Mr. John MacPhail reports

VALENCIA CAPITAL INC. ANNOUNCES DEATH OF DIRECTOR GRAHAM HEAL AND APPOINTMENT OF STEPHEN BROHMAN AS DIRECTOR

Graham Heal, a non-executive director of Valencia Capital Inc., has passed away. Mr. Heal served continuously on Valencia's board since 2020.

Mr. Heal had a business career spanning over 40 years in a number of precious metals trading or power generation ventures in Africa, including director of Africa development at StoneCrest Managers Inc. (San Jose, Calif.), director at StoneCrest Burkina SARL, managing director of Out West Investment Guinea SARL, and director of Genmin Resources Pty. Ltd. (Zimbabwe) and Infracons Development Corp. (Rwanda).

The company welcomes Stephen Brohman as a new director. Mr. Brohman is a principal at Donaldson Brohman Martin CPA Inc. and has over 10 years of experience working with private and publicly traded companies, including serving as a director and/or officer. Mr. Brohman holds a bachelor of business administration (BBA) and obtained his CPA/CA (chartered professional accountant) designation while working in public practice.

The current board of directors of Valencia comprises John D. MacPhail, Brock Daem and Stephen Brohman.

Valencia is a capital pool company within the meaning of the policies of the TSX Venture Exchange.

About Valencia Capital Inc.

Valencia was formed in 2019 as a capital pool company and had its shares listed for trading on the TSX-V in August, 2020, after completing an initial public offering. Valencia has had no operating business as it reviewed and continues to review opportunities for its qualifying transaction under Policy 2.4 of the TSX-V.