Valorem Announces Closing of Third Tranche of Non-Brokered Private Placement

News Release

Not for distribution to U.S. Newswire Services or for dissemination in the United States.

VALOREM ANNOUNCES CLOSING OF THIRD TRANCHE

OF NON-BROKERED PRIVATE PLACEMENT

October 7, 2022

VALOREM RESOURCES INC. (CSE:VALU) (Frankfurt: 1XW1) (the “Company”) is pleased to

announce that, further to its news releases dated August 30, 2022, September 2, 2022 and

September 22, 2022, it has closed the third and final tranche of its private placement financing

consisting of up to 15,625,000 units (each, a “ Unit”) at a price of $0.16 per Unit for gross

proceeds of up to $2,500,000 (the “ Offering”), pursuant to which it sold an aggregate of

7,364,375 Units at a price of $0.16 per Unit for gross proceeds of $1,178,300 (the “ Third

Tranche”). To date, the Company has received an aggregate of $2,850,300  from the first, second

and third tranches. The Offering was oversold by $250,300.

Each Unit consists of one common share of the Company (each, a “ Share”) and one share

purchase warrant (each, a “ Warrant”). Each Warrant entitles the holder thereof to purchase one

additional Share (each, a “ Warrant Share”) in the capital of the Company of the Company at a

price of $0.21 per Warrant Share for a period of two years from closing of the Third Tranche.

The Company did not pay any finder’s fee in connection with the closing of the Third Tranche.

Proceeds from the Offering will be used for gene ral working capital and to clean up the balance

sheet of the Company.

The securities issued under the Th ird Tranche, and the shares that may be issuable on exercise

of the Warrants, are subject to a statutory hold period expiring on February 8, 2023.

None of the securities issued in the Third Tr anche have been, and none of them will be

registered under the United States Securities Act of 1933, as amended (the “ U.S. Securities Act”)

or any state securities laws and may not be offered or sold within the United States or to U.S.

Persons unless registered under the U.S. Securities Act and applicable state securities laws or an

exemption from such registration is available.

About Valorem Resources Inc.

Valorem explores and develops precious metal properties in the Americas.

For further details and maps, please see: https://valoremresources.com/

On behalf of the Board of Directors,

Tony Louie, Interim CEO and Director

Email: [email protected]

Office: 888.795.6268

Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the

policies of the CSE accepts responsibility for the adequacy or accuracy of this release.