XPEDRA RESOURCES LIMITED — Capital/Financing Update 2017

Oct 2, 2017

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ASX Release

3 October 2017

VALOR RESOURCES LIMITED ACN 076 390 451

22 Lindsay Street PERTH, WA Australia

Tel: +61 8 9200 3467 Fax: +61 8 9227 6390

HIGH GRADE COPPER & SILVER INTERCEPTS

CONTINUE AT BERENGUELA

Valor Resources Limited (“ VAL ” or the “ Company ”, ASX: VAL) is pleased to report latest assay results from the drilling program at the Berenguela CopperSilver Project in Southern Peru. Drilling from platform 032 (see Figure 2 – Drilling Platform Map), has returned multiple high grade copper and silver intercepts for the Berenguela project.

Highlights:

• Multiple Cu intercepts with average grades over 2% Cu, including multiple intervals over 3% and 4%.

Contact:

Mr Mark Sumner

E-mail: info@valorresources.com.au

• Thick, high grade Ag intercepts, including intervals of 7 meters at 328.26 g/t Ag, 15 meters at 254.59 g/t Ag and 16 meters at 204.18 g/t Ag.

• Updated JORC resource estimate expected in the coming days.

Directors

Mr Mark Sumner Mr Brian McMaster Ms Paula Cowan

Company Secretary Ms Kelly Moore Ms Paula Cowan

ASX Code :

VAL

Key drilling intercepts (refer to Tables 1 & 2 for complete results) include:

BEP-032 – BER261

• 15 m @ 1.90% Cu + 254.59 g/t Ag + 18.49% Mn + 0.43% Zn (from 0m). 3.350% CuEq , including:

• 8 m @ 2.64% Cu + 190.13 g/t Ag + 20.00% Mn + 0.44% Zn (from 0m). 3.779% CuEq; and

• 7 m @ 1.05% Cu + 328.26 g/t Ag + 16.77% Mn + 0.41% Zn (from 8m) 2.860% CuEq

BEP-032 – BER263

• 15 m @ 2.48 Cu% + 124.92 Ag g/t + 13.09 Mn% + 0.29 Zn% (from 0 m). 3.229% CuEq including:

• 6 m @ 4.47% Cu + 144.63 g/t Ag + 19.03% Mn + 0.35% Zn (from 6m). 5.343 % CuEq; and

BEP-032 – BER264

• 16 m @ 2.65% Cu + 204.19 g/t Ag + 19.06% Mn + 0.42% Zn (from 0m). 3.849 % CuEq, including:

• 8 m @ 2.62% Cu + 186.75 g/t Ag + 18.82% Mn + 0.53% Zn (from 0m). 3.790 % CuEq; and

• 4 m @ 3.85% Cu + 169.25 g/t Ag + 18.74% Mn + 0.22% Zn (from 8m) 4.786% CuEq; and

• 4 m @ 1.49% Cu + 274 g/t Ag + 19.86% Mn + 0.40% Zn (from 12m) 4.786% CuEq

Key drilling intercepts continued (refer to Tables 1 & 2 for complete results):

BEP032 – BER260:

• 11 m @ 1.02% Cu + 76.45 g/t Ag + 4.42% Mn + 0.30% Zn (from 5m). 1.536 % CuEq

BEP032 – BER262:

• 22 m @ 0.88% Cu + 89.44 g/t Ag + 12.62% Mn + 0.76% Zn (from 64m). 1.677 % CuEq

Management Commentary

Valor Chairman, Mark Sumner said: “This is another set of excellent drill holes confirming high grade mineralisation, which continues to materialise within the central area of the Berenguela deposit. The silver intercepts are excellent, but the extraordinarily high grades of copper again exceed our expectations, as grades are consistently coming back significantly higher than the current average across the Indicated and Inferred JORC estimate.

“This program reinforces our view that Berenguela is an excellent copper-silver deposit and look forward to delivering more drill results, as well as the updated JORC mineral resource estimate soon.”

Drilling Program Overview

The drilling program commenced on 10 July 2017. The program includes 66 drill holes for a total of 9,570 metres, targeting depths between 100 and 200 metres focusing primarily on the Berenguela central deposit area, with select drill holes targeting mineralisation outside of the area current Inferred Resource shell. To date, 42 holes for a total of 5,745 meters been completed. The drill holes are spaced on 35m x 35m grid and were performed from 15 platforms (BEP-002, BEP-003, BEP-005, BEP-006, BEP-007, BEP-008, BEP-021, BEP022, BEP-023, BEP-025, BEP-029, BEP-031, BEP-032)

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Figure 2 - 2017 Drilling Platform Map

Table 1: Drillhole Results at the Berenguela Project (Cut off Cu eq ~ 0.50)

