XPEDRA RESOURCES LIMITED — Capital/Financing Update 2021

Dec 16, 2021

ASX Announcement 17[th] December 2021 ASX:VAL

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1.2KM X 2KM OPEN GEOPHYSICAL IP ANOMALY WITH COPPER-SILVER MINERALISATION SUPPORTS DRILL TARGETS

HIGHLIGHTS

• Ongoing Induced Polarisation (IP) survey indicates continuation of a significant 1.2km by 2km geophysical anomaly which is open towards the south.

• IP anomaly potentially represents a large porphyry copper system at depth.

• Further significant channel and rock chip sample assay results including:

• Cumbre Coya:

  • 15.75m @ 0.70% Cu, 233.2g/t Ag and 2.95% Pb;

  • 7.2m @ 1.18% Cu and 27.1g/t Ag; and

  • 22m @ 0.25% Cu and 6.9g/t Ag.

 Maricate:

  - **4m @ 1.48% Cu and 12.3g/t Ag,**

  - **2m @ 1.59% Cu and 21.8g/t Ag; and**

  - **2m @ 0.6% Cu and 17.9g/t Ag** .

• Fundicion:

  • 0.5m @ 1.88% Cu and 80.9g/t Ag; and

  • 2m @ 0.75% Cu, 36.1g/t Ag, 1.58% Pb and 1.55% Zn.

• Drill permitting process continuing with archaeological study now underway.

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Figure 1:View of Picha Project looking north from Fundicion target area

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Valor Resources Limited ACN 076 390 451 Tel: +61 8 9200 3467 22 Lindsay Street, Perth WA 6000 Web: valorresources.com.au

Web: valorresources.com.au

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Valor Resources Limited (“Valor” or the “Company”) is pleased to provide an update on assay results received from the geochemical surface sampling program completed in November and the ongoing ground geophysical survey at the Company’s Picha Project in Peru. Assay results have been received for a further 123 samples which are the final samples from the Company’s 2021 field program at the Picha Project. The latest assay results have further extended the area of surface mineralisation at the Cumbre Coya, Maricate and Fundicion target areas The ground geophysical surveys are continuing with the ground magnetic survey completed and the Induced Polarisation (IP) survey around 70% completed. Further preliminary results have been received from the IP survey which indicate the southward continuation of a significant chargeability anomaly at depth.

Valor Executive Chairman, Mr George Bauk commented “These latest exploration results provide further support to our belief that we are dealing with a significant mineralising system at Picha. 2022 promises to be a very significant year in the Company’s development as we get to drill test this exciting Project.”

“Copper is a key mineral as we strive towards a net zero carbon world and we have uncovered a significant area which requires a drill program to test the Copper-Silver potential”.

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Figure 2: Picha Project – surface sampling Cu assay results and status of IP survey

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GROUND GEOPHYSICS – IP SURVEY

The Induced Polarisation (IP) survey currently underway is approximately 68% completed (38.5 line km out of 57 line km completed) and expected to be completed later in December.

As reported in the ASX announcement dated 3 December 2021 titled “Ground geophysics identifies potential Copper drill targets supporting surface mineralisation at Picha Project, Peru”, significant chargeability anomalies have been revealed in the preliminary data from the first three lines of the survey. In particular, on the eastern end of the lines L_7776 and L_8176 (400m apart) a significant anomaly has been highlighted at depths of around 4-500m. The most recent IP data has shown this anomaly continues to the south for at least another 800m (see Figure 3 and Figure 4 below showing the sections for lines L_7376 and L_6976.) This chargeability anomaly reflects potential sulphide mineralisation at depth and this together with the widespread surface copper anomalism suggests a large porphyry copper system. The IP anomaly represents an extensive drill target being around 2km by 1.2km in extent and still open to the south.

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Figure 3: Picha Project IP survey section line L_7376 (aligned with plan view of surface geochemistry showing copper assay results)

The survey is initially being completed on 400m spaced lines in an east-west orientation and then infilled at 200m in areas of interest. The survey methodology is a pole-multi-dipole configuration, with dipole spacings of 100, 200, 300 and 400m, and is designed to reach a greater depth than previous IP surveys. A ground magnetic survey totalling 204 line km has also been completed as part of the IP survey and data from this survey is currently being compiled and processed.

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Figure 4: Picha Project IP survey section line L_6976 (aligned with plan view of surface geochemistry showing copper assay results)

GEOCHEMICAL SURFACE SAMPLING RESULTS

Assay results have been received for a further 123 surface samples from the Company’s sampling program completed in November. 84 samples were from the Cumbre Coya target, 30 from the Fundicion target and 9 from Maricate. These are the final samples from the Company’s 2021 field program at the Picha Project. Samples are a combination of channel samples, rock chip samples and selective rock chip samples. All the selective rock chip samples have a high potential for bias and should not be considered as being representative of the overall mineralised structure or zone. All channel samples are taken across the observed mineralised structures. Table 1 below summarises the most significant assay results.

Results from the Cumbre Coya target were highlighted by a channel sample of 15.75m @ 0.70% Cu, 233.2 g/t Ag and 2.95% Pb , which is the southeast continuation of a channel sample of 16m @ 0.49% Cu, 188.8g/t Ag and 8.45% Pb , reported in the ASX announcement dated 4[th] November 2021 titled “Further High-Grade Copper and Siver Mineralisation at Picha Project”. Other significant channel sample assay results from Cumbre Coya were as follows:

• 7.2m @ 1.18% Cu and 27.08g/t Ag (Sample IDs 376, 378-380)

• 22m @ 0.25% Cu and 6.97g/t Ag (Sample IDs 381-386, 388-392)

• 12m @ 0.22% Cu and 8.12g/t Ag (Sample IDs 423-425, 428-429)

• 8m @ 0.30% Cu and 2.53g/t Ag (Sample IDs 439-442)

• 2m @ 0.84% Cu and 5.2g/t Ag (Sample ID 399)

• 2m @ 0.80% Cu and 11.5g/t Ag (Sample ID 346)

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In addition to the above channel samples, a selective rock chip sample returned an assay of 3.5% Cu, 593g/t Ag and 6.53% Pb from the northern end of the Cumbre Coya target area. Figure 5 below for sample locations and the latest Cu assay results in the Cumbre Coya area.

