Mr. James Paterson reports

VALORE INITIATES COMPREHENSIVE METALLURGICAL TESTWORK PROGRAM AT PEDRA BRANCA

Valore Metals Corp. has initiated a broad and comprehensive metallurgical test work program for Valore's 100-per-cent-owned Pedra Branca platinum group elements (PGE or 2PGE+Au (plus gold)) project in northeastern Brazil.

Thiago Diniz, exploration manager, Valore Metals, stated, "This metallurgical test work program is designed to develop a flowsheet to treat palladium-platinum-bearing material of Pedra Branca, with subsequent phases of test work aimed at refining and optimizing the effective metallurgical processes for the other resource zones at Pedra Branca."

Jim Paterson, chairman and chief executive officer, added: "Valore's exploration team continues to successfully identify extensions to the known mineralization, as well as make new discoveries along the mineralized trend at Pedra Branca. Over the past 18 months, the company has intensified its focus on advancing the metallurgical test work to better reflect our improved understanding of the geology. We have advanced in a number of areas, collaborating with some of the top experts in their respective fields, and this work is now expanding."

Program highlights

The planned metallurgical program will focus on samples collected from the near-surface, high-grade Esbarro deposit (mineral resource zone, having an inferred resource totalling 403,000 ounces at 1.16 grams per tonne (g/t) 2PGE+Au in 10.8 million tonnes (Mt)), and includes:

• Comparing PGE liberation and subsequent recovery utilizing different crushing and comminution techniques, including conventional crushing and VeRo Liberator crushing technology;
• Re-evaluation of gravity concentration and cyanide leaching;
• Test work on the CLEVR process (Dundee Sustainable Technologies).

A total of 1,200 kilograms (kg) of three material types from the Esbarro deposit, those being chromitite, fresh and weathered materials, have been sampled and shipped to Blue Coast Research, a metallurgical test work laboratory located in Parksville, B.C., Canada.

It is expected that this program will be the first phase of a larger program, with later optimization conducted on flowsheet options that provide the greatest potential to maximize recoveries.

Subsequent phases will also include expansion of metallurgical test work to other zones that comprise the inferred mineral resource at Pedra Branca.

"This broad program is based on an enhanced understanding of the host rock lithologies, PGE mineralogy, mineralization controls and grade distributions of PGE that has been developed over the last few years by Valore's team. This has resulted in the classification of chromitite as a third material type at Pedra Branca, in addition to the weathered and fresh material types. The distinct physical and chemical properties of each of the three mineralized rock classes will enable us to design the most appropriate processes to maximize recoveries," added Mr. Diniz.

To support the material reclassification and help guide future process optimization, advanced mineralogical evaluation is continuing at SGS Canada in Lakefield, Ont., on thin sections from selected drill core from Esbarro, Cedro, Curiu and Trapia deposits, which collectively form more than 85 per cent of the 2022 inferred resource at Pedra Branca.

The mineralogical studies include thin-section microscopy, TIMA-X (Tescan integrated mineral analyzer) and chemical assays, and will help to characterize palladium and platinum mineral assemblages, and their associations with the three material types.

It is estimated that phase 1 of the metallurgical test work program will be completed in six months.

Previous Pedra Branca metallurgical test work programs completed by Valore

Since 2020, metallurgical test work programs performed on material from the Pedra Branca project have focused on testing fresh and weathered materials from the Curiu and Esbarro deposits.

For more information on historical and Valore's metallurgical test work programs, please refer to the technical report published to SEDAR+ on May 8, 2022, in addition to the following news releases:

• March 14, 2022: Valore reports recoveries of 82.9 per cent for platinum, 71 per cent for palladium and 85.2 per cent for gold on a locked-cycle flotation test of a fresh composite sample from the Curiu deposit;
• Oct. 4, 2021: Valore PGE assays from metallurgical drilling at Pedra Branca confirm historical drilling averages in Curiu and Esbarro zones;
• Jan. 13, 2021: Valore reports ore sorting potential for Pedra Branca PGE project -- 176.52 g/t 2PGE+Au in historical core reassay;
• Nov. 9, 2020: Valore reports further metallurgical testing results from Pedra Branca PGE project: 91 per cent palladium recoveries in cyanide leach and 82 per cent platinum recovered in 32 per cent mass in gravity sort on Curiu core composites, comprising fresh mineralized rock types;
• Nov. 2, 2020: Valore initiates multifaceted optimization test work at Pedra Branca and receives preliminary Platsol metallurgical recoveries of 93.4 per cent for palladium and 95.3 per cent for platinum on Curiu core and outcrop composites, comprising fresh and weathered mineralized rock types.