Platform	HoleId	Comments	From (m)	To (m)	Interval (m)	% eCu Excl Mn	Summary
BEP-006	BER223-17		4	11	7	0.855	7 m @ 0.69 Cu% + 17.44 Ag g/t + 1.16 Mn% + 0.17 Zn%
			26	49	23	0.974	23 m @ 0.54 Cu% + 41.17 Ag g/t + 4.31 Mn% + 0.5 Zn%
			66	69	3	0.631	3 m @ 0.26 Cu% + 40.47 Ag g/t + 3.43 Mn% + 0.37 Zn%
			79	90	11	0.744	11 m @ 0.43 Cu% + 28.11 Ag g/t + 4.36 Mn% + 0.38 Zn%
			113	175	62	1.591	62 m @ 0.6 Cu% + 109.92 Ag g/t + 8.98 Mn% + 0.97 Zn%
	BER224-17		4	47	43	0.586	43 m @ 0.42 Cu% + 16.69 Ag g/t + 2.26 Mn% + 0.18 Zn%
			65	92	27	0.535	27 m @ 0.35 Cu% + 19.70 Ag g/t + 2.1 Mn% + 0.19 Zn%
	BER225-17		5	68	63	1.586	63 m @ 1.08 Cu% + 40.84 Ag g/t + 7.62 Mn% + 0.66 Zn%
	BER226-17		10	45	35	1.671	35 m @ 0.62 Cu% + 90.35 Ag g/t + 12.6 Mn% + 1.31 Zn%
			52	61	9	0.892	9 m @ 0.63 Cu% + 25.03 Ag g/t + 4.38 Mn% + 0.3 Zn%
BEP-007	BER227-17		2	73	71	1.655	71 m @ 0.82 Cu% + 111.09 Ag g/t + 6.81 Mn% + 0.62 Zn%
			100	112	12	0.592	12 m @ 0.35 Cu% + 23.73 Ag g/t + 2.96 Mn% + 0.27 Zn%
	BER228-17		7	92	85	0.963	85 m @ 0.55 Cu% + 38.66 Ag g/t + 5.4 Mn% + 0.48 Zn%
	BER229-17		11	42	31	1.067	31 m @ 0.59 Cu% + 28.43 Ag g/t + 10.58 Mn% + 0.73 Zn%
			50	54	4	0.583	4 m @ 0.3 Cu% + 19.93 Ag g/t + 3.99 Mn% + 0.4 Zn%
	BER230-17		0	42	42	1.605	42 m @ 0.93 Cu% + 70.35 Ag g/t + 11.13 Mn% + 0.71 Zn%
BEP-008	BER231-17		0	5	5	1.034	5 m @ 0.47 Cu% + 31.94 Ag g/t + 7.93 Mn% + 0.88 Zn%
			25	65	40	0.746	40 m @ 0.43 Cu% + 19.17 Ag g/t + 5.82 Mn% + 0.48 Zn%
	BER232-17		1	6	5	2.093	5 m @ 1.19 Cu% + 71.58 Ag g/t + 15.74 Mn% + 1.19 Zn%
			30	37	7	0.837	7 m @ 0.45 Cu% + 20.44 Ag g/t + 8.65 Mn% + 0.62 Zn%
			96	102	6	0.856	6 m @ 0.57 Cu% + 27.93 Ag g/t + 3.07 Mn% + 0.32 Zn%
	BER233-17		0	17	17	0.729	17 m @ 0.46 Cu% + 19.82 Ag g/t + 3.9 Mn% + 0.37 Zn%
	BER234-17		0	23	23	1.112	23 m @ 0.73 Cu% + 33.39 Ag g/t + 5.12 Mn% + 0.47 Zn%
BEP-002	BER235-17		0	28	28	1.148	28 m @ 0.65 Cu% + 30.71 Ag g/t + 9.32 Mn% + 0.75 Zn%
			39	59	20	1.167	20 m @ 0.57 Cu% + 78.73 Ag g/t + 8.05 Mn% + 0.45 Zn%
			59	66	7	10.870	7 m @ 2.18 Cu% + 1,719.83 Ag g/t + 13.21 Mn% + 0.41 Zn%
	BER236-17		0	44	44	1.499	44 m @ 0.9 Cu% + 85.63 Ag g/t + 8.42 Mn% + 0.38 Zn%
BEP-023	BER237-17		21	32	11	0.597	11 m @ 0.31 Cu% + 47.80 Ag g/t + 1.27 Mn% + 0.11 Zn%
			35	46	11	1.461	11 m @ 0.86 Cu% + 94.43 Ag g/t + 10.49 Mn% + 0.29 Zn%
			67	71	4	1.638	4 m @ 0.68 Cu% + 139.62 Ag g/t + 9.02 Mn% + 0.58 Zn%
			81	85	4	0.658	4 m @ 0.45 Cu% + 22.43 Ag g/t + 3.74 Mn% + 0.21 Zn%
	BER238-17		18	36	18	0.989	18 m @ 0.56 Cu% + 65.28 Ag g/t + 7.43 Mn% + 0.23 Zn%
			82	92	10	1.179	10 m @ 0.79 Cu% + 61.03 Ag g/t + 3.98 Mn% + 0.19 Zn%
	BER239-17		30	57	27	1.715	27 m @ 1.01 Cu% + 117.80 Ag g/t + 8.73 Mn% + 0.26 Zn%
			88	100	12	1.811	12 m @ 0.82 Cu% + 177.05 Ag g/t + 5.27 Mn% + 0.26 Zn%
	BER240-17		26	43	17	1.925	17 m @ 0.76 Cu% + 214.60 Ag g/t + 9.24 Mn% + 0.24 Zn%
			43	49	6	3.222	6 m @ 2.96 Cu% + 34.65 Ag g/t + 13.04 Mn% + 0.2 Zn%
			75	80	5	0.746	5 m @ 0.46 Cu% + 37.80 Ag g/t + 4.19 Mn% + 0.21 Zn%
	BER241-17		20	61	41	1.323	41 m @ 0.69 Cu% + 113.22 Ag g/t + 4.84 Mn% + 0.15 Zn%

