A Concentration Problem: What Q1 2026 Tells Us About the Fragility of Global PGE Supply

When one of our active investors flagged Norilsk Nickel’s Q1 2026 production report to me last week, it crystallized something I’ve been watching with increasing concern: the world’s platinum group element (PGE) supply chain is becoming more fragile by the quarter, and the implications are no longer theoretical.

The Norilsk numbers are stark. Year-over-year, the Russian mining giant reported platinum output down 26%, palladium down 18%, copper down 10%, and nickel essentially flat. Their full-year 2026 guidance now points to declines of 10–11% in palladium, 5–8% in platinum, 3% in nickel, and 5% in copper. For context, Norilsk produces roughly 40% of the world’s primary palladium supply — about 2.4 million ounces of a global total near 6.2 million ounces.

That alone would be a market-moving development. But Norilsk isn’t operating in isolation. In Zimbabwe, the world’s third-largest PGE producer after South Africa and Russia, the picture is similarly difficult. Zimplats, Zimbabwe’s largest PGE producer, reported 6E ounce production down 56% in Q1 2026 versus the prior year, driven by an extended smelter shutdown. And in late April, the Zimbabwean government announced an indefinite ban on unrefined critical mineral exports, layering regulatory uncertainty over the operational disruptions already in play.

Three jurisdictions, South Africa, Russia, and Zimbabwe, collectively account for approximately 90% of the world’s primary PGE supply. When two of those three are simultaneously shedding ounces, the arithmetic is sobering.

The near-term picture: a deepening deficit

The platinum and palladium markets entered 2026 already stretched. The World Platinum Investment Council and Metals Focus have both documented multi-year structural deficits in platinum and palladium, with mine supply heading toward a 12-year low. Platinum prices climbed roughly 120% in 2025, and palladium followed with gains of nearly 80%; both moves driven in significant part by the supply side rather than headline demand. The Q1 2026 production data we’re now seeing from Norilsk and Zimplats suggests that the near-term supply/demand deficit isn’t narrowing – it’s deepening. I expect continued price pressure in the months ahead, and the recent forecasts of a softening palladium market through 2026 may need to be revisited.

The bigger picture: concentration risk is real risk

Beyond the immediate price action, the more important story is structural. When more than 90% of the primary supply of a critical metal cluster comes from three countries, the global economy is exposed to a fundamental concentration risk. The world’s automotive industry depends on PGEs for catalytic converters. Medical device manufacturers rely on platinum for pacemakers, oncology treatments, and surgical implants. The chemical and electronics industries use these metals across an enormous range of catalysts and components. The hydrogen economy, fuel cells, electrolyzers, and the broader clean-energy transition, runs on platinum and the related PGE metals.

In other words: this is not a niche commodity story. PGE supply security is industrial security. And yet, despite years of acknowledgement that critical mineral supply chains need diversification, the concentration of primary PGE supply hasn’t meaningfully changed.

The case for new supply from Tier 1 jurisdictions

If we accept that PGE supply concentration is a long-term vulnerability, and the data make that hard to dispute, then the question becomes: what does the world do about it? The answer is the same as for every other critical mineral: accelerate the development of new primary supply from stable, mining-friendly jurisdictions.

This is precisely the conviction behind ValOre’s work in Brazil. Brazil is a Tier 1 mining jurisdiction with strong rule of law, an established regulatory framework, and a long track record of successful operations across multiple commodities. Our 100%-owned Pedra Branca PGE Project in Ceará State hosts an NI 43-101 inferred resource of 2,198,000 ounces (“oz”) palladium + platinum + gold (“2PGE+Au”) in 63,568,000 tonnes (“t”) grading 1.08 g/t 2PGE+Au across seven distinct deposit areas, with mineralization that outcrops at surface — supporting open-pit development scenarios. Earlier this year, our metallurgical testwork demonstrated PGE extractions above 70% from weathered material using bioleaching, a processing pathway with the potential for a meaningfully lower environmental footprint than conventional smelting routes. We are now advancing toward a Preliminary Economic Assessment, targeted for completion at the end of 2026.

I’m not suggesting any single project solves the problem. The world will need many new sources of primary PGE supply, in many jurisdictions, brought online over the coming decade. But Q1 2026 is a useful reminder that the existing supply base is not as resilient as the headline numbers suggest, and that the time horizon for adding alternatives is shorter than it looks.

We continue to watch the geopolitical and operational developments at Norilsk, Zimplats, and across the South African platinum belt closely. We also continue to believe that the long-term thesis for PGEs, and for the developers building the next generation of supply, remains compelling.

— Nick

Nick Smart, CEO · ValOre Metals Corp.
[email protected]
linkedin.com/in/nick-smart/

Cautionary Note & Forward-Looking Statements

This commentary contains forward-looking statements within the meaning of applicable Canadian securities laws, including statements regarding PGE market dynamics, future commodity prices, the timing of ValOre’s planned Preliminary Economic Assessment, and the potential of the Pedra Branca Project. Forward-looking statements are based on assumptions and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. The mineral resource referenced is an inferred resource as disclosed in the NI 43-101 Technical Report dated effective March 8, 2022. Inferred mineral resources are not mineral reserves and do not have demonstrated economic viability. Bioleaching test results referenced are preliminary metallurgical results and do not guarantee future commercial recoveries.

