Val-d'Or Mining Corporation announced that it has entered into an additional option agreement dated May 26, 2023 with Eldorado Gold (Quebec) Inc. ("Eldorado"), a wholly owned subsidiary of Eldorado Gold Corporation. Eldorado's potential total expenditures under the Option Agreement, the Assigned Option and the November Option, amount to $34.5 million. The Option Agreement enables Eldorado to earn up to an 80% interest in the Company's Baden, Plumber, Island 27 and Matachewan Prospects (the "Properties") as more particularly described below, and all located in the area of Matachewan, Northeastern Ontario.

The Company's assumption of the rights and obligations under an option agreement with Eldorado from Gold Royalty Corp. (the "Assigned Option") for the Claw Lake Gold Prospect, the Cook Lake Prospect, the Murdock Creek Prospect and the Perestroika Prospect (the "Assigned Properties") as announced in the Company's news release of January 30, 2023 allows Eldorado to fund expenditures on the Assigned Properties of up to $10,500,000 over a period of 5 years. Further, the Option Agreements dated November 30, 2021 with Eldorado for the Blue Mountain, Victoria Creek and Perestroika Ouest Prospects allows Eldorado to fund expenditure on the November Properties of up to $4,000,000 over a period of 5 years.

Eldorado Option Agreement Under the terms of the Option Agreement, Eldorado can earn up to an 80% interest in the Baden, Plumber, Island 27 and Matachewan Prospects as described below (together, the "Properties"). The Company has granted Eldorado the sole and exclusive option to earn, at a minimum, a 70% direct interest (the "70% Option") in one or more of the Properties through exploration expenditures on any of the Properties as follows: To earn 70% interest in the Baden Prospect, Eldorado to fund expenditures over 5 years totalling $12 million. To earn 70% interest in the Plumber Prospect, Eldorado to fund expenditures over 5 years totalling $1 million.

To earn 70% interest in the Island 27 Prospect, Eldorado to fund expenditures over 5 years totalling $6 million. To earn 70% interest in the Matachewan Prospect, Eldorado to fund expenditures over 5 years totalling $1 million. To earn 70% in all four properties, Eldorado to fund expenditures over 5 years totalling $20 Million on any of the properties.