of the laboratory QA/QC protocol.

SGS Geosol is an accredited mineral analysis laboratory founded in Brazil from a joint venture between SGS do Brasil and Geosol Geologia e Sondagens. It concentrates its activities on geochemical analysis of soils, rocks, ores, concentrates and metallurgical tests, as well as environmental analyzes of water, effluents, and industrial waste.

SGS Geosol is internationally recognized by its extensive experience throughout industry, with technical teams formed by highly qualified professionals. SGS Geosol’s Integrated Management System ensures an excellent level of quality, safety, occupational health, respect for the environment and social responsibility.

The lab is Certified ISO 9001, which provides quality services in analytical chemistry, in compliance with all applicable environmental requirements, and so it is also certified ISO 14001. SGS Geosol has advanced laboratories and the latest technological equipment, which enables its supply of analytical services with security and excellent quality control.

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.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a team aiming 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 and innovation.

ValOre’s Pedra Branca Platinum Group Elements 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). ValOre’s team believes the Pedra Branca project has significant exploration discovery and resource expansion potential.

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 [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, British Columbia, May 29^th, 2023 – ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today announced a fully funded Phase 1 core drilling program at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

2023 Drill Program Highlights:

• Fully funded and permitted two-rig 5,000-metre (“m”) Phase 1 core drilling program to commence in early June;
• Program to test four high priority pipeline targets which were advanced through 2022 exploration but not included in the 2022 NI 43-101 Resource Estimate: Galante, Tróia, Nambi and Ipueiras;
• Resource expansion potential will also be tested along strike and at depth at the Massapê PGE Deposit (2022 NI 43-101 Inferred Resource of 129,000 oz 2PGE+Au contained in 3.3 Mt grading 1.21 g/t 2PGE+Au), which remains wide open in all directions;
• Goal of program is to add new zones and expand existing deposits which form part of the March 24, 2022 NI 43-101 inferred resource at Pedra Branca of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au;
• Brazilian drilling company DrillGeo Geologia e Sondagem (“DrillGeo”), which drilled 9,300 m during the 2021 drill program, has been engaged by ValOre for Phase 1.

“Galante, Tróia, Nambi and Ipueiras are near-surface PGE targets, located along 7 kilometres of a predominantly undrilled mineralized trend,” stated ValOre’s VP of Exploration, Colin Smith. “We have advanced these four targets to the drill-ready stage with the application of our proven exploration methodology, and we are very eager for the drills to start turning in June.”

Phase 1 Drill Program Targets

Drilling will commence in early June at the Galante target area, which represents the longest and most prospective undrilled trend at Pedra Branca, as evidenced by the 3-kilometre-long cumulative palladium-platinum soil anomaly, multiple high-grade Trado^® auger holes and rock assays, in addition to 7 mineralized trenches excavated throughout the trend (Figure 1).

Ipueiras, Tróia and Nambi also represent drill-ready pipeline targets developed in 2022 to be tested in the Phase 1 drill program. CLICK HERE for a video summary of the exploration and discovery pipeline targets at Pedra Branca. Table 1 below summarizes 2022 exploration results for Galante, Tróia, Nambi and Ipueiras.

ValOre’s team continues to advance the pipeline targets at the Pedra Branca project. Exploration is ongoing at several additional targets along the prospective mafic-ultramafic Tróia Unit belt, including Synform, Pitombeiras and Talhado. (CLICK HERE for news release dated March 23, 2023).

Table 1: Exploration summary and assay highlights for Galante, Tróia, Nambi and Ipueiras.