Sources referenced: Norilsk Nickel Q1 2026 production report (The Moscow Times, 28 April 2026); Zimbabwe critical minerals export ban (InvestorNews); Zimplats Q1 2026 6E output (Mining Zimbabwe); World Platinum Investment Council and Metals Focus 2026 outlooks.

ValOre Metals Corp. (TSX-V: VO; OTCQB: KVLQF; Frankfurt: KEQ0)

Click here to read the article on Crux Investor:

https://www.cruxinvestor.com/posts/valore-metals-aiming-to-fill-massive-supply-gap-for-platinum-palladium

The Investment Case for Platinum & Palladium Investment in 2026 (Jan 13, 2026)

Vancouver, British Columbia, December 30, 2025 – ValOre Metals Corp. (“ValOre” or “the Company”; TSX-V: VO, OTCQB: KVLQF, Frankfurt: KEQ0); today provided a message from the CEO to the shareholders highlighting key milestones achieved in 2025 and outlining the Company’s growth strategy for the year ahead.

Dear Shareholders and ValOre Community,

As we turn the page on 2025 and look ahead to a new year, I want to take a moment to reflect on the past few months and lay out why I am so energised about the year ahead.

2025 has been a year of growth and transition for ValOre Metals. We continued to develop our flagship Pedra Branca PGE project in Brazil, completed a Trado^® auger drilling program completed at the Esbarro deposit, received approval of Final Exploration Reports for key mineral claims, marking a major regulatory advancement and commenced a metallurgical testwork program with the University of Cape Town in South Africa. It also marked the beginning of an exciting new chapter for me, as I stepped into the role of Chief Executive Officer from October 2025. Click here for a video overview from our site visit in November 2025.

The year ahead promises even more opportunity, as we recently signed up the well-regarded engineering company Lycopodium as lead process engineering consultant in support of our Pedra Branca project. The addition of Lycopodium’s experienced team and project knowledge significantly strengthens our development pathway as we build on and expand our metallurgical testwork, underway with the University of Cape Town and progress towards licencing applications and a Preliminary Economic Assessment, to be published later in the year.

Equally importantly, we are progressing ValOre’s broader strategy to capture new opportunities in the critical and precious metals space, with a focus on some of the most prospective regions of Brazil. We have an ambitious goal – to transition from a pure exploration focus and become an integrated precious-metals producer. Market conditions are competitive, but also full of possibility for disciplined companies with high-quality assets, experienced teams and an agile approach. That is exactly how I see ValOre: a lean, active explorer & developer ready to create meaningful shareholder value.

Precious Metals Markets:

2025 has been a pivotal year for precious metals. Gold continued its well-documented, multi-year run and set new record highs, exceeding $4,400 /oz – driven by geopolitical tensions, US dollar weakness and interest rate cut expectations. Attracting fewer headlines, however, has been an even more dramatic reversal of fortunes for another group of precious metals, the Platinum Group Metals.

After years of depressed conditions, with prices of Platinum and Palladium hovering at or below $1,000/oz, both metals have staged a stunning breakout, with prices nearly doubling over the last 6 months of the year. The main drivers for this are outlined below.

Figure 1: 2025 Precious Metals Pricing – Source: https://tradingeconomics.com

Platinum Group Element (PGE) Demand Drivers:

Automotive demand:

Automotive catalysts continue to be a dominant driver of PGE demand, accounting for ~40% of total Platinum demand and ~80% of all Palladium and Rhodium demand¹. PGE-loaded catalytic converters are used to control emissions in internal combustion engine (ICE) vehicles, and in hybrid (HEV) and plug-in hybrid vehicles (PHEV). Hybrid vehicles use 10 – 20% more PGEs² per vehicle than ICE vehicles, as the engines cycle on and off, running cooler and requiring a higher loading of precious metals for a given conversion efficiency.

Globally in 2025, approximately 55% of new vehicle sales were ICE vehicles, with 20% hybrids (HEV+PHEV) and 25% battery electric vehicles (BEV)³. In the US, where Federal EV incentives have been eliminated since the end of September, the percentage of new ICE vehicles sold was higher, at ~75%. While in China, over half of new vehicles sold are now electric.

Several major automakers including Ford⁴, Honda⁵, Volkswagen and Porsche⁶, have announced they are scaling-back, or pivoting EV programme plans to increasingly focus on more profitable ICE and hybrid models, as they face changing consumer adoption trends and economic and infrastructure limitations.

This trend is likely to drive sustained demand for Platinum group metals for the foreseeable future.

Jewelry demand

Record-high gold prices may create windfalls for investors, but headaches for jewelers and jewelry-buyers, who experience issues with affordability and inventory overhead as their raw input costs soar. Due to its precious nature, rarity and resilience, Platinum is viewed as an increasingly attractive alternative to white gold for many types of jewelry. Platinum demand for jewelry is forecast to rise from between 5 – 9% for 2025⁷, with China being a particularly strong area of growth.