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Figure 5: Cumbre Coya area – surface sampling Cu assay results

As described in previous announcements, the mineralization at Cumbre Coya is present as malachite, azurite, chrysocolla, chalcocite and galena and occurs in different ways; 1) in irregular structures associated with chalcedony-opaline silica, 2) in structures similar to a stockwork, in the andesites of the Tacaza Group (volcanic rocks), and 3) in a manto-type structure in the Maure Group (sedimentary rocks).

At the Maricate target area significant channel sample assays from the latest results were as follows:

• 4m @ 1.48% Cu and 12.35g/t Ag (Sample IDs 461-462)

• 2m @ 1.59% Cu and 21.8g/t Ag (Sample ID 469)

• 2m @ 0.60% Cu and 17.9g/t Ag (Sample ID 470)

• 2m @ 0.55% Cu and 8.7g/t Ag (Sample ID 468)

• 2m @ 0.38% Cu, 46.1g/t Ag and 1.32% Pb (Sample ID 464)

See Figure 6 below for sample locations and the most recent Cu assay results in the Maricate area. Mineralisation at Maricate occurs within the andesites, agglomerates and autobreccias of the Tacaza Group volcanics.

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Figure 6: Maricate area – Surface sampling Cu assay results

Limited sampling has occurred to date at the Fundicion target, however the assay results highlight the potential of this area with several anomalous channel samples including:

• 0.5m @ 1.88% Cu, 80.9g/t Ag and 0.96% Pb (Sample ID 365)

• 0.5m @ 0.59% Cu (Sample ID 366)

• 2m @ 0.75% Cu, 36.1g/t Ag and 1.58% Pb (Sample ID 348 – located over 1km south of main Fundicion target area)

• 2m @ 0.79% Cu (Sample ID 354)

In addition to the samples above, several channel samples from the Fundicion target area returned anomalous Pb assays up to 1.65% Pb with only minor Cu.

See Figure 7 below for sample locations and the most recent Cu assay results in the Fundicion area. Mineralisation at Fundicion is hosted within andesites and associated with NE oriented silica structures and within open spaces in the matrix of agglomerate units. Malachite, azurite, chalcocite and galena have all been observed in the area.

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Figure 7:Fundicion area - Surface sampling Cu assay results

Table 1: Summary of significant assay results (>0.5% Cu and/or >1% Pb) (full sampling and assay results are shown in Appendix 1)

Sample #	Target Area	**Sample Type **	Dimensions(m)	Ag (g/t)	Cu(%)	Pb(%)	Zn(ppm)
000338	Cumbre Coya	Select	0.1x0.2	3.4	0.01	16.444	978.6
000339	Cumbre Coya	Channel	2.0x0.20	2.1	0.02	3.746	473.3
000346	Cumbre Coya	Channel	2.0x0.20	11.5	0.80	0.006	146.4
000348	Fundicion	Channel	2.0x0.20	36.1	0.75	1.583	15540
000349	Fundicion	Channel	2.0x0.20	8.1	0.03	1.244	42500
000354	Fundicion	Channel	2.0x0.20	3.8	0.79	0.005	103.6
000358	Cumbre Coya	Chip	3	593	3.50	6.531	504
000363	Fundicion	Channel	2.0x0.20	19.4	0.08	1.647	35760
000365	Fundicion	Channel	0.50x0.20	80.9	1.88	0.959	1739.6
000366	Fundicion	Channel	0.50x0.20	2.8	0.59	0.005	83
000368	Cumbre Coya	Channel	2.0x0.20	384	0.57	3.208	786
000369	Cumbre Coya	Channel	2.0x0.20	95.2	0.54	2.050	792.1
000370	Cumbre Coya	Channel	2.0x0.20	206	0.56	2.285	901.5
000371	Cumbre Coya	Channel	2.0x0.20	173	0.54	1.642	849.5
000373	Cumbre Coya	Channel	1.75x0.20	73.4	1.25	0.260	981.4
000374	Cumbre Coya	Channel	2.0x0.20	591	1.41	6.262	716.8
000375	Cumbre Coya	Channel	2.0x0.20	284	0.50	7.247	1745.8
000376	Cumbre Coya	Channel	2.0x0.20	57.8	2.38	0.031	345.3
000378	Cumbre Coya	Channel	2.0x0.20	22.8	1.24	0.009	403.9
000386	Cumbre Coya	Channel	2.0x0.20	8.8	0.58	0.005	319.8
000399	Cumbre Coya	Channel	2.0x0.20	5.2	0.84	0.012	379.6
000424	Cumbre Coya	Channel	2.0x0.20	26.8	0.57	0.029	160.5
000461	Maricate	Channel	2.0x0.20	12.8	1.37	0.010	222.3
000462	Maricate	Channel	2.0x0.20	11.9	1.59	0.008	173.3
000464	Maricate	Channel	2.0x0.20	46.1	0.38	1.325	649.5
000468	Maricate	Channel	2.0x0.20	8.7	0.55	0.008	94.6
000469	Maricate	Channel	2.00x0.20	21.8	1.59	0.035	159
000470	Maricate	Channel	2.00x0.20	17.9	0.60	0.013	209.1

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GEOLOGICAL MAPPING

Geological mapping has been completed across the entire project area and the geological interpretation has been finalised. Figure 8 below shows the completed geological interpretation showing several significant NNW trending structures which are partly coincident with surface mineralisation. Also noteworthy is the large NE-SW trending structure which transects the entire project area and partly marks the contact between the Tacaza Group volcanics and the younger overlying Maure Group sediments.

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Figure 8: Picha Project – Geological interpretation

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FOLLOW-UP WORK

The following work is planned for the Picha Project over the next few months:

• Complete current ground geophysical survey (IP and Magnetics) – end of December 2021

• Processing and interpretation of new ground geophysical data (Induced Polarisation (IP) and Magnetics).