Target	Exploration Summary	Trado® PGE Assay Highlights	Trench PGE Assay Highlights	News releases
Galante	– PGE mineralization over a 3-km-long (undrilled) trend; – +1,400 ValOre's soil samples (30 km of soil lines); – 92 Trado® auger holes (255 m); – 7 trenches (471 m)	5 m @ 1.48 g/t 2PGE+Au; 5.5 m @ 0.80 g/t 2PGE+Au; 2 m @ 2.95 g/t 2PGE+Au; 3.2 m @ 1.18 g/t 2PGE+Au;	53 m @ 0.59 g/t 2PGE+Au, incl. 6 m @ 1.07 g/t 2PGE+Au; 31 m @ 0.83 g/t 2PGE+Au, incl. 16 m @ 1.39 g/t 2PGE+Au; 90 m @ 0.55 g/t 2PGE+Au, incl. 17 m @ 1.17 g/t 2PGE+Au;	May 2, 2022 Jun 23, 2022 Aug 3, 2022 Sept 8, 2022
Tróia	– High-grade PGE rock, Trado and trench assays over 1 km along trend – 83 Trado® holes (226 m) – 7 trenches (400 m)	8.5 m @ 0.98 g/t 2PGE+Au 4 m @ 1.55 g/t 2PGE+Au	42 m @ 0.87 g/t 2PGE+Au incl. 10 m @ 1.72 g/t 2PGE+Au 28 m @ 0.91 g/t 2PGE+Au incl. 12 m @ 1.73 g/t 2PGE+Au	Apr 25, 2022 May 24, 2022 Jun 28, 2022
Nambi	– Situated just a few kilometers from the 2022 NI 43-101 inferred resource areas of Trapiá and Massapê – 1.2-km-long trend of continuous in-situ PGE mineralization – 75 Trado® holes (178 m) – 4 trenches (108 m)	1.5 m @ 1.83 g/t 2PGE+Au 1.5 m @ 1.43 g/t 2PGE+Au	6 m @ 1.28 g/t 2PGE+Au incl. 4 m @ 1.77 g/t 2PGE+Au 17 m @ 0.80 g/t 2PGE+Au incl. 6 m @ 1.65 g/t 2PGE+Au	Sept 14, 2022 Sept 29, 2022 Oct 25, 2022
Ipueiras	– Strong geophysical and geochem anomalies – High-grade PGE mineralization from rock, Trado and trench samples – 65 Trado® holes (212 m) – 6 trenches (252 m)	8 m @ 2.05 g/t 2PGE+Au incl. 3 m @ 4.70 g/t 2PGE+Au 6 m @ 3.60 g/t 2PGE+Au incl. 4 m @ 5.00 g/t 2PGE+Au 7.5 m @ 1.34 g/t 2PGE+Au 5.5 m @ 1.69 g/t 2PGE+Au	64 m @ 2.68 g/t 2PGE+Au incl. 25 m @ 4.65 g/t 2PGE+Au 38 m @ 2.14 g/t 2PGE+Au incl. 15 m @ 4.45 g/t 2PGE+Au	Mar 31, 2022 Apr 5, 2022 Jul 11, 2022 Sept 8, 2022

Figure 1: Pedra Branca project property map, highlighting location of the 2023 drill targets and current resource zones.

About DrillGeo Geologia e Sondagem

DrillGeo Geologia e Sondagem Ltda. is a Brazilian drilling company founded in 2005 and based in the State of Bahia. With over 450 employees and 34 drill rigs, DrillGeo has drilled over 1,500,000 meters for several exploration and mining projects throughout Brazil, with clients such as Ero Copper, Vale, Ferbasa, Nexa Resources, OZ Minerals, Horizonte Minerals, Bahia Mineração and Largo Resources.

DrillGeo strives for maximum quality and efficiency in its operations, valuing safety, sustainability, and respect for the environment.

About the Trado^® Auger and Trenching Methodology

CLICK HERE for more information regarding Trado^® Auger and Trenching methodology.

Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting

CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval reporting.

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.

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.

The Pedra Branca Platinum Group Elements (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.

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; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an exploration update, including Trado^® auger and rock assay results from the Synform target (“Synform”) at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

“ValOre’s exploration team continues to advance the pipeline targets at the Pedra Branca Project through targeted geochemical sampling, and subsequent Trado^® augering and trenching,” stated ValOre’s VP of Exploration, Colin Smith. “ValOre’s methodology has advanced four priority targets to a drill-ready stage: Galante, Tróia, Nambi and Ipueiras. Exploration is ongoing at several additional targets along the prospective mafic-ultramafic Troia Unit, including Synform, an extension to Massapê, Pitombeiras and Talhado, with partial assays reported herein.”