Globally, jewelry production accounts for nearly 2,000 metric tonnes (70M oz) of gold and up to 60 metric tonnes (~2M oz) of Platinum annually⁸, and is the second largest demand driver for Platinum after auto catalysts. Due to the far larger scale of gold use in jewelry relative to Platinum, switching just 1% of the total current gold jewelry demand to Platinum would be enough to double the annual supply deficit for platinum of ~700k oz. This factor is expected to continue to grow Platinum demand.

Investment demand

The third major category that has been driving recent PGE price movements is investment demand. As a precious metal, like gold, platinum has benefited from increased investor interest due to US Federal Reserve rate cuts and inflationary pressures. In China, the launch of physically settled platinum futures on the Guangzhou Futures Exchange has boosted confidence, and demand for physical platinum bar and coin in China has grown from nearly zero in 2019 to over 400k oz in 2025⁹.

Platinum Group Element (PGE) Supply:

On the supply side, the market has recorded three consecutive annual deficits, with the 2025 shortfall estimated at 692,000 ounces. This has cut above-ground stocks by 42%, leaving less than five months of coverage¹⁰.

Finding and bringing into production new sources of PGE supply is exceedingly difficult, with only one major greenfield mine, Ivanhoe’s Platreef mine, in South Africa, entering production in recent years. This is due to a number of unique challenges that make economic PGE deposits so rare:

The first is the geological rarity of concentrated ore grades. Although the presence of platinum as an element in the Earth’s crust is not excessively rare (on average being similar to gold at few parts per billion) – finding a concentration of the metal in the parts per million range needed for an economic deposit, is far more difficult. These tend to be tied to ancient mafic–ultramafic intrusions with a very specific set of magmatic and geochemical conditions needed to efficiently mobilise and concentrate PGEs. This goes some way to explaining why 90% of the World’s platinum reserves are found in a single country, South Africa, and why over 100 M oz of gold are mined every year, while only 5 – 6 M oz of primary Platinum is produced each year.

After finding an economic PGE deposit, the second major challenge lies in developing it. PGE deposits are often buried deep underneath hundreds of meters of overburden, requiring years of development and massive capital investment to access. Ivanhoe’s Platreef mine for instance has been in development for decades, with a Capex cost for Phase I in the many hundreds of millions of dollars. Infrastructure and stable electricity supply in South Africa present further challenges. All of which contribute structural limitations to how much new PGE supply can be brought on and on what timeframe.

Figure 2 :Source: https://natural-resources.canada.ca/minerals-mining/mining-data-statistics-analysis/minerals-metals-facts/platinum-facts

ValOre’s Pedra Branca PGE project in Brazil:

Among the limited number of PGE projects under development globally, ValOre’s Pedra Branca project in Brazil offers a number of significant advantages:

The first is location. Brazil, where mining is one of the pillars of the economy, has made a priority of streamlining the licencing and permitting process¹¹, and our location in Brazil’s Ceará State has excellent access to transport and electrical infrastructure.

Secondly, unlike the majority of PGE deposits around the world, the mineral resource at ValOre’s Pedra Branca deposit is near-surface, minimising the amount of development capital required to access the deposit and allowing low-cost open-cast mining to be the preferred method of extraction.

Our final advantage lies in our capable and committed team, with a depth of experience covering exploration and discovery, financing and corporate development, community engagement, permitting and major capital project delivery – all 100% focused on delivering this world-class project.

Company	Location	Mineral Resource / Mineral Reserve	PGE Grades	Project Stage	Market Capitalization (CAD M)
Platinum Group Metals Ltd. (TSX: PTM)	Waterberg Project (JV) South Africa	23.4 Moz 4E (Proven & Probable Reserves)	2.96 g/t 4E	Definitive Feasibility Study (2024)	$454M
Bravo Mining Corp. (TSXV: BRVO)	Luanga Project Pará, Brazil	10.4 Moz PdEq¹² (Measured & Indicated Resource) 5.0 Moz PdEq (Inferred Resource)	2.01 – 2.04 g/t PdEq	Preliminary Economic Assessment (2025)	$550M
ValOre Metals Corp. (TSXV: VO)	Pedra Branca Project Ceará, Brazil	2.2 Moz 2PGE+Au[13] (Inferred Resource)	1.08 g/t 2PGE+Au	Mineral Resource Estimate Update (2022)	$29M
Generation Mining Ltd. (TSX: GENM)	Marathon Project Ontario, Canada	2.6 Moz Pd + 0.8 Moz Pt (Proven & Probable Reserves)	0.64 g/t Pd 0.20 g/t Pt	Feasibility Study (2025)	$245M
Stillwater Critical Minerals Corp. (TSXV: PGE)	Stillwater West Project Montana, USA	2.0 Moz Pd + 1.3 Moz Pt (Inferred Resource)	0.25 g/t Pd 0.15 g/t Pt	Mineral Resource Estimate (2023)	$126M

Figure 3: Comparison of Junior development-stage PGE projects. The comparable companies listed are included for information and comparison purposes only.

