Vancouver, B.C. ValOre Metals Corp. ("ValOre"; TSX‐V: VO; OTC: KVLQF; FRANKFURT: KEQ0) today announced the commencement of Phase 1 diamond drilling at the Company’s 100%-owned Pedra Branca Platinum Group Element Project (“PGE”, “2PGE+Au”) in northeastern Brazil.

Highlights of the 2020 Drill Program:

• ValOre has started the fully funded Phase 1 drill program at Pedra Branca
• Phase 1 will test seven distinct target areas with 23 core drill holes totaling 2,875 metres
• The Trapia 1 deposit area is the first target being drilled with the goals of resource expansion and new discoveries
• Phase 2 drill program is planned to test 4 distinct target areas with 24 drill holes totaling 3,035 metres
• The average hole length of 125m for both phases of drilling reflects the shallow nature of Pedra Branca PGE mineralization

“We have now safely mobilized a drill rig and personnel to our Pedra Branca property. With our previously announced $1.2 million funding package, we have significantly ramped up our exploration activities at Pedra Branca and have now started Phase 1 drilling at this highly compelling PGE project,” stated Jim Paterson, Chairman & CEO. “Our comprehensive review of the extensive Pedra Branca geological database has identified many high-priority targets to be drill-tested as part of our two-phase drill program, which is designed to expand the current resources, advance historical targets which host mineralized drill intercepts, and test undrilled areas.”

2020 Drill Program

ValOre has engaged Brazilian drilling company Servitec Foraco Sondagem SA for the Phase 1 drill program at Pedra Branca, which will test seven distinct target areas with 23 diamond drill core drill holes totaling 2,875 metres. The Phase 2 drill program will test 4 distinct target areas with 24 diamond drill core drill holes totaling 3,035 metres. Three target classes will be tested: resource expansion, advancing pre-resource zones, and new discovery targets.

Please CLICK HERE to see Table 1 and Figure 1 which provide a summary of the 2020 drill program at Pedra Branca.

About Servitec Foraco Sondagem SA

Servitec Foraco is a Brazilian company based in the State of Goiás that started operating as Servitec in 2000, and through innovation, investment, and continuous improvement, emerged as one of the pioneers of drilling in Brazil. With a prominent position on the national scene, Servitec was acquired in 2012 by one of the global drilling leaders, Foraco International, forming Servitec Foraco.

Servitec Foraco has more than 700 employees and 90 drill rigs, and operates throughout Brazil with clients such as Nexa, Anglo American, Yamana Gold, Vale and AngloGold Ashanti. Servitec Foraco is committed to conducting drill programs with high levels of productivity, safety and respect for the environment and legislation.

ValOre and Servitec Foraco COVID-19 Protocols

ValOre and Servitec Foraco are closely monitoring impacts on the companies’ operations and business preparedness plans, as the health and safety of employees, contractors and associated communities is a top priority.

As part of the safety protocol, the companies have implemented daily screening procedures, temperature monitoring, self-assessment checklists and issued directives regarding social distancing to ensure a safe environment for operations. Servitec Foraco has an extensive procedural guide on hygiene and conduct to be adopted daily during and after work hours.

These decisions reinforce the companies’ objective of preventing the transmission of COVID-19 among its employees, contractors, and the communities proximal to drilling activities.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims 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, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s 89,852-hectare Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U₃O₈, totaling 43.3 million pounds U3O8U3O8. ValOre's. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: www.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.

This news 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, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such 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 stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of the Company and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.