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Capitalizing on a Massive Opportunity:
Ownership of an Entire District in Brazil
TSX-V: VOOTCQX: KVLQF
FRANKFURT: KEQ0www.valoremetals.com
Pedra Branca PGE+Au Project, Northeastern Brazil
PdPalladium
46
106.42
PtPlatinum
78
195.08
RhRhodium
45
102.95
AuGold
79
196.97
MAY 2020 | 2TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Forward Looking Statements
This presentation contains "forward-looking statements". These forward-looking statements are made as of the date of this
presentation and ValOre Metals Corp. does not intend, and does not assume any obligation, to update these forward-looking
statements. Forward-looking statements include, but are not limited to, statements with respect to the timing and amount of
estimated future exploration, success of exploration activities, expenditures, permitting, and requirements for additional capital
and access to data.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to
actual results of current exploration activities; changes in project parameters as plans continue to be refined; the ability to
enter into joint ventures or to acquire or dispose of property interests; future prices of mineral resources; accidents, labor
disputes and other risks of the mining industry; ability to obtain financing; and delays in obtaining governmental approvals or
financing.
This presentation does not constitute an offer to sell or solicitation of an offer to buy any securities of ValOre Metals Corp.
Susan Lomas, P.Geo., of LGGC is the Qualified Person, as defined in NI 43-101, responsible for the mineral resource
estimates as reported herein.
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 Colin Smith, P.Geo., who oversees New Project Review for ValOre.
MAY 2020 | 3TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
The Opportunity – Ownership of Entire PGE District in Brazil
Industry consolidation occurring, but very
few junior explorers/developers with high
quality projects
PGE mine production supply faces
jurisdictional risk (Russia 40%, South
Africa 39%, North Am 14%, Other 7%)
Palladium ~US$2,000/oz, up >70% since
Jan 1/19 and Platinum >$700/oz
VALORE’S PEDRA BRANCA PROJECT OFFERS INVESTORS OWNERSHIP AND CONTROL OF
AN ENTIRE PLATINUM GROUP ELEMENTS (PGE) DISTRICT IN CEARÁ STATE, NORTH
EASTERN BRAZIL
▪ VEHICLE AND TEAM• TSX-V company; high insider ownership; strong experienced and successful team
▪ SUBSTANTIAL PRIOR INVESTMENT• Excellent access and infrastructure; US$35M spent on exploration by prior groups
▪ HIGH VALUE, LARGE SCALE MINERALIZATION• 38,000 hectares with property wide exploration targets• >1M oz NI 43-101 with significant expansion potential• High grade and near surface targets
▪ INNOVATION AND PROCESS IMPROVEMENT• Employing new technologies and techniques combined with boots on ground exploration have yielded a new perspective and significant upside for shareholders
▪ DISCOVERY PIPELINE IS FULL
46
106.42
PdPalladium
78
195.08
PtPlatinum
79
196.97
AuGold
45
102.95
RhRhodium
MAY 2020 | 4TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
2020 Drill Program
▪ Two Fully Permitted Phases
▪ Phase 1 Fully Funded and expected to begin
in June
▪ Three Classes of Targets
▪ Resource Expansion
▪ New Discovery
▪ Target Advancement
▪ Significant Resource Expansion and
Discovery potential
MAY 2020 | 5TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
12%34%40%
-2%
189%
-100%
0%
100%
200%
300%
400%
500%
VO-V vs PGE+Au
VO-V Au Pd Pt Rh
Robust PGE Market
▪ Palladium prices near
$2,000 per ounce
▪ Platinum prices are near
$1,000 per ounce
▪ PGE mine production
from risky jurisdictions
▪ Industry consolidation
occurring
Tech Report1
Pd: $1,000
Pt: $860
Au: $1,250
1. Metal price assumptions used in the Pedra Branca NI 43-101 Technical Report filed on SEDAR with effective date of May 28, 2019
May 28 Today Change
VO-V: $0.25 $0.28 +12%
Pd: $1,337 $1,870 +34%
Pt: $780 $780 -2%
Rh: $2,840 $8,200 +189%
Au: $1,279 $1,680 +40%
May 28, 2019:ValOre Metals acquires Pedra Branca PGE project
MAY 2020 | 6TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Robust PGE Market – Supply
Russia40%
South Africa39%
North America
14%
Zimbabwe5%
Other2%
(1) F
*Excludes supply from recycling.