Sources – All information presented in this table has been derived exclusively from publicly available NI 43-101 technical reports and associated issuer disclosures for the referenced projects. Readers are cautioned to refer to and rely upon each project’s respective technical report for full details, assumptions, and qualifications: Waterberg Project; Luanga Project; Pedra Branca Project; Marathon Project; Stillwater West Project.

The path forward for 2026:

My priority since joining ValOre has been clear: sharpen our strategic direction, put us on a clear and sustainable path to development for the Pedra Branca PGE project, and position the company to unlock the full potential of our portfolio. We are fortunate to hold assets that align with a growing global demand for critical and precious metals, and I firmly believe 2026 will be a pivotal year in proving their value.

As we move into 2026, you can expect continued transparency, regular updates on our progress, and a commitment to responsible, technically sound, and value-focused work. Our team is energized, our vision is clear, and the path ahead is one of execution and seizing opportunity.

I would encourage everyone to engage with us through the contacts on our website, join our email news list and new for this year, sign up to meet us in a series of in-person presentations (details to follow in the new year).

On behalf of the ValOre board and management team, I wish you and your families a healthy, peaceful, and prosperous New Year. Thank you for being part of ValOre’s journey. The best is yet to come.

Warm regards,

Nick Smart
Chief Executive Officer
ValOre Metals Corp.

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 Qualified Person and Vice President of Exploration.

About ValOre Metals Corp.

ValOre Metals Corp. ((TSX-V: VO, OTCQB: KVLQF, Frankfurt: KEQ0) 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.

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 778-819-4484, 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.

¹ World Platinum Investment Council
² Platinum for Palladium Substitution in 2023
³ Electric Vehicle Outlook 2025
⁴ Ford retreats from EVs and takes big financial hit as Trump policies grip industry
⁵ Japan's Honda to scale back on electric vehicles, focus on hybrids
⁶ Porsche and VW dial back EV ambitions as market shifts and costs mount
⁷ Platinum’s discount to gold is driving a return to platinum jewellery demand growth
⁸ 2024 – World Gold Council Data
⁹ Platinum Futures Near Record High
¹⁰ Platinum Futures Near Record High
¹¹ Regulators align efforts to speed up mining permitting in Brazil
¹² PdEq: Palladium equivalent grade or ounces calculated using issuer-specific assumptions disclosed in the relevant technical reports.
¹³ Independent Technical Report – Mineral Resource Update on the Pedra Branca PGE Project, Ceará State, Brazil (Effective date: March 8, 2022)

Vancouver, British Columbia, July 2, 2025 – ValOre Metals Corp. (“ValOre”; TSX-V: VO, OTCQB: KVLQF, Frankfurt: KEQ0; “the Company”) today provided an update on recent exploration activities at its 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil, and reinforced its focus on advancing the Company’s broader strategic growth initiatives in Brazil.

Jim Paterson, ValOre’s Chairman and CEO stated: “We continue to pursue acquisitions of high-quality gold exploration and development projects in Brazil. At the same time, the development of our flagship Pedra Branca platinum and palladium (“PGE”) project remains a top priority, as demonstrated by the multiple high-grade platinum and palladium assays released today from the 87 hole Trado^® auger drilling program recently completed at the Esbarro deposit. Trado^® hole AD25ES99 delivered a standout assay result of 10.0 m, starting from surface, grading 12.95 g/t 2PGE+Au, including 4.0 m grading 29.57 g/t 2PGE+Au starting from 1.0 m.”

Pedra Branca PGE Project – Exploration Highlights

Trado^® Auger Drilling – Esbarro Deposit

87 hole drill program was completed to collect additional weathered material for ongoing metallurgical test work, improve grade control and enhance geological understanding of the deposit;
Assay results confirm continuity of high-grade PGE mineralization starting from surface to depths reaching 20 metres (maximum vertical reach of the auger drill), extending over 1 kilometre along strike, with widths up to 300 metres;
PGE assay results from 613 Trado^® auger samples are disclosed in full in this release.

Regulatory Advancements

Brazil’s National Mining Agency (Agencia Nacional de Mineração, “ANM”) has formally approved the Final Exploration Reports for key mineral claims within the Pedra Branca PGM Project, including those claims hosting the Esbarro, Cedro, Curiu, and Cana Brava deposits;
With ANM’s approval, these claims have entered the Mining Concession application phase, marking a major advancement in regulatory status and development readiness.

Metallurgy/Engineering

Metallurgical testwork is underway in collaboration with the University of Cape Town, evaluating both conventional flotation and leaching processing routes to optimize PGE recoveries from weathered, fresh and chromitite rock domains. Initial preliminary results expected by the end of July;

Preliminary water supply studies are scheduled to commence in H2 2025, as part of preparation for a future Preliminary Economic Assessment (PEA).

