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CEO Update – 2020 Summary and Next Steps

November 13, 2020

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; the “Company”; TSXV: VO; OTC: KVLQF; FRANKFURT: KEQ0) today provided a summary of 2020 accomplishments and next steps to advance ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil.

“So far in 2020, our team has successfully advanced exploration efforts at the Pedra Branca PGE project on multiple fronts. We have completed 80% of the 6,000 metre two phase drill program, focusing on our goals of resource expansion, target advancement and discovery drilling,” stated Jim Paterson, ValOre’s Chairman and CEO. “Assay results are pending from drilling completed at Trapia 1 and Trapia 2; with both drill rigs now positioned to start drilling at the Santo Amaro area this week. Our work related to mineralogy, processing and metallurgy has provided very positive initial results and some additional options which warrant immediate follow up.”

Pedra Branca 2020 Drill Program

Resource Expansion – The bulk of the 6,000 proposed metres to be drilled as part of both the Phase 1 and 2 programs, were aimed at expanding specific zones which form part of the Pedra Branca inferred resource, namely Trapia (Trapia 1 and Trapia 2) and Santo Amaro:

  • Trapia 1 – 2,520 metres in 12 holes drilled with assays from 5 holes released Aug 25 and Aug 31. Assays pending from 7 holes drilled to the south of the area of known resources;
  • Trapia 2 – 1,098 metres in 8 holes drilled with samples from all holes sent this week to the lab for assays;
  • Santo Amaro – two drill rigs now positioned at Santo Amaro to commence drilling this week. We aim to finish strong with the planned drilling of 960.0 metres in 8 holes.

Target Advancement – 565 metres in 8 holes, were drilled in previously tested target zones, with highly encouraging results coming from Cana Brava, where shallow mineralization was extended with PGE intercepts in three of the  drill holes (Oct 27 release)

Discovery Drilling – 750 metres in 8 holes tested new targets, with a highlight being a new PGE discovery at the previously undrilled C-04 WorldView-magnetic anomaly target, with 2PGE+Au mineralization encountered in all three drill holes (Oct 27 release). These results are significant, as they validate ValOre's exploration methodology described in the Dec 4, 2019 news release.

Metallurgical Work

For a synopsis of ValOre Nov 2 and Nov 9 releases, please click this LINK to a video presentation by ValOre’s Colin Smith (New Project Review) and Dustin Zinger (Investor Relations).

  • Platsol metallurgical test recoveries of 93.4 to 93.6 per cent for palladium (Pd) and 95.3 to 95.7 per cent for platinum (Pt) achieved;
  • Hot cyanide metallurgical test recoveries of 84.4 per cent, 88.5 per cent and 91.7 per cent palladium were achieved;
  • Falcon UF gravity test work was very effective at concentrating platinum with 82.6 per cent Pt recovered in 32.1 per cent of the mass.

Next Steps

As we continue with a property-wide exploration program at Pedra Branca, there will be a t steady news flow in Q4 2020 and Q1 2021, to include results from:

  • Drilling at Trapia 1 (pending), Trapia 2 (sent recently to lab), and Santo Amaro (drilling to commence this week);
  • Assays and reports from targeted exploration programs property wide, including mapping, prospecting, trenching, rhodium values from historic drill core, and soil sampling (Mendes North);
  • Platsol™ tests to optimize PGE and gold recoveries;
  • A comprehensive mineralogical evaluation to characterize the speciation of palladium and platinum in Pedra Branca mineralization;
  • Falcon ultrafine (UF) gravity separation testwork continues as a potential preconcentration circuit to upgrade feed material and improve mass pull;
  • Steinert sensor-based ore sorting testwork will commence shortly with the shipment of 100 representative chip samples from historic drilling at the Esbarro deposit.

ValOre’s advancement of the Pedra Branca PGE project has been greatly assisted by the support of the local communities surrounding Pedra Branca, in particular the wonderful people of Capitão Mor. Our highest priority is to operate safely and make a positive impact on the local community. Over the past year, we have grown a first-class team, which includes incredibly hard working and competent professionals in Brazil, Canada, USA and UK.

We thank our shareholders for their patience as we advance this emerging PGE district – we feel the potential prize is most certainly worth the wait.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

NOVEMBER 9, 2020 ValOre Reports Further Encouraging Metallurgical Testing Results from Pedra Branca PGE Project: 91% palladium recoveries in cyanide leach and 82% platinum recovered in 32% mass in gravity sort

NOVEMBER 2, 2020 ValOre Initiates Multi-faceted Optimization Testwork at Pedra Branca and Receives Preliminary Platsol™ Metallurgical Recoveries of 93.4% for Palladium and 95.3% for Platinum

OCTOBER 27, 2020 ValOre Validates Exploration Methodology with Drill Discovery of New PGE Zone at Pedra Branca

OCTOBER 19, 2020 ValOre Provides Pedra Branca Exploration Update; Second Rig Arrives to Commence Fully Funded Phase 2 Drill Program

SEPTEMBER 21, 2020 ValOre Expands Fully Financed Exploration Program at Pedra Branca with Additional Drill Rig and New Geological Team Members

AUGUST 31, 2020 ValOre Expands PGE Mineralization at Pedra Branca with Step-Out Drilling; Intersects 9.49 g/t 2PGE+Au over 2.45 metres

AUGUST 25, 2020 ValOre Announces Initial Drill Results from Pedra Branca; Including 1.0 g/t 2PGE+Au Over 52.8 Metres from Surface

AUGUST 6, 2020 ValOre Provides Update on Pedra Branca Activities

JULY 9, 2020 ValOre Commences Drilling at Pedra Branca PGE Project

JULY 7, 2020 ValOre Soil Geochemistry Assay Results Identify PGE Anomalies at all Three Mendes North Targets

JUNE 18, 2020 ValOre Bolsters Technical Team and Provides Update on Pedra Branca PGE Project Drill Program

JUNE 17, 2020 ValOre Provides Exploration Update for Pedra Branca PGE Project and Initiates Metallurgical Testwork

APRIL 27, 2020 ValOre Outlines 2020 Exploration Program for Pedra Branca; Secures $1.2 Million Financing

MARCH 30, 2020 ValOre Continues to Identify New PGE Targets at Pedra Branca; Provides Update Regarding COVID-19

MARCH 12, 2020 ValOre Reports Rhodium Assays from Pedra Branca PGE Project, Brazil: Initial results from Esbarro Deposit yield up to 1.44 g/t Rhodium.

Qualified Person (QP)

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre’s QP, who oversees New Project Review for ValOre.

About ValOre Metals Corp.

ValOre Metals Corp. (TSXV: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims 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, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+ Au contained in 27.2 million tonnes grading 1.22 g/t 2PGE+Au (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the currently known inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the “District Scale” potential of ValOre’s Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

For further information about, ValOre Metals Corp. or this news release, please visit our website at valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.