ValOre Metals Corp. provided an update on the fully-funded first phase of the 2023 core drilling program at ValOre's 100%-owned Pedra Branca Platinum Group Elements ("PGE", "2PGE+Au") Project ("Pedra Branca") in northeastern Brazil. 2023 Drill Program Underway with Two Core Rigs Drilling at Galante Target: Fully-funded and permitted 5,000-metre ("m") core drilling program started in early June; Two drill rigs are testing four PGE targets (Galante, Troia, Nambi and Ipueiras), which were advanced through 2022 exploration but not included in the 2022 NI 43-101 Resource Estimate; Total of 9 diamond drill holes ("DDHs") now completed at the northern portion of Galante target, with PGE hosting ultramafic rocks ("UM") intersected in 8 holes drilled this year; Selected intervals from 8 holes sent to SGS Geosol Laboratorios Ltda.

("SGS Geosol") in Vespasiano, Minas Gerais, Brazil with assay results expected in approximately 4 weeks. Drilling commenced in early June at the Galante target area, the longest and most prospective undrilled trend at Pedra Branca, as evidenced by the 3-kilometre-long cumulative palladium-platinum soil anomaly, multiple high-grade Trado®? auger holes and assays from selected rock sampling at surface, in addition to 7 mineralized trenches excavated throughout the trend.

This spring, nine diamond drill holes have been completed at the northern portion ofGalante target. Selected intervals from 8 holes were sent to SGS GeosOL in Vespasiano,Minas Gerais, Brazil. Both rigs have now commenced drilling a portion of the Galante target located immediately south of the BR-226 highway to follow-up ValOre 2022 trenches TR22GE06: 19 m grading 0.31 g/t 2PGE+Au (DD23GE10) and TR22GE07: 90 m grading 0.55 g/t 2PGE +Au incl.

17 m grading 1.17 g/t 2PGE&Au (DD23GE11). Ipueiras, Troia and Nambi also represent drill-ready "pipeline" targets developed in 2022 to be tested this year.