March 2022 Quarterly Activities Report

Valor Resources LimitedValor Resources Limited (Valor) or (the Company) (ASX: VAL) is pleased to provide its activities report for the quarter ended 31 March 2022.

HIGHLIGHTS CANADIAN URANIUM – ATHABASCA BASIN:

• Initial drill program hits elevated radioactivity and associated alteration at Hook Lake Uranium project
  • Eight hole, 1,757m diamond drilling program completed at Hook Lake Project at the S-Zone and V-Grid targets
  • Elevated radioactivity1 and alteration zones encountered in several holes at S-Zone target, assays pending
  • Uraninite mineralisation recorded in drill hole DDHL22-002 at S-Zone within a 3.5m 2 sub-vertical zone of elevated radioactivity and alteration
  • Airborne gravity survey to commence at Cluff Lake and Hook Lake in May to identify new drill targets
  • Follow-up on-ground exploration program for Hook Lake currently being planned
  • To include on-ground follow up of targets such as West Way where surface sampling in 2021 returned assays up to 0.64% U3O8 and Nob Hill with assays up to 1.01% TREO
• Valor meets commitments under farm in agreement with Skyharbour on Hook Lake

PERUVIAN COPPER SILVER:

• Valor identifies large porphyry copper target
  • Large IP anomaly identified based on Valor’s 2021 Induced Polarisation (IP)/Resistivity survey
  • The IP anomaly is approximately 2km long in a north-south direction and 2km across at its widest point (NE-SW orientation)
  • Target supported by surface mineralisation identified in 2021 field program comprising over 400 samples including channel samples of:
  • 41.6m @ 1.12% Cu and 22.8g/t Ag (Cobremani),
  • 17.6m @ 1.95% Cu and 29.5g/t Ag (Maricate) and
  • 32.85m @ 0.61% Cu and 209.76g/t Ag (Cumbre Coya)
• Spectral study supports the porphyry potential at the Picha Project
  • Spectral study of 74 rock samples from the Picha Project indicates alteration zones proximal to porphyrytype deposits – five spectral anomalies identified
  • Study also identified alteration minerals related to low sulfidation epithermal environments
• Additional copper targets confirmed with assays up to 3.95% Cu and 229 g/t Ag at Picha project
  • Multiple new targets confirmed with rock chip assay results:
    • 3.95% Cu, 229g/t Ag and 3.06% Pb in channel sample at Huancune target
    • Three of four channel samples at Huancune return >1% Cu
    • 0.82% Cu, 47.7 Ag g/t in channel sample at new target (Pacojahua) 2km southwest of Huancune

CORPORATE:

• $3.4m raised through a heavily oversubscribed placement

The March Quarter saw the completion of the maiden drilling program at the Hook Lake Uranium Project in Canada along with the identification of a large porphyry target at the Picha Project in Peru. The Company is continuing to successfully manage this dual focus by having experienced locally-based geological consultants/employees in Canada and Peru. Their local knowledge means exploration activities are progressing efficiently and effectively on both fronts.

In Canada, the Company has completed its maiden diamond drilling program at the Hook Lake Uranium Project with the drilling hitting elevated radioactivity. Three of the drillholes at S-Zone encountered elevated radioactivity and associated alteration of varying widths. DDHL22-002 intersected a zone from 104.3m to 108m downhole depth of elevated radioactivity (up to 900 cps measured with a handheld RS-125 scintillometer and a peak of 1,131 cps in the downhole gamma survey) and alteration, with traces of uraninite mineralisation noted in some of the fractures.

The Company continues to work on reviewing historical data from all seven of the uranium projects in Canada and aims to have these reported to the market in the coming 3 to 4 months.

In Peru, outstanding results have been released to the market, including the identification of a large porphyry target. Work is now focused on finalising the drilling program and completing the permitting process in order to commence drilling. The team has commenced work on the expanded Picha Project with some initial rock chip results of up to 3% Cu and multiple new targets identified.

The Company is cognisant of operating a dual focus strategy between our Athabasca Uranium and Peruvian Copper Portfolios and continues to evaluate the best structure in which to maximise shareholder value.

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