• Compile completed geological mapping, geophysics and surface geochemistry data and develop geological model including lithology, alteration, structure, and mineral associations to aid in drill target identification.

• Select and refine drill targets based on the geological model, ground geophysics and surface geochemistry.

• Continue drilling approvals process – environmental, archaeological, water permits and agreements with surface landowners and local stakeholders.

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Figure 9: Valor’s Peru Project Locations

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This announcement has been authorised for release by the Board of Directors.

For further information, please contact Mr George Bauk Email: george@totode.com.au Executive Chairman Phone: + 61 408 931 746

ASX : VAL/VALOB

ABOUT VALOR RESOURCES

Valor Resources Limited (ASX:VAL) (“Valor” or “the Company”) is an exploration company focused on creating shareholder value through acquisitions and exploration activities. The Company is focused on two key projects as outlined below in Peru and Canada.

Valor’s 100% owned Peruvian subsidiary, Kiwanda SAC holds the rights to the Picha and Corona Projects located in the Moquegua Department of Peru, 17km ENE of the Chucapaca (San Gabriel – Buenaventura) gold deposit. They are two copper-silver exploration projects comprising ten granted mining concessions for a total of 6,031 hectares.

Valor is the 100% owner of the following interests:

• Right to earn an 80% working interest in the Hook Lake Uranium Project located 60km east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the 16 contiguous mineral claims host several prospective areas of uranium mineralisation; and

• 100% equity interest in 19 contiguous mineral claims covering 62,233 hectares in northern Saskatchewan. The property is located 7km east of the former-producing Cluff Lake Uranium Mine and much of the project area is located within the Carswell geological complex that hosts the Cluff Lake Mine.

• Five additional projects within the Athabasca Basin with 100% equity interest in 12 mineral claims covering 10,512 hectares at the Surprise Creek Project, Pendleton Lake Project, Smitty Uranium Mine, Lorado Uranium Mine and the Hidden Bay Project.

COMPETENT PERSON STATEMENT

The information in this documents that relates to Exploration results is based on information compiled by Mr Gary Billingsley a Non-Executive Director of Valor, who is a member of The Association of Professional Engineers and Geoscientists of Saskatchewan in Canada. Mr. Billingsley has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are undertaking 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’ (the JORC Code). Mr Billingsley consents to the inclusion of this information in the form and context in which it appears.

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APPENDIX 1

Table 2: Assay results and sample locations (grid system – WGS84 UTM Zone 19S)