Platform	HoleId	Comments	From (m)	To (m)	Interval (m)	% eCu Excl Mn	Summary
BEP-029	BER242-17		9	35	26	1.721	26 m @ 0.91 Cu% + 105.30 Ag g/t + 7.14 Mn% + 0.63 Zn%
			48	57	9	1.645	9 m @ 0.72 Cu% + 165.57 Ag g/t + 3.94 Mn% + 0.23 Zn%
	BER243-17		0	5	5	1.122	5 m @ 0.63 Cu% + 49.42 Ag g/t + 7.7 Mn% + 0.54 Zn%
			16	21	5	1.372	5 m @ 0.57 Cu% + 101.48 Ag g/t + 16.57 Mn% + 0.66 Zn%
			24	29	5	1.267	5 m @ 0.63 Cu% + 70.66 Ag g/t + 17.53 Mn% + 0.63 Zn%
			32	36	4	2.068	4 m @ 1.31 Cu% + 110.70 Ag g/t + 19.29 Mn% + 0.46 Zn%
			37	91	54	2.605	54 m @ 1.48 Cu% + 202.66 Ag g/t + 14.47 Mn% + 0.27 Zn%
			37	45	8	5.996	8 m @ 2.09 Cu% + 754.13 Ag g/t + 20 Mn% + 0.38 Zn%
			68	73	5	2.480	5 m @ 2.12 Cu% + 62.12 Ag g/t + 4.59 Mn% + 0.11 Zn%
	BER244-17		0	6	6	1.468	6 m @ 1.18 Cu% + 32.25 Ag g/t + 2.23 Mn% + 0.27 Zn%
			8	11	3	2.473	3 m @ 1.95 Cu% + 58.23 Ag g/t + 7.11 Mn% + 0.51 Zn%
			14	64	50	2.195	50 m @ 1.39 Cu% + 130.77 Ag g/t + 11.63 Mn% + 0.34 Zn%
			32	41	9	3.663	9 m @ 3.02 Cu% + 107.11 Ag g/t + 9.45 Mn% + 0.24 Zn%
			41	51	10	2.351	10 m @ 1.24 Cu% + 177.18 Ag g/t + 18.11 Mn% + 0.5 Zn%
	BER245-17		3	15	12	1.229	12 m @ 0.79 Cu% + 48.40 Ag g/t + 8.9 Mn% + 0.42 Zn%
			20	34	14	2.320	14 m @ 1.07 Cu% + 186.18 Ag g/t + 9.83 Mn% + 0.71 Zn%
			22	30	8	3.144	8 m @ 1.47 Cu% + 252.96 Ag g/t + 12.95 Mn% + 0.93 Zn%
			45	48	3	1.428	3 m @ 0.99 Cu% + 48.73 Ag g/t + 6.89 Mn% + 0.42 Zn%
			52	64	12	2.309	12 m @ 0.85 Cu% + 243.52 Ag g/t + 15.69 Mn% + 0.55 Zn%
			60	64	4	1.656	4 m @ 0.59 Cu% + 195.55 Ag g/t + 8.16 Mn% + 0.21 Zn%
	BER246-17		0	3	3	0.911	3 m @ 0.52 Cu% + 16.50 Ag g/t + 19.09 Mn% + 0.67 Zn%
			10	17	7	2.031	7 m @ 1.15 Cu% + 116.61 Ag g/t + 18.57 Mn% + 0.66 Zn%
			22	29	7	0.659	7 m @ 0.52 Cu% + 16.89 Ag g/t + 2.43 Mn% + 0.12 Zn%
			32	43	11	1.468	11 m @ 0.84 Cu% + 63.65 Ag g/t + 9.6 Mn% + 0.68 Zn%
			51	53	2	1.163	2 m @ 0.46 Cu% + 105.90 Ag g/t + 6.36 Mn% + 0.39 Zn%
			59	75	16	8.205	16 m @ 1.88 Cu% + 1,243.31 Ag g/t + 10.43 Mn% + 0.39 Zn%
			59	62	3	2.803	3 m @ 1.12 Cu% + 293.73 Ag g/t + 10.99 Mn% + 0.5 Zn%
			63	71	8	13.859	8 m @ 2.95 Cu% + 2,161.23 Ag g/t + 14.64 Mn% + 0.49 Zn%
BEP-003	BER247-17		24	35	11	0.792	11 m @ 0.46 Cu% + 56.91 Ag g/t + 11.61 Mn% + 0.1 Zn%
			43	51	8	1.724	8 m @ 0.96 Cu% + 125.78 Ag g/t + 11.83 Mn% + 0.3 Zn%
	BER248-17		30	45	15	1.577	15 m @ 0.83 Cu% + 143.40 Ag g/t + 12.01 Mn% + 0.08 Zn%
	BER249-17		30	33	3	1.700	3 m @ 1 Cu% + 94.63 Ag g/t + 11.82 Mn% + 0.5 Zn%
			36	41	5	3.422	5 m @ 2.05 Cu% + 234.00 Ag g/t + 11.54 Mn% + 0.47 Zn%
			43	52	9	2.363	9 m @ 1.7 Cu% + 87.17 Ag g/t + 6.92 Mn% + 0.51 Zn%
			59	91	32	2.944	32 m @ 2.07 Cu% + 143.64 Ag g/t + 10.59 Mn% + 0.35 Zn%
			77	81	4	3.701	4 m @ 3.3 Cu% + 63.83 Ag g/t + 6.4 Mn% + 0.19 Zn%
			84	88	4	4.452	4 m @ 4.09 Cu% + 55.45 Ag g/t + 15.65 Mn% + 0.2 Zn%
	BER250-17		29	34	5	3.695	5 m @ 1.68 Cu% + 353.86 Ag g/t + 11.51 Mn% + 0.56 Zn%
			36	52	16	1.749	16 m @ 1.13 Cu% + 107.30 Ag g/t + 12.45 Mn% + 0.2 Zn%
			29	34	5	3.695	5 m @ 1.68 Cu% + 353.86 Ag g/t + 11.51 Mn% + 0.56 Zn%
			36	52	16	1.749	16 m @ 1.13 Cu% + 107.30 Ag g/t + 12.45 Mn% + 0.2 Zn%

