Toronto, Ontario--(Newsfile Corp. - October 13, 2026) - Valor Gold Corp. (TSX: VGC) (OTCQB: VLGDF) ("Valor" or the "Company") is pleased to provide an update on its development plans for the Courageous Lake Gold Project in the Northwest Territories, Canada, reaffirming its commitment to advancing the project through a comprehensive optimization and technical evaluation program, targeting completion of an updated Pre-Feasibility Study ("PFS") in the first quarter of 2028.

Interim CEO Alan Edwards commented: "The Company remains focused on maintaining continuity in its project development activities and delivering against its established near-term objectives. Initiating trade-off studies that will inform an updated PFS is an important part of understanding the best path forward for Courageous Lake. The Valor team are committed to advancing in a disciplined and responsible manner, building on the significant technical work completed to date while pursuing opportunities to further enhance the project's long-term value."

A Broader Approach to Project Optimization

The 2024 PFS demonstrated the significant potential of the Courageous Lake project, outlining a robust development plan with robust economics. Building on this strong foundation, the next phase of development will evaluate an expanded range of potential development configurations to identify the preferred approach for advancement through the updated PFS.

This work will incorporate updated long-term metal price assumptions, current capital and operating cost estimates, and the integration of non-refractory mineral resources into the mine plan. Valor's systematic approach will focus on optimizing project economics, capital efficiency and operational performance, while advancing engagement, prioritizing environmental stewardship, and strengthening permitting readiness.

The planned trade-off studies will examine several strategic opportunities, including:

• Resource development opportunities: Assessing the potential inclusion of non-refractory mineral resources, including the Walsh Lake deposit (an inferred mineral resource of 4,134,000 tonnes grading 4.18 g/t Au and containing 555,000 oz Au), and expanding and further defining non-refractory resources below the permafrost boundary, as outlined in Valor Gold's September 17th, 2026 news release, to evaluate their potential contribution to the overall development strategy and project economics.

• Mining strategy optimization: Comparing open-pit, underground and potentially combined mining approaches to determine the most appropriate development sequence and mining configuration.

• Processing technology selection: Assessing alternative refractory gold processing technologies, including pressure oxidation (POX) and biological oxidation (BIOX), with consideration of capital and operating costs, metallurgical performance, technical risks and environmental implications.

• Tailings and waste management: Evaluating alternative tailings storage and waste management configurations to identify opportunities to improve environmental performance, reduce long-term liabilities and enhance permitting outcomes specifically in sub-arctic conditions.

• Integrated project configuration: Assessing the combined implications of mining, processing, infrastructure and material management alternatives to identify a technically robust and economically attractive development solution.

Valor believes this broader evaluation will provide an opportunity to unlock additional value from the Courageous Lake mineral resource base while developing a project configuration that is better aligned with the expectations of Indigenous communities, regulators, and stakeholders.

Advancing Technical Investigations and Feasibility Work

In parallel with the trade-off studies and exploration activities, the Company intends to advance targeted field investigation and off-site technical test work programs to address key areas of technical uncertainty and support the next stage of engineering.

These programs are expected to include additional geotechnical, hydrogeological, environmental and permafrost investigations, together with metallurgical and process development test work as required to support the selection and validation of the preferred project configuration.

The results of these programs will be progressively incorporated into the project design and economic evaluations.

Following completion of the strategic trade-off studies, Valor intends to select a preferred integrated development option for detailed evaluation through an updated PFS. The study will establish an updated technical and economic basis for the project, including mine planning, process design, infrastructure requirements, capital and operating cost estimates, environmental considerations and implementation planning. Valor is targeting completion and publication of an updated PFS, supported by a technical report prepared in accordance with National Instrument 43-101, during the first quarter of 2028.

Advancing Relationships

In addition to the technical work underway, Valor Gold is working towards building meaningful and collaborative relationships with the Indigenous governments, rights holders, and communities in the Courageous Lake area. Couregous Lake is situated on lands within Treaty 11, the Monfwi Gogha Dè Nįįtłèè Area of the Tłı̨ chǫ Agreement, Akaitcho Traditional Territory, Chief Drygeese Territory, as well as the North Slave Métis Alliance (NSMA) traditional lands.

A Clear Path Forward

The Company remains confident in the long-term potential of Courageous Lake and believes the planned optimization program represents a constructive next step toward realizing the project's value.

By combining disciplined technical evaluation with early and meaningful community engagement, the Company intends to advance a development strategy that balances economic opportunity with responsible environmental stewardship to create a practical pathway toward impact assessment permitting and eventual project development.

The Board and management team remain aligned on these priorities and are committed to maintaining project momentum during the leadership transition. The Company looks forward to providing further updates as the trade-off studies, exploration program, technical investigations and community engagement programs progress toward the planned Q1 2028 PFS milestone.

