ValOre Metals 2026 New Year’s Message from CEO Nick Smart
ValOre Metals 2026 New Year’s Message from CEO Nick Smart
VANCOUVER, British Columbia, Dec. 30, 2025 -- ValOre Metals Corp. (“ValOre” or “the Company”; TSX-V: VO,
OTCQB: KVLQF, Frankfurt: KEQ0); today provided a message from the CEO to the shareholders highlighting key milestones
achieved in 2025 and outlining the Company’s growth strategy for the year ahead.
Dear Shareholders and ValOre Community,
As we turn the page on 2025 and look ahead to a new year, I want to take a moment to reflect on the past few months and lay
out why I am so energised about the year ahead.
2025 has been a year of growth and transition for ValOre Metals. We continued to develop our flagship Pedra Branca PGE
project in Brazil, completed a Trado® auger drilling program completed at the Esbarro deposit, received approval of Final
Exploration Reports for key mineral claims, marking a major regulatory advancement and commenced a metallurgical testwork
program with the University of Cape Town in South Africa. It also marked the beginning of an exciting new chapter for me, as I
stepped into the role of Chief Executive Officer from October 2025. Click here for a video overview from our site visit in
November 2025.
The year ahead promises even more opportunity, as we recently signed up the well-regarded engineering company
Lycopodium as lead process engineering consultant in support of our Pedra Branca project. The addition of Lycopodium’s
experienced team and project knowledge significantly strengthens our development pathway as we build on and expand our
metallurgical testwork, underway with the University of Cape Town and progress towards licencing applications and a
Preliminary Economic Assessment, to be published later in the year.
Equally importantly, we are progressing ValOre’s broader strategy to capture new opportunities in the critical and precious
metals space, with a focus on some of the most prospective regions of Brazil. We have an ambitious goal - to transition from a
pure exploration focus and become an integrated precious-metals producer. Market conditions are competitive, but also full of
possibility for disciplined companies with high-quality assets, experienced teams and an agile approach. That is exactly how I
see ValOre: a lean, active explorer & developer ready to create meaningful shareholder value.
Precious Metals Markets:
2025 has been a pivotal year for precious metals. Gold continued its well-documented, multi-year run and set new record
highs, exceeding $4,400 /oz – driven by geopolitical tensions, US dollar weakness and interest rate cut expectations.
Attracting fewer headlines, however, has been an even more dramatic reversal of fortunes for another group of precious metals,
the Platinum Group Metals.
After years of depressed conditions, with prices of Platinum and Palladium hovering at or below $1,000/oz, both metals have
staged a stunning breakout, with prices nearly doubling over the last 6 months of the year. The main drivers for this are
outlined below.
Figure 1: 2025 Precious Metals Pricing - Source: https://tradingeconomics.com
Platinum Group Element (PGE) Demand Drivers:
i) Automotive demand:
Automotive catalysts continue to be a dominant driver of PGE demand, accounting for ~40% of total Platinum demand
and ~80% of all Palladium and Rhodium demand 1. PGE-loaded catalytic converters are used to control emissions in
internal combustion engine (ICE) vehicles, and in hybrid (HEV) and plug-in hybrid vehicles (PHEV). Hybrid vehicles use
10 – 20% more PGEs 2 per vehicle than ICE vehicles, as the engines cycle on and off, running cooler and requiring a
higher loading of precious metals for a given conversion efficiency.
Globally in 2025, approximately 55% of new vehicle sales were ICE vehicles, with 20% hybrids (HEV+PHEV) and 25%
battery electric vehicles (BEV) 3. In the US, where Federal EV incentives have been eliminated since the end of
September, the percentage of new ICE vehicles sold was higher, at ~75%. While in China, over half of new vehicles
sold are now electric.
Several major automakers including Ford4, Honda5, Volkswagen and Porsche 6, have announced they are scaling-back,
or pivoting EV programme plans to increasingly focus on more profitable ICE and hybrid models, as they face changing
consumer adoption trends and economic and infrastructure limitations.
This trend is likely to drive sustained demand for Platinum group metals for the foreseeable future.
ii) Jewelry demand
Record-high gold prices may create windfalls for investors, but headaches for jewelers and jewelry-buyers, who
experience issues with affordability and inventory overhead as their raw input costs soar. Due to its precious nature,
rarity and resilience, Platinum is viewed as an increasingly attractive alternative to white gold for many types of jewelry.