Platform	HoleId	Comments	From (m)	To (m)	Interval (m)	% eCu Excl Mn	Summary
BEP-005	BER251-17		0	55	55	3.353	55 m @ 1.87 Cu% + 251.90 Ag g/t + 13.55 Mn% + 0.51 Zn%
			22	34	12	3.641	12 m @ 2.78 Cu% + 132.44 Ag g/t + 12.77 Mn% + 0.45 Zn%
			38	46	8	5.656	8 m @ 3.12 Cu% + 455.50 Ag g/t + 12.48 Mn% + 0.61 Zn%
			46	50	4	4.118	4 m @ 1.14 Cu% + 529.50 Ag g/t + 12.46 Mn% + 0.77 Zn%
			50	54	4	6.048	4 m @ 2.42 Cu% + 680.75 Ag g/t + 14.25 Mn% + 0.57 Zn%
			54	68	14	0.677	14 m @ 0.46 Cu% + 36.84 Ag g/t + 1.17 Mn% + 0.09 Zn%
	BER252-17		0	35	35	2.395	35 m @ 1.35 Cu% + 166.99 Ag g/t + 12.06 Mn% + 0.48 Zn%
			1	5	4	3.139	4 m @ 1.41 Cu% + 272.54 Ag g/t + 14.7 Mn% + 0.82 Zn%
			9	33	24	2.551	24 m @ 1.54 Cu% + 158.08 Ag g/t + 11.67 Mn% + 0.5 Zn%
BEP-031	BER255-17		52	70	18	2.217	18 m @ 1.51 Cu% + 100.30 Ag g/t + 12.62 Mn% + 0.45 Zn%
			52	57	5	3.472	5 m @ 2.22 Cu% + 210.60 Ag g/t + 19.22 Mn% + 0.45 Zn%
	BER256-17		29	54	25	2.372	25 m @ 1.99 Cu% + 57.38 Ag g/t + 10.71 Mn% + 0.21 Zn%
			29	35	6	3.539	6 m @ 3.17 Cu% + 55.90 Ag g/t + 14.74 Mn% + 0.21 Zn%
			51	54	3	4.973	3 m @ 4.13 Cu% + 137.77 Ag g/t + 16.93 Mn% + 0.36 Zn%
	BER257-17		67	80	13	3.492	13 m @ 2.94 Cu% + 91.76 Ag g/t + 6.16 Mn% + 0.21 Zn%
			67	70	3	4.625	3 m @ 3.84 Cu% + 140.70 Ag g/t + 4.96 Mn% + 0.2 Zn%
	BER258-17		68	87	19	1.953	19 m @ 1.33 Cu% + 72.86 Ag g/t + 10.24 Mn% + 0.58 Zn%
	BER259-17		63	100	37	1.397	37 m @ 1.07 Cu% + 47.43 Ag g/t + 5.58 Mn% + 0.2 Zn%
			69	73	4	2.786	4 m @ 2.33 Cu% + 72.48 Ag g/t + 7.3 Mn% + 0.22 Zn%
BEP-032	BER260-17		5	16	11	1.536	11 m @ 1.02 Cu% + 76.45 Ag g/t + 4.42 Mn% + 0.3 Zn%
	BER261-17		0	15	15	3.350	15 m @ 1.9 Cu% + 254.59 Ag g/t + 18.49 Mn% + 0.42 Zn%
			0	8	8	3.779	8 m @ 2.64 Cu% + 190.13 Ag g/t + 20 Mn% + 0.44 Zn%
			8	15	7	2.860	7 m @ 1.05 Cu% + 328.26 Ag g/t + 16.77 Mn% + 0.41 Zn%
	BER262-17		63	85	22	1.677	22 m @ 0.88 Cu% + 89.44 Ag g/t + 12.62 Mn% + 0.76 Zn%
	BER263-17		0	15	15	3.229	15 m @ 2.48 Cu% + 124.92 Ag g/t + 13.09 Mn% + 0.29 Zn%
			6	12	6	5.343	6 m @ 4.47 Cu% + 144.63 Ag g/t + 19.03 Mn% + 0.35 Zn%
	BER264-17		0	16	16	3.849	16 m @ 2.65 Cu% + 204.19 Ag g/t + 19.06 Mn% + 0.42 Zn%
			0	8	8	3.790	8 m @ 2.62 Cu% + 186.75 Ag g/t + 18.82 Mn% + 0.53 Zn%
			7	11	4	4.786	4 m @ 3.85 Cu% + 169.25 Ag g/t + 18.74 Mn% + 0.22 Zn%
			11	15	4	3.031	4 m @ 1.49 Cu% + 274.00 Ag g/t + 19.86 Mn% + 0.4 Zn%

*Intercepts are calculated using: True width intervals of the mineralisation are interpreted as being between 50-80% true widths from oriented RC drilling core and sectional interpretation

Copper equivalent (CuEq) calculations assume:

Base of Calculus	Units	Price-LME (London Metal Exchange)	Recovery (%) Concentrate
Cu	US Dollarsper tonne	6,426.00	0.85
Ag	US Dollars and centsper troyounce	16.795	0.5
Zn	US Dollarsper tonne	3,150.00	0.8

LME Prices on 27 Sep 2017. Mn grades are not considered for eCu calculus.

Table 2: Drill Collar Information for Berenguela Project: )

Hole ID	East_WGS	North_WGS	Elevation	Depth(m)	Azimuth	Dip
BEP-006-BER223-17	332339.410	8268762.630	4260.650	200	15	-60
BEP-006-BER224-17	332339.080	8268760.870	4260.790	180	0	-90
BEP-006-BER225-17	332338.780	8268759.210	4260.570	150	195	-71
BEP-006-BER226-17	332338.460	8268757.500	4260.500	110	195	-51
BEP-007-BER227-17	332392.650	8268742.000	4254.980	180	15	-57
BEP-007-BER228-17	332392.070	8268740.090	4255.210	160	0	-90
BEP-007-BER229-17	332391.650	8268738.240	4254.950	150	195	-70
BEP-007-BER230-17	332391.200	8268736.590	4254.920	100	195	-50
BEP-008-BER231-17	332449.560	8268738.380	4246.690	170	0	-57
BEP-008-BER232-17	332449.460	8268737.180	4246.710	120	290	-61
BEP-008-BER233-17	332449.460	8268736.080	4246.700	120	215	-70
BEP-008-BER234-17	332448.590	8268734.830	4246.730	100	215	-50
BEP-002-BER235-17	332080.460	8268590.960	4250.510	130	15	-70
BEP-002-BER236-17	332080.610	8268587.750	4250.550	150	195	-50
BEP-023-BER237-17	332339.420	8268411.700	4234.640	100	15	-47
BEP-023-BER238-17	332339.020	8268410.440	4234.530	100	15	-60
BEP-023-BER239-17	332335.050	8268412.860	4234.610	105	330	-46
BEP-023-BER240-17	332340.630	8268410.140	4234.620	100	50	-44
BEP-023-BER241-17	332339.190	8268409.000	4234.630	100	50	-65
BEP-029-BER242-17	332169.770	8268559.000	4249.480	150	15	-64
BEP-029-BER243-17	332167.540	8268550.810	4249.250	150	195	-43
BEP-029-BER244-17	332170.440	8268552.370	4249.230	150	150	-45
BEP-029-BER245-17	332170.780	8268557.070	4249.440	150	50	-65
BEP-029-BER246-17	332167.700	8268557.340	4249.460	150	330	-64
BEP-003-BER247-17	332273.340	8268582.060	4251.940	110	15	-49
BEP-003-BER248-17	332272.910	8268580.540	4251.950	100	15	-69
BEP-003-BER249-17	332271.670	8268576.170	4251.720	200	195	-50
BEP-003-BER250-17	332272.150	8268577.920	4251.850	140	195	-69
BEP-005-BER251-17	332581.210	8268643.310	4234.760	140	15	-55
BEP-005-BER252-17	332580.780	8268641.890	4234.800	170	15	-75
BEP-005-BER253-17	332579.530	8268637.300	4234.690	110	195	-54
BEP-005-BER254-17	332579.900	8268638.750	4234.780	120	195	-74
BEP-031-BER255-17	332362.940	8268506.690	4255.170	100	15	-64
BEP-031-BER256-17	332362.290	8268504.480	4255.280	100	195	-65
BEP-031-BER257-17	332360.520	8268509.530	4255.160	100	330	-45
BEP-031-BER258-17	332365.520	8268508.090	4255.210	100	50	-45
BEP-031-BER259-17	332365.160	8268501.640	4255.390	100	150	-43
BEP-032-BER260-17	332435.720	8268473.320	4256.940	100	15	-64
BEP-032-BER261-17	332434.600	8268469.560	4256.920	100	195	-64
BEP-032-BER262-17	332437.950	8268474.170	4256.910	100	50	-45
BEP-032-BER263-17	332437.250	8268468.870	4256.870	100	150	-45
BEP-032-BER264-17	332432.430	8268469.770	4256.910	100	230	-45
BEP-002-BER265-17	332080.200	8268589.880	4250.660	80	0	-90
BEP-002-BER266-17	332080.030	8268589.090	4250.530	80	195	-75
BEP-029-BER267-17	332165.460	8268552.820	4249.310	100	230	-44
BEP-021-BER268-17	332035.530	8268511.420	4226.940	163	15	-44
BEP-021-BER269-17	332034.960	8268509.480	4226.930	105	15	-65
BEP-021-BER270-17	332033.880	8268510.410	4226.950	63	330	-64
BEP-021-BER271-17	332037.090	8268510.700	4227.000	45	50	-46
BEP-022-BER272-17	332144.270	8268461.710	4234.090	200	15	-45
BEP-022-BER273-17	332143.670	8268459.650	4234.100	57	15	-65
BEP-022-BER274-17	332142.120	8268461.390	4234.090	77	330	-45
BEP-022-BER275-17	332145.990	8268461.080	4234.210	160	50	-45
BEP-022-BER276-17	332144.530	8268459.860	4234.180	60	50	-65
BEP-025-BER277-17	332479.360	8268405.840	4244.750	120	15	-46
BEP-025-BER278-17	332476.080	8268405.410	4244.680	135	330	-45
BEP-025-BER279-17	332477.130	8268403.850	4244.590	110	330	-66
BEP-025-BER280-17	332481.530	8268404.410	4244.780	150	50	-45
BEP-025-BER281-17	332480.200	8268403.250	4244.660	110	50	-65
BEP-024-BER282-17	332420.200	8268403.680	4242.430	130	15	-45

