VMXX.V · 2024-07-02 12:00:00

Valhalla Metals Provides an Update on the Ambler Access Road

Mine Development & Operations

Valhalla Metals Provides an Update on the Ambler Access

Road

Vancouver, British Columbia

(Newsfile Corp.

July 2, 2024)

Valhalla Metals Inc. (TSXV: VMXX) (OTCQB: VMXXF)

Valhalla

" or the "

Company

") provides an update on the Ambler Mining District Access Road.

The proposed Ambler Access Road is planned to cross Valhalla owned State mining claims at the Sun project and

would unlock a host of critical and strategic metals located in the Ambler Mining District

all metals necessary for

the green energy and transpo

rtation transition and ensure secure domestic supply chains for these metals.

On June 14, 2024, U.S. Senator Dan Sullivan (R

Alaska), a member of the Senate Armed Services Committee

(SASC), voted on an overwhelmingly bipartisan basis (22 in favor and 3 opposed) to advance the Fiscal Year 2025

National Defense Authorization Act (NDAA

) from committee. The $923 billion legislation includes 34 provisions

authored by Sen. Sullivan, including several important authorizations specific to Alaska, and specific to the Ambler

Access Road

(

https://www.sullivan.senate.gov/newsroom/press

releases/sullivan

secures

790

million

military

projects

for

alaska

2025

defense

authorization

"This year's NDAA reinforces Alaska' critical role in America's national defense with more than $790 million in

military construction projects," said Sen. Sullivan

"I was honored to be able to secure provisions that improve the

resources, facilities and support that Alaska's service members and their families deserve

including blocking the

proposed Air National Guard PEC staffing cut. I also secured a provision that

directs the Navy to assess potential

naval refueling locations in the Arctic, like the shuttered Adak naval base

another major recognition of Alaska as

the epicenter of Arctic security operations. Importantly for hard

working Alaskans, I fought to include

amendments that prohibit Chinese seafood from being sold in U.S. military commissaries or dining facilities,

and

rescind the Biden administration's lawless rejection of the previously approved Ambler Access Project

non

public road to one of America's most prolific untapped reserves of critical minerals, resources that our

country is concerningly reliant on China to

produce. The Ambler amendment requires the Biden Interior

Department, within 30 days of enactment of the NDAA, to select a viable path for the project across public

land, as mandated by federal law. The provision would remove federal hurdles and ensure th

e destiny of this

project is controlled by the non

federal land holders of the Northwest Arctic region, including the NANA

Regional Corporation.

" (

bold emphasis added

Senator Sullivan's provision mandates the Biden Administration's Department of Interior reverse its recent

issuance of a Record of Decision (ROD) to select the "No Action Alternative" with regards to the Ambler Access

Project (AAP). The NDAA provision requ

ires the Department of Interior to select Alternative A or Alternative B from

its Supplemental EIS (SEIS) as the preferred alternative for the AAP. Both alternatives would ensure that an

economically viable project can proceed. The legislation containing t

hat provision, the National Defense

Authorization Act (NDAA) for Fiscal Year 2025, is expected to be taken up on the Senate floor later this year, taking

into consideration the national security needs for the minerals found in the Ambler Mining District.

Rick Van Nieuwenhuyse, Chairman of Valhalla Metals Inc. stated: First off, on behalf Valhalla Metals and its

shareholders and stakeholders, I would like to thank Senator Sullivan, his staff and the entire Alaska federal

delegation for including and support

ing the Ambler access language in the 2025 NDAA. This Administration, the

Department of Interior and the Bureau of Land Management (BLM) specifically, have ignored the right

way

guaranteed in ANILCA (Alaska National Interest Land Conservation Act) and s

igned into law in 1980 (well over 40

years ago!) with their recent No Action Alternative ROD issued last Friday. This provision in the NDAA holds a rogue

federal agency accountable to uphold the law. The BLM can no longer ignore ANILCA because some of thei

political supporters outside of Alaska wish that all of Alaska be managed as a park. ANILCA made that

determination in 1980. It is high time this administration followed the law. We look forward to continuing to work

with our Alaska delegation in Washington DC to do the right thing for Alaska and for our country and grant the right

way so that we and other companies can develop the Ambler Mining District and produce critical and strategic

metals necessary for our co

untry's defense as well as for the all

electric energy and transportation future.