Sample Id	East - Wgs84	North - Wgs84	Elevation	Target	Width (m)	Sample method	Au ppb	Ag ppm	As ppm	Ba ppm	Bi ppm	Co ppm	Cr ppm	Cu ppm	Fe %	K %	Mn ppm	Mo ppm	P %	Pb ppm	Sb ppm	V ppm	W ppm	Zn ppm
000334	350373	8218118	4091	Cumbre coya	2.0x0.20	Channel	<5	0.9	404	793	<5	46	42	346.2	6.76	0.67	1145	6	0.08	103	<5	120	<10	736.4
000335	350452	8218067	4109	Cumbre coya	2.0x0.20	Channel	<5	1.2	2234	1302	<5	16	446	332.4	10.73	0.52	684	99	0.05	678	8	108	<10	385.8
000336	350546	8218055	4128	Cumbre coya	4x2	Chip- Select	<5	0.3	2862	681	<5	10	296	143.6	12.98	0.79	94	125	0.08	946	7	81	<10	251.3
000338	350821	8218054	4117	Cumbre coya	0.1x0.2	Select	5	3.4	2885	141	5	26	246	121.1	7.11	1.37	351	91	<0.01	164440	5	32	<10	978.6
000339	350825	8218046	4118	Cumbre coya	2.0x0.20	Channel	<5	2.1	1259	969	<5	19	223	196.8	5.84	2.27	185	27	0.06	37460	<5	106	<10	473.3
000340	350733	8217844	4072	Cumbre coya	2.0x0.20	Channel	<5	0.3	1729	856	<5	14	383	74	6.9	2.49	512	66	0.07	1125	<5	73	<10	395.6
000341	350812	8217792	4099	Cumbre coya	1.5x0.20	Channel	<5	1	507	950	<5	33	112	45.9	7.59	2.92	876	19	0.08	255	<5	78	<10	1350.7
000342	350819	8217689	4070	Cumbre coya	2.0x0.20	Channel	<5	<0.2	75	1457	<5	16	84	25.6	3.35	2.8	434	2	0.08	53	<5	94	<10	116.6
000343	350334	8217697	4037	Cumbre coya	1.10x0.20	Channel	<5	2.8	892	790	<5	23	12	1525.5	7.86	1.26	5782	49	0.02	146	5	61	<10	583.2
000344	350091	8217460	4056	Cumbre coya	2.5	Select	<5	1.9	671	804	<5	35	143	119.2	4.95	2.46	601	31	0.06	314	<5	104	<10	251.3
000345	350054	8217408	4067	Cumbre coya	2.0x0.20	Channel	<5	0.4	85	907	8	23	129	41	6.47	1.43	543	2	0.08	70	<5	132	<10	215.9
000346	349970	8217374	4072	Cumbre coya	2.0x0.20	Channel	<5	11.5	457	1135	5	26	201	8011.3	2.9	1.86	748	3	0.1	64	<5	114	<10	146.4
000348	348983	8214648	4082	Fundición	2.0x0.20	Channel	<5	36.1	4926	1348	<5	54	72	7503.6	7.89	1.35	1215	15	0.09	15830	22	118	<10	15540
000349	348983	8214650	4082	Fundición	2.0x0.20	Channel	8	8.1	1307	7241	<5	57	73	331.4	13.76	1.03	3023	9	0.09	12440	15	212	<10	42500
000350	348809	8216223	4015	Fundición	2.5	Chip- Select	<5	0.7	48	600	6	19	357	122.7	3.5	1.77	451	2	0.11	96	<5	85	<10	169.2
000351	348958	8216291	4022	Fundición	1	Select	<5	0.6	43	265	<5	6	586	1010	1.33	0.09	336	1	<0.01	32	<5	15	<10	70.9
000352	348641	8216256	4038	Fundición	1.5	Select	8	0.6	383	1285	<5	96	269	90.4	12.79	0.77	2549	3	0.12	150	7	198	<10	900.1
000353	348546	8216289	4043	Fundición	2.00x0.30	Select	<5	0.2	67	789	6	43	374	131.4	6.97	0.86	1103	3	0.11	17	<5	110	<10	140.4
000354	347852	8216355	4105	Fundición	2.00x0.20	Channel	<5	3.8	30	1206	8	28	233	7883.8	4.02	2.21	1514	1	0.11	48	<5	126	<10	103.6
000355	347872	8216394	4090	Fundición	5	Chip	<5	1	10	513	13	26	253	285.2	4.56	2.25	623	1	0.06	10	<5	99	<10	62.1
000356	347873	8216414	4085	Fundición	1	Chip	<5	0.5	179	1948	<5	17	540	195.3	6.37	0.25	486	12	0.01	22	7	66	<10	26.7
000358	349776	8217945	4122	Cumbre coya	3	Chip	<5	593	>10000	6437	0.5	8	88	34960	1.77	0.77	46	82.89	0.277	65310	54.7	130	0.4	504
000359	350776	8218096	4122	Cumbre coya	2.0x0.20	Channel	7	0.9	323	973	<5	27	40	76.6	5.82	0.67	817	8	0.05	159	<5	104	<10	496
000360	350371	8217626	4064	Cumbre coya	0.25x0.20	Select	<5	0.5	683	667	7	24	197	60.6	9.56	1.62	8525	99	0.1	92	6	108	<10	532.3
000361	350363	8217622	4061	Cumbre coya	0.10x0.20	Select	<5	<0.2	138	1434	<5	4	93	141	7.31	0.38	>10000	88	0.03	80	<5	33	<10	555.6
000362	348981	8214646	4066	Fundición	2.0x0.20	Channel	<5	19.2	644	1834	5	46	84	1136.7	4.01	1.46	2023	3	0.12	7183	22	128	<10	1383.9
000363	348982	8214644	4066	Fundición	2.0x0.20	Channel	<5	19.4	787	4178	<5	45	103	782.5	6.09	1.03	2430	4	0.11	16470	15	135	<10	35760
000364	348767	8215818	4019	Fundición	3	Chip	<5	0.4	42	696	6	24	275	404	3.61	0.94	946	2	0.28	70	<5	78	<10	116.8
000365	348283	8215860	4086	Fundición	0.50x0.20	Channel	5	80.9	8230	1130	<5	81	106	18790	4.04	0.92	1107	15	0.07	9587	16	152	<10	1739.6
000366	348284	8215722	4050	Fundición	0.50x0.20	Channel	<5	2.8	110	757	7	27	285	5935.7	4.07	1.37	873	2	0.08	47	<5	103	<10	83
000368	349794	8217938	4130	Cumbre coya	2.0x0.20	Channel	10	384	7656	1079	5	14	91	5690	3.79	1.01	29	121	0.13	32080	101	181	23	786
000369	349795	8217937	4130	Cumbre coya	2.0x0.20	Channel	<5	95.2	2338	1142	21	14	113	5443.9	3.41	1.14	28	76	0.11	20500	27	167	<10	792.1
000370	349797	8217936	4130	Cumbre coya	2.0x0.20	Channel	<5	206	3841	1488	6	15	102	5608.3	2.4	1.24	27	94	0.1	22850	23	178	18	901.5
000371	349799	8217935	4130	Cumbre coya	2.0x0.20	Channel	<5	173	7879	1862	12	14	132	5421.6	2.46	1.12	51	67	0.11	16420	136	174	14	849.5
000372	349801	8217934	4130	Cumbre coya	2.0x0.20	Channel	<5	39.1	2958	2625	18	13	129	3182.4	3.17	1.9	32	12	0.1	2974	40	135	<10	630.5
000373	349802	8217934	4130	Cumbre coya	1.75x0.20	Channel	<5	73.4	3497	8540	10	21	180	12510	4.11	1.28	113	16	0.08	2597	78	152	<10	981.4
000374	349804	8217932	4130	Cumbre coya	2.0x0.20	Channel	<5	591	9512	1327	12	8	110	14130	2.74	1.1	27	67	0.1	62620	45	124	35	716.8
000375	349805	8217930	4107	Cumbre coya	2.0x0.20	Channel	<5	284	2178	788	12	26	77	4969.7	5.05	0.96	233	34	0.06	72470	12	124	19	1745.8
000376	349923	8217807	4079	Cumbre coya	2.0x0.20	Channel	11	57.8	793	1859	<5	37	97	23820	5.51	1.81	1252	5	0.06	311	10	115	16	345.3
000378	349925	8217808	4079	Cumbre coya	2.0x0.20	Channel	11	22.8	859	2090	<5	37	85	12440	6.14	1.4	1130	5	0.05	90	<5	82	<10	403.9
000379	349926	8217809	4079	Cumbre coya	1.60x0.20	Channel	<5	14.2	480	835	7	47	67	3906.9	3.88	1.61	804	3	0.06	79	<5	101	<10	172.2
000380	349928	8217810	4079	Cumbre coya	1.60x0.20	Channel	9	6.9	1417	1202	6	62	55	3695.2	5.6	2.4	993	3	0.06	124	<5	108	<10	258.5
000381	349949	8217784	4089	Cumbre coya	2.0x0.20	Channel	<5	4.3	359	892	6	19	179	1538.8	2.9	2.23	661	2	0.09	39	<5	105	<10	128.3
000382	349951	8217786	4089	Cumbre coya	2.0x0.20	Channel	<5	1.1	85	584	6	15	132	465.5	2.56	2.38	443	1	0.09	30	<5	115	<10	137.6
000383	349953	8217785	4089	Cumbre coya	2.0x0.20	Channel	<5	2.2	176	663	<5	15	124	957.6	2.41	2.26	373	2	0.08	26	<5	90	<10	142.4