Hole ID	East_WGS	North_WGS	Elevation	Depth(m)	Azimuth	Dip
BEP-024-BER283-17	332419.790	8268401.990	4242.280	120	15	-63
BEP-024-BER284-17	332416.350	8268403.510	4242.180	130	330	-45
BEP-024-BER285-17	332422.980	8268402.230	4242.250	140	50	-46
BEP-024-BER286-17	332421.640	8268401.100	4242.300	135	50	-65
BEP-005-BER287-17	332581.110	8268637.860	4234.820	140	150	-65
BEP-001-BER288-17	331639.150	8268582.600	4196.330	150	15	-45
BEP-001-BER289-17	331638.660	8268580.740	4196.360	140	15	-66
BEP-001-BER290-17	331636.420	8268572.910	4196.110	100	195	-45
BEP-001-BER291-17	331636.990	8268575.040	4196.350	100	195	-63

-ENDS-

For further information, please contact:

Mark Sumner Chairman

Media Relations:

Ben Jarvis, Six Degrees Investor Relations: +61 (0) 413 150 448

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About the Berenguela Project:

The Berenguela Project is an advanced stage copper-silver project located in the Puno District of Peru. On 10 March 2017 in an announcement titled “Mineral Resource Confirmation – Additional Information for ASX LR 5.8.1”, Valor informed the market that Berenguela has confirmed Mineral Resources, according to the JORC (2012) Code of:

• Indicated: 15.6 million tonnes at 132 g/t Ag and 0.92% Cu

• Inferred: 6 million tonnes at 111 g/t Ag and 0.74% Cu

The current resource base covers an area of approximately 140 hectares, which accounts for only 2% of the total 6,594 hectares of exploration concessions in Valor’s total land package. Valor believes this drilling program will continue to confirm and upgrade the existing resource, while paving the way to further resource expansion drilling in the future.

Copper Equivalent Calculations & Recoveries Assumptions

The calculation formula used to calculate the reported Copper Equivalent (CuEq %) is as follows: Cu Eq (%) = Cu G (%) + ((Ag G / 10000) x Ag P x C x ReAg) / (Cu P x ReCu) + (Zn% x Zn P x ReZn) / (Cu P x ReCu)

Equation Key: Cu G = Copper grade % Ag G = Silver grade in g/t Ag P = Silver price in USD per troy ounce: US$16.795 C = Conversion of tonnes to ounces, 1 tonne = 10[6] /31.1035=32150.7465 ounces ReAg = Expected recovery of silver = 50% Cu P = Copper price at US$6,426.00 per tonne ReCu = Expected recovery of copper = 85% Zn% = Zinc Grade %; Zn P = Zinc price = US$3,150.00 per tonne; ReZn = Expected recovery of zinc = 80% See Table 1 for further information on metals grades and drilling intervals.

The metals price assumptions were calculated using spot prices taken from the London Metals Exchange (LME) on Monday, 27 September 2017.

Metallurgical test work has been completed on multiple Berenguela ore samples by independent laboratories and consulting groups. Recovery rates are based on historical work conducted on Berenguela ore samples, as well as guidance from Valor’s metallurgical consultants. Valor’s metallurgists were consulted regarding the potential for Cu, Ag and Zn recovery based on historical metallurgical work in order to confirm Reasonable Prospects for Eventual Economic Extraction. A Quality Assurance-Quality Control (QAQC) analysis has been conducted to confirm mineralisation, which showed positive intervals. Based on historical metallurgical work and QAQC, it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

Competent Person’s Statement

The technical information in this release is based on compiled and reviewed data by Mr. Marcelo Batelochi. Mr. Batelochi is an independent consultant with MB Geologia Ltda and is a Chartered Member of AusIMM – The Minerals Institute. Mr. Batelochi has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Batelochi consents to the inclusion in the report of the matters based on their information in the form and context in which it appears. Mr. Batelochi accepts responsibility for the accuracy of the statements disclosed in this release.

