Mr. Jim Paterson reports

VALORE ANNOUNCES CLOSING OF AGREEMENTS WITH SKYHARBOUR FOR URANIUM PROJECTS LOCATED IN SASKATCHEWAN

Valore Metals Corp. has provided an update on developments concerning Hatchet Uranium Corp., in which Valore currently holds an approximately 51.5-per-cent partially diluted ownership interest.

Valore, further to the news releases dated Nov. 4, 2024, and Feb. 5, 2025, announces that closing has occurred on the option agreement with Skyharbour Resources Ltd., whereby Hatchet may acquire an 80-per-cent interest in Skyharbour's 17,606-hectare Highway uranium property and a 100-per-cent interest, subject to a clawback provision for Skyharbour, in Skyharbour's Genie, Usam and CBX/Shoe uranium projects totalling 66,358 hectares, all located to the northeast of the Athabasca basin, Northern Saskatchewan, Canada. The agreement on Highway provides Hatchet an opportunity to earn an 80-per-cent interest in the related claims over a three-year period by fulfilling combined cash, share issuance and exploration expenditure commitments of $3,345,000.

Terms of Highway property agreement

Highway now consists of nine mineral claims comprising approximately 17,606 hectares, due to the recent addition of five mineral claims comprising 8,267 hectares. Hatchet may acquire an 80-per-cent interest in Highway by: (i) issuing common shares in the capital of Hatchet having an aggregate value of $1.05-million; (ii) making aggregate cash payments of $245,000; and (iii) incurring an aggregate of $2.05-million in exploration expenditures on Highway over a three-year period, as follows.

In the event that the issuance of any shares pursuant to the above would result in Skyharbour holding 10 per cent or more of the outstanding Shares of Hatchet, Hatchet will issue that number of shares which would result in Skyharbour receiving 9.9 per cent of the issued and outstanding shares postissuance and will pay cash in lieu of the shares for the difference.

Skyharbour shall retain a 2-per-cent net smelter return royalty from minerals mined and removed from Highway, of which Hatchet may purchase one-half, being 1 per cent, at any time for $1-million.

Terms of the purchased properties

The purchased properties consist of 25 mineral claims comprising approximately 66,358 hectares across the Genie, Usam and CBX/Show projects. Hatchet acquired a 100-per-cent interest in the purchased properties by, on the date of closing, paying Skyharbour $25,000 and issuing to Skyharbour such number of units in the capital of Hatchet equal to 9.9 per cent of the issued and outstanding shares immediately following issuance. Each Hatchet unit shall be composed of one share and one share purchase warrant, entitling Skyharbour to purchase one additional share for a period of three years at a price that is a 25-per-cent premium to the deemed value of the shares in both years one and two, and then increases to a 50-per-cent premium to the issuance value of the shares in year three.

Skyharbour shall retain a clawback provision whereby, within 90 days after the third anniversary of the closing date, Skyharbour may elect by written notice to Hatchet of its intention to purchase back a 25-per-cent interest in the purchased properties by, within 90 days of delivery of such notice, incurring exploration expenditures or paying cash in lieu of financing future exploration, equivalent to 50 per cent of the total amount that Hatchet had spent during the term that is three years from the closing date in exploration expenditures on the purchased properties. If Hatchet has not incurred any exploration expenditures during the three years following the closing date, then Skyharbour shall automatically receive the 25-per-cent interest in the purchased properties.

Skyharbour shall also retain a 2-per-cent net smelter return royalty from minerals mined and removed from the purchased properties, of which Hatchet may purchase one-half, being 1 per cent, at any time for $2-million.

One of the conditions precedent for Hatchet prior to closing on both agreements was to close a financing for minimum gross proceeds of $1.5-million, which is now complete. Furthermore, Hatchet will proceed to list on the TSX Venture Exchange or the Canadian Securities Exchange, or will have sold its interest to or combined with a similarly listed issuer. If this is not complete within 18 months, Hatchet's right to acquire the purchased property will terminate. If, after 12 months, Hatchet has not listed, then it shall pay Skyharbour a monthly fee of $10,000 until such conditions are satisfied or an aggregate of $60,000 has been paid, whichever occurs first.

Highway property summary

The Highway uranium project consists of nine claims covering 17,606 hectares, approximately 41 kilometres south of the Rabbit Lake mine and 11 km southwest of Uranium Energy Corp.'s West Bear uranium and cobalt-nickel deposits. The Highway project is located approximately seven km east of the present-day margin of the Athabasca basin but is believed to have been covered by Athabasca sandstone in the past. Highway 905 runs through the property, providing excellent access for exploration and in close proximity to regional infrastructure. There has been limited modern exploration performed on the project, but there is the potential for high-grade basement-hosted uranium mineralization.

The project is underlain by Wollaston supergroup metasedimentary gneisses (pelitic to psammopelitic and psammitic to metaarkosic) folded around and overlying an Archean felsic gneiss dome, which outcrops in the southwestern portion of the property and cores a northeast-trending antiformal fold nose.