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Sample Id	East - Wgs84	North - Wgs84	Elevation	Target	Width (m)	Sample method	Au ppb	Ag ppm	As ppm	Ba ppm	Bi ppm	Co ppm	Cr ppm	Cu ppm	Fe %	K %	Mn ppm	Mo ppm	P %	Pb ppm	Sb ppm	V ppm	W ppm	Zn ppm
000384	349954	8217787	4089	Cumbre coya	2.0x0.20	Channel	<5	0.6	175	516	<5	18	102	484	3.12	2.07	459	3	0.07	24	<5	98	<10	237.2
000385	349955	8217789	4089	Cumbre coya	2.0x0.20	Channel	5	10.3	496	1050	12	29	104	3638.8	6.08	1.86	1247	1	0.07	43	7	109	<10	556.6
000386	349956	8217791	4089	Cumbre coya	2.0x0.20	Channel	5	8.8	278	559	9	20	104	5832.8	3.71	1.43	713	2	0.09	47	<5	112	<10	319.8
000388	349957	8217792	4089	Cumbre coya	2.0x0.20	Channel	<5	4.8	208	569	6	31	83	4319.2	5.51	2.01	1463	3	0.06	44	<5	109	<10	380.9
000389	349958	8217794	4089	Cumbre coya	2.0x0.20	Channel	<5	12.1	323	1548	<5	44	97	4447.1	3.01	1.52	964	2	0.07	58	<5	103	<10	265.6
000390	349959	8217796	4089	Cumbre coya	2.0x0.20	Channel	<5	10.6	486	597	6	39	68	3057.5	3.76	2.57	341	2	0.07	89	<5	112	<10	309.6
000391	349960	8217798	4089	Cumbre coya	2.0x0.20	Channel	<5	12.4	796	799	13	41	81	1490.6	5.32	2.3	740	3	0.08	167	<5	129	<10	389.2
000392	349960	8217800	4089	Cumbre coya	2.0x0.20	Channel	<5	9.5	376	596	7	44	50	1154.6	4.25	2.42	1218	2	0.05	87	<5	101	<10	325.4
000393	349961	8217801	4089	Cumbre coya	2.0x0.20	Channel	<5	3.5	301	347	<5	24	46	461.7	3.68	2.54	583	1	0.04	82	<5	81	<10	217.8
000394	349962	8217803	4089	Cumbre coya	2.0x0.20	Channel	11	1.2	151	535	<5	18	55	109.3	3.19	2.28	728	2	0.06	98	<5	111	<10	195.7
000395	349964	8217804	4089	Cumbre coya	2.0x0.20	Channel	25	2	345	531	<5	14	69	382.1	3.37	1.46	1132	19	0.04	783	<5	123	<10	297.7
000396	349965	8217806	4089	Cumbre coya	2.0x0.20	Channel	<5	2.9	275	381	<5	8	53	131	2.85	1.39	3381	31	0.03	1491	<5	128	<10	242.7
000398	349929	8217810	4079	Cumbre coya	2.0x0.20	Channel	170	3	256	640	10	29	54	521.7	4.27	2.66	993	3	0.06	124	<5	113	<10	378.9
000399	349570	8218676	4147	Cumbre coya	2.0x0.20	Channel	<5	5.2	1589	1008	13	84	157	8414.4	3.78	0.97	710	3	0.09	118	6	124	<10	379.6
000400	349683	8218193	4143	Cumbre coya	2.0x0.20	Channel	5	1.7	90	553	10	49	131	56.8	4.04	0.67	799	3	0.1	84	<5	149	<10	426.8
000401	349685	8218194	4143	Cumbre coya	2.0x0.20	Channel	5	5.8	222	546	9	78	81	183.9	7.54	0.63	2101	3	0.07	100	<5	139	<10	819.8
000402	349686	8218195	4143	Cumbre coya	2.0x0.20	Channel	9	32.3	1495	678	<5	103	112	2993.3	6.84	0.74	1792	7	0.08	5077	6	148	<10	776.7
000403	349688	8218196	4143	Cumbre coya	2.0x0.20	Channel	6	2.8	164	689	9	50	104	166.2	4.87	0.74	1018	4	0.09	249	<5	132	<10	536.2
000404	349690	8218197	4143	Cumbre coya	2.0x0.20	Channel	<5	2.6	191	700	18	51	105	115.2	4.56	1.08	885	4	0.08	1729	<5	139	<10	457.6
000405	349691	8218199	4143	Cumbre coya	2.0x0.20	Channel	<5	1.9	515	421	6	22	35	138.2	4.67	4	948	2	0.08	259	<5	95	<10	326.9
000406	349693	8218200	4143	Cumbre coya	2.0x0.20	Channel	<5	2.1	556	576	13	19	53	106.8	6.11	1.72	6204	16	0.05	3873	5	96	<10	682.2
000408	349694	8218201	4143	Cumbre coya	2.0x0.20	Channel	<5	0.8	498	349	<5	19	52	42.9	2.85	1	2920	54	0.05	4424	<5	128	<10	473.9
000409	349696	8218202	4143	Cumbre coya	2.0x0.20	Channel	<5	0.4	225	253	<5	12	43	32.8	2.43	2.34	1724	4	0.05	745	<5	113	<10	669
000410	350078	8218214	4102	Cumbre coya	2.0x0.20	Channel	5	1.4	1422	719	10	6	158	59.7	>15	2.34	1295	15	0.17	858	10	155	<10	1267.2
000411	349978	8218330	4154	Cumbre coya	2.0x0.20	Channel	<5	32.6	5958	481	10	41	210	269.7	12.55	0.26	488	205	0.06	5476	10	68	<10	272.2
000412	349712	8218125	4150	Cumbre coya	2.0x0.20	Channel	<5	24.9	935	665	10	93	144	1589.7	5.43	2.02	745	7	0.09	331	7	140	<10	620.5
000413	349743	8218063	4146	Cumbre coya	2.0x0.20	Channel	<5	0.8	103	692	9	37	91	125.1	5.75	0.73	1150	2	0.07	76	<5	102	<10	472.1
000414	349741	8218062	4146	Cumbre coya	2.0x0.20	Channel	7	0.7	64	607	<5	31	103	40.2	4.04	0.69	890	2	0.08	49	<5	105	<10	411.9
000415	349740	8218061	4146	Cumbre coya	2.0x0.20	Channel	6	8	169	396	<5	66	82	391.2	4.51	0.45	1021	3	0.06	810	<5	169	<10	451.4
000416	349738	8218060	4146	Cumbre coya	2.0x0.20	Channel	<5	<0.2	41	588	<5	27	117	63.4	4.74	0.57	923	2	0.08	54	<5	118	<10	512
000418	349736	8218059	4146	Cumbre coya	2.0x0.20	Channel	<5	0.2	17	625	13	24	97	15	4.07	0.67	629	1	0.08	48	<5	105	<10	338.3
000419	349735	8218057	4146	Cumbre coya	2.0x0.20	Channel	<5	0.6	23	583	7	22	100	16.5	3.67	1.05	389	2	0.09	26	<5	112	<10	197.5
000420	349733	8218056	4146	Cumbre coya	2.0x0.20	Channel	<5	<0.2	27	561	<5	24	101	43.1	3.62	1.19	515	2	0.08	33	<5	109	<10	273.5
000421	349732	8218055	4146	Cumbre coya	2.0x0.20	Channel	<5	0.4	106	656	14	26	98	398.2	3.35	1.45	554	1	0.09	48	<5	112	<10	226.7
000422	349730	8218054	4146	Cumbre coya	2.0x0.20	Channel	<5	2.7	101	680	9	40	147	244.1	3.64	1.34	823	2	0.11	1102	<5	173	<10	338.2
000423	349728	8218053	4146	Cumbre coya	2.0x0.20	Channel	<5	15.2	634	775	15	33	119	2105.2	3.23	1.16	671	2	0.11	2591	<5	155	<10	262.8
000424	349726	8218053	4146	Cumbre coya	2.0x0.20	Channel	<5	26.8	336	784	14	21	104	5653.5	2.66	1.75	394	1	0.1	288	<5	123	<10	160.5
000425	349724	8218053	4146	Cumbre coya	2.0x0.20	Channel	<5	0.8	127	676	7	20	127	1493	2.67	2.07	389	1	0.1	27	7	120	<10	170.7
000426	349722	8218052	4146	Cumbre coya	2.0x0.20	Channel	<5	0.8	66	606	<5	26	134	203.8	2.47	2.17	505	1	0.1	24	<5	108	<10	186.7
000428	349720	8218052	4146	Cumbre coya	2.0x0.20	Channel	<5	2	118	592	<5	22	130	1509.8	3	2.09	474	2	0.09	27	<5	118	<10	189.2
000429	349718	8218052	4146	Cumbre coya	2.0x0.20	Channel	<5	3.1	159	703	12	21	145	2502.1	2.2	2.16	327	2	0.1	36	<5	107	<10	108.9
000430	349716	8218051	4146	Cumbre coya	2.0x0.20	Channel	<5	0.8	77	615	10	22	142	273.4	2.27	2.22	292	1	0.1	30	<5	111	<10	136.1
000431	349714	8218051	4146	Cumbre coya	2.0x0.20	Channel	<5	0.4	90	638	<5	27	121	130.7	2.49	2.16	525	1	0.09	35	<5	103	<10	178.9
000432	349713	8218050	4146	Cumbre coya	2.0x0.20	Channel	<5	1.4	86	734	9	28	109	552.9	1.94	2.1	406	2	0.1	69	<5	92	<10	129.1
000433	349711	8218049	4146	Cumbre coya	2.0x0.20	Channel	<5	1	37	819	<5	23	104	181.7	1.56	1.88	279	1	0.08	52	<5	90	<10	199.7
000434	349709	8218049	4146	Cumbre coya	2.0x0.20	Channel	<5	0.4	53	585	6	28	124	167.4	2.37	1.76	364	2	0.08	76	<5	108	<10	254.8
000435	349707	8218048	4146	Cumbre coya	2.0x0.20	Channel	<5	1.2	44	659	7	22	115	305.1	2.05	1.98	337	2	0.08	58	6	98	<10	166.9