Scientific and Technical Information

The most recent technical report on the Courageous Lake Project is entitled "Courageous Lake Pre-feasibility Study and Preliminary Economic Assessment, NI 43-101 Technical Report, Yellowknife, Northwest Territories, Canada" dated March 23, 2026, with an effective date of January 5, 2024 (the "Technical Report"). Readers are directed to the Technical Report for disclosure of QA/QC procedures, methodology and data verification undertaken with respect to the exploration information contained in this news release.

Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the Company's Preliminary Economic Assessment (PEA) will be realized. Mineral resources in the PEA mine plan are not mineral reserves and do not have demonstrated economic viability. The PEA is preliminary in nature and evaluates a conceptual expansion beyond the pre-feasibility study pit and includes inferred mineral resources. See the PEA for relevant assumptions, parameters, and risks.

The contents of this release have been reviewed and approved by Marcus Adam, P.Geo, Vice President Exploration of the Company and a qualified person under National Instrument 43-101.

About Valor Gold Corp

Valor is a Canadian gold exploration and development company formed through the strategic spin-out of the Courageous Lake Gold Project in the Northwest Territories. The Company's mandate is to focus technical and financial resources on advancing a large-scale gold system through disciplined exploration, resource expansion, and staged development planning. For further information about the Company, please visit Valor's website at www.valorgold.ca.

Neither the TSX nor the OTC Markets nor their regulation services providers have reviewed or accept responsibility for the accuracy or adequacy of this release.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). All statements in this release that address events, conditions, or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "expects," "anticipates," "believes," "estimates," "plans," "intends," "potential," "projects," "targets," "may," "could," "would," "might," and similar expressions. Forward-looking statements in this release include, but are not limited to, statements regarding the Company's plans to carry out strategic trade-off studies at the Courageous Lake Gold Project, and the scope, timing and expected results of those studies, including the evaluation of non-refractory mineral resources (including the Walsh Lake deposit and resources below the permafrost boundary), open-pit, underground and combined mining approaches, alternative refractory processing technologies, tailings and waste management configurations, and integrated project configurations; the Company's intention to advance geotechnical, hydrogeological, environmental, permafrost, metallurgical and process development investigations and test work, and to incorporate the results into project design and economic evaluations; the targeted completion and publication of an updated pre-feasibility study supported by a technical report prepared in accordance with NI 43-101 in the first quarter of 2028,, and the expected content of that study; the potential to unlock additional value, improve project economics, capital efficiency, operational and environmental performance, reduce long-term liabilities and improve permitting outcomes; the Company's plans for stakeholder and Indigenous community engagement and its pathway towards permitting and eventual project development; and the continuity of project development activities during the Company's leadership transition.

Forward-looking statements are based on the beliefs, expectations, and assumptions of management at the time such statements are made, including, without limitation, assumptions that the trade-off studies, field investigations and test work programmes can be completed on the anticipated scope, schedule and budget; the Company will obtain the financing needed for those programmes and the updated pre-feasibility study on acceptable terms; qualified consultants, contractors, equipment and key personnel will be available when needed, including through the leadership transition; test work and investigation results will support selecting a technically and economically viable development configuration; long-term gold prices, exchange rates, and capital and operating cost estimates used in the updated pre-feasibility study will be consistent with management's current expectations; the geological, metallurgical, geotechnical and permafrost interpretations underlying the current mineral resource estimates and the Technical Report are reasonable; weather, site-access and seasonal conditions in the Northwest Territories will allow field programmes to proceed as planned; the Company will maintain constructive relationships with Indigenous communities, regulators and other stakeholders; and there will be no material adverse change in the regulatory or permitting environment. Although management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties.

Forward-looking statements are subject to numerous risks, including, but not limited to, delays, cost overruns or changes in scope affecting the trade-off studies, field investigations, test work or the updated pre-feasibility study, including the risk that it is not completed in the first quarter of 2028 or at all; the risk that study and test work results do not support a robust or economically viable development configuration, or are less favourable than the 2024 PFS; uncertainty about metallurgical performance and processing technology selection; geotechnical, hydrogeological and permafrost risks specific to sub-arctic conditions; the risk that inferred mineral resources, including those at Walsh Lake, cannot be upgraded or converted to mineral reserves; uncertainty in mineral resource estimates; fluctuations in gold prices, currency exchange rates and input costs, and cost inflation; the Company's ability to obtain financing; risks relating to environmental assessment, permitting and regulatory approvals, including delays or refusals; risks relating to relationships with Indigenous communities and other stakeholders; risks associated with the leadership transition and the retention of key personnel; weather, climate and site-access risks in remote northern locations; and general economic, market and political conditions. These risks, as well as other factors, may cause actual results, performance, or achievements to differ materially from those expressed or implied in the forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements contained herein, except as required by applicable law. Forward-looking statements in this news release represent management's best judgment based on information available as of the date hereof; however, no forward-looking statement can be guaranteed, and actual outcomes may differ materially.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318640