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ValOre Provides Update on Previously Announced Re-Pricing of Options and Warrants

Vancouver, British Columbia, June 30, 2023 ValOre Metals Corp. (“ValOre”; TSXV: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today announced an update to its previously announced option and warrant re-pricing following the successful disposition of its Angilak Property on June 19, 2023.

The TSV Venture Exchange (the “TSXV”) has confirmed that it will accept for filing, subject to satisfaction of its policies, a repricing of ValOre’s convertible securities so as to reflect the new value of ValOre’s equity after completion of its disposition of the Angilak Property, with the exercise price of such securities being adjusted to equal the volume weighted average trading price of the common shares of ValOre on the TSXV from June 21, 2023, to June 29, 2023, being $0.10 (i.e. $0.0987). The new exercise price for both options and warrants will be $0.10.

The repricing is with respect to 11,700,000 stock options and 22,069,166 warrants, with 9,166,666 of such warrants having an exercise price of $0.65 expiring November 17, 2023; 3,720,000 warrants with an exercise price of $0.60 expiring August 30, 2024; and the 9,182,500 warrants with an exercise price of $0.30 expiring April 21, 2025.

The re-pricing of the options and warrants remains subject to TSXV approval and, as applicable, (i) entering into warrant amendment agreements with the warrant holders, or with respect to those 9,166,666 warrants governed by a warrant indenture dated November 17, 2021, the approval of a supplemental warrant indenture at a meeting of the warrant holders to be called by ValOre.

Certain options and warrants are held by insiders and related parties, and as such, would constitute a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, such actions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the options and / or warrants, exceeds 25 per cent of the ValOre’s market capitalization.

About ValOre Metals Corp.

ValOre Metals Corp. (TSXV: VO) is a Canadian company with a team aiming 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 and innovation.

ValOre’s Pedra Branca Platinum Group Elements Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au (CLICK HERE for news release dated March 24, 2022). ValOre’s team believes the Pedra Branca project has significant exploration discovery and resource expansion potential.

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 at [email protected].

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