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Sample Id	East - Wgs84	North - Wgs84	Elevation	Target	Width (m)	Sample method	Au ppb	Ag ppm	As ppm	Ba ppm	Bi ppm	Co ppm	Cr ppm	Cu ppm	Fe %	K %	Mn ppm	Mo ppm	P %	Pb ppm	Sb ppm	V ppm	W ppm	Zn ppm
000436	349705	8218048	4146	Cumbre coya	2.0x0.20	Channel	<5	0.8	24	653	<5	23	127	60.3	3.33	2.26	449	1	0.09	28	<5	124	<10	225.2
000438	349703	8218047	4146	Cumbre coya	2.0x0.20	Channel	<5	0.2	30	672	<5	22	159	123.3	2.72	1.91	346	2	0.08	26	<5	95	<10	171.9
000439	349701	8218047	4146	Cumbre coya	2.0x0.20	Channel	<5	4.7	160	648	8	22	137	4839.6	2.95	2.26	447	2	0.09	56	5	118	<10	185.3
000440	349699	8218047	4146	Cumbre coya	2.0x0.20	Channel	<5	2.8	162	586	8	22	137	3707.3	3.46	2.08	355	2	0.09	43	6	111	<10	213.1
000441	349697	8218046	4146	Cumbre coya	2.0x0.20	Channel	<5	2	100	515	11	19	141	2448.5	2.24	2.19	347	1	0.1	32	<5	108	<10	184.5
000442	349695	8218045	4146	Cumbre coya	2.0x0.20	Channel	<5	0.6	103	502	12	23	154	1061.6	2.33	2.11	345	2	0.08	22	<5	95	<10	173.7
000443	348828	8216065	4029	Fundición	1.50x0.20	Channel	<5	0.4	8	632	<5	19	129	28	2.45	1.39	433	1	0.11	22	<5	78	<10	37.3
000444	348827	8216065	4029	Fundición	1.50x0.20	Channel	<5	0.3	28	713	14	25	259	24.9	3.37	1.89	601	1	0.2	29	<5	98	<10	62.8
000445	348807	8216140	4034	Fundición	2.00x0.20	Channel	<5	<0.2	12	647	9	21	73	31.7	3.57	1.61	799	2	0.11	24	<5	92	<10	103.1
000446	348669	8216129	4065	Fundición	2	Chip- Select	<5	0.6	24	376	<5	15	685	289.8	3.04	0.7	807	1	0.03	8	12	56	<10	75.4
000448	348411	8216135	4143	Fundición	2.00x0.20	Channel	<5	0.2	291	575	<5	20	154	28.2	4.12	2.37	411	3	0.08	16	<5	114	<10	57
000449	348228	8216118	4157	Fundición	2.5	Select	8	0.2	38	281	7	20	365	12.9	3.23	0.44	654	3	0.05	22	6	70	<10	167.3
000450	348711	8216212	4035	Fundición	4	Chip- Select	<5	0.2	34	461	<5	14	463	264.9	2.86	0.52	550	1	0.07	20	8	64	<10	49.1
000451	348701	8216219	4034	Fundición	2.00x0.20	Channel	<5	0.4	23	867	20	23	529	120.5	3.78	1.2	603	1	0.16	20	8	86	<10	56.1
000452	348700	8216221	4034	Fundición	2.00x0.20	Channel	<5	0.9	35	673	8	23	379	55.5	3.72	1.27	644	1	0.1	18	8	91	<10	57.4
000453	348625	8216267	4033	Fundición	2.00x0.20	Channel	<5	1	34	851	6	32	331	72.6	4.27	1.04	618	1	0.09	19	8	104	<10	106.7
000454	348480	8216278	4031	Fundición	2.00x0.20	Channel	<5	<0.2	23	843	<5	25	208	57.5	4.23	1.7	491	1	0.1	23	<5	102	<10	109.1
000455	348418	8216282	4033	Fundición	4	Chip- Select	<5	0.2	66	909	5	35	370	62.7	4.43	1.92	694	3	0.09	40	<5	98	<10	414.1
000456	348384	8216291	4032	Fundición	2.00x0.20	Channel	<5	<0.2	137	1142	9	20	136	52.9	3.65	1.87	62	1	0.09	13	<5	117	<10	166.9
000458	348333	8216318	4026	Fundición	4	Chip- Select	<5	0.9	399	818	10	26	272	84.2	8.33	1.84	130	6	0.17	55	10	112	<10	296.3
000459	348284	8216349	4023	Fundición	3	Chip- Select	<5	0.3	267	821	19	22	95	31.1	7.91	2.36	212	2	0.14	42	<5	119	<10	107.7
000460	348241	8216361	4020	Fundición	3	Chip- Select	7	0.6	606	809	10	25	150	86.5	9.37	2.38	284	4	0.12	35	7	151	<10	167.4
000461	347969	8217894	4314	Maricate	2.00x0.20	Channel	6	12.8	1632	5675	33	55	217	13680	3.52	1.94	145	12	0.11	101	19	105	<10	222.3
000462	347971	8217893	4314	Maricate	2.00x0.20	Channel	<5	11.9	1033	>10000	17	92	120	15940	2.97	1.95	630	8	0.11	83	18	96	<10	173.3
000463	347858	8217789	4287	Maricate	2.00x0.20	Channel	<5	20.2	1010	1341	12	85	307	1265	6.89	1.52	686	67	0.12	1823	8	99	<10	468.5
000464	347883	8217658	4284	Maricate	2.00x0.20	Channel	<5	46.1	2043	4938	10	135	153	3830.2	4.55	0.79	1245	4	0.13	13250	9	92	<10	649.5
000465	347885	8217474	4262	Maricate	0.5	Select	<5	2.7	475	575	<5	8	821	2996.3	1.9	0.11	1807	2	0.02	56	9	16	<10	28.8
000466	347966	8217852	4295	Maricate	2.00x0.20	Channel	<5	21.6	662	1095	12	68	213	916.2	6.62	1.77	634	21	0.13	333	5	110	<10	393.5
000468	347858	8217609	4259	Maricate	2.00x0.20	Channel	6	8.7	53	1187	9	75	137	5549.5	3.91	1.44	1380	2	0.14	78	6	100	<10	94.6
000469	347780	8217525	4235	Maricate	2.00x0.20	Channel	<5	21.8	2207	808	<5	65	254	15940	6.03	1.14	1058	8	0.11	345	9	140	10	159
000470	347867	8217291	4200	Maricate	2.00x0.20	Channel	<5	17.9	99	1173	<5	92	134	5969.2	6.55	1.61	948	1	0.13	133	6	95	<10	209.1

