ValOre Metals Corp. provided an update on metallurgical testwork program at ValOre's 100%-owned Pedra Branca Platinum Group Elements Project in northeastern Brazil. Key Points on Metallurgical Testwork Program: Four HQ-size core drill holes totaling 332 metres at the Cedro PGE deposit area were drilled, logged, sampled and assayed to support ongoing metallurgical testwork; All 4 drill holes confirmed the historically reported geology and returned broad, consistently mineralized PGE intercepts including: 53 m at 1.18 grams per tonne palladium + platinum + gold ("g/t 2PGE+Au") from surface, incl.

7.0 m at 2.64 g/t 2PGE+Au from 44 m in drill hole DD21CD24A 62 m at 0.90 g/t 2PGE+Au from 58 m, incl. 31 m at 1.40 g/t 2PGE+Au from 82 m in drill hole DD21CD05A 52 m at 1.03 g/t 2PGE+Au from 19 m in drill hole DD21CD89A; 70 m at 0.71 g/t 2PGE+Au from surface, incl. 29 m at 1.12 g/t 2PGE+Au in drill hole DD21CD42A; Metallurgical drilling campaign concluded, totaling 922 m in 14 holes, including 6 holes at Esbarro (378 m), and 4 holes at Curiu (213 m), in addition to the 332 m in 4 holes at Cedro; Drill core for the remaining two PGE deposits which form part of the 2019 inferred resource, Trapia and Santo Amaro, will be collected from the 2020 and 2021 resource expansion drill programs; Testwork program at ALS Metallurgy Kamloops commenced in November 2021, with a primary focus on mineralogy and conventional processing circuits, and preliminary results expected in February 2022.

Four HQ-size core drill holes were completed at the Cedro deposit 2PGE+Au contained in an inferred resource of 4.2 million tonnes grading 1.10 g/t 2PGE+Au) to provide PGE mineralized material for ongoing metallurgical testwork. In addition, 6 holes (378 m) were drilled into the Esbarro deposit (394,000 oz 2PGE+Au in 9.9 Mt grading 1.23 g/t 2PGE+Au), and 4 holes (213 m) were drilled into the Curiu deposit (100,000 oz 2PGE+Au in 1.6 Mt grading 1.93 g/t 2PGE+Au). CLICK HERE for news release dated October 4, 2021, for assay results from the Esbarro and Curiu drill program.

All drill holes confirmed the historically reported mineralized ultramafic intrusion and returned broad, consistently mineralized 2PGE+Au intercepts, originating at surface and at depth, down dip. See Table 1 and 2 below for a complete table of Cedro drill core assays and Figure 1 for a map of the metallurgical drill hole locations at Cedro.