Thiago Diniz, ValOre’s VP of Exploration commented: “The results from this Trado® auger drilling infill campaign have enhanced grade control and confirmed consistent, near-surface high-grade PGE mineralization over more than a kilometre and will be key for future modeling and updated resource estimates. Additionally, positive assays from Esbarro East extend mineralization beyond current resource boundaries and highlight an opportunity to add shallow ounces and grow the overall resource base at Esbarro. With key regulatory milestones achieved and metallurgical results expected soon, the team remains focused on advancing the Pedra Branca PGE Project toward development.”

Trado^® Auger Drilling – Esbarro Deposit

ValOre’s technical team recently completed a targeted Trado^® auger drilling program at the Esbarro deposit, with 87 holes drilled and over 560 metres of ultramafic, PGE-bearing rock intercepted. Of the 87 holes, 74 returned PGE mineralization, including 28 with grade-thickness values exceeding 10 gram-metres (grade x interval). The primary objective of the program was to generate additional weathered material for ongoing metallurgical testwork, while also providing a valuable opportunity to refine grade control and enhance geological interpretation of the deposit’s near-surface horizons. Highlight results include:

10.0 metres (“m”) grading 12.95 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”) from surface, including 4.0 m grading 29.57 g/t 2PGE+Au from 1.0 m – Trado® hole AD25ES99;
10.0 m at 1.94 g/t 2PGE+Au from surface, including 5.0 m grading 2.95 g/t 2PGE+Au from 5.0 m – Trado® hole AD25ES101;
9.0 m at 2.13 g/t 2PGE+Au from surface, including 3.0 m grading 5.95 g/t 2PGE+Au from 6 m – Trado® hole AD25ES63;
8.0 m at 2.72 g/t 2PGE+Au from surface – Trado® hole AD25ES77;
5.0 m at 3.78 g/t 2PGE+Au from surface, including 3.0 m grading 5.51 g/t 2PGE+Au from 0 m – Trado® hole AD25ES73.

In addition, drilling at the Esbarro East Zone, located within the 2022 NI 43-101 Inferred Resource* area, has extended mineralization beyond current pit-constrained limits, adding further value to the high-grade near-surface intercepts defined in the main Esbarro zone. Recent drilling has outlined high-grade PGE mineralization at surface for over 400 metres along strike. Highlight results include:

9.5 m at 5.62 g/t 2PGE+Au from surface, including 2.0 m grading 18.41 g/t 2PGE+Au from 2.0 m – Trado® hole AD25ES39;
8.5 m at 2.42 g/t 2PGE+Au from surface, including 4.0 m grading 4.55 g/t 2PGE+Au from 0 m – Trado® hole AD24ES23;
9.5 m at 1.97 g/t 2PGE+Au from surface, including 2.0 m grading 4.09 g/t 2PGE+Au from 4.0 m – Trado® hole AD24ES32;
20.0 m at 0.94 g/t 2PGE+Au from surface – Trado® hole AD25ES30.

Prior to the Trado® drilling at Esbarro East, a total of 233 soil samples were collected over a strike length of more than 800 metres, delineating the continuity of mineralization from the main Esbarro deposit. Assay highlights include soil values of up to 3,000 ppb 2PGE+Au.

CLICK HERE for Table 1, which shows Trado^® auger assay results for all mineralized Trado^® holes drilled at Esbarro’s Main (“Esbarro”) and East (“Esbarro East”) zones.

Figure 1: Location map of the Esbarro Deposit – Main and East Zones

Regulatory Advancements – Core Deposits Enter Mining Concession Phase

Brazil’s National Mining Agency (Agencia Nacional de Mineração, “ANM”) has formally approved the Final Exploration Reports for key mineral claims within the Pedra Branca Project, including the tenements that host the four core deposits: Esbarro, Cedro, Curiu, and Cana Brava, which together account for approximately 1 million ounces (“Moz) of the total 2.2 Moz 2PGE+Au outlined in the 2022 NI 43-101 Inferred Resource Estimate*.

The approved claims have now progressed into the Mining Concession application phase, representing a key step forward in advancing Pedra Branca along the regulatory pathway toward potential development.

This milestone enables the Company to intensify technical de-risking and project development work on these deposits, including ongoing metallurgical testwork and preliminary engineering studies addressing water supply, in preparation for a Preliminary Economic Assessment (PEA).

Figure 2: Location map of the mineral claims that have had their Final Exploration Reports approved by ANM.

Trado^® Auger Drilling QA/QC Procedures

As part of ValOre’s Quality Assurance and Quality Control (QA/QC) protocol for Trado^® auger drilling programs, a total of three quality control sample types were included in each analytical batch, which consists of 40 to 60 Trado^®samples plus one certified standard, one coarse blank and one pulp duplicate sample resulting in a QA/QC insertion rate of 5 to 7.5%. Control samples were inserted in a logical sequence, defined by the geologist based on detailed logging of Trado^®chips.

Trado^®samples are collected at one-metre intervals. The number of auger runs required to complete each metre depends on the nature of the rock being drilled. Material from each run is deposited directly into a clean plastic tray and a representative chip sample is selected and stored in a plastic chip case for geological logging and future reference.