Trado^® Auger PGE Highlights

• 10 metres (“m”) @ 2.30 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”) from 0, incl. 2 m @ 9.47 g/t 2PGE+Au from 0 m – Trado^® hole AD23SY02 at Synform Target;
• 8 m @ 0.64 g/t 2PGE+Au from 0 m, including 2 m @ 1.44 g/t 2PGE+Au from 0 m – Trado^® hole AD23SY03 at Synform Target;

Rock Assay PGE Highlights

• 14.95 g/t 2PGE+Au – Rock sample 103556 at Synform Target;

Exploration Update Summary

A total of 1,049 soil samples and 195 rock samples have been collected to date in 2023, the results of which have guided follow-up Trado^® augering and trenching programs. ValOre crews have completed 268 metres of Trado^® augering in 67 holes, with 207 metres of ultramafics intercepted and 284 samples submitted for assay. Trenching totals include 219 metres excavated in 2 trenches, with 183 metres of ultramafics exposed and 219 samples submitted for assay.

Table 1 below highlights exploration totals up to date in Q1 2023. Figure 1 displays the Pedra Branca property map with the location of the NI 43-101 resource zones, those targets at a drill-ready stage, and the main pipeline targets with ongoing activities throughout Q4 2022 and Q1 2023.

Table 1: Exploration Totals for Q1 2023, Pedra Branca Project.

Exploration Work	2023			TOTAL (2020 – 2023)
	length (m)	# holes/trenches	# samples	length (m)	# holes/trenches	# samples
Diamond Drilling	–	–	–	15,606	118	7,734
RC Drilling	–	–	–	1,828	38	1,906
Auger Drilling	268	67	284	2,303	702	2,445
Rock Sampling	–	–	195	–	–	981
Soil Sampling	20,980	–	1,049	90,380	–	6,013
Trenching	219	2	219	2,496	45	2,334

Figure 1: Pedra Branca project property map, highlighting location of current resource zones, drill-ready targets and pipeline targets with partial results reported in this release.

Synform Target

• Historical high-grade geochemical anomaly confirmed by Trado^® auger and rock assay results;
• Follow up trenching is in progress;
• Trado^® Auger PGE Highlights:
  • 10 metres (“m”) @ 2.30 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”) from 0 m, incl. 2 m @ 9.47 g/t 2PGE+Au from 0 m – Trado^® hole AD23SY02;
  • 8 m @ 0.64 g/t 2PGE+Au from 0 m, including 2 m @ 1.44 g/t 2PGE+Au from 0 m – Trado^® hole AD23SY03;
• Rock Assay PGE Highlights:
  • 14.95 g/t 2PGE+Au – Rock sample 103556.

Massapê Southern Extension

• Near-surface PGE mineralization extended to approximately 150 m south of the southernmost resource drill hole within the Massapê deposit. Follow up detailed soil survey is in progress;
• Trado^® Auger PGE Highlights:
  • 5 m @ 0.17 g/t 2PGE+Au from 0 m – Trado^® hole AD23MS48;
  • 3 m @ 0.13 g/t 2PGE+Au from 0 m – Trado^® hole AD23MS49;
  • 5 m @ 0.27 g/t 2PGE+Au from 0 m – Trado^® hole AD23MS50;
  • 5 m @ 0.30 g/t 2PGE+Au from 0 m – Trado^® hole AD23MS51;
  • 3 m @ 0.12 g/t 2PGE+Au from 0 m – Trado^® hole AD23MS57.

Talhado

• Soil, rock and Trado^® auger assay results confirmed historical PGE mineralization and returned local vanadium anomalies;
• Two follow up trenches have been excavated, with assays pending;
• Trado^® Auger PGE Highlights:
  • 5 m @ 0.21 g/t 2PGE+Au from 0 m – Trado^® hole AD22TA05;
  • 2 m @ 0.37 g/t 2PGE+Au from 0 m – Trado^® hole AD22TA14;
• Rock Assay Vanadium Highlights:
  • 6 chromite-rich rock samples ranging 0.15% to 0.20% V₂O₅, 12 to 19% Cr₂O₃, 1.4 to 1.8% TiO₂, and 22 to 26% Fe₂O₃.

Pitombeiras:

• Extensive soil survey and Trado auger drilling completed covering cumulative 8 km along trend following up historical geochemical and geophysical anomalies. All assays pending;
• Several new ultramafic lenses mapped;
• Detailed follow up Trado^® auger drilling is in progress.