JORC Code, 2012 Edition – Table 1 report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation		Commentary
Sampling	• Nature and quality of sampling (eg cut channels,	•	RC drilling the entire 1m RC samples were obtained and split by an adjustable
techniques	random chips, or specific specialised industry standard measurement tools appropriate to the minerals under		cone splitter attached to the base of the cyclone or riffle split separately to 1.5kg – 3.0kg and were utilized for both lithology logging and assaying;
	investigation, such as down hole gamma sondes, or
	handheld XRF instruments, etc). These examples should
	not be taken as limiting the broad meaning of
	sampling.
	• Include reference to measures taken to ensure sample	•	Samples are split into single meter intervals.
	representivity and the appropriate calibration of any	•	Certified standards were inserted every 20th sample and to assess the accuracy
	measurement tools or systems used.		and methodology of the external laboratories. Field duplicates were inserted
			every 20th sample to assess the repeatability and variability of the Polymetallic
			mineralisation. Laboratory duplicates were also completed approximately every
			20th sample to assess the precision of the laboratory as well as the repeatability
			and variability of the mineralisation. A blank standard was inserted at the start
			of every batch. Results of the QAQC sampling were assessed on a batch by batch
			basis and were considered acceptable.
		•	1m RC samples were obtained by an adjustable cone splitter attached to the
	• Aspects of the determination of mineralisation that are Material to the Public Report.		base of the cyclone (1.5kg – 3.0kg) and were utilized for both lithology logging and assaying.
	• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has	•	These identified samples are sent to SGS preparation Laboratory, which are re- identified with SGS number linked to a code bar, the samples are weighed, dried at 105°C, grain size reduced to -8mm in primary crusher and in a secondary to 90%@ - 2mm, split to 0.15-0.3kg before being pulverised to 95% @ - 140mesh. The final pulp is sent to SGS laboratories in Callao – Lima Peru for chemical analysis assay.
	inherent sampling problems. Unusual commodities or
	mineralisation types (eg submarine nodules) may
	warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole	•	A AKD RC Drill Rig (Schramm T660H) Being 5.5’’ diameter face sampling hammer
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc) and details(eg core diameter, triple or standard tube,		was used

Criteria	JORC Code explanation		Commentary
	depth of diamond tails, face-sampling bit or other type,
	whether core is oriented and if so, by what method,
	_etc). _
Drill sample	• Method of recording and assessing core and chip	•	RC recovery was visually assessed, with recovery being excellent in this case due
recovery	sample recoveries and results assessed.		to the all drilled interval are above the water table. There are rare (-3%) of high intense fractured interval with no recovery, or less than 1 kg that is discarded.
	• Measures taken to maximise sample recovery and
	ensure representative nature of the samples.
		•	RC samples were visually checked for recovery, moisture and contamination
			during the drill rig operation. The drilling contractor utilized a cyclone and cone
	• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred		splitter to provide uniform sample size. The cone splitter was cleaned at the end of every rod and the cyclone cleaned at the completion of every hole.
	due to preferential loss/gain of fine/coarse material.	•	Sample recoveries for RC drilling were high within the mineralized zones,
			confirmed by the check between RC x DD drilling performed by Silver Standard
			in 2015 and checked by Valor Resources in 2017. No significant bias is expected
			and high reproducibility between RC and DD drilling.
Logging	• Whether core and chip samples have been geologically	•	Lithology, alteration, veining, mineralization and manganese alteration were
	and geotechnically logged to a level of detail to support		logged from the RC chips and stored in Datashed. Chips from selected holes
	appropriate Mineral Resource estimation, mining		were also placed in chip trays and stored in a designated building at site for
	studies and metallurgical studies.		future reference.
	• Whether logging is qualitative or quantitative in
	nature. Core (or costean, channel, etc) photography.	•	All drill holes intervals are logged by geologists acquiring the qualitative
	• The total length and percentage of the relevant		information, and all RC chip boxes are photography
	intersections logged.
Sub-	• If core, whether cut or sawn and whether quarter, half	•	Non cores;
sampling	or all core taken.
techniques and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	•	RC drilling recovery samples using a cyclone and cone splitter or riffle, in a weather sampled wet, natural humidity less than 10%.
preparation
	• For all sample types, the nature, quality and
	appropriateness of the sample preparation technique.
		•	These identified samples are sent to SGS preparation Laboratory in Arequipa,
			which are re-identified with SGS number linked to a code bar, the samples are
			weighed,dried at 105°C, grain size reduced to -8mm inprimarycrusher and in a

Criteria	JORC Code explanation		Commentary
			secondary to 90%@ - 2mm, split to 0.15-0.3kg before being pulverised to 95% @
			- 140mesh. The final pulp is sent to SGS laboratories in Callao – Lima Peru for
			chemical analysis assay.
	• Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second- half sampling.	• •	Certified standards and blanks were inserted every 20thsample to assess the accuracy and methodology of the external laboratory (SGS), and field duplicates were inserted every 20thsample to assess the repeatability and variability of the polymetallic mineralization. Laboratory duplicates (sample preparation split) were completed every 20th sample to assess the precision of the laboratory as well as the repeatability and
			variability of the mineralization.
	• Whether sample sizes are appropriate to the grain size of the material being sampled.	•	Sample sizes (1.5kg to 3kg) are considered to be a sufficient size to accurately represent the mineralization based on the mineralisation style, the width and
			continuity of the intersections, the sampling methodology.
		•	5 twin DD drilling were performed in 2005 to ensure of the sub-sampling quality.
			Acceptable precision and accuracy is noted in this comparison RC x DD and also
			the duplicates are acceptable and consistent with this mineralization style.
Quality of	• The nature, quality and appropriateness of the	•	All 2017 RC Drilling are analysing following the procedure summarized below:
assay data and laboratory	assaying and laboratory procedures used and whether the technique is considered partial or total.		All Samples of Geochemical Exploration Total Digestion - ICP Scheme: ICP40B - Method: SGS-MN-ME-41  Weigh out 0.20 grams of sample and transfer to a Teflon beaker Add nitric acid and perchloric acid;
tests			 Digest to dryness;
			 Cool, add fluoric acid and digest to dryness;
			 Add chloric acid;
			 Heat to dissolve the salts;
			 Cool and transfer to 20 ml tube;
			 Make up to ultra pure water;
			 Cover and homogenized;
			 Read with the Inductively Coupled Plasma Optical Emission Spectrometry
			(ICPOES)
			Elements:

Criteria	JORC Code explanation			Commentary	Commentary
		Element -	Detection	Upper	Element -	Detection	Upper
		Unit	Limit	Limit	Unit	Limit	Limit
		Ag - PPM	0.2	100	Mo - PPM	1	10000
		Al - %	0.01	15	Na - %	0.01	15
		As - PPM	3	10000	Nb - PPM	1	10000
		Ba - PPM	1	10000	Ni - PPM	1	10000
		Be - PPM	0.5	10000	P - %	0.01	15
		Bi - PPM	5	10000	Pb - PPM	2	10000
		Ca - %	0.01	15	S - %	0.01	10
		Cd - PPM	1	10000	Sb - PPM	5	10000
		Co - PPM	1	10000	Sc - PPM	0.5	10000
		Cr - PPM	1	10000	Sn - PPM	10	10000
		Cu - PPM	0.5	10000	Sr - PPM	0.5	5000
		Fe - %	0.01	15	Ti - %	0.01	15
		Ga - PPM	10	10000	Tl - PPM	2	10000
		K - %	0.01	15	V - PPM	2	10000
		La - PPM	0.5	10000	W - PPM	10	10000
		Li - PPM	1	10000	Y - PPM	0.5	10000
		Mg - %	0.01	15	Zn - PPM	0.5	10000
		Mn - PPM	2	10000	Zr - PPM	0.5	10000
		Samples above ICP40B upper limit: Multi-acid Digestion - Atomic Absorption
		Scheme: AAS41B - Method:		SGS-MN-ME-106
		 Weigh 0.25	grams of sample and transfer to a			Teflon beaker;
		 Add 2.5 ml nitric acid,		7.5 ml chloric acid, 1.5 ml perchloric acid and 10 ml
		fluoric acid;
		 Digest to dryness;
		 Cool and add chloric acid.
		 Heat and dissolve the		salts.
		 Cool and complete the solution with deionized water to 100 ml;
		 Cover and homogenize.
		 Read by atomic absorption.

Criteria	JORC Code explanation			Commentary
				Element - Detection Upper
				Unit Limit Limit
				Ag - PPM 10 4000
				Cu - % 0.002 20
				Pb - % 0.01 20
				Zn - % 0.01 20
			•	Geophysical tools not used.
	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.		• • •	Three Certified Reference Material (standards) were inserted every 20thsample to assess the assaying accuracy of the external laboratories. Coarse duplicates were inserted every 20thsample to assess the repeatability from the preparation and variability of the Cu, Ag, Zn and Mn mineralization. Laboratory duplicates were also completed approximately every 20thsample to
				assess the precision of assaying.
	• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.		•	Evaluation of control samples has been carry out every received batch received from laboratory, which the submitted standards, duplicates and blanks (blinded) and the internal laboratory quality control data (non blinded), indicates assaying to be accurate and without significant bias.
			•	Field duplicate sample show excellent levels of correlation, above 0.85 for
				blinded duplicates (inserted by Valor Resources) and non blinded (inserted by
				SGS).
		.
Verification	• The verification of significant intersections by either		•	The Cu, Ag, Mn and Zn high grade intersections of RC drilling, have been
of sampling	independent or alternative company personnel.			intensively re-logged by the field geologists and also for the Competent Person
and				with extensive experience in similar gold deposit styles
assaying	• The use of twinned holes.		•	Silver Standard in 2015 performed five Diamond twin holes, which was analyzed
				internally and checked by Valor Resources during the Due Diligences, showing
				the high correlation considering distinct sample support and the deviations are
				considered to be normal variations in this mineralization type deposit.
			•	All sample controls, geological logging, assays are entered directly into excel

Criteria	JORC Code explanation		Commentary
	• Documentation of primary data, data entry procedures,		spreadsheets files, with daily backup with a local copy replicated to a Valor
	data verification, data storage (physical and electronic)		Resources Ftp.
	protocols.
		•	Updating the procedures for database storage
	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate drill	•	The surveys were carried out by the contracted Company “Servicios Múltiples
data points	holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource	•	Cáceres S.R.L” – Arequipa Peru; Two Geomax Zenith 35Pro GNSS equipment with their respective accessories
	estimation.		were used;
	• Specification of the grid system used.	•	The method used was that of RTK for stakeout by satellite tracking;
	• Quality and adequacy of topographic control.	•	Base station at geodesic point BE-01;
		•	The grid system is PSAD-56 Zone 19S
Data	• Data spacing for reporting of Exploration Results.	•	Valor Resource is carrying 9750 meters of infill drilling, using platforms to
spacing and			perform no regular fan drill to cover the main areas of the deposit with
distribution			approximately 35x35 meters space. In these platforms are drill holes to
			investigate extensions out of previous resources.
	• Whether the data spacing and distribution is sufficient	•	The data spacing and distribution is sufficient to demonstrate spatial and grade
	to establish the degree of geological and grade		continuity of the mineralized domains to support the definition of Inferred,
	continuity appropriate for the Mineral Resource and		Indicated and Measured Mineral resources under the 2012 JORC code
	Ore Reserve estimation procedure(s) and classifications
	applied.
	• Whether sample compositing has been applied.	•	No sample compositing has been applied in the field within the mineralized
			zones
Orientation	• Whether the orientation of sampling achieves unbiased	•	The drilling is orientated N15 and N195 with dip varying from 40° to 90°, as a
of data in relation to	sampling of possible structures and the extent to which this is known, considering the deposit type.		non regular fan drill, performing about 4-5 RC drilling starting at a referred platform
geological structure	• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this	•	The previous sectional interpretation of 50m spaced holes shows reasonable continuity of the mineralized zone both along strike and down dip. The drill
	should be assessed and reported if material.		orientation crossing a stock work mineralization trying to reproduce with high

Criteria	JORC Code explanation		Commentary
			accuracy the spatial variability of this polymetallic Cu, Ag, Zn and Mn deposit
Sample	• The measures taken to ensure sample security.	•	Samples are securely sealed and stored onsite;
security		•	Samples delivery to SGS warehouse in Juliaca, by Valor Resources Staff;
		•	SGS staff delivery to SGS Arequipa for preparation;
		•	SGS Arequipa sent to SGS Callao – Lima to chemical analysis.
Audits or	• The results of any audits or reviews of sampling	•	The 2017 procedure was revised and audited internally by Valor Resources in
reviews	techniques and data.		August 2017. Checking RC Drilling, Sampling, Preparation and Chemical Analysis,
			by independent consultant M. Batelochi (AUSIMM Chattered Professional)