Once a full metre is completed, the total recovered material (approximately 15 kg, with 90-100% recovery) is homogenized using a plastic tarp and subsequently quartered. A representative sample of approximately 2 kg is then collected and identified for geochemical analysis. The remaining material is labeled by metre and stored at ValOre’s core shack for future analyses. For every metre, the plastic tray is cleaned, and a new plastic tarp is used to ensure sample integrity during homogenization and quartering.

All samples are sent to SGS Laboratory and assayed by Fire Assay for Pd, Pt, Au and by ICP for multielement analysis. Upon receipt of assay results, data are systematically reviewed, and QA/QC control charts are generated and evaluated.

Qualified Person (“QP”)

About ValOre Metals Corp.

ValOre’s Pedra Branca Platinum Group Elements Project comprises 45 exploration licenses covering a total area of 51,096 hectares (126,260 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. ValOre’s team believes the Pedra Branca project has significant exploration discovery and resource expansion potential. (CLICK HERE to download 2022 technical report* and CLICK HERE for news release dated March 24, 2022).

*The 2022 Technical Report is entitled “Independent Technical Report –Mineral Resource Update on the Pedra Branca PGE Project, Ceará State, Brazil” was prepared as a National Instrument 43-101 Technical Report on behalf of ValOre Metals Corp. with an effective date of March 08, 2022. The 2022 Technical Report by Independent qualified persons, Fábio Valério (P.Geo.) and Porfirio Cabaleiro (P.Eng.), of GE21, commissioned to complete the mineral resource estimate while Chris Kaye of Mine and Quarry Engineering Services Inc. (MQes), was commissioned to review the metallurgical information. The Mineral Resource estimates were prepared in accordance with the CIM Standards, and the CIM Guidelines, using geostatistical, plus economic and mining parameters appropriate to the deposit. Mineral Resources, which are not mineral reserves, do not have demonstrated economic viability, and may be materially affected by environmental, permitting, legal, marketing, and other relevant issues. Mineral Resources are based upon a cut-off grade of 0.4 g/t PGE+Au, correlated to Pd_eq grade of 0.35 g/t, and were limited by an economic pit built in Geovia Whittle 4.3 software and following the geometric and economic parameters as disclosed in the 2022 NI 43-101 Technical Report,

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

Vancouver, B.C. – June 3, 2025 – ValOre Metals Corp. (“ValOre”) (TSX-V: VO, OTCQB: KVLQF, Frankfurt: KEQ0), today highlighted the strategic synergies and near-term exploration plans for the combined Pedra Branca Gold and Platinum Group Metals (“PGM”) Projects. This combination of projects will create a 100,000-hectare precious metals district in Ceara State, Brazil. For further details concerning ValOre’s acquisition of the Pedra Branca Gold Project, please see ValOre’s news releases of March 26 and May 20, 2025.

Jim Paterson, ValOre’s Chairman and C.E.O. stated: “Brazil is a great place to be advancing mining exploration and development projects today. With our in-country team actively supported by a strong capital markets presence, we are very excited to rapidly advance work at the 100,000-hectare Pedra Branca precious metals district once South Atlantic shareholders approve the transaction with ValOre. We look forward to being able to deliver significant exploration results and create value on behalf of all ValOre and South Atlantic stakeholders.”

South Atlantic Gold Corporation (“South Atlantic”) Shareholder Meeting

On May 20, 2025, ValOre and South Atlantic announced that the annual general and special meeting (the “Meeting”) of the shareholders of South Atlantic will be held on June 13, 2025;
South Atlantic shareholders as of the close of business on May 7, 2025 are entitled to vote on all matters at the Meeting;
All relevant Meeting materials have been mailed to South Atlantic shareholders and copies are available for viewing on South Atlantic’s SEDAR+ profile at www.sedarplus.ca;
The board of directors of South Atlantic has unanimously recommended that South Atlantic Shareholders vote FOR the Amalgamation.

Thiago Diniz, ValOre’s VP of Exploration commented: “With years of experience in the region, our team brings valuable local knowledge and technical strength to the Pedra Branca Gold Project. We’re ready to hit the ground running and advance the Pedra Branca project immediately following the completion of the ValOre – South Atlantic transaction.”

Strategic and Operational Synergy Highlights

Individual members of ValOre’s Board and management team have significant experience with gold projects around the world, including acquisitions, financings, and the execution of exploration programs that generated meaningful gold discoveries; in some cases leading to highly successful corporate transactions;
ValOre’s Brazilian exploration team has been very active at the Pedra Branca PGM Project for over five years, having completed more than 23,000 metres of drilling (to bolster 30,000 metres of historical drilling), 2,819 metres of trenching, 885 Trado auger holes, and collected 8,048 rock and soil samples;
Since acquiring the Pedra Branca PGM Project in 2019, ValOre’s team has developed a deep understanding of the local geology, identified multiple exploration targets and successfully doubled the historical resource*;
ValOre has developed strong relationships with local communities and regulatory authorities; and
ValOre’s operational base in Capitão Mor (pop. ~950) is strategically positioned to service both the Pedra Branca Gold and PGM properties, allowing for shared infrastructure, logistics, and personnel, thus creating immediate operational efficiencies and cost synergies.

