ValOre Metals Corp. Appoints Colin Smith V.P. Exploration and Bolsters Pedra Branca Team

"With the recently completed financing, ValOre is in a strong position to ramp up exploration activities to advance the exploration and development of Pedra Branca. We are very lucky to have secured such an experienced, competent and hard-working team to execute our plan," stated ValOre's Chairman and CEO, Jim Paterson. "Colin Smith has risen to every challenge thrown at him and has proven himself to be a talented and passionate geologist with an innate ability to bring out the best in all of his team members. We take great pride in Colin's appointment as ValOre's Vice President of Exploration."

Colin Smith is a registered Professional Geologist (P.Geo.) in British Columbia, Saskatchewan, Nunavut and the Northwest Territories with over 16 years experience developing, executing and managing exploration campaigns in North and South America, ranging from early-stage project generation to near-mine resource delineation. Colin's passion for exploration and discovery has garnered him a technical expertise with structurally hosted gold, ultramafic-associated PGEs, porphyry copper-gold, diamonds, unconformity-related uranium, and coal. Smith started with ValOre in August 2018, overseeing New Project Review for the Company. This followed his role as Senior Exploration Geologist with SSR Mining Inc. at the Seabee Gold Operation in northern Saskatchewan, where he designed and implemented all Seabee-based exploration activities, resulting in multiple auriferous discoveries and resource delineation. Smith holds a B.Sc. degree in Geology from the University of British Columbia (2007), and an M.Sc. degree in Economic Geology from the University of Victoria (2012).

"ValOre has assembled an outstanding team of industry-leading professionals in Brazil and Canada, whose foremost goal is the rapid advancement of our Pedra Branca PGE project to ultimately maximize shareholder value," stated ValOre's Vice President of Exploration, Colin Smith. "I am deeply honoured by the appointment and highly motivated to continue adding tangible value to ValOre's assets in 2021 and beyond."

Integral to the successful exploration and advancement of the Pedra Branca PGE Project team are:

Thiago Diniz, M.Sc., P.Geo. - Exploration Manager, Exploration Geologist with over 8 years of experience working on early- to advanced-stage fertilizer, base and precious metals projects, both in Brazil and Canada, including three world-class mineral deposits (Troilus Au-Cu, in Quebec, Canada; and Belo Sun - Au, and Brazil Potash, in Brazil). Acquired experience in the development and management of large-scale drilling, field mapping and metallurgical programs. Thiago is a registered P.Geo. in Ontario and Quebec (G?o) and holds a B.Sc. degree in Geology from Universidade Federal de Minas Gerais (2013) and a M.Sc. degree in Economic Geology from Queen's University, Kingston (2019).

Marina Carvalho - Lead Administrator, over 10 years experience within the mining sector, coordinating finance, accounting, budgeting, planning, HR, contract management and corporate governance for private and publicly traded companies. In Brazil, was directly involved in the development of two world class mineral deposits (Belo Sun - Gold; and Potassio do Brasil - Potash). Marina holds a Bachelor of Business Administration degree from Fundacao Armando Alvares Penteado (Sao Paulo, Brazil), a post grad Certificate in Finance and Business Management from Fundacao Dom Cabral (Minas Gerais, Brazil) and Change Management Certification (PROSCI).

Rodolfo Sena - Senior Exploration Geologist, with over 10 years of experience working on the exploration and development stages of fertilizer, base and precious metals projects. Participated in the development of two world class mineral deposits (Belo Sun - Gold; and Potassio do Brasil - Potash). Rodolfo holds a B.Sc. Degree in Geology from Universidade Federal de Minas Gerais (2009) and is starting a Master's Degree in Regional Geology in 2021 at UFVJM, Brazil.

Kleber Souza - Senior Exploration Geologist, with over 10 years of experience working on the exploration and development stages of base and precious metals projects. Participated in the development of a world class mineral gold deposit (Belo Sun). Kleber holds a B.Sc. Degree in Geology from Universidade Federa do Para (2007).

Rafael Diniz - Junior Exploration Geologist, with experience working on the exploration of copper and phosphate projects in southern Brazil. Rafael holds a B.Sc. Degree in Geology from Universidade Federal de Ouro Preto (2018).

Luiz Mauro Martins - Senior Mining Technician, with over 30 years of experience on the exploration of base and precious metals and PGE deposits in Brazil. Work experience with South African Gemcore, Canadian Falconbridge, Anglo-Swiss Xstrata, and Australian Aguia Resources.

Antonio Mota - Senior Mining Technician, with over 30 years of experience, 15 of them working on the Pedra Branca PGE project. Local citizen of Capitao Mor, with great knowledge of the region.

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 39 exploration licenses covering a total area of 39,987 hectares (98,810 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a current Inferred Resource of 1,067,000 ounces 2PGE+Au contained in 27.2 million tonnes grading 1.22 g/t 2PGE+Au (see ValOre's July 23, 2019 news release). All the currently known Pedra Branca inferred PGE resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre's Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a current Inferred Resource of 2,831,000 tonnes grading 0.69% U₃O₈, totaling 43.3 million pounds U₃O₈. 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 valoremetals.com or contact Investor Relations at 604.653.9464, or by email at contact@valoremetals.com.

ValOre Metals Corp. is a proud member of 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.

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.