Mr. Tony Louie reports

VALOREM ANNOUNCES NAME CHANGE TO AVANTI GOLD CORP.

Valorem Resources Inc. will change its name from Valorem Resources Inc. to Avanti Gold Corp., to be effective on April 21, 2023. Trading of the company's common shares is expected to resume under the new name and under the ticker symbol AGC on the Canadian Securities Exchange as of market open on April 21, 2023. In connection with the name change, the company's new Cusip will be 05352C106 and the new ISIN will be CA05352C1068. There is no consolidation of shares associated with the name change. Its trading symbol on the Borse Frankfurt will remain as X37.

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, in the DRC. The Misisi gold project has a contained inferred mineral resource of three million ounces of gold as reported in the company's National Instrument 43-101 technical report on the Misisi gold project.

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.