Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today reported trench assay results from the Nambi (“Nambi”) and Trado^® auger from the São Francisco (“São Francisco”) pipeline targets at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

“We are very encouraged with the potential of both the Nambi and São Francisco targets, as they evolve into excellent drill targets for Q1, 2023,” stated ValOre’s VP of Exploration, Colin Smith. “Results at both targets indicate palladium-platinum mineralization at scale with opportunities for expansion. At Nambi, mineralization along 1.2 kilometres of geological trend remains open at depth, and at São Francisco, trenching is in progress to follow-up encouraging assay results from 14 Trado^® auger holes received to date.”

Nambi Trenching PGE Assay Highlights:

• 17 metres (“m”) grading 0.80 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”), incl. 6.0 m grading 1.65 g/t 2PGE+Au – Trench TR22NB03;
• 6.0 m grading 1.28 g/t 2PGE+Au, incl. 4.0 m grading 1.77 g/t 2PGE+Au – Trench TR22NB02;
• 10 m grading 0.84 g/t 2PGE+Au, incl. 3.0 m grading 1.65 g/t 2PGE+Au – Trench TR22NB01.

São Francisco Trado^® Auger PGE Assay Highlights:

• 2.5 m grading 1.05 g/t 2PGE+Au from surface – Trado^® hole AD22SF02;
• 5.0 m grading 0.66 g/t 2PGE+Au from surface – Trado^® hole AD22SF03;
• 1.5 m grading 0.89 g/t 2PGE+Au from surface – Trado^® hole AD22SF012;
• 2.5 m grading 0.65 g/t 2PGE+Au from surface – Trado^® hole AD22SF09.

Exploration Update Summary

Nambi and São Francisco represent pipeline targets under evaluation by ValOre’s sequential exploration methodology, which assesses the near-surface PGE potential of showings throughout the Pedra Branca district. CLICK HERE for São Francisco news release dated September 12, 2022, and CLICK HERE for Nambi news release dated September 14, 2022.

At Nambi, 4 trenches totaling 108 m all exposed target ultramafic (“UM”) rocks, establishing an in situ geological trend of approximately 1.2 km. PGE assays are reported herein for trenches TR22NB01 to TR22BB03 (Table 1) and 31 sample results are pending for the final trench (TR22NB004 – 31 m in length), which intercepted 21 m of UMs.

At São Francisco, a total of 73 m in 20 Trado^® auger holes have been drilled, with UMs encountered in all holes (61 m total). Assays are reported herein for 14 holes (Table 2) and are pending for 6 holes. Follow-up trenching is in progress, with 182 m in 4 trenches excavated thus far, and an aggregate of 123 m of UMs encountered in all trenches.

Trado^® end of hole (“EOH”) depths typically represent that the auger has entered impenetrable bedrock, so mineralization and UM rocks present at EOH remain open at depth and require follow-up core or RC drilling.

Follow-up field exploration campaigns are in progress to assess prospectivity along trends at Nambi and São Francisco. To date, both targets meet the criteria of zones which warrant further testing by core and/or RC drilling.

Table 1: Trench Channel Sample Assay Highlights for Nambi Target.

Target	Trench ID	From (m)	To (m)	Length (m)	2PGE+Au (g/t)	2PGE+Au Interval Summary*
Nambi	TR22NB01	16	26	10	0.84	10 m grading 0.84 g/t 2PGE+Au
		22	25	3	1.65	incl. 3 m grading 1.65 g/t 2PGE+Au
Nambi	TR22NB02	10	16	6	1.28	6 m grading 1.28 g/t 2PGE+Au
		12	16	4	1.77	incl. 4 m grading 1.77 g/t 2PGE+Au
Nambi	TR22NB03	3	20	17	0.8	17 m grading 0.80 g/t 2PGE+Au
		9	15	6	1.65	incl. 6 m grading 1.65 g/t 2PGE+Au

*Reported trench assay interval lengths are channel samples and estimated to represent 85-90% true width.

Table 2: Trado^® Auger Drilling Highlights for São Francisco Target.

Target	Hole ID	From (m)	To (m)	Length (m)	2PGE+Au (g/t)	2PGE+Au Interval Summary
São Francisco	AD22SF01	0	7	7	0.29	7 m grading 0.29 g/t 2PGE+Au from surface
São Francisco	AD22SF02	0	2.5	2.5	1.05	2.5 m grading 1.05 g/t 2PGE+Au from surface
		0	1	1	2.14	incl. 1 m grading 2.14 g/t 2PGE+Au from surface
São Francisco	AD22SF03	0	5	5	0.66	5 m grading 0.66 g/t 2PGE+Au from surface
São Francisco	AD22SF05	0	4	4	0.22	4 m grading 0.22 g/t 2PGE+Au from surface
São Francisco	AD22SF06	0	4	4	0.27	4 m grading 0.27 g/t 2PGE+Au from surface
São Francisco	AD22SF07	0	2	2	0.26	2 m grading 0.26 g/t 2PGE+Au from surface
São Francisco	AD22SF08	0	2	2	0.13	2 m grading 0.13 g/t 2PGE+Au from surface
São Francisco	AD22SF09	0	2.5	2.5	0.65	2.5 m grading 0.65 g/t 2PGE+Au from surface
		1	2	1	1.11	incl. 1 m grading 1.11 g/t 2PGE+Au from 1 m
São Francisco	AD22SF10	0	10	10	0.22	10 m grading 0.22 g/t 2PGE+Au from surface
São Francisco	AD22SF11	1	2	1	0.13	1 m grading 0.13 g/t 2PGE+Au from 1 m
São Francisco	AD22SF12	0	1.5	1.5	0.89	1.5 m grading 0.89 g/t 2PGE+Au from surface
São Francisco	AD22SF13	0	1.7	1.7	0.19	1.7 m grading 0.19 g/t 2PGE+Au from surface
São Francisco	AD22SF14	0	3	3	0.24	3 m grading 0.24 g/t 2PGE+Au from surface

Figure 1: Plan map of the Nambi target, locating 2022 trenches excavated along the main mineralized trend.

Figure 2: Plan map of the São Francisco target, locating Trado^® auger holes drilled along the main mineralized trend.

About the Trado^® Auger and Trenching Methodology

CLICK HERE for more information regarding Trado^® Auger and Trenching methodology.

Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting

CLICK HERE 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 NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre’s QP and Vice President of Exploration.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: 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 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au (CLICK HERE for news release dated March 24, 2022). All the currently known Pedra Branca inferred PGE 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 current 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 CLICK HERE for ValOre's news release dated 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.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at [email protected].

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

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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.