Mr. Chris Donaldson of Valkea reports

VALKEA RESOURCES REPORTS THAT JV PARTNER RUPERT RESOURCES WILL ADVANCE TO STAGE 2 OF VALKEA'S SIKAVAARA PROJECT EARN-IN AGREEMENT

Rupert Resources Corp. has notified Valkea Resources Corp. that it has satisfied the stage 1 requirements of its earn-in agreement on Valkea Resources' Sikavaara project and has elected to enter stage 2, whereby Rupert can earn in up to 70 per cent of the project.

"We are very pleased that Rupert is advancing to stage 2 of the agreement," commented Chris Donaldson, chief executive officer of Valkea. "Rupert has demonstrated its exploration expertise with multiple significant discoveries in this prolific greenstone belt in Finland. The Sikavaara licences sit along the same structural corridor that hosts Rupert's Ikkari deposit, making them the ideal partner for exploring the project. Additionally, our partnership with Rupert is an exciting key component to Valkea's portfolio of projects as it enables Valkea to focus its resources on advancing the 100-per-cent-owned discovery on the Paana project near Agnico Eagle's Kittila mine while still maintaining exposure to the prospective Sikavaara project."

The Sikavaara earn-in agreement

The agreement was initially signed between Sakumpu Exploration Oy (a subsidiary of Valkea acquired from S2 Resources Ltd.) on Aug. 16, 2021, and announced by S2 on Aug. 17, 2021. The project comprises two exploration licences known as Sikavaara East (ML2016:0056) and Sikavaara West (ML2019:0107) totalling 37 square kilometres.

The Sikavaara licences are positioned along the highly prospective, east-west-trending Sirkka shear zone, in the Central Lapland greenstone belt of northern Finland. The shear zone also hosts Rupert's 4.09-million-ounce Ikkari gold deposit and B2 Gold and Aurion Gold's joint Helmi and Sore gold discoveries. Valkea maintains a strong land position along this structural trend with interests in the Sikavaara project as well as its 100-per-cent-owned Putaanpera project.

Rupert has now satisfied stage 1 requirements and has met the minimum spend of 1.2 million euros (approximately $1.65-million) on exploration over the first three years of the agreement. Rupert has now elected to proceed to stage 2 to earn a 70-per-cent interest in the project by spending an additional 2.2 million euros (approximately $3.3-million) on exploration over the next three years. Rupert will continue to be the operator during the earn-in period and is responsible for meeting all requirements to maintain the Sikavaara licences in good standing. If Rupert does not meet the stage 2 expenditure requirement, the Sikavaara licences will revert to 100-per-cent Valkea ownership. If Rupert completes stage 2 of the earn-in, a total of 3.4 million euros (approximately $5.1-million) across both licences would have been spent.

Following completion of stage 2 expenditures a joint venture (70 per cent Rupert; 30 per cent Valkea) will be established. Rupert will be the operator whilst its participating interest in the joint venture is greater than 50 per cent. Valkea can elect to contribute its pro rata share of joint venture expenditure or dilute. Should either party dilute to 10 per cent or less (or if a party's participating interest is less than 30 per cent and it fails to contribute its pro rata share of financing on three occasions whilst its participating interest remains at less than 30 per cent), that party's interest will automatically convert to a 2-per-cent net smelter return royalty, with the other party having the right to buy down half of this royalty (1 per cent) for one million euros (approximately $1.5-million).

About Valkea Resources Corp.

Valkea Resources (formerly Outback Goldfields Corp.) is at the forefront of gold exploration in Finland's highly prospective Central Lapland greenstone belt (CLGB). With an extensive portfolio of high-potential projects, including the flagship Paana project, Valkea Resources is committed to discovering and advancing significant gold deposits in one of the world's emerging gold districts.

Qualified person

The disclosure of technical or scientific information in this press release has been reviewed and approved by Dr. Christopher Leslie, PGeo, a qualified person as defined under the terms of National Instrument 43-101.

Mineralization hosted on adjacent and/or nearby projects is not necessarily indicative of mineralization hosted on Valkea's projects.

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