Significant Jurisdictional Risk:
Palladium Supply by Region*
Palladium Market Balance:
8-Year Supply Deficit
Platinum Market Balance:
Strong Investment Demand
MAY 2020 | 7TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Robust PGE Market – Demand
Autocatalyst83%
Electrical7%
Chemical4%Dental
3%
Other2%
Jewelry1%
*Excludes demand from investments, which has been a negative since 2014.
Palladium Demand (by Category) *▪ Demand Inelastic with Low Substitution Risk
• Primarily used for catalytic converters in gasoline & gas-
hybrid automobiles (~85% of palladium demand)
o ~3-7 grams of palladium per automobile
o Converts harmful pollutants to inert gas
• Strong demand growth with tighter emission requirements
(higher loading of palladium)
• Substitution risk minimal with palladium catalytic converter
efficiency
▪ Strong Demand Outlook From China
• Stricter Chinese emissions legislation expected to trigger a
step-change in demand from Chinese automakers
o China currently ~30% of global auto-catalyst demand
(up from ~20% in 2014)
▪ Long-term Demand Outlook Positive
• Hybrid vehicles
• Fuel cells
MAY 2020 | 8TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
May 2017
$2.2 Billion
June 2019
$286 Million
December 2019
$750 Million
Platinum + Palladium – Few Players
Top 5 Producers
▪ ~85% of Global Pt+Pd Production
▪ Collective Market Cap: ~US$70B
Developers & Explorers
▪ Collective Market Cap: <US$200M
Recent Transactions
MAY 2020 | 9TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Capital Structure – The Right Vehicle
Exchange: Symbols: Share Price: 52 Week High: 52 Week Low: Shares Outstanding: Market Capitalization: Capital:
TSX-V VO $0.28 $0.405 $0.135 89.0 (basic) $25.0M $1.3 M
OTCQX KVLQF US$0.19 US$0.30 US$0.06 103.2 (diluted)
Frankfurt KEQ0 €0.21 €0.256 €0.0913
JANGADA
MINES
INSIDERS, ADVISORS
CLOSE
ASSOCIATES
RESOURCE,MINING…
RETAIL,
OTHER
Insider ownership >20% TSX-V: VO – 1 Year Price History
MAY 2020 | 10TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Strong Team
Directors Management & Advisors
Jim Paterson
Chairman & CEO
Rob Scott
Chief Financial Officer
Dale Wallster
Director
Colin Smith
New Project Review
Jim Malone
Director
Glayton Dias
Project Geologist
Garth Kirkham
Director
Jeff Dare
Corporate Secretary
Luis Azevedo
Director
Rob Carpenter
Corporate and Technical
Advisor
Brian McMaster
Director
Rob Brozdowski
Technical Advisor
John Robins
Special Advisor to the Board
Alex Heath
Strategic AdvisorAcquired for $650M by
Rio Tinto
Northern Empire acquired
for $117M by Coeur Mining
2008 IPO; 2010 Transaction Created a USA
Met Coal Producer valued $250M
Acquired for $520M by
Goldcorp
▪ Proven track record of
mineral discovery
▪ Project management and
development
▪ Physical commodity
transactions
▪ Legal, permitting, and
project financing
▪ Capital markets and
M&A success
▪ Strong relationships and
key connections within
Brazil
Recent Transactions
MAY 2020 | 11TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Discovery Group
PEDRA BRANCA
Focus: AuStage: ExplorationO/S: 43.9M Share Price: $0.22Market Cap: $7.1M
Focus: AuStage: Advanced ExplorationO/S: 45.6M Share Price: $7.45Market Cap: $285M