* see ValOre’s news release from March 24, 2022 – ValOre Expands Pedra Branca Inferred Mineral Resource by 106% to 2.2 Million Ounces at 1.08 gt 2PGE+Au

Comprehensive Work Program Planned for H2 2025

Upon closing of the transaction, ValOre will immediately initiate a broad and detailed data compilation and validation campaign, including the following key elements:

Systematic relogging of all available Pedra Branca Gold Project drill core and reassaying of key historical intervals to ensure data integrity;
Reprocessing data obtained from a high-resolution drone mag survey completed in 2022 by South Atlantic to generate new targets and resource expansion opportunities;
Execute on the partnership with VRIFY to leverage its AI-assisted mineral discovery platform, to transform the information in both Pedra Branca datasets into actionable insights;
Regional reconnaissance across the +50-kilometre-long, gold-prospective trend, to identify and prioritize new target areas and evaluate underexplored areas;
Development of a fully informed follow-up exploration program, to outline targets for potential drilling and trenching in 2026.

Proactive Regulatory Engagement with SEMACE and ANM

ValOre has already proactively engaged with SEMACE (Ceará State Environmental Agency) and ANM (National Mining Agency) to align expectations and facilitate a seamless transition in the permitting process;
These engagements reinforce ValOre’s commitment to responsible exploration and early alignment with Brazil’s environmental and mining frameworks, paving the way for efficient project advancement.

In parallel with ongoing regulatory and community engagement, the foundational exploration performed will enable ValOre to build a robust regional geological model and exploration strategy, resulting in the identification of new targets and opportunities for resource expansion.

Figure 1: Pedra Branca PGM and Pedra Branca Gold property map

(1) Independent Technical Report – Mineral Resource Update on the Pedra Branca PGE Project, Ceará State, Brazil (Effective date: March 8, 2022)
(2) NI 43-101 Technical Report – Mineral Resource Estimation for the Pedra Branca Gold Project Ceará State – Brazil (Effective date: March 16, 2021)

About ValOre Metals Corp.

ValOre Metals Corp. (TSX-V: VO, OTCQB: KVLQF, Frankfurt: KEQ0) 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.

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 is a proud member of Discovery Group http://www.discoverygroup.ca

About South Atlantic Gold Inc.

South Atlantic is an exploration company engaged in acquiring and advancing mineral properties in the Americas.

For further information, please visit our website at www.southatlanticgold.com.

Additional Information about the Proposed Transaction and Where to Find It

Further details regarding the terms of the Proposed Transaction are set out in the Agreement, which will be publicly filed on ValOre’s and South Atlantic’s respective SEDAR+ profiles at www.sedarplus.ca. Additional information regarding the terms of the Agreement, the background to the Proposed Transaction and how the South Atlantic Shareholders can participate in and vote at the South Atlantic Shareholder Meeting will be provided in the management information circular which has been mailed to the South Atlantic Shareholders and also filed on the South Atlantic’s SEDAR+ profile at www.sedarplus.ca. South Atlantic Shareholders are urged to read these and other relevant materials when they become available.

No Offer or Solicitation

This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction pursuant to or in connection with the Proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Qualified Person (“QP”)

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain forward-looking statements and forward-looking information, as defined under applicable Canadian securities laws (collectively, “forward-looking statements”). The words “will”, “intend”, “anticipate”, “could”, “should”, “may”, “might”, “expect”, “estimate”, “forecast”, “plan”, “potential”, “project”, “assume”, “contemplate”, “believe”, “shall”, “scheduled”, and similar terms and, within this news release, include, without limitation, any statements (express or implied) respecting: the terms and conditions of the Proposed Transaction, the pro forma capitalization of ValOre following completion of the Proposed Transaction, the South Atlantic Shareholder Meeting; the proposed timing and completion of the Proposed Transaction; the satisfaction of the conditions precedent to the Proposed Transaction; timing, receipt and anticipated effects of regulatory and other approvals; the delisting of the South Atlantic Shares from the TSXV, South Atlantic ceasing to be a reporting issuer and all other statements that are not statements of historical facts. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances.

Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to each of ValOre’s and South Atlantic’s respective businesses (as more particularly described in each of their continuous disclosure filings available under their respective SEDAR+ profile at www.sedarplus.ca), as well as the following particular risks: risks that a condition to closing of the Proposed Transaction may not be satisfied; risks that the requisite South Atlantic Shareholder approvals, or other applicable approvals for the Proposed Transaction may not be obtained or be obtained subject to conditions that are not anticipated; the market price of parties’ respective common shares and business generally; potential legal proceedings relating to the Proposed Transaction and the outcome of any such legal proceeding; the inherent risks, costs and uncertainties associated with transitioning the business successfully and risks of not achieving all or any of the anticipated benefits of the Proposed Transaction, or the risk that the anticipated benefits of the Proposed Transaction may not be fully realized or take longer to realize than expected; the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement; the risk that the Proposed Transaction will not be consummated within the expected time period, or at all.

