Valore releases metallurgical results at Pedra Branca

Executive Summary

• Valore Metals Corp. reported positive metallurgical testwork results for its 100%-owned Pedra Branca PGM project in Brazil, demonstrating reproducible extraction rates for Platinum (Pt) and Palladium (Pd) using bioleaching and caustic pretreatment methods.
• Bioleaching achieved up to 73% Pt and 74% Pd extraction from weathered material, while caustic pretreatment achieved up to 66% Pt and 79% Pd from chromitite material, validating potential processing pathways for the project's near-surface resources.
• The company plans to continue testwork, including stirred tank reactor testing and heap leach simulations, to support a Preliminary Economic Assessment (PEA) targeted for completion at the end of 2026.

Key Details

• Bioleaching Results (Weathered Material):
  • Achieved extractions of 72.88% Platinum (Pt) and 74.07% Palladium (Pd).
  • Conducted over a 22-day leaching period.
  • Results are consistent with previous 60-day tests, demonstrating rapid kinetics and reproducibility.
  • Weathered material comprises approximately 30% of the total inferred resource PGE ounces at Pedra Branca.
• Caustic Pretreatment Results (Chromitite Material):
  • Achieved extractions of 66.42% Pt and 78.81% Pd.
  • Highlights potential for a dedicated processing route for high-grade chromitite material.
  • Massive chromitite material represents approximately 5% of the total inferred resource, grading 6.4 to 8.5 grams per tonne 2PGE plus Au.
  • Caustic pretreatment on weathered material yielded lower results (69.88% Pt, 12.81% Pd), confirming limited effectiveness for that specific material type.
• Upcoming Testwork & Timeline:
  • Q3 2026: Larger-scale tests using stirred tank reactors and assessment of alternative lixiviants.
  • Q4 2026: Column tests for heap leach simulation; additional variability and scale-up caustic cracking testwork; evaluation of process economics and scalability.
  • End of 2026: Targeted completion of the Preliminary Economic Assessment (PEA).
• Sample Sources:
  • Phase II testwork uses fresh and weathered composite samples from recent Trado auger drilling campaigns at the Esbarro deposit (referenced in July 2, 2025 release).
  • Samples also include intervals from twin diamond drill holes at the Curiu deposit (referenced in Oct 4, 2021 release).
  • Samples prepared by SGS Geosol Laboratories Ltda. and tested at the University of Cape Town's Centre for Minerals Research.
• Resource Context:
  • Esbarro Deposit: 403,000 ounces grading 1.16 g/t 2PGE plus Au in 10.8 million tonnes.
  • Curiu Deposit: 150,000 ounces grading 2.20 g/t 2PGE plus Au in 2.1 million tonnes.
  • Aggregate Pedra Branca Inferred Resource (2022 NI 43-101): 2,198,000 ounces 2PGE plus Au in 63.6 Mt grading 1.08 g/t 2PGE plus Au.

Notable Quotes

• Nick Smart, CEO: "These results provide an important technical validation for the bioleach processing pathway at Pedra Branca. Achieving PGE extractions above 70 per cent from weathered material through successive test programs, with a notably shorter leaching period in the current round, demonstrates the reproducibility and potential of this approach. Bioleaching is a process that may also offer advantages in terms of reduced processing cost and environmental footprint."