Table 2: Pipeline Targets Exploration Summary and Catalysts

Target	Exploration Totals	Rock PGE Assay Highlights	Trado® PGE Assay Highlights	Follow up
Synform	– 1 km of mapped prospective trend – 43 rock samples; – 15 Trado® auger holes (43 m of ultramafics of 55 m augered);	14.95 g/t 2PGE+Au 5.02 g/t 2PGE+Au 4.95 g/t 2PGE+Au	10 m @ 2.30 g/t 2PGE+Au incl. 2 m @ 9.47 g/t 2PGE+Au 8 m @ 0.64 g/t 2PGE+Au incl. 2 m @ 1.44 g/t 2PGE+Au	– Trenching is in progress
Massapê Southern Extension	– 1 km of mapped prospective trend – 183 soil samples in 3,520 m of soil lines; – 31 rock samples; – 13 Trado® auger holes (46 m of ultramafics of 47 m augered);		2 m @ 0.41 g/t 2PGE+Au 1 m @ 0.60 g/t 2PGE+Au 3 m @ 0.12 g/t 2PGE+Au	– Soil assays pending; – Additional Trado® and trenching to be defined
Talhado	– 2 km of mapped prospective trend – 297 soil samples in 5,740 m of soil lines – 59 rock samples – 36 Trado® auger holes (187 m of ultramafics of 189 m augered); – 219 trench samples (183 m of ultramafics of 219 m excavated)	0.61 g/t 2PGE+Au 0.42 g/t 2PGE+Au	5 m @ 0.21 g/t 2PGE+Au 2 m @ 0.37 g/t 2PGE+Au	– Trench assays pending
Pitombeiras	– 8 km of mapped prospective trend – 745 soil samples in 14,340 m of soil lines; – 148 rock samples; – 43 Trado® auger holes (79 m of ultramafics of 153 m augered);	0.81 g/t 2PGE+Au 0.43 g/t 2PGE+Au		– Detailed Trado drilling and mapping in progress – Trado®, rock and soil assays pending

Table 3: Trado^® Auger PGE Highlights.

Target	Hole ID	From (m)	To (m)	Length (m)	2PGE+Au (g/t)	2PGE+Au Interval Summary
Talhado	AD22TA02	0.00	3.00	3.00	0.10	3 m @ 0.10 g/t 2PGE+Au from 0 m
Talhado	AD22TA05	0.00	5.00	5.00	0.21	5 m @ 0.21 g/t 2PGE+Au from 0 m
Talhado	AD22TA14	1.00	3.00	2.00	0.37	2 m @ 0.37 g/t 2PGE+Au from 1 m
Talhado	AD22TA16	0.00	1.00	1.00	0.10	1 m @ 0.10 g/t 2PGE+Au from 0 m
Massapê	AD23MS46	0.00	3.00	3.00	0.13	3 m @ 0.13 g/t 2PGE+Au from 0 m
Massapê	AD23MS47	0.00	4.50	4.50	0.11	4.5 m @ 0.11 g/t 2PGE+Au from 0 m
Massapê	AD23MS48	0.00	5.00	5.00	0.17	5 m @ 0.17 g/t 2PGE+Au from 0 m
Massapê	AD23MS49	0.00	3.00	3.00	0.13	3 m @ 0.13 g/t 2PGE+Au from 0 m
Massapê	AD23MS50	0.00	5.00	5.00	0.27	5 m @ 0.27 g/t 2PGE+Au from 0 m
Massapê	AD23MS51	0.00	5.00	5.00	0.30	5 m @ 0.30 g/t 2PGE+Au from 0 m
Massapê	AD23MS57	0.00	3.00	3.00	0.12	3 m @ 0.12 g/t 2PGE+Au from 0 m
Synform	AD23SY02	0.00	10.00	10.00	2.30	10 m @ 2.30 g/t 2PGE+Au from 0 m incl. 2 m @ 9.47 g/t 2PGE+Au from 0 m
	AD23SY02	0.00	2.00	2.00	9.47
Synform	AD23SY03	0.00	8.00	8.00	0.64	8 m @ 0.64 g/t 2PGE+Au from 0 m incl. 2 m @ 1.44 g/t 2PGE+Au from 0 m
	AD23SY03	0.00	2.00	2.00	1.44
Synform	AD23SY04	0.00	2.00	2.00	0.33	2 m @ 0.33 2PGE+Au from 0 m
Synform	AD23SY06	2.00	3.00	1.00	0.38	1 m @ 0.38 2PGE+Au from 2 m
Synform	AD23SY07	0.00	1.00	1.00	0.35	1 m @ 0.35 2PGE+Au from 0 m
Synform	AD23SY08	0.00	1.00	1.00	0.17	1 m @ 0.17 g/t 2PGE+Au from 0 m and 3 m @ 0.22 g/t 2PGE+Au from 6 m
Synform	AD23SY08	6.00	9.00	3.00	0.22
Synform	AD23SY09	0.00	1.00	1.00	0.16	1 m @ 0.16 2PGE+Au from 0 m

About the Trado^® Auger and Trenching Methodology

CLICK HERE for more information regarding Trado^® Auger and Trenching methodology.

Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting

CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval reporting.

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.

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.

The Pedra Branca Platinum Group Elements (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.

ValOre’s Angilak Property in Nunavut Territory, Canada, hosts the Lac 50 Trend – a 2013 NI 43-101 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.

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; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today reported trench and Trado^® auger assay results from the Nambi (“Nambi”), São Francisco (“São Francisco”) and the Galante West (“Galante West”) pipeline targets at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

“The rapid advancement of São Francisco, Nambi and Galante West continues with the deployment of ValOre’s sequential exploration methodology. A cumulative 290 metres have been excavated in 4 trenches, with 236 metres of ultramafics exposed and 290 samples submitted for assay. In addition, 337 metres have been augered in 118 Trado^® holes, with 236 metres of ultramafics intercepted and 361 samples submitted for assay,” stated ValOre’s VP of Exploration, Colin Smith. “Near surface palladium-platinum mineralization has been returned in assay results from all three targets, with the on-going field exploration programs designed to evaluate and establish RC drill targets.”

Trenching PGE Assay Highlights:

São Francisco Target:

• 67 metres (“m”) @ 0.59 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”), incl. 2 m @ 8.23 g/t 2PGE+Au, and 1 m @ 13.47 g/t 2PGE+Au – Trench TR22SF01;
• 41 m @ 0.43 g/t 2PGE+Au, incl. 2 m @ 1.70 g/t 2PGE+Au, and 3 m @ 1.20 g/t 2PGE+Au – Trench TR22SF04.

Nambi Target:

• 22 m @ 0.53 g/t 2PGE+Au – Trench TR22NB04.

Trado^® Auger PGE Assay Highlights:

Galante West Target:

• 2.5 m @ 2.00 g/t 2PGE+Au from surface, incl. 1.0 m @ 3.83 g/t 2PGE+Au from 1 m depth – Trado^® hole AD22GL01;
• 3.0 m @ 0.76 g/t 2PGE+Au from surface – Trado^® hole AD22GL02.

Exploration Update Summary

Nambi, São Francisco and Galante West represent pipeline targets under evaluation by ValOre’s exploration methodology, which assesses the near-surface PGE potential of showings throughout the Pedra Branca district. CLICK HERE for São Francisco and Nambi news release dated September 29, 2022. See Figure 1 below for a plan map of the São Francisco and Galante West targets, and Figure 2 below for a plan map of the 1.2-km-long Nambi target area.

At Nambi, four trenches totaling 108 m all exposed ultramafic (“UM”) rocks, establishing an in situ geological trend of approximately 1.2 km. PGE assays are reported herein for the final trench TR22NB04 (Table 1), with PGE mineralization now confirmed in all four trenches. The 1.2-km-long trend of continuous in-situ PGE mineralization remains open along strike in both directions.

At São Francisco, four trenches totaling 182 m all exposed ultramafic (“UM”) rocks, establishing an in situ geological trend of approximately 300 m. PGE assays are reported herein for all 4 trenches (Table 1), including a high-grade chromitite interval in trench TR22SF01 of 8.23 g/t 2PGE+Au over 2 metres. See Figure 3 below for a detailed plan map of the Sao Francisco target, and Figure 4 below for photographs of São Francisco trenches and high-grade chromitites.

At Galante West, a total of 79.2 m in 20 Trado^® auger holes have been drilled, with UMs encountered in 18 of 20 holes (68.7 m total). Assays are reported herein for 3 holes (Table 2) and are pending for 17 holes. Follow-up trenching is planned, with approximately 100 m in two trenches to be excavated, sampled and assayed in Q4.

Trado^® end of hole (“EOH”) depths typically represent that the auger has entered impenetrable bedrock, so mineralization and UM rocks present at EOH remain open at depth and require follow-up core or RC drilling.

