September 2022 Quarterly Activities Report

HIGHLIGHTS

CANADIAN URANIUM – ATHABASCA BASIN:

• Significant uranium results with associated copper from surface rock chip samples at Surprise Creek, including grades of up to 6.13% U3O8 and 1.03% Cu and 3.96% U3O8 and 1.31% Cu:
  • Six of the >1% U3O8 samples were taken from areas adjacent to the Surprise Creek Fault.
  • Historical drilling dating back to 1968 on the Surprise Creek Fault target returned significant intercepts including 2.1m @ 4.37% U3O8 from 57m (VT20) including 0.9m at 7.5% U3O8.
  • Several high-grade copper surface samples returned from an area to the south-west of the Surprise Creek/Plug Lake target, with grades of up to 61.7% Cu (no associated uranium).
  • Other rock chip results from this area include: 27.6% Cu, 9% Cu, 4.93% Cu and 3.94% Cu.
• Highly prospective uranium targets identified at Hook Lake Project
  • Airborne gravity surveys completed at Hook Lake with a total of 2,080 line kilometres at 150m line spacing
  • Eleven new targets identified from the recently completed airborne gravity gradiometry (AGG) survey:
  • On-ground field checking of gravity targets completed in August
  • Follow-up field program proposed including radon and geochemical surveys over new gravity targets
• Hidden Bay Airborne survey identifies new drill targets
  • Six prospective unconformity uranium targets identified based on new airborne gravity survey data
  • Airborne gravity survey completed at Hidden Bay with 416 line kms at 150m line spacing
• Cluff Lake drilling permits have been received

PERUVIAN COPPER-SILVER:

• Substantial new IP anomalies confirm additional large-scale porphyry copper potential at Picha Project:
  
• Large IP chargeability anomalies identified at both the Ichucollo Target and Huancune Target, adding further to the cluster of coincident geophysical/geochemical targets already delineated.
• Combined strike length of the Ichucollo and Huancune IP anomalies and the existing IP anomaly identified in the 2021 IP survey, is over 6km in strike length.
• The IP anomalies at both Ichucollo and Huancune are coincident with significant surface copper mineralisation:
• Ichucollo Target – semi-continuous 2.5km long IP anomaly, coincident with channel samples:
  
  • 24m @ 1.08% Cu 12m @ 1.10% Cu
  • 30m @ 0.79% Cu 16m @ 0.60% Cu
  • 18m long zone of “manto-type” mineralisation averaging 1.45% Cu
  • Shallow targets (<250m deep) easily tested with drilling
• Huancune Target – 1.5km long IP anomaly, coincident with surface rock chip and channel samples:
  • >0.5% Cu and up to 3.95% Cu

CORPORATE:

• Robin Wilson appointed as Technical Director and Joe Graziano as Company Secretary.

SURPRISE CREEK PROJECT

Multiple samples above 1% U3O8 plus numerous very high-grade copper samples confirm potential of under- explored project area as Valor’s exploration activity gathers momentum

This work has confirmed several historical uranium and copper targets and identified several new, previously unrecorded uranium and copper occurrences. A total of 30 samples were collected from uranium and copper occurrences across the Project which have returned significant high-grade copper and uranium assay results.

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