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference name/number, location and	•	The Berenguela Property encompasses approximately 141.33 hectares situated in
tenement	ownership including agreements or material issues		the eastern part of the Western Cordilleran of south-central Peru and consists of
and land tenure status	with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.		two mineral concessions. The Berenguela concessions are located within the Department of Puno and lie within Peruvian National Topographic System (NTS) map area Lagunillas, No. 32-U. The centre of the Berenguela concessions is at 15°
	• The security of the tenure held at the time of		40' South Latitude and 70° 34' West Longitude
	reporting along with any known impediments to
	obtaining a licence to operate in the area.
Exploration	• Acknowledgment and appraisal of exploration by	•	In March of 2004, SSR entered into an option agreement with SOMINBESA (KCA) to
done by	other parties.		purchase 100% of the silver resources contained in the Berenguela Project.
other parties		•	SSR performed 3 drill programmes: • 2005 - 222 reverse circulation drill holes.
			• 2010 – 17 Diamond Drill holes
			• 2015 – 12 Diamond Drill holes
		•	In 2017 Valor Resources is carrying out this RC drilling for a Feasibility study
Geology	• Deposit type, geological setting and style of	•	Based on the distribution and form of the potentially economic bodies of Mn-Cu-Ag
	mineralisation.		mineralization within the structurally deformed limestone formation there is little
			doubt that Berenguela represents a type of epigenetic, replacement-type ore

Criteria	JORC Code explanation	Commentary	Commentary
			deposit (Clark et al., 1990). Silver- and copper-mineralized veins of quartz and/or
			carbonate appear to be a very minor component of the deposit. What is debateable
			at Berenguela is whether or not, or to what extent supergene processes played a
			role in the formation of the deposit.
		•	More specifically, is the extensive development of manganese oxides the result of
			the surface oxidation of hypogene manganiferous carbonates (manganocalcite
			and/or rhodochrosite) which had replaced calcite and dolomite adjacent to
			fractures in the precursor limestone and where silver, copper and zinc were
			deposited as sulphides synchronous with or subsequent to the Mn-carbonate
			replacement event. Or are the Mn- and Fe-oxides the direct metasomatic products
			of a hydrothermal system marked by strongly oxidized fluids enriched in Ag, Cu.
		•	Considering that the replacement-type ore bodies at Uchucchacua have vertical
			extents of up to 300 meters, one could presume that good exploration potential still
			exists at Berenguela for the discovery of hypogene Ag-Cu-Mn mineralization at
			depths of 150 meters or greater. A possible indication of additional and extensive
			metasomatic alteration at depth is represented by the thick gypsum zone that has
			been intersected by several of the deeper holes in the deposit. (Strathern, 1969)
			While this gypsum may be of sedimentary origin, it could also be explained as
			forming a well-developed zone of sulphate alteration (perhaps originally occurring
			as anhydrite) that is related to a high level intrusion which exsolved a large volume
			of sulphur-rich fluids and/or vapour
Drill hole	• A summary of all information material to the	•	See Tables 1 and 2 and Section 1 - Sampling Techniques and Data
Information	understanding of the exploration results including a tabulation of the following information for all
	Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above
	sea level in metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the
	basis that the information is not Material and this

Criteria	JORC Code explanation	Commentary	Commentary
	exclusion does not detract from the understanding
	of the report, the Competent Person should clearly
	explain why this is the case.
Data	• In reporting Exploration Results, weighting	•	In the reporting of exploration results, un-cut outliers grades are reported.
aggregation methods	averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	•	The lower cut-off limit is considered to be Cu eq 0.5g/t for the reporting of drill hole intercepts with no more than 2 m downhole internal dilution. Intercepts are determined using a weighted average over the length of the intercept.
		•	The intercepts were included on Exploration results to incorporate results of Cu, Ag,
	• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such		Zn and Mn, in which there are high grade ranges of one metal and sterile of another metal in this range. These were incorporated by calculating Cu equivalent.
	aggregation should be stated and some typical
	examples of such aggregations should be shown in
	detail.
	• The assumptions used for any reporting of metal	•	Copper equivalent (CuEq) calculations assume:
	equivalent values should be clearly stated.		Base of Calculus Units Costs-LME (London Metal Exchange) Recovery (%) Concentra te
			Cu US Dollarsper tonne 6,353.50 0.85
			US Dollars and cents per troy
			Ag ounce 17.09 0.5
			Zn US Dollarsper tonne 2,886.50 0.8
			Mn grades are not considered for eCu calculus.
Relationship	• These relationships are particularly important in the	•	Since few drill holes completed at Berenguela are longer than 150 m, there are few
between	reporting of Exploration Results.		accounts of hypogene, sulphide-rich mineralization. However, this is not	to say that
mineralisati on widths	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		such mineralization does not exist in altered limestones at greater depths.
and	• If it is not known and only the down hole lengths
intercept	are reported, there should be a clear statement to
lengths	this effect (eg ‘down hole length, true width not

Criteria	JORC Code explanation	Commentary	Commentary
	_known’). _
Diagrams	• Appropriate maps and sections (with scales) and	•	See diagrams in main body of the announcement
	tabulations of intercepts should be included for any
	significant discovery being reported These should
	include, but not be limited to a plan view of drill
	hole collar locations and appropriate sectional
	views.
Balanced	• Where comprehensive reporting of all Exploration	•	All the significant results of Cu, Ag, Zn and Mn greater than 0.5 % e Cu least 2m
reporting	Results is not practicable, representative reporting of both low and high grades and/or widths should		downhole have been reported in the main body of the announcement
	be practiced to avoid misleading reporting of
	Exploration Results.
Other	• Other exploration data, if meaningful and material,	•	There are other substantive exploration data in the Silver Standard data room. Valor
substantive	should be reported including (but not limited to):		Investments has plans to investigate these data in detail after this drilling campaign
exploration data	geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results;
	bulk density, groundwater, geotechnical and rock
	characteristics; potential deleterious or
	contaminating substances.
Further work	• The nature and scale of planned further work (eg	•	Revision of Mineral Resources, updating with the 2011/2015 diamond drilling and
	tests for lateral extensions or depth extensions or		2017 RC Drilling information and also the geological knowledge, which improved
	large-scale step-out drilling).		considerably since 2005;
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided	•	This Mineral Resource should be detailed and complete to support a Feasibility Study of Berenguela Project.
	this information is not commercially sensitive.