Actual results or events could differ materially from those contemplated in forward-looking statements as a result of, without limitation, the following: the ability to secure the required South Atlantic Shareholder or regulatory approvals; the occurrence of a material adverse effect, the receipt by South Atlantic of a superior proposal, or the failure by either party to satisfy any other closing condition in favour of the other provided for in the Agreement, which condition is not waived; general business, economic, competitive, political and social uncertainties; and the future performance, financial and otherwise, of ValOre and South Atlantic. All forward-looking statements included in this news release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date hereof and neither ValOre nor South Atlantic undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ValOre Metals Highlights Strategic Synergies and Near-Term Exploration Plans

Vancouver, British Columbia, May 15^th, 2024 – ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today provided a corporate and project update.

Thiago Diniz Appointed Vice President, Exploration

Thiago Diniz, P.Geo. has significant experience as an exploration geologist in Brazil and Canada, including work on early to advanced-stage Platinum Group Element (“PGE”), orogenic and magmatic hydrothermal gold and gold-copper systems, sediment-hosted zinc-lead, phosphate, and potash projects. His expertise in the planning and management of large-scale programs, including data review, mapping & sampling, exploratory & resource delineation drill campaigns, and metallurgical testwork programs have provided valuable input to ValOre’s Pedra Branca Project over the last four years.

Mr. Diniz is a registered P.Geo in Ontario and Saskatchewan, with a B.Sc. Geology (Federal University of Minas Gerais), and a M.Sc. Economic Geology (Queens University).

Jim Paterson, Chairman & CEO, stated: “We are very happy to announce Thiago’s appointment as V.P. Exploration. He has been successfully managing ValOre’s Pedra Branca PGE Project in Brazil for 4 years, excelling in the planning, budgeting, and program execution, which resulted in several discoveries, including Salvador, and a doubling of the inferred resource at Pedra Branca. Importantly, Thiago has gained the respect of ValOre’s in-country team and our board of directors and has built an exceptional level of trust with the local community of Capitao Mor and the Pedra Branca region.

On behalf of all ValOre team members, I would like to wish Colin Smith great success as he moves on to serve as the CEO of an exciting gold exploration company. We thank Colin for his many years of excellent work at ValOre and the great friendships formed along the way.”

Pedra Branca Project Update

ValOre continues to prioritize project exploration and advancement efforts on the Pedra Branca PGE deposits that exhibit the potential for the shortest development timeline with the highest operating margin.

Key aspects of focus to achieve these goals, include:

grade and metallurgical characteristics of PGE mineralization;
depth and orientation of deposits and related strip ratio of the optimized resource pits;
proximity of deposits to one another and to the proposed location of future on-site processing facilities;
Social Licence, local employment, infrastructure and water availability.

The Curiu, Esbarro, Cedro, Cana Brava and Salvador PGE deposits are now ValOre’s top priority areas of focus.

Curiu, Esbarro, Cedro and Cana Brava host, in aggregate, a 2022 NI 43-101 inferred mineral resource estimate of 1.031 million ounces (“Moz”) palladium + platinum + gold (“2PGE+Au”) in 27.2 million tonnes (“Mt”)*;
These four deposits are located within a 3-kilometre (“km”) radius;
Average resource strip ratio for these 4 deposit areas is approximately 2.1:1 waste to ore*;
Curiu and Esbarro collectively average a resource strip ratio of approximately 0.7:1 waste to ore*;
Maximum vertical depth of the mineralization drilled to form resource pits at these 4 deposits is approximately 150 metres*;
The recently discovered Salvador target is located within 5km from those resource zone and highlights significant potential for high grade PGE shallow resources and improved economics in the surrounding area (CLICK HERE for news release dated November 7, 2023 and HERE for news release dated December 11, 2023 and references therein).

Planned 2024/2025 Tasks/Actions include:

Advanced metallurgical studies to define processing flowsheets;
Complete a marketability study for Pedra Branca PGE-enriched concentrate;
Complete additional exploration and deposit definition drilling at Salvador target;
Updated NI 43-101 Technical Report disclosing a mineral resource estimate update, including reclassification of certain zones into the “indicated category” subject to an increased level of confidence in metallurgical recoveries and drill hole spacing;
Complete a preliminary economic assessment (“PEA”) report, including CAPEX and OPEX optimization;
Commence permitting processes and environmental impact assessment (“EIA”);
Define timeline to production.

Exploration Upside:

3 additional resource zones, Trapiá, Massapê and Santo Amaro, host, in aggregate, an inferred mineral resource estimate of 1.167 Moz 2PGE+Au in 36.4 Mt*;
The recently completed 2023 drill program confirmed the potential for Pedra Branca resource expansion, with PGE mineralization drilled in Galante, Troia, Nambi and Ipueiras (CLICK HERE for news release dated September 21, 2023);

Significant additional discovery potential along more than 80 km of Pedra Branca’s prospective, underexplored, property-wide PGE trend.

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”)

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. ValOre’s team believes the Pedra Branca project has significant exploration discovery and resource expansion potential. (CLICK HERE to download 2022 technical report* and CLICK HERE for news release dated March 24, 2022).

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

CEO Update: ValOre Starts Metallurgical Testwork Program (Nov 20, 2023)