Follow-up field exploration campaigns are in progress to assess prospectivity along trends at Nambi, São Francisco and Galante West. To date, all three targets meet the criteria of zones which warrant further testing by core and/or RC drilling.

About Galante West

Galante West target is located 2 km southwest of and along trend from the main Galante target, which was prioritized in 2022 by ValOre with an extensive exploration program, including soil sampling, Trado^® auger drilling and trenching, which culminated with the definition of a drill-ready, 3-km-long PGE mineralized trend. CLICK HERE for news release dated May 2, 2022, CLICK HERE for news release dated June 23, CLICK HERE for news release dated August 3, 2022, and CLICK HERE for news release dated September 8, 2022.

Galante West shows similar geophysical and geochemical signatures, with reported historical rock assays of 24 g/t 2PGE+Au from chromite-bearing UM rocks (Figure 6). A total of six historical core holes were drilled in the area, mainly targeting magnetic anomalies. Ultramafic rocks were not intercepted; however, reinterpretations based on detailed structural mapping by ValOre geologists, supported by Trado^® drilling, suggest that three of the six holes were shut down prematurely within the hanging wall sequence. Consequently, much of the Galante West target remains largely untested by drilling.

Table 1: Trench Channel Sample Assay Highlights for São Francisco and Nambi Targets.

Target	Trench ID	From (m)	To (m)	Length (m)	2PGE+Au (g/t)	2PGE+Au Interval Summary
São Francisco	TR22SF01	0	67	67	0.59	67 m @ 0.59 g/t 2PGE+Au incl. 2 m @ 8.23 g/t 2PGE+Au and 1 m @ 13.47 g/t 2PGE+Au
		65	67	2	8.23
		65	66	1	13.47
São Francisco	TR22SF02	8	35	27	0.42	27 m @ 0.42 g/t 2PGE+Au
São Francisco	TR22SF03	0	38	38	0.35	38 m @ 0.35 g/t 2PGE+Au
São Francisco	TR22SF04	1	42	41	0.43	41 m @ 0.43 g/t 2PGE+Au incl. 2 m @ 1.70 g/t 2PGE+Au and 3 m @ 1.20 g/t 2PGE+Au
		25	27	2	1.7
		37	40	3	1.2
Nambi	TR22NB04	8	30	22	0.53	22 m @ 0.53 g/t 2PGE+Au

*Reported trench assay interval lengths from Nambi are channel samples and estimated to represent 85-90% true width. São Francisco trench assay intervals are estimated to represent 40-50% true width.

Table 2: Trado^® Auger Drilling Highlights for São Francisco and Galante West Targets.

Target	Hole ID	From (m)	To (m)	Length (m)	2PGE+Au (g/t)	2PGE+Au Interval Summary
São Francisco	AD22SF16	0.00	4.00	4.00	0.51	4 m @ 0.51 g/t 2PGE+Au from surface
São Francisco	AD22SF17	0.00	1.00	1.00	0.20	3 m @ 0.20 g/t 2PGE+Au from surface
Galante West	AD22GL01	0.00	2.50	2.50	2.00	2.5 m @ 2.00 g/t 2PGE+Au from surface incl. 1 m @ 3.83 g/t 2PGE+Au from 1 m
		1.00	2.00	1.00	3.83
Galante West	AD22GL02	0.00	3.00	3.00	0.76	3 m @ 0.76 g/t 2PGE+Au from surface

Figure 1: Plan map of the São Francisco and Galante West targets, shown with the drill-ready Galante target.

Figure 2: Plan map of the Nambi target, locating 2022 trenches excavated along the main mineralized trend.

Figure 3: Plan map of the São Francisco target, locating Trado^® auger holes, and 2022 trenches excavated along the main mineralized trend.

Figure 4: (A) São Francisco trench TR22SF01, (B) chromite-rich mineralized dunite on trench TR22SF04, and (C) high PGE grade in situ chromitite interval in trench TR22SF01.

Figure 5: Plan map of the Galante target, locating Trado^® auger holes drilled along the main mineralized trend.

Figure 6: (A) Chromitite-reef and (B) chromite-bearing ultramafic rock outcropping at Galante West target. Rock sample assays pending.

About the Trado^® Auger and Trenching Methodology

CLICK HERE for more information regarding Trado^® Auger and Trenching methodology.

Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting

CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval reporting.

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.

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.