Valhalla Metals Inc. provided an update on the Sun Project and the Ambler Mining District Access Road. A work program at the 24-man Sun project camp was completed during September 2022 and consisted of fixing snow-damaged tents, clearing areas for new tents and full inventory of work required to make the camp fully operational for the 2023 exploration program. A full camp re-build and expansion is planned to be completed by June 2023 in anticipation of supporting a 5,000m drilling program designed to confirm and expand on known VMS copper-zinc-lead-gold-silver resources at the Sun and SW Sun zones and test several other newly identified high-quality targets.

The Company welcomes the recent bi-partisan support from the U.S Senators Lisa Murkowski and Dan Sullivan, both R-Alaska and U.S. Representative Mary Peltola, D-Alaska, for the proposed 211-mile, industrial-use-only road from the Ambler Mining District to the Dalton Highway (Ambler Road). The Ambler District is host to the world-class 40MT Arctic VMS deposit and development of the district was promised by Congress when they passed Alaska National Interest Lands Conservation Act (ANILCA) in 1980, where Section 201 (4-b) states "Congress finds that there is need for access for surface transportation purposes across the Western (Kobuk River) unit of the Gates of the Arctic National Preserve (from the Ambler Mining District to the Alaska Pipeline Haul Road) and the Secretary shall permit such access in accordance with the provisions of this subsection" emphasis added. The proposed Ambler Road is planned to cross Valhalla State mining claims at the Sun project and would unlock a host of critical and strategic metals necessary for the green energy and transportation transition.