Mr. Jim Paterson reports

VALORE REPORTS POSITIVE LEACHING RESULTS FROM ONGOING METALLURGICAL PROGRAM FOR PEDRA BRANCA PGM PROJECT, BRAZIL; 73% PLATINUM AND 74% PALLADIUM ACHIEVED EXTRACTION FROM WEATHERED MATERIAL AND 66% PLATINUM AND 79% PALLADIUM FROM CHROMITITE;

Valore Metals Corp. today provided an update on metallurgical testwork under way at its 100-per-cent-owned Pedra Branca platinum group elements (PGE) project, located in Ceara state, Brazil.

Valore's testwork has focused on bioleaching and caustic pretreatment followed by cyanidation demonstrating reproducible and encouraging extractions across both the weathered and chromitite composite materials.

In the latest phase, bioleaching achieved recoveries extractions of up to 73 per cent platinum (Pt) and 74 per cent palladium (Pd) from weathered material, while caustic pretreatment tests on chromitite material returned extractions of up to 66 per cent platinum and 79 per cent palladium, supporting the potential for processing pathways for these important near-surface materials at Pedra Branca.

Highlights

• Bioleaching pretreatment followed by cyanidation achieved extractions of 72.88 per cent Pt and 74.07 per cent Pd from weathered Esbarro deposit material over a 22-day leaching period.
• Consistent PGE extraction rates achieved by bioleaching support its continued evaluation as a promising processing pathway for the shallow, higher-grade weathered material, which comprises approximately 30 per cent of the total inferred resource PGE ounces at Pedra Branca.
• Caustic cracking followed by cyanidation achieved total extractions of 66.42 per cent Pt and 78.81 per cent Pd, highlighting the potential for a dedicated processing route for high-grade chromitite material; massive chromitite material currently modelled represents approximately 5 per cent of the total inferred resource at 2PGE plus Au (gold) ranging from 6.4 to 8.5 grams per tonne 2PGE plus Au, reinforcing the importance of developing an effective treatment pathway.
• Upcoming testwork will include stirred tank reactor testing and heap leach simulation trials to further evaluate both bioleaching and caustic cracking flowsheets in support of the planned PEA.

Valore's continuing metallurgical testwork programs aim to identify optimal processing pathways to recover PGEs from the Pedra Branca deposits as part of a planned preliminary economic assessment (PEA) study, targeted for completion at the end of 2026.

Management commentary

Valore's chief executive officer, Nick Smart, commented: "These results provide an important technical validation for the bioleach processing pathway at Pedra Branca. Achieving PGE extractions above 70 per cent from weathered material through successive test programs, with a notably shorter leaching period in the current round, demonstrates the reproducibility and potential of this approach. Bioleaching is a process that may also offer advantages in terms of reduced processing cost and environmental footprint. We look forward to further evaluating its potential as we advance toward our Pedra Branca preliminary economic assessment."

Metallurgical program overview

Valore's metallurgical program, conducted by the University of Cape Town's department of chemical engineering (UCT) is evaluating two pretreatment approaches -- bioleaching and caustic cracking -- as potential methods to liberate PGEs from silicate and chromite-hosted mineral matrices prior to cyanide leaching. These tests are designed to reproduce earlier laboratory findings and advance process selection for weathered and chromitite material sourced from the Esbarro deposit at Pedra Branca. Two pretreatment routes were evaluated: bioleaching, in which controlled bacterial activity breaks down mineral matrices prior to cyanidation; and caustic cracking, in which the material is leached in a hot caustic solution followed by cyanide leaching of the residue. Each method was benchmarked against a control test consisting of cyanide leaching only, with extractions measured by head grade-to-leachate comparisons for platinum and palladium.

Results and summary

Bioleaching pretreatment: Bioleaching prior to cyanidation achieved extractions of 72.88 per cent Pt and 74.07 per cent Pd over a 22-day leaching period, consistent with previous results obtained over a 60-day leaching period. The rapid kinetics, high precious metals recoveries and reproducibility of these strong outcomes establish bioleaching as a promising pathway for enhanced PGE recovery from weathered material.

Caustic pretreatment: Caustic cracking followed by cyanidation on chromitite material achieved extractions of 66.42 per cent Pt and 78.81 per cent Pd, demonstrating strong performance and highlighting caustic cracking as a potentially effective and targeted processing route for high-grade chromitite mineralization. In contrast, caustic pretreatment applied to the weathered material yielded extractions of 69.88 per cent Pt and 12.81 per cent Pd, confirming its limited effectiveness for this material type.

Next steps

Building on these results, Valore, together with lead process engineering consultant Lycopodium Ltd. will continue to advance metallurgical evaluation of the bioleaching pathway through additional test phases, including:

• Larger-scale tests utilizing stirred tank reactors, and assessment of alternative lixiviants to improve postbioleaching PGE recovery (expected completion: Q3 2026);
• Column tests for heap leach simulation (expected completion: Q4 2026);
• Additional variability and scale-up caustic cracking testwork, including assessment of integration into a standalone or hybrid processing circuit;
• Evaluation of process economics and scalability for flowsheet development and preliminary design (expected completion: Q4 2026).

Sampling and preparation

A phase II metallurgical testwork program will be conducted on fresh and weathered composite samples derived from mineralized material selected from Valore's recent Trado auger drilling campaigns over the Esbarro deposit (see news release dated July 2, 2025), together with selected mineralized drill core intervals from twin diamond drill holes completed by Valore at the Curiu deposit in 2021 (see news release dated Oct. 4, 2021).

Sample material has been selected to be broadly representative of both weathered and fresh mineralization domains within the Esbarro and Curiu deposits. The samples are intended to be indicative only of the specific mineralization types tested and may not be representative of the overall mineral resource present within the Pedra Branca project area.

Head grade determination and chemical characterization of the composite samples were completed by SGS Geosol Laboratories Ltda. (SGS Brazil) prior to shipment of the prepared material to the University of Cape Town's Centre for Minerals Research (CMR), South Africa, for phase II bioleaching and downstream metallurgical testwork.

The Esbarro and Curiu deposits host National Instrument 43-101-compliant inferred mineral resources, as disclosed in Valore's news release dated March 24, 2022, of 403,000 ounces grading 1.16 g/t 2PGE plus Au in 10.8 million tonnes and 150,000 ounces grading 2.20 g/t 2PGE plus Au in 2.1 million tonnes, respectively.

Qualified person (QP)

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Thiago Diniz, PGeo, Valore's QP and vice-president of exploration.

About Valore Metals Corp.

Valore Metals is a Canadian company with a team aiming to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale and the possibility of adding tangible value through exploration and innovation. Valore's Pedra Branca platinum group elements project comprises 45 exploration licences covering a total area of 51,096 hectares (126,260 acres) in northeastern Brazil. At Pedra Branca, seven distinct PGE plus Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2,198,000 ounces 2PGE plus Au contained in 63.6 Mt (million tonnes) grading 1.08 g/t 2PGE plus Au. Valore's team believes the Pedra Branca project has significant exploration discovery and resource expansion potential.

We seek Safe Harbor.