Focus: CuStage: Advanced ExplorationO/S: 36.7M Share Price: $0.22Market Cap: $8.1M
Focus: AuStage: DevelopmentO/S: 81.8M Share Price: $1.70Market Cap: $140M
Focus: AuStage: ExplorationO/S: 63.3M Share Price: $0.12Market Cap: $7.5M
Focus: Zn, Pb, AgStage: Resource ExpansionO/S: 37.8M Share Price: $0.37Market Cap: $14.0M
Focus: AuStage: Resource ExpansionO/S: 41.7M Share Price: $0.25Market Cap: $10.4M
Focus: PGE+Au, UStage: Resource ExpansionO/S: 89.0M Share Price: $0.26Market Cap: $23.1M
MAY 2020 | 12TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Right Connections Established
Ceará State Government
Established connections with key contacts at a local, state, and federal level
MAY 2020 | 13TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Excellent Access and Infrastructure
BRAZIL
BR122
BR020
Fortalezapop.~3M + port
MAY 2020 | 14TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Pedra Branca
MAY 2020 | 15TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Treasure Trove of Data – US$35M Spent by Previous Operators
▪ 1960s: First explored (gov’t geos for chromite potential)
▪ 1980s: Unamgem (1986-87), Gencor & RTZ (from 1987)
▪ 1990s-2000s: Rockwell (1997 on), Altoro/Solitario (1999 on)
▪ 2003-2014: Anglo American Platinum
▪ 2014-2019: Jangada Mines PLC
▪ 2019-present: ValOre Metals Corp.
▪ Diamond drilling:
• 385 DDHs; >30,000m; 83% of DDHs at 5 PGE deposit areas
▪ Geophysics:
• 2013 aeromagnetic gradiometry and radiometric (>80,000 ha)
• Extensive ground mag, ground IP
▪ Geological Mapping:
• Regional gov’t mapping, revised in 2016
• Extensive deposit-scale, district-wide mapping
▪ Spectral Mapping:
• ASTER regional mineral mapping (2006)
• Spectral serpentinization picks from 2013 airborne
• WorldView (2019, incoming)
▪ Geochemistry:
• ~17,000 soil samples
• ~3,500 stream sed samples
• ~900 grab samples
• Extensive trenching (PGE deposits, select exploration targets)
MAY 2020 | 16TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
District-Scale Potential
43-101 PGE Deposit (expansion upside)
Tier 1 Target
Tier 2 Target
Tier 3 Target
Fertile geology (Troia Unit)
Geophys (Mag) Anomaly
Geochem Anomaly
Ultramafic Rocks
Drilled PGEs (follow-up req.)
Target Tiers
Claims (38,000 ha)
50km
▪ 38,000 hectares with property-wide exploration targets
▪ Mineralization and prospective geology identified in >45km of fertile strike
25km
35km
Trapia
EsbarroCedro
Curiu
MAY 2020 | 17TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Resource Zones Near Surface Mineralization
1.06 Moz @ 1.22 g/t
0.394 Moz @ 1.23 g/t
0.100 Moz @ 1.93 g/t
0.151 Moz @ 1.10 g/t
0.219 Moz @ 1.11 g/t
0.203 Moz @ 1.19 g/t
0.0
0.2
0.4
0.6
0.8
1.0
1.2
TOTAL Esbarro Curiu Cedro Trapia SantoAmaro
Mo
z2P
GE
+A
u
CONTAINED METAL
Pd (oz) Pt (oz) Au (oz) 2PGE+Au (oz)
679,000 367,000 21,000 1,067,000
AUG. 12, 2019 NI 43-101 INFERRED RESOURCE ESTIMATE
Tonnes Pd (g/t) Pt (g/t) Au (g/t) 2PGE+Au (g/t)
27,200,000 0.77 0.42 0.02 1.22
Inferred Mineral Resource reported at 0.65 gpt PGE+Au cut-off; Commodity prices used: Pd=US$1000/oz, Pt=US$860/oz, Au=US$1250/oz
91 resource DDHs
*9.9 Mt @ 1.23 g/t 2PGE+Au
*394 Koz 2PGE+Au
Curiu 37 resource DDHs
*1.6 Mt @ 1.93 g/t 2PGE+Au
