ValOre Approves Phase 2 of Metallurgical Testwork for Pedra Branca PGE project in Brazil: Program Underway in Partnership with the University of Cape Town Department of Chemical Engineering

Core Insights - ValOre Metals Corp. has announced the commencement of Phase II metallurgical testwork for its Pedra Branca Platinum Group Elements Project in Brazil, following positive results from Phase I [1][2][3] Metallurgical Testwork and Flowsheet Design - Phase II Testwork has been approved by ValOre's board and aims to support a Preliminary Economic Assessment (PEA) targeted for completion by the end of 2026 [2] - The testwork will expand on Phase I results and will inform ongoing process engineering and flowsheet development conducted by Lycopodium [2] Management Commentary - CEO Nick Smart highlighted that Phase II will validate Phase I results at a larger scale, focusing on low-cost heap bioleaching as a processing method for weathered PGE material [3][4] - Bioleaching, which utilizes naturally occurring bacteria, has been effective in increasing recoveries in other mineral processing applications [3] Summary of Results from Phase I Metallurgical Tests - Phase I results included scaling up a novel bioleaching process, assessing low-capital-intensity heap leaching scenarios, and evaluating bioleaching applicability to fresh mineralization [5] - Detailed mineralogical characterization was completed, providing critical input for process design [6] Mineralogical Characterization - Comprehensive analyses focused on PGE speciation and liberation for fresh material, while identifying the refractory nature of weathered material and the potential for bioleaching to enhance recoveries [6] Sampling and Preparation - Phase II testwork will utilize composite samples from ValOre's recent drilling campaigns, representing both weathered and fresh mineralization [8][9] - Head grade determination and chemical characterization were completed by SGS Geosol Laboratories before the samples were sent for further testing [10] Resource Estimates - The Pedra Branca project hosts an inferred mineral resource of 2.2 million ounces of 2PGE+Au grading 1.08 g/t in 63 million tonnes [4][15] - The Esbarro and Curiu deposits contain NI 43-101 compliant inferred resources of 403,000 ounces at 1.16 g/t and 150,000 ounces at 2.20 g/t, respectively [11]