Vancouver, British Columbia--(Newsfile Corp. - April 21, 2023) - VALOREM RESOURCES INC. (CSE: AGC) (FSE: X37) (the "Company") has changed its name to "Avanti Gold Corporation" under the trading symbol "AGC". Trading of the common shares will resume trading under the new name and the ticker symbol on the Canadian Securities Exchange as of market open on April 21, 2023.

Please note that all open orders will be cancelled at the end of business on April 21, 2023. Dealers are reminded to re-enter their orders.

Effective date: April 21, 2023

New Symbol: "AGC"
New Cusip No: 05352C106
New ISIN: CA05352C1068
Old symbol: "VALU"
Old Cusip: No: 92026P200
Old ISIN: CA92026P2008

Further information is available under the Company's profile on the Canadian Securities Exchange website.

About Valorem Resources Inc.

Valorem Resources Inc. is a mineral exploration company working on a Tier-1 gold opportunity in the Democratic Republic of the Congo ("DRC"), located in the Fizi territory of South Kivu province, in the DRC. The Misisi Gold Project (or the "Project") has a contained Inferred Mineral Resource of 3 million ounces of gold as reported in the Company's National Instrument 43-101 technical report on the Misisi Gold Project (the "Technical Report").

The Project is located 250 kilometres south of Bukavu, the provincial capital of the South Kivu Province, in the DRC. The Project is comprised of three contiguous 30-year mining leases, valid until 2045, covering 133 square kilometres of prospective exploration ground along the 55-kilometre-long Kibara Gold Belt. The Kibara Belt is a well-known metallogenic province and hosts a number of other deposits including the Twangiza (5.1 Moz oz Au, source: S&P Global) and Namoya (1.9 Moz, source: S&P Global) gold mines. The Project is host to the Akyanga deposit, which is the subject to Inferred Resource of 44.3 million tonnes at an average grade of 2.16 grams per tonne gold containing 3.0 million ounces.

Qualified Person

Ephraim Masibhera, a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Historical information contained in this news release cannot be relied upon as the Company's Qualified Person, as defined under NI 43-101 has not prepared nor verified the historical information.

This news release also includes references with respect to the Twangiza (5.1 Moz oz Au, source: S&P Global) and Namoya (1.9 Moz, source: S&P Global) gold mines, which are located near the Misisi Gold Project. The Company advises that, notwithstanding their proximity of location, discoveries of minerals on such properties, any promising results thereof are not necessarily indicative of the mineralization of, or located on the Misisi Gold Project, or the Company's ability to commercially exploit the minerals claims which comprise the property or to locate any commercially exploitable deposits therefrom.

For more information on the Misisi Gold Project, please refer to the Technical Report filed under the Company's profile on SEDAR.

On behalf of the Board of Directors,

Tony Louie, Interim CEO and Director

Email: info@valoremresources.com
Office: +1 (604) 908-1679

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.

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