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VANCOUVER, British Columbia, Aug. 30, 2022 (GLOBE NEWSWIRE) — ValOre Metals Corporation (“ValOre” or the “Company”) (TSX-V: VO, OTC: KVLQF, Frankfurt: KEQ) today announced the closing of the non-brokered private placement financing (the “Offer”) disclosed on August 19, 2022. ValOre issued 7,440,000 units (“Units”) at a price of $0.40 per Unit for gross proceeds of $2,976,000. Each unit will consist of one common share (a “To share) in the capital of ValOre and one-half non-transferable common share purchase warrant (each whole common share purchase warrant being a “To guarantee”). Each warrant may be exercised to acquire one share at a price of C$0.60 per share for a period of 24 months, expiring on August 30, 2024.

ValOre intends to use the net proceeds of the Offering for additional exploration work on ValOre’s Angilak property uranium project in Nunavut Territory, Canada and on the palladium and the Company’s Pedra Branca platinum in Brazil, as well as for general working capital.

All securities issued under this offering are subject to TSXV and securities regulatory legends expiring on December 31, 2022. Finder’s fees of $3,840 and 9,600 warrants were issued to various intermediaries in connection with the placement. The finders’ warrants have the same terms and conditions as the Warrants issued to subscribers in connection with the Placement.

Certain insiders of ValOre acquired Units in connection with the Offering. Any insider participation in the Offer constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of holders of minority securities during special operations (“MI 61-101”). However, the Company expects such insider participation to be exempt from the formal valuation and minority shareholder approval requirements of NI 61-101, as the fair market value of the insider shares, nor the consideration for the shares paid by such insiders, not to exceed 25% of the market capitalization of the Company. There are no material facts or material changes regarding the Company that have not been generally disclosed.

About ValOre

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high quality exploration projects. The ValOre team aims to deploy capital and knowledge on projects that benefit from substantial up-front investments by previous owners, the existence of large-scale high-value mineralization and the potential to add tangible value through exploration, process improvement and innovation.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, President and CEO

ValOre Metals Corp.

For more information on ValOre Metals Corp. or on this press release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at [email protected].

ValOre Metals Corp. is a proud member of the Discovery Group. For more information, please visit: discoverygroup.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, these statements have been based on factors and assumptions regarding future events that may prove to be inaccurate. These factors and assumptions are based on information currently available to ValOre. These statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those expressed, anticipated or implied in forward-looking statements. A number of important factors, including those set forth in other public documents, could cause actual results to differ materially from those expressed in such forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include ValOre’s future operations and economic factors. Readers are cautioned not to place undue reliance on forward-looking statements. The statements contained in this press release are made as of the date of this release and, except as required by applicable law, ValOre undertakes no obligation to publicly update or revise any of the forward-looking statements included, whether as a result of new information, future events or otherwise. ValOre assumes no obligation to comment on analyses, expectations or statements made by third parties regarding ValOre, or its financial or operational results or (if applicable), their securities.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE RELEVANCE OR ACCURACY OF THIS RELEASE.