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JORC CODE, 2012 EDITION – TABLE 1 REPORT TEMPLATE SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under 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.	Rock chip samples were taken as selective samples in mineralized areas, channel samples across mineralized structures/zones or more random samples in undefined mineralized areas. The sampling technique for each sample is shown in the table above in the body of the report. All samples were taken from in-situ mineralisation. The Induced Polarisation (IP) and ground magnetics survey is being completed by Deep Sounding High Resolution Geophysics an independent geophysical contractor based in Lima, Peru. The survey methodology uses a Pole-multidipole configuration which optimises the depth penetration. A high-power Transmitter (10 Kw Walcer) is used, as well as Multichannel receivers in conjunction with a multiplexer box, which allows simultaneous readings of multiple dipole spacings with a single current injection per station. For each dipole spacing, 03-level measurements, with dipole spacings of 100, 200, 300 and 400 m. The potential cables used are 24-wire. For each station there is a minimum of two repetitions in the IP reads. IP receiver - A 32 Channels IP Receiver Model GRx8-32 is used which reads up to 32 channels simultaneously in poles or dipoles.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Rock chip samples are taken for an indication of mineralisation only.
	Aspects of the determination of mineralisation that are Material to the Public Report.	A total of 433 samples have been taken to date which includes 43 QAQC samples. Assay results have been received for all 433 samples submitted to the laboratory. The selective samples have a high potential for bias and should not be considered as being representative of the overall mineralized structure or zone. Sample sites were selected on the basis of visual copper mineralisation and where associated with opaline silica and alteration.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- _sampling bit or other type, whether core is oriented and if so, by what method, etc). _	Not applicable – no drilling completed.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Not applicable – no drillingcompleted.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Not applicable – no drillingcompleted.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due topreferential loss/gain of fine/coarse material.	Not applicable – no drilling completed.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Not applicable – no drilling completed and not appropriate for early-stage exploration.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) _photography. _	Rock type and geological information recorded at location of each rock chip sample – qualitative in nature.
	The total length andpercentage of the relevant intersections logged.	Not applicable – no drillingcompleted.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whetherquarter, half or all core taken.	Not applicable – no drillingcompleted
	_If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. _	Not applicable – no drillingcompleted.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	All samples were dried at 100° C, crushed, split off quarter and pulverized. A sample of 250g with a grind size of 95%passing140 microns is then selected for analysis.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	No field subsampling - not appropriate for early-stage exploration

