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

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

**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 (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

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

Qualified Person

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. 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.