Platinum demand for jewelry is forecast to rise from between 5 – 9% for 2025 7, with China being a particularly strong
area of growth.
Globally, jewelry production accounts for nearly 2,000 metric tonnes (70M oz) of gold and up to 60 metric tonnes (~2M
oz) of Platinum annually 8, and is the second largest demand driver for Platinum after auto catalysts. Due to the far
larger scale of gold use in jewelry relative to Platinum, switching just 1% of the total current gold jewelry demand to
Platinum would be enough to double the annual supply deficit for platinum of ~700k oz. This factor is expected to
continue to grow Platinum demand.
iii) Investment demand
The third major category that has been driving recent PGE price movements is investment demand. As a precious
metal, like gold, platinum has benefited from increased investor interest due to US Federal Reserve rate cuts and
inflationary pressures. In China, the launch of physically settled platinum futures on the Guangzhou Futures Exchange
has boosted confidence, and demand for physical platinum bar and coin in China has grown from nearly zero in 2019 to
over 400k oz in 20259.
Platinum Group Element (PGE) Supply:
On the supply side, the market has recorded three consecutive annual deficits, with the 2025 shortfall estimated at 692,000
ounces. This has cut above-ground stocks by 42%, leaving less than five months of coverage10.
Finding and bringing into production new sources of PGE supply is exceedingly difficult, with only one major greenfield mine,
Ivanhoe’s Platreef mine, in South Africa, entering production in recent years. This is due to a number of unique challenges that
make economic PGE deposits so rare:
The first is the geological rarity of concentrated ore grades. Although the presence of platinum as an element in the Earth’s
crust is not excessively rare (on average being similar to gold at few parts per billion) – finding a concentration of the metal in
the parts per million range needed for an economic deposit, is far more difficult. These tend to be tied to ancient mafic–
ultramafic intrusions with a very specific set of magmatic and geochemical conditions needed to efficiently mobilise and
concentrate PGEs. This goes some way to explaining why 90% of the World’s platinum reserves are found in a single country,
South Africa, and why over 100 M oz of gold are mined every year, while only 5 – 6 M oz of primary Platinum is produced each
year.
After finding an economic PGE deposit, the second major challenge lies in developing it. PGE deposits are often buried deep
underneath hundreds of meters of overburden, requiring years of development and massive capital investment to access.
Ivanhoe’s Platreef mine for instance has been in development for decades, with a Capex cost for Phase I in the many hundreds
of millions of dollars. Infrastructure and stable electricity supply in South Africa present further challenges. All of which
contribute structural limitations to how much new PGE supply can be brought on and on what timeframe.
Figure 2 :Source: https://natural-resources.canada.ca/minerals-mining/mining-data-statistics-analysis/minerals-metals-
facts/platinum-facts
ValOre’s Pedra Branca PGE project in Brazil:
Among the limited number of PGE projects under development globally, ValOre’s Pedra Branca project in Brazil offers a
number of significant advantages:
The first is location. Brazil, where mining is one of the pillars of the economy, has made a priority of streamlining the licencing
and permitting process 11, and our location in Brazil’s Ceará State has excellent access to transport and electrical
infrastructure.
Secondly, unlike the majority of PGE deposits around the world, the mineral resource at ValOre’s Pedra Branca deposit is
near-surface, minimising the amount of development capital required to access the deposit and allowing low-cost open-cast
mining to be the preferred method of extraction.
Our final advantage lies in our capable and committed team, with a depth of experience covering exploration and discovery,
financing and corporate development, community engagement, permitting and major capital project delivery – all 100% focused
on delivering this world-class project.
Company Location Mineral Resource /
Mineral Reserve PGE Grades Project Stage
Market
Capitalization
(CAD M)
Platinum Group
Metals Ltd. (TSX:
PTM)
Waterberg Project
(JV)
South Africa
23.4 Moz 4E
(Proven & Probable
Reserves)
2.96 g/t 4E Definitive Feasibility
Study (2024) $454M
10.4 Moz PdEq12
Bravo Mining Corp.
