Valory receives full regulatory approval for Mine 14

Valory Resources has secured all necessary regulatory approvals from the Alberta Energy Regulator (AER) to progress its Mine 14 project near Grande Cache, Alberta into construction and operation. This achievement marks a significant milestone for the company and Alberta's underground steelmaking coal industry.

The AER granted approvals to Valory's subsidiary Summit Coal on September 24, 2025, encompassing amendments under the Coal Conservation Act and new authorizations under various environmental and land-use acts. These approvals follow an extensive consultation process with local communities and Indigenous partners since May 2023.

With these approvals, Valory can now initiate project financing for Mine 14's development, construction, and production. The company has engaged Macquarie Bank to identify potential partners for a direct equity interest in the project.

Mine 14 will operate as an underground facility producing premium low volatile (PLV) steelmaking coal, crucial for global steel production but not used in power generation. The underground design minimizes surface impacts, reduces dust and noise, and allows for continued above-ground land uses like forestry.

The project has garnered support from the Municipal District of Greenview, local landowners, and regional businesses. Together with Valory's Blackstone project, Mine 14 is expected to generate between 10,000 and 15,000 direct and indirect jobs across Alberta.

Valory Resources Chair Michael Arnett said: "These approvals confirm the strength of the Mine 14 project and the confidence that regulators, Indigenous partners and the community have in Valory's approach,"

Arnett added: "Mine 14 represents the beginning of a new generation of premium underground steelmaking coal operations that will deliver long-term economic and social benefits for Alberta."

Valory has acquired full ownership of Summit Coal (Mine 14) from Maxim Power, bolstering its Alberta portfolio. The mine will create approximately 200 direct jobs and up to 1,000 indirect jobs, significantly boosting the Grande Cache economy.

The company has also finalized six impact benefit agreements (IBAs) with Indigenous communities across Alberta, reflecting years of engagement focused on training, employment, and community-led initiatives.

Progress continues on the Blackstone project, with litigation between Valory and the Alberta Government resolved in June 2025. Both parties have committed to collaborative efforts to unlock the province's underground steelmaking coal resources.

Prominent Canadian business leaders W. Brett Wilson and Russell Wilson have joined Valory's board of directors following a substantial investment from the Wilson family.

Valory is working with Macquarie Bank to advance a strategic equity raising process for Mine 14, seeking indicative bids for a potential joint venture interest of 10-20%. This equity process will complement a USD$175 million debt financing facility and associated working capital arrangements.

Arnett concluded: "With final permits now in hand, strong Indigenous partnerships and growing international interest in premium low volatile steelmaking coal, Valory is entering an exciting new phase,"

"We are proud to be positioning Alberta at the forefront of the global steelmaking coal sector through responsible, sustainable development."

For more information visit website at www.ValoryResources.com.