Mr. Tony Louie reports

VALOREM RESOURCES NAME CHANGE TO AVANTI GOLD CORPORATION

Valorem Resources Inc. has changed its name to Avanti Gold Corp. under the trading symbol AGC. Trading of the common shares will resume trading under the new name and the ticker symbol on the Canadian Securities Exchange as of market open on April 21, 2023.

Please note that all open orders will be cancelled at the end of business on April 21, 2023. Dealers are reminded to re-enter their orders.

Effective date:  April 21, 2023

New symbol:  AGC

New Cusip No.:  05352C106

New ISIN:  CA05352C1068

Old symbol:  VALU

Old Cusip No.:  92026P200

Old ISIN:  CA92026P2008

Further information is available under the company's profile on the Canadian Securities Exchange website.

About Valorem Resources Inc.

Valorem Resources is a mineral exploration company working on a Tier 1 gold opportunity in the Democratic Republic of the Congo (DRC), located in the Fizi territory of South Kivu province. The Misisi gold project has a contained inferred mineral resource of three million ounces (Moz) of gold (Au) as reported in the company's National Instrument 43-101 technical report on the Misisi gold project.

The project is located 250 kilometres south of Bukavu, the provincial capital of the South Kivu province, in the DRC. The project is composed of three contiguous 30-year mining leases, valid until 2045, covering 133 square kilometres of prospective exploration ground along the 55 km long Kibara gold belt. The Kibara belt is a well-known metallogenic province and hosts a number of other deposits, including the Twangiza (5.1 Moz oz Au) and Namoya (1.9 Moz) gold mines. The project is host to the Akyanga deposit, which is the subject to an inferred resource of 44.3 million tonnes (Mt) at an average grade of 2.16 grams per tonne (g/t) gold containing three million ounces.

Qualified person

Ephraim Masibhera, a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed the scientific and technical information that forms the basis for this news release, and has approved the disclosure herein. Historical information contained in this news release cannot be relied upon as the company's qualified person, as defined under NI 43-101, has not prepared nor verified the historical information.