Mr. Glenn Mullan reports

VAL-D'OR MINING PROVIDES UPDATE ON NSR REDUCTION AGREEMENT

Further to Val-d'Or Mining Corp.'s news release of May 30, 2023, the company has received conditional approval from the TSX Venture Exchange for the transactions contemplated under the NSR (net smelter return) purchase agreement dated May 26, 2023, entered into with 2973090 Canada Inc., a private company wholly owned and controlled by Glenn J. Mullan, a director and the chair, president and chief executive officer of the company, and Mr. Mullan, pursuant to which the company has agreed to purchase and concurrently cancel various net smelter return royalties. The company has agreed to issue, subject to the final acceptance by the TSX Venture Exchange, an aggregate of 2,222,222 common shares in consideration for the purchase and cancellation of the net smelter return royalties as set out in the NSR purchase agreement.

The proposed issuance of shares by the company to 2973090 Canada and Mr. Mullan under the NSR purchase agreement constitutes a related party transaction pursuant to the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The exchange requires, as a condition of final approval, disinterested shareholder approval of the NSR purchase agreement and transactions contemplated thereby. Disinterested shareholder approval will be sought at the company's forthcoming shareholder meeting, scheduled for early September.

The common shares to be issued by the company in accordance with the terms of the NSR purchase agreement will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities legislation and TSX Venture Exchange policy. No finder's fees are payable in connection with the transaction.

About Val-d'Or Mining Corp.

Val-d'Or Mining is a junior natural resource issuer involved in the process of acquiring and exploring its mineral property assets, most of which are situated in the Abitibi greenstone belt of Northeastern Ontario and northwestern Quebec. To complement its current property interests, the company regularly evaluates new opportunities for staking and/or acquisitions. Outside of its principal regional focus in the Abitibi greenstone belt, the company holds several other properties in Northern Quebec (Nunavik) covering different geological environments and commodities (nickel-copper-PGEs (platinum group elements)).

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