On June 27, 2024, the Biden Administration's Department of Interior released the Record of Decision (ROD) for the

proposed Ambler Road project, selecting the No Action Alternative from the April 2024 Ambler Road Final

Supplemental Environmental Impact Stat

ement (EIS). The decision means that the Alaska Industrial Development

and Export Authority (AIDEA) will not have a right

way across BLM

managed lands; however, this has no

implication to lands owned by the State and the two Native Corporations along th

e road route. A link to the Record

of Decision (ROD) can be found here:

https://eplanning.blm.gov/eplanning

ui/project/57323/510

Alaska's U.S. Senators Lisa Murkowski and Dan Sullivan (both R

Alaska), and Representative Mary Sattler Peltola

Alaska), issued a joint release condemning the U.S. Department of the Interior (Interior) for selecting the "no

action" alternative in its Re

cord of Decision (ROD) for the Ambler Access Project (Ambler).

"All too often, promises made to Alaska Natives by Congress haven't been kept; this decision is in contradiction to

ANILCA," Peltola said. "There's a path forward where local buy

in for this project is real and sustainable. As we

continue to work through N

DAA, we will seek to affirm permanent private road access that will make these

resources available in a way that works for stakeholders in the area."

"Nine years in federal permitting. Access to critical and strategic minerals that are essential for everything from

clean energy to national security. A rare opportunity for development in rural Alaska under the highest standards,

so we don't have to impor

t from unstable nations that have no protections for people or the environment,"

Murkowski said. "Somehow, none of that mattered to the Biden administration on the Ambler project. They have

ignored federal law, our national vulnerabilities, and Alaska's st

rong record of responsible development, all in the

name of election year politics."

"There he goes again: President Biden's announcement on the Ambler Road is lawless, hurts Alaska's future and

jobs for our state, undermines America's national security, and only makes our country more dependent on

adversaries like Communist China for crit

ical minerals," Sullivan said. "These minerals are critically important for

our national defense, economy, and renewable energy sector. ANILCA mandates the right

way for this road.

Career professional staff from the Obama and Trump administrations studi

ed and then approved it after several

years. Consultations with Alaskan stakeholder groups were extensive and far

reaching. But no matter, Lower 48

eco

colonialists told Joe Biden to kill the road, and he obeyed. Sanctioning Alaska more than terrorist stat

es, like

Iran and Venezuela, and adversaries, like China, is now commonplace policy for the Biden administration. But I'm

fighting back. I was able to get strong bipartisan support for my amendment in this year's NDAA that mandates this

road and ensures th

e destiny of this project is controlled by Alaskans."

About Valhalla Metals

Valhalla Metals Inc. is a mineral exploration and development company focused on the advancement of its

mineral projects towards feasibility. Valhalla's flagship project is the Sun copper

zinc

lead

gold

silver VMS

projects located in Ambler Mining District

, Northwest Alaska. The Company also owns the Smucker project, a

high

quality copper

zinc

lead

gold

silver VMS project located in the Ambler Mining District, Northwest Alaska.

Valhalla Metals Inc. shares trade on the TSX

V under the ticker symbol VMXX and

OTCQB under the ticker symbol

VMXXF. For more information about Valhalla, please visit our website at

www.valhallametals.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the

United States. The securities have not been and will not 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 av

ailable.

For more information on the Company, please contact Valhalla Metals Inc.

Sorin Posescu, Chief Executive Officer

Email:

[email protected]

Forward

Looking Statements:

This news release contains forward

looking statements and forward

looking information within the meaning of

applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective",

"ongoing", "may", "will", "proj

ect", "should", "believe", "plan", "plans", "intends" and similar expressions are

intended to identify forward

looking information or statements. The forward

looking statements and information

are based on certain key expectations and assumptions made by t

he Company. Although the Company believes

that the expectations and assumptions on which such forward

looking statements and information are based, are

reasonable, undue reliance should not be placed on the forward

looking statements and information becaus

e the

Company can give no assurance that they will prove to be correct. Since forward

looking statements and

information address future events and conditions, by their very nature they involve inherent risks and

uncertainties. Actual results could differ m

aterially from those currently anticipated due to a number of factors

and risks. Such factors include, among others, the following risks: the need for additional financing; operational

risks associated with mineral exploration; fluctuations in commodity pr

ices; title matters; and the additional risks

identified in the annual information form of the Company or other reports and filings with the TSX

V and applicable

Canadian securities regulators. Readers are cautioned that the foregoing list of factors is no

t exhaustive. The

forward

looking statements included in this news release are expressly qualified by this cautionary statement. The

forward

looking statements and information contained in this news release are made as of the date hereof and the

Company un

dertakes no obligation to update publicly or revise any forward

looking statements or information,

whether as a result of new information, future events or otherwise, unless so required by applicable securities

laws.

Neither the TSX

V nor its Regulation Services Provider (as that term is defined in policies of the TSX

accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/215211

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