Mr. Chris Donaldson reports

VALKEA RESOURCES TO COMMENCE DRILLING AT THE PAANA PROJECT, CENTRAL LAPLAND, FINLAND

Valkea Resources Corp. will begin exploration at its 100-per-cent-owned Paana project in central Lapland, Finland. The phase 1 exploration program will target high-grade gold mineralization at the Aarnivalkea West discovery.

Highlights:

• Valkea's inaugural phase 1 exploration program set to commence: An approximately 2,000-metre drill program designed to target high-grade gold mineralization at the Aarnivalkea West discovery is scheduled to begin this month and systematic core relogging efforts are already under way to help build a new structural model.

"Since completing the Finnish asset transaction, we have been eager to advance exploration at the Paana project, building on the promising Arnivalkea West discovery," commented Chris Donaldson, chief executive officer of Valkea. "Our initial drill program at Aarnivalkea West aims to define the extent and structural controls of the high-grade gold mineralization. We've already initiated a comprehensive core relogging effort to develop a refined structural model of the system, which will be continually updated as drilling progresses. The updated model will help inform future targeting efforts at Aarnivalkea West and other high-priority targets across the highly prospective Paana project."

The target

The Aarnivalkea West target on the Paana project is located approximately 24 kilometres northwest of Agnico's Kittila mine. The target was initially defined by S2 Resources through reconnaissance geochemical surveys, follow-up base-of-till (BoT) drilling and shallow scout diamond drilling from 2018 to 2019. The approximately 1.3-kilometre-long, north-south-trending strong multielement (gold/antimony/arsenic) geochemical anomaly was later investigated with deeper diamond drilling (greater than 100 metres) on approximately 100-metre-to-250-metre centres in 2020 and 2021. The focus of these programs, totalling 5,200 metres, was on investigating the strike and downdip extent of vein-hosted orogenic gold mineralization.

Many of the deeper holes intersected zones of disseminated and/or high-grade gold mineralization, highlighted by intervals such as:

• 65.4 metres at 1.5 grams per tonne gold, including 6.8 metres at 11.8 grams per tonne gold, from 164.5 metres downhole (FAVD62);
• 79.6 metres at 0.76 gram per tonne gold, including 16.8 metres at 2.7 grams per tonne gold, from 123.0 metres, and 48.0 metres at 0.96 gram per tonne gold, including 7.9 metres at 3.98 grams per tonne gold, from 214 metres downhole (FAVD71);
• 55.5 metres at 1.6 grams per tonne gold, including 8.5 metres at 8.6 grams per tonne gold, from 158.0 metres downhole (FAVD64).

Mineralization at Aarnivalkea West is associated with strong sericite-carbonate plus or minus albite alteration, with abundant disseminated sulphide and multigenerational deformed quartz veins. Two styles of gold mineralization have been observed: quartz-carbonate vein hosted with a strong arsenian-pyrite association (for example, FAVD62) and disseminated mineralization lacking a notable arsenic association (for example, FAVD64). Both styles of gold mineralization at the Aarnivalkea West target are open at depth, downdip to the east, and along strike to the north and south.

The plans

Valkea's preliminary focus at Aarnivalkea West will be targeting the extent and structural/lithological controls on higher-grade gold mineralization. The program will consist of up to 2,000 metres focused on the southern and northern extents of the Aarnivalkea West discovery.

Holes are designed to first investigate the structural control and orientations of vein-hosted mineralization intersected in the southern area by completing a series of systematic stepout holes on approximately 50-metre centres between and offset from holes FAV62 and FAVD71. A similar series of stepout holes on the northern extent of Aarnivalkea West near FAVD64 will also be completed to investigate the extent of disseminated and vein-hosted mineralization in this area. Important structural information learned from these initial holes as well as a core relogging program currently under way will be used to inform follow-up exploration holes across the broad Aarnivalkea West footprint.

The timeline

GeoPool Oy has been engaged to manage the exploration drill program. Geological experts at GeoPool have a vast experience in mineral exploration, ranging from fieldwork to project management, information, licensing tasks and legal advisory in the Central Lapland district. GeoPool is the preferred operator on numerous exploration projects in the district, including projects with major and mid-tier companies.

A drill rig has been secured and drilling is set to commence in the coming weeks. A program of core relogging is under way, focused on key historical drill holes as well as select neighbouring drill holes.

Other

Valkea has also granted a total of 125,000 options to an adviser and two contractors. The options were issued at 40 cents and will vest over three years in accordance with the company's stock option plan.

About Valkea Resources Corp.

Valkea Resources 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.

We seek Safe Harbor.