ValOre Heads Into a Fourth-Quarter PEA With Its Focus Fixed on Pedra Branca

• Pedra Branca in Ceará State, Brazil is now ValOre's only operated asset, hosting an inferred resource of 2,198,000 ounces of 2PGE+Au supported by more than 40,000 meters of drilling.
• 3 deliverables run from the third quarter of 2026 to the first quarter of 2027: a Pedra Branca resource update, a preliminary economic assessment, and licensing and environmental work.
• ValOre completed its exit from Saskatchewan uranium on May 29, 2026, when Future Fuels acquired all outstanding Hatchet Uranium securities, taking a shareholding in the acquirer in place of the assets.
• The company reported cash of under $0.8 million against a $20 million market capitalization, 255 million shares outstanding, and 304.2 million fully diluted, as of September 1, 2026.
• On the peer table ValOre publishes, dated February 18, its $27 million market capitalization compares with $440 million for Bravo Mining's Luanga, $389 million for Platinum Group Metals' Waterberg, and $236 million for Generation Mining's Marathon. ValOre and Stillwater Critical Minerals are the 2 in that group still at the mineral resource estimate stage.

ValOre Metals Corp. (TSX-V: VO | OTCQB: KVLQF | FSE: KEQ0) enters the fourth quarter of 2026 with a single operated asset and 3 scheduled deliverables. The Pedra Branca platinum group element (PGE) project in Ceará State, Brazil, has a resource update, a maiden preliminary economic assessment (PEA), and licensing and environmental impact work due between the third quarter of 2026 and the first quarter of 2027. The focus follows the May 29, 2026, completion of the company's Saskatchewan uranium exit, which converted those assets into a shareholding in the acquirer. The company reported cash of under $0.8 million as of September 1, 2026.

Pedra Branca & the 2026 Program

Pedra Branca hosts an inferred resource of 2,198,000 ounces of 2PGE+Au in 63.3 million tonnes grading 1.08 grams per tonne, on an estimate with an effective date of March 8, 2022, across 7 zones supported by more than 40,000 meters of drilling. A further 5 zones drilled in 2023, totaling more than 6,000 meters, and the Salvador discovery are outside that estimate. ValOre invested USD$10 million in exploration between 2020 and 2024 and drilled 23,534 meters, which doubled the inferred resource from 1.1 million to 2.2 million ounces, on ground where earlier operators had already spent $30 million across 30,000 meters.

The 2026 program splits between district work and study work. Exploration is directed at the Pitombeiras target, an 8-kilometer mineralized trend being advanced through geological mapping, rock and soil geochemistry, and auger drilling. On the development side, flotation and leaching testwork continues in partnership with the University of Cape Town, historical core across the Curiu, Esbarro, and Cedro deposits is being relogged to refine mine planning assumptions, and preliminary water and power supply studies are underway. The PEA is targeted for the fourth quarter of 2026, with licensing and environmental impact work following in the first quarter of 2027.

Vice President of Exploration at ValOre Metals, Thiago Diniz, set out what the company is pursuing alongside Pedra Branca:

"In parallel, we are actively pursuing M&A acquisitions in the gold space in Brazil, with a clear goal of becoming an integrated precious metals producer in the near term."

ValOre's September presentation lists a targeted M&A evaluation focused on near-term production, aimed at advanced-stage gold projects in northeast Brazil.

Completing the Uranium Exit

ValOre's Saskatchewan uranium exposure moved on May 29, 2026, when Future Fuels Inc. completed the acquisition of Hatchet Uranium Corp. through a three-cornered amalgamation under the Business Corporations Act (British Columbia). The amalgamated entity continues as a wholly owned subsidiary of Future Fuels under the name Future Fuels Athabasca Inc., which holds a district-scale uranium portfolio of 5 project areas totaling approximately 97,674 hectares in northern Saskatchewan. Former Hatchet securityholders received 14,999,989 consideration shares and 1,104,743 consideration warrants in Future Fuels, with that stock subject to a mix of exchange-mandated and voluntary hold periods running as long as 36 months from closing.

2 features of the structure bear on ValOre's balance sheet. The company is not responsible for any Hatchet obligations, which pass to the amalgamated entity, while Future Fuels takes on the Skyharbour Resources Ltd. option payments and exploration spending on the Highway property. The size of ValOre's own resulting position in Future Fuels was not disclosed alongside the closing.

Chairman of ValOre Metals, Jim Paterson, described what the company takes away from the transaction:

"Upon closing of this transaction, ValOre will become a significant shareholder of Future Fuels Inc., a company with a strong team, a large and prospective project portfolio, and a highly financeable corporate structure."

The Capital Position

The corporate disclosure dated September 1, 2026, puts cash at under $0.8 million against a $20 million market capitalization, 255 million shares outstanding, and 304.2 million on a fully diluted basis. The share price of $0.08 falls within a 52-week range of $0.065 to $0.160.

ValOre has 29.2 million warrants exercisable at $0.10 through October 8, 2027, and 20 million options at $0.12 through October 12, 2030. Both are above the current share price, so neither is a source of cash at that level. Ownership is split between insiders and advisors at 20%, resource and mining funds at 25%, close associates at 10%, and retail and other holders at 45%.

Peer Pricing & the PEA

On the peer comparison ValOre publishes, drawn from public NI 43-101 disclosures and market data in Canadian dollars as of February 18, the company carries a $27 million market capitalization against $440 million for Bravo Mining Corp.'s Luanga project, $389 million for Platinum Group Metals Ltd.'s Waterberg joint venture, $236 million for Generation Mining Ltd.'s Marathon project and $126 million for Stillwater Critical Minerals Corp.'s Stillwater West project. Of that group, ValOre and Stillwater Critical Minerals are the 2 still at the mineral resource estimate (MRE) stage; Bravo has published a PEA, Generation Mining a feasibility study, and Platinum Group Metals a definitive feasibility study.

The fourth-quarter PEA would move ValOre onto the same disclosure rung as the 3 peers with published study economics. A first costed case at Pedra Branca is the deliverable capable of repricing a 2.2 million ounce inferred resource currently valued off the 2022 estimate, and it is targeted for the fourth quarter of 2026. How the company funds that study, the licensing and environmental impact work, and any gold acquisition from a treasury reported at under $0.8 million, and at what price, is the variable that sits alongside it.

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