Mr. James Paterson reports

VALORE REPORTS FINAL ASSAY RESULTS FROM THE SALVADOR DISCOVERY, PEDRA BRANCA PROJECT

Valore Metals Corp. has released the remaining core assay results for the Salvador target at Valore's 100-per-cent-owned Pedra Branca platinum group elements (PGE, or 2PGE+Au (gold)) project in northeastern Brazil.

Thiago Diniz, exploration manager, Valore Metals, stated: "The 2023 diamond drill program at Salvador tested 400 metres of a 1.3-kilometre trend of mineralization at surface. Drilling intersected palladium-platinum mineralization in seven of seven ultramafic-bearing holes, demonstrating significant thickness and continuity at depth. Salvador remains open along strike and at depth, and warrants additional follow-up core drilling in future programs."

Watch a short video about the Salvador discovery on-line.

Salvador highlights

Assay results received for the remaining three core holes drilled at Salvador include:

• 13.5 metres of 0.94 gram per tonne (g/t) palladium plus platinum plus gold (2PGE+Au) with mineralization starting from 56.5 m, including 5.5 m of 1.39 g/t 2PGE+Au from 56.5 m in drill hole DD23MES06;
• 18.9 m of 0.73 g/t 2PGE+Au from 141.2 m in drill hole DD23MES08.

Rapid acceleration of the target from initial concept to drill discovery was accomplished through cost-effective boots-on-the-ground exploration. The first mineralized rocks assays were received in January, 2023, and Salvador was advanced to a drill-ready stage by late August.

Total exploration expenditures at Salvador of $260,000:

• $20,000 of the total spent on field mapping, rock and soil sampling, Trado auger drilling, and trenching;
• $240,000 spent on core drilling and assay costs.

Highlights from drill holes released on Oct. 4 and Oct. 17, 2023, include:

• 43.85 m of 0.76 g/t 2PGE+Au from 45.25 m in DD23MES01;
• 78.95 m of 0.96 g/t 2PGE+Au from 64 m in DD23MES02;
• 49.60 m of 1.25 g/t 2PGE+Au from 47.15 m in DD23MES03;
• 46.05 m of 1.96 g/t 2PGE+Au from 77.15 m in DD23MES04.

Follow-up mapping, soil sampling and Trado auger drilling are in progress, focusing on the open trends to the north and south of Salvador's main zone.

"Salvador's rapid evolution from concept to discovery showcases the excellent prospectivity at Pedra Branca, and demonstrates the team's ability to successfully and cost-effectively advance previously untested zones along the regional Troia trend," added Mr. Diniz.

Salvador discovery -- exploration program highlights

Valore identified Salvador as a high-calibre target in January of this year, and rapidly advanced it to a September core drilling discovery through cost-effective, sequential exploration.

Geological mapping, soil sampling and Trado auger drilling were completed over a strike length of approximately 1.5 kilometres, with a total of 245 soil samples and 47 rock samples collected, and 98 metres of Trado auger drilled in 23 holes. High-grade surface palladium-platinum mineralization was established along 1.3 km of undrilled trend.

Four trenches were excavated along Salvador's main zone, which exposed and defined chromite-bearing ultramafic rocks (UM), with PGE mineralization reported in all trenches, spanning 400 m of strike length.

Eight core drill holes, totalling 1,056 m, were subsequently completed to test the depth potential of surface PGE mineralization at Salvador over the full 400 m trend, with chromite-bearing ultramafic rocks intercepted in seven of eight holes, including chromitite reefs, a lithology typically associated with high-grade palladium-platinum values at Pedra Branca. Disseminated base metal sulphide mineralization, typically associated with high-grade Ni (nickel) and Cu (copper) mineralization, was also drilled. Nickel and copper sulphide assays by atomic absorption spectrometry remain pending.

The mineralized UM package at Salvador has demonstrated significant thickness and continuity at depth, and warrants additional follow up core drilling in future programs. The evolution of Salvador from concept to discovery showcases the excellent prospectivity at Pedra Branca, and demonstrates the team's ability to successfully advance previously untested zones along the regional Troia trend.

Leveraging the company's strong understanding of the regional and local geology has moved Salvador from concept to the drill-ready stage for less than $20,000, including geological mapping, soil and rock sampling, Trado auger drilling, and trenching. Costs for the drill program, including drilling and assay costs for eight core drill holes, totalled $240,000, highlighting the deployment of a cost-effective and successful exploration program at the Pedra Branca property.

Two thousand twenty-three drill program highlights

PGE assay results have now been received from the entire 2023 phase 1 drill program, consisting of 49 drill holes totalling 6,152 metres, including 154 core assay samples from six drill holes at Salvador and Ipueiras, reported herein (see the table entitled "2023 Pedra Branca drilling totals and final PGE assay status by zone" and "Final 2023 core assay highlights by zone"). Still pending are copper and nickel assays from 274 samples from four holes at Salvador.

Quality assurance/quality control (QA/QC)

See the company's website 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 National Instrument 43-101, and reviewed and approved by Mr. Diniz, PGeo, Valore's QP and exploration manager.

About Valore Metals Corp.

Valore Metals 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 licences covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, seven distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2,198,000 oz 2PGE+Au contained in 63.6 million tonnes grading 1.08 g/t 2PGE+Au. Valore's team believes the Pedra Branca project has significant exploration discovery and resource expansion potential.

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