Mr. Alan Edwards reports

VALOR GOLD ADVANCES OPTIMIZATION PROGRAM TARGETING UPDATED COURAGEOUS LAKE PRE-FEASIBILITY STUDY IN Q1 2028

Valor Gold Corp. has provided an update on its development plans for the Courageous Lake gold project in the Northwest Territories, Canada, reaffirming its commitment to advancing the project through a comprehensive optimization and technical evaluation program, targeting completion of an updated prefeasibility study (PFS) in the first quarter of 2028.

Interim chief executive officer Alan Edwards commented: "The company remains focused on maintaining continuity in its project development activities and delivering against its established near-term objectives. Initiating trade-off studies that will inform an updated PFS is an important part of understanding the best path forward for Courageous Lake. The Valor team are committed to advancing in a disciplined and responsible manner, building on the significant technical work completed to date while pursuing opportunities to further enhance the project's long-term value."

A broader approach to project optimization

The 2024 PFS demonstrated the significant potential of the Courageous Lake project, outlining a robust development plan with robust economics. Building on this strong foundation, the next phase of development will evaluate an expanded range of potential development configurations to identify the preferred approach for advancement through the updated PFS.

This work will incorporate updated long-term metal price assumptions, current capital and operating cost estimates, and the integration of non-refractory mineral resources into the mine plan. Valor's systematic approach will focus on optimizing project economics, capital efficiency and operational performance, while advancing engagement, prioritizing environmental stewardship and strengthening permitting readiness.

The planned trade-off studies will examine several strategic opportunities, including:

• Resource development opportunities: Assessing the potential inclusion of non-refractory mineral resources, including the Walsh Lake deposit (an inferred mineral resource of 4,134,000 tonnes grading 4.18 grams per tonne Au and containing 555,000 ounces Au), and expanding and further defining non-refractory resources below the permafrost boundary, as outlined in Valor Gold's Sept. 17, 2026, news release, to evaluate their potential contribution to the overall development strategy and project economics.
• Mining strategy optimization: Comparing open-pit, underground and potentially combined mining approaches to determine the most appropriate development sequence and mining configuration.
• Processing technology selection: Assessing alternative refractory gold processing technologies, including pressure oxidation (POX) and biological oxidation (BIOX), with consideration of capital and operating costs, metallurgical performance, technical risks, and environmental implications.
• Tailings and waste management: Evaluating alternative tailings storage and waste management configurations to identify opportunities to improve environmental performance, reduce long-term liabilities and enhance permitting outcomes specifically in subarctic conditions.
• Integrated project configuration: Assessing the combined implications of mining, processing, infrastructure, and material management alternatives to identify a technically robust and economically attractive development solution.

Valor believes this broader evaluation will provide an opportunity to unlock additional value from the Courageous Lake mineral resource base while developing a project configuration that is better aligned with the expectations of indigenous communities, regulators and stakeholders.

Advancing technical investigations and feasibility work

In parallel with the trade-off studies and exploration activities, the company intends to advance targeted field investigation and off-site technical testwork programs to address key areas of technical uncertainty and support the next stage of engineering.

These programs are expected to include additional geotechnical, hydrogeological, environmental and permafrost investigations, together with metallurgical and process development testwork as required to support the selection and validation of the preferred project configuration.

The results of these programs will be progressively incorporated into the project design and economic evaluations.

Following completion of the strategic trade-off studies, Valor intends to select a preferred integrated development option for detailed evaluation through an updated PFS. The study will establish an updated technical and economic basis for the project, including mine planning, process design, infrastructure requirements, capital and operating cost estimates, environmental considerations, and implementation planning. Valor is targeting completion and publication of an updated PFS, supported by a technical report prepared in accordance with National Instrument 43-101, during the first quarter of 2028.

Advancing relationships

In addition to the technical work under way, Valor Gold is working towards building meaningful and collaborative relationships with the indigenous governments, rights holders and communities in the Courageous Lake area. Couregous Lake is situated on lands within Treaty 11, the Monfwi Gogha De Njjtlee Area of the Tl cho agreement, Akaitcho Traditional Territory, Chief Drygeese Territory, as well as the North Slave Metis Alliance (NSMA) traditional lands.

A clear path forward

The company remains confident in the long-term potential of Courageous Lake and believes the planned optimization program represents a constructive next step toward realizing the project's value.

By combining disciplined technical evaluation with early and meaningful community engagement, the company intends to advance a development strategy that balances economic opportunity with responsible environmental stewardship to create a practical pathway toward impact assessment permitting and eventual project development.

The board and management team remain aligned on these priorities and are committed to maintaining project momentum during the leadership transition. The company looks forward to providing further updates as the trade-off studies, exploration program, technical investigations and community engagement programs progress toward the planned Q1 2028 PFS milestone.

Scientific and technical information

The most recent technical report on the Courageous Lake project is entitled "Courageous Lake Pre-feasibility Study and Preliminary Economic Assessment, NI 43-101 Technical Report, Yellowknife, Northwest Territories, Canada" dated March 23, 2026, with an effective date of Jan. 5, 2024. Readers are directed to the technical report for disclosure of QA/QC (quality assurance/quality control) procedures, methodology and data verification undertaken with respect to the exploration information contained in this news release.

Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the company's preliminary economic assessment (PEA) will be realized. Mineral resources in the PEA mine plan are not mineral reserves and do not have demonstrated economic viability. The PEA is preliminary in nature and evaluates a conceptual expansion beyond the prefeasibility study pit and includes inferred mineral resources. See the PEA for relevant assumptions, parameters and risks.

The contents of this release have been reviewed and approved by Marcus Adam, PGeo, vice-president of exploration of the company and a qualified person under National Instrument 43-101.

About Valor Gold Corp.

Valor is a Canadian gold exploration and development company formed through the strategic spinout of the Courageous Lake gold project in the Northwest Territories. The company's mandate is to focus technical and financial resources on advancing a large-scale gold system through disciplined exploration, resource expansion and staged development planning.

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