Genie property summary

The Genie property consists of five claims totalling 16,930 hectares, and is located approximately 48 km northeast of Cameco's Eagle Point uranium mine (Rabbit Lake operation) and 40 km north of Wollaston Lake post. The project is underlain by Wollaston superground metasedimentary gneisses and Archean granitoids, with prospective pelitic to psammopelitic gneisses (including graphitic varieties) and several north-trending faults related to the Tabbernor fault system being mapped on the property. The project lies outside of the current extent of the Athabasca basin, but is believed to have been overlain by now-eroded Athabasca sandstones in the past and has the potential for high-grade basement-hosted uranium mineralization. The property is underlain by a series of linear magnetic highs (interpreted as granitoids) and magnetic lows (interpreted as metasedimentary gneisses), crosscut by a highly magnetic northwest-trending Mackenzie Diabase dike.

Previous work on the Genie project includes limited diamond drilling (three historical drill holes, of which one was abandoned in overburden) and a variety of airborne and ground geophysical surveys, prospecting, geological mapping, lake sediment and overburden sampling, and soil sampling. Most of this exploration work took place between 1966 and 1980, prior to the advent of modern geophysical methods and geological models, but, in 2014, part of the Genie property was covered by a helicopter-borne Dighem magnetic, electromagnetic and radiometric survey. The survey showed a strong central electromagnetic conductor following a magnetically inferred contact on the two northeastern most claims, which is locally disrupted by several moderately conductive north-south-trending structural breaks, inferred to be faults. This strong conductor is highly prospective for uranium mineralization, and drilling done in 1969 and 1971 has confirmed the presence of graphitic and sulphide-containing pelitic gneisses on the property. Lake sediment samples, also collected at Genie during the 2014 exploration program, contained up to 63.3 parts per million uranium, further showcasing the prospectivity of the property.

Usam property summary

The Usam project consists of 12 claims totalling 40,041 hectares and is located approximately 16 km northeast of Cameco's Eagle Point mine (Rabbit Lake operation). The project has numerous EM conductors that are associated with significant magnetic lows of the Wollaston domain. While the project is outside of the current confines of the Athabasca basin, the area was overlain by Athabasca sandstones historically. Basement rocks on the property include Wollaston supergroup metasediments and Archean granitoid gneisses, with highly prospective pelitic to psammopelitic gneisses (including graphitic varieties) making up the largest proportion of the basement rocks. Several north-trending faults related to the Tabbernor fault system crosscut the property.

Previous work on the project includes diamond drilling (12 holes), lake sediment sampling, soil sampling, geological mapping, ground and airborne geophysics, marine seismic, prospecting, and other geochemical sampling, the majority of which was done in the 1980s and 1970s. Modern exploration of the property has been limited to geophysics and ground prospecting. As such, there is a significant untested potential on the project. Trenching on Cleveland Island uncovered up to 0.31 per cent triuranium octoxide in mineralized pegmatite, and diamond drilling on Gilles Island intersected anomalous uranium, indicating that the basement rocks underling the Usam property are fertile sources of uranium in addition to containing pegmatite- and granite-hosted uranium-thorium-rare-earth-element mineralization. There are also several sedimentary-hosted base metals (that is, copper and zinc) showings on the project and in the surrounding area, which show similarities to the sedimentary-hosted Cu mineralization previously discovered by Rio Tinto and its partners at the Janice Lake project farther southwest in the Wollaston domain.

CBX/Shoe property summary

The CBX property has been recently expanded through staking to include five additional claims adjoining the previously staked CBX and Shoe properties, which have been combined to include a total of seven claims covering 8,777 hectares. The 609-hectare Shoe property has remained unchanged, with both CBX and Shoe consisting of eight non-contiguous claims totalling 9,386 hectares.

The new claims lie approximately 6.5 km to 25 km northeast of the Eagle Point uranium mine and cover the northern shore of Wollaston Lake, including parts of Cunning Bay. Outcrop exposure on the property is poor, but historical mapping and drilling show that the newly expanded CBX project is underlain by a mixture of Wollaston supergroup metasedimentary gneisses, Hudsonian intrusives and Archean felsic gneisses of the Western Wollaston domain. Similar lithologies host uranium mineralization at the Rabbit Lake operation, including the Eagle Point deposit, and other uranium deposits in the Athabasca basin and surrounding regions. The CBX and Shoe properties have had historical exploration, including airborne and ground geophysical surveys, lake sediment, soil and spruce geochemical surveys, till sampling, prospecting, geological mapping, and a marine seismic survey, but the majority of this work took place in the 1960s to 1980s, with limited modern exploration work being carried out on a small portion of the CBX and Shoe properties.

About Hatchet Uranium Corp.

Hatchet was incorporated by Valore on Feb. 7, 2024, and now holds a commanding land position, comprising 97,674 hectares, in the eastern Athabasca region of Saskatchewan.

Qualified person

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 Thiago Diniz, PGeo, Valore's QP and vice-president of exploration.

About Valore Metals Corp.

Valore 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 element project comprises 45 exploration licences covering a total area of 51,096 hectares (126,260 acres) in northeastern Brazil. At Pedra Branca, seven distinct PGE plus gold deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2,198,000 ounces of two PGE plus Au contained in 63.6 million tonnes grading 1.08 grams per tonne 2PGE plus Au. Valore's team believes the Pedra Branca project has significant exploration discovery and resource expansion potential.

We seek Safe Harbor.