About CLEVR process (Dundee Sustainable Technologies (DST))

The CLEVR process uses sodium hypochlorite with a catalytic amount of sodium hypobromite in acidic conditions to put precious metals into solution. Contact time is short, and the process operates in a closed loop. All chemicals are recycled within the circuit and, if needed, sea water may be used and can be beneficial to the process. The tailings from the process are inert from toxic substances, sulphide depleted and non-acid generating, and, as a result, meeting and/or exceeding environmental norms. DST's process eliminates the need for a costly tailings pond and the risks of land failure.

About VeRo Liberator

The VeRo Liberator technology applies high-velocity impacts to solve the problem of inefficient comminution, and incomplete particle liberation and release. The groundbreaking VeRo Liberator technology delivers high degrees of comminution, liberation and release in just one quick flow-through operation, and consumes significantly less energy than conventional comminution methods -- the VeRo Liberator also works dry. In its modular, scalable and mobile structure, the VeRo Liberator can be individually adapted for various operations.

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.

Valore closes previously announced repricing of options and warrants

The TSX Venture Exchange has approved repricing of Valore's convertible securities so as to reflect the new value of Valore's equity after completion of its disposition of the Angilak property, with the exercise price of such securities being adjusted to equal the volume-weighted average trading price of the common shares of Valore on the TSX-V from June 21, 2023, to June 29, 2023, being 10 cents (that is, 9.87 cents). The new exercise price for both options and warrants will be 10 cents.

The repricing is with respect to 6.6 million stock options expiring Dec. 9, 2024, and 22,069,166 warrants, with 9,166,666 of such warrants expiring Nov. 17, 2023, 3.72 million warrants expiring Aug. 30, 2024, and 9,182,500 warrants expiring April 21, 2025.

The terms of the warrants have also been amended to include a mandatory acceleration provision, as required under the policies of the TSX-V, pursuant to which, if for any 10 consecutive trading days following the date hereof, the closing price of the company's common shares on the TSX-V exceeds 12.5 cents, the expiry date of warrants will be accelerated such that holders will have 30 calendar days to exercise the warrants (if they have not first expired in the normal course).

The repricing of the warrants was approved by the disinterested shareholders of the company, and by each warrant holder, or pursuant to the terms and conditions of the company's warrant indenture dated Nov. 17, 2021, as applicable.

Certain options and warrants are held by insiders and related parties, and as such, would constitute a related-party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). However, such actions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the options and/or warrants exceeds 25 per cent of the Valore's market capitalization.

Closing of previously announced debt settlement

The company is also pleased to announce that, further to the news release dated May 9, 2023, and upon receipt of TSX-V, the company has, on May 26, 2023, completed its settlement of a portion of the fees payable to Canaccord Genuity Corp., being $400,219.09, by issuance of 1,793,900 shares of the company at a price of 22.31 cents per company share.

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.

Note: The 2022 technical report is entitled "Independent Technical Report -Mineral Resource Update on the Pedra Branca PGE Project, Ceara State, Brazil," and was prepared as a National Instrument 43-101 technical report on behalf of Valore Metals, with an effective date of March 8, 2022. The 2022 technical report by independent qualified persons, Fabio Valerio, PGeo, and Porfirio Cabaleiro, PEng, of GE21, commissioned to complete the mineral resource estimate, while Chris Kaye of Mine and Quarry Engineering Services Inc., was commissioned to review the metallurgical information.

We seek Safe Harbor.