(TSXV: BRVO)
Luanga Project
Pará, Brazil
(Measured &
Indicated Resource)
5.0 Moz PdEq
(Inferred Resource)
2.01 - 2.04 g/t PdEq
Preliminary
Economic
Assessment (2025)
$550M
ValOre Metals
Corp. (TSXV: VO)
Pedra Branca
Project
Ceará, Brazil
2.2 Moz
2PGE+Au13
(Inferred
Resource)
1.08 g/t 2PGE+Au
Mineral Resource
Estimate Update
(2022)
$29M
Generation Mining
Ltd. (TSX: GENM)
Marathon Project
Ontario, Canada
2.6 Moz Pd + 0.8
Moz Pt
(Proven & Probable
Reserves)
0.64 g/t Pd
0.20 g/t Pt
Feasibility Study
(2025) $245M
Stillwater Critical
Minerals Corp.
(TSXV: PGE)
Stillwater West
Project
Montana, USA
2.0 Moz Pd + 1.3
Moz Pt
(Inferred Resource)
0.25 g/t Pd
0.15 g/t Pt
Mineral Resource
Estimate (2023) $126M
Figure 3: Comparison of Junior development-stage PGE projects. The comparable companies listed are included for
information and comparison purposes only.
Sources - All information presented in this table has been derived exclusively from publicly available NI 43-101 technical
reports and associated issuer disclosures for the referenced projects. Readers are cautioned to refer to and rely upon each
project’s respective technical report for full details, assumptions, and qualifications: Waterberg Project; Luanga Project; Pedra
Branca Project; Marathon Project; Stillwater West Project.
The path forward for 2026:
My priority since joining ValOre has been clear: sharpen our strategic direction, put us on a clear and sustainable path to
development for the Pedra Branca PGE project, and position the company to unlock the full potential of our portfolio. We are
fortunate to hold assets that align with a growing global demand for critical and precious metals, and I firmly believe 2026 will
be a pivotal year in proving their value.
As we move into 2026, you can expect continued transparency, regular updates on our progress, and a commitment to
responsible, technically sound, and value-focused work. Our team is energized, our vision is clear, and the path ahead is one
of execution and seizing opportunity.
I would encourage everyone to engage with us through the contacts on our website, join our email news list and new for this
year, sign up to meet us in a series of in-person presentations (details to follow in the new year).
On behalf of the ValOre board and management team, I wish you and your families a healthy, peaceful, and prosperous New
Year. Thank you for being part of ValOre’s journey. The best is yet to come.
Warm regards,
Nick Smart
Chief Executive Officer
ValOre Metals Corp.
Qualified Person (“QP”)
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out
in NI 43-101 and reviewed and approved by Thiago Diniz, P.Geo., ValOre’s Qualified Person and Vice President of Exploration.
About ValOre Metals Corp.
ValOre Metals Corp. ((TSX-V: VO, OTCQB: KVLQF, Frankfurt: KEQ0) is a Canadian company with a team aiming 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 and innovation.
For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or
contact Investor Relations at 778-819-4484, or by email at [email protected].
ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: http://www.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.
1 World Platinum Investment Council
2 Platinum for Palladium Substitution in 2023
3 Electric Vehicle Outlook 2025
4 Ford retreats from EVs and takes big financial hit as Trump policies grip industry
5 Japan's Honda to scale back on electric vehicles, focus on hybrids
6 Porsche and VW dial back EV ambitions as market shifts and costs mount
7 Platinum’s discount to gold is driving a return to platinum jewellery demand growth
8 2024 - World Gold Council Data
9 Platinum Futures Near Record High
10 Platinum Futures Near Record High
11 Regulators align efforts to speed up mining permitting in Brazil
12 PdEq: Palladium equivalent grade or ounces calculated using issuer-specific assumptions disclosed in the relevant
technical reports.
13 Independent Technical Report – Mineral Resource Update on the Pedra Branca PGE Project, Ceará State, Brazil (Effective
date: March 8, 2022)
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fef40d79-14fb-43fd-b5b4-77981140388e
https://www.globenewswire.com/NewsRoom/AttachmentNg/b48471f6-15bb-4087-9640-ec7f1de8b910