*100 Koz 2PGE+Au
High grade mineralization to 55m
High grade mineralization to 70m
MAY 2020 | 18TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
A’surface
2PGE+Au (g/t)1.2-3.0 3.0-5.0 5.0-10 >10
2PGE+Au (g/t)
2PGE+Au (g/t)2PGE+Au (g/t)
2PGE+Au (g/t)2PGE+Au (g/t)
2PGE+Au (g/t)
A
Esbarro Cross Section A-A’
High-grade
mineralization
within 60m of
surface
High-Grade and Near Surface Mineralization
Drilling intercepts up to 44.2 g/t 2PGE+Au
MAY 2020 | 19TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Significant Resource Expansion and Discovery Potential
Blue area: Existing NI 43-101 resource
Black lines: drill holes
Yellow: isosurface 0.1 – 0.3
Pink: isosurface 0.3 – 0.8
Red: isosurface 0.8 – 1.2
Santo Amaro: 203K oz (2PGE+Au) 1.19 g/t
MAY 2020 | 20TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
▪ Property-wide high-grade mineralization
▪ Rock samples up to 44.0 g/t 2PGE+Au
▪ Soils and stream sediments up to 5.9 g/t 2PGE+Au
High-Grade and Near Surface Mineralization
Esbarro Deposit
9.9 Mt @ 1.23 g/t 2PGE+Au
394 Koz 2PGE+Au
Curiu Deposit
1.6 Mt @ 1.93 g/t 2PGE+Au
100 Koz 2PGE+Au
Cedro Deposit
4.2 Mt @ 1.1 g/t 2PGE+Au
151 Koz 2PGE+Au
50km
Trapia Deposit
6.2 Mt @ 1.1 g/t 2PGE+Au
219 Koz 2PGE+Au
Santo Amaro Deposit
5.3 Mt @ 1.19 g/t 2PGE+Au
203 Koz 2PGE+Au
High-Grade Mineralization
Throughout District
2019 NI 43-101
2PGE+Au
Deposits
Rocks Samples
>5 g/t
LEGEND
Image source: D. Hladky
Chromitite Sample
MAY 2020 | 21TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Proven Targeting Methodology – C04
C04 Chromitite Discovery
Nov. 2019
Assays:(g/t 2PGE+Au)
7.945
2.390
2.319
3.036
C04 Target: ▪ Undrilled▪ Geophysical analogue: striking similarities
Curiu Deposit: ▪ 37 resource holes (DDH)▪ 100Koz @ 1.93 g/t 2PGE+Au
E
MAY 2020 | 22TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Proven Targeting Methodology – Mendes North
▪ Three newly identified large-scale PGE
targets, all >1 km in strike length
▪ Excellent access – within 200 meters of, a
main road
▪ 3D magnetic inversion modelling of historical
ground geophysical data has defined multiple
compelling near-surface PGE targets
▪ All magnetic anomalies situated in broad area
of radiometric low, indicative of prospective
regional mafic to ultramafic Troia Unit
▪ WorldView spectral data indicates all 4
ultramafic and chromitite spectral classes
coincide with the mag high anomalies
▪ Low-cost soil sampling and prospecting
campaign to further refine the specific targets
prior to drill testing
▪ Video: https://youtu.be/QglFj2wTU_o
MAY 2020 | 23TSX: VO | OTCQX: KVLQF | FRANKFURT: KEQ0 | www.valoremetals.com
Key Investment Highlights
▪ OWNERSHIP OF ENTIRE PGE DISTRICT IN BRAZIL
▪ 2020 DRILL PROGRAM LAUNCHED
▪ ROBUST PGE MARKET
▪ VALORE VEHICLE AND TEAM
▪ SUBSTANTIAL PRIOR INVESTMENT
▪ HIGH VALUE, LARGE SCALE MINERALIZATION
▪ INNOVATION AND PROCESS IMPROVEMENT
46
106.42
PdPalladium
78
195.08
PtPlatinum
79
196.97
AuGold
45
102.95
RhRhodium
Jim Paterson
Chairman & CEOEmail: contact@valoremetals.com
Phone: +1 (604) 646 4527
Address: Suite 1020 – 800 West Pender St.
Vancouver, BC
Website: www.valoremetals.com
TS
X-V
: V
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