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Criteria	JORC Code explanation	Commentary
Sub-sampling techniques and sample preparation (cont)	Measures taken to ensure that the sampling is representative of the in situ material collected, _including for instance resultsforfield duplicate/second-half sampling. _	CRMs (Standards and Blanks) and duplicates were inserted for QAQC protocols approximately every 10 samples
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered appropriate with an average size of 3.0kg. (around 10% of the total samples).
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Samples were assayed by SGS del Peru S.A.C, Callao, Peru. A multi-acid (four-acid) digest (near-total digestion) was used. The digestion solution was then analysed by ICP-OES for a multi-element suite of 36 elements. A 30g Fire assay with AAS finish was used to determine Au. Subsequently, samples with Ag greater than 100ppm, Pb greater than 10,000ppm, Cu greater than 10,000ppm, Zn more than 10,000ppm were analyzed byAAS.
Quality of assay data and laboratory tests continued	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.	Not applicable – no geophysical tools used in sampling.
	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.	Laboratory QAQC procedures involve the use of internal lab standards and duplicates – considered appropriate for early-stage exploration. Company standards and blanks were inserted at a rate of 1 in 10 samples. Results show that assayvalues are accurate.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Internal verification of significant results by more than one company geologist. Internal verification of significantgeophysical results byconsultantgeophysicist
	The use of twinned holes.	Not applicable – no drillingcompleted.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Handwritten data collected in the field was transferred into an excel spreadsheet and verified by the fieldgeologist. All data checked byresponsiblegeologist and digitallytransferred to Perth office.
	Discuss any adjustment to assay data.	No adjustment to assaydata made – not applicable.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Sample sites were recorded using a Garmin Oregon 550 GPS with an accuracy of ±5m.
	Specification of thegrid system used.	Thegrid system used is WGS84 UTM Zone 19S. All reported coordinates are referenced to thisgrid.
	Quality and adequacy of topographic control.	Topographic control is considered appropriate for early-stage exploration
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Rock chip sampling was taken at observed mineral occurrences, areas of known historical results, and areas with mineralisation potential. IP survey lines initially 400m apart to be infilled to 200m in second stage of survey. Dipole spacings of 100m,200m,300m and 400m
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Not applicable – no Mineral Resource estimation.
	Whether sample compositing has been applied.	No compositing.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	All channel samples were oriented perpendicular to the trend of mineralized structures or within mineralised lithological units such as agglomerates or autobreccias.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Not applicable – no drilling.
Sample security	The measures taken to ensure sample security.	The samples were delivered to the SGS del Peru S.A.C. sample preparation facility and in compliance with chain of custodydocumentationprovided bySGS.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Not applicable for early-stage exploration

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SECTION 2 REPORTING OF EXPLORATION RESULTS (Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The Picha project comprises Mining Concessions Picha 2, Picha 3, Picha 7 and Leon 3, which are 100% owned by Kiwanda S.A.C, a wholly-owned Peruvian subsidiary of Valor Resources. The Picha project is located 127km SW of the City of Juliaca, in southern Peru, and near the village of Jesus Maria in the San Antonio de Esquilache district, province of Sanchez Cerro and the Moquegua department.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area	All mining concessions are currently granted and in good standing with no known impediments.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Exploration was previously completed on the Picha project area by several companies including Minera Teck Peru S.A., Minera del Suroeste S.A.C, Maxy Gold Corp and most recently Lara Exploration Ltd. These companies completed surface geochemical sampling and geophysics, including an Induced Polarization survey. Lara Exploration and Maxy Gold Corp proposed drilling programs to test the five target areas,but the drillingwas never implemented.
Geology	Deposit type, geological setting and style of mineralisation.	Picha mineralisation is considered similar to other copper-silver stratabound deposits in Peru and Chile hosted mainly in andesitic volcanics. Further exploration work is required to test this model. The project area is covered mostly by andesite lava flows, basaltic andesites, tuffs and agglomerates of the Tacaza Group. These rocks are unconfomably overlain by lacustrine sediments made up of sandstones, limolites, shales, limestones and some intercalations of andesites, rhyolites and reworked tuffs of the Maure Group of Miocene age. While most of the copper mineralisation is hosted by the Tacaza Group, some copper mineralisation also reaches the level of the Maure Group rocks.Recent geophysical surveys identify a large Induced Polarisation chargeability anomaly at depth which may be indicative of porphyry style mineralisation in addition to the mineralisation styles discussed above
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length.	Not applicable – no drilling completed.
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Not applicable – no drilling completed.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	For reporting of channel samples, weighted averages were applied, no lower cut-offs and no cutting of high grades were applied. This is considered appropriate for the style of sampling used and earlystage of exploration.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Channel sample intervals were reported as weighted averages across the combined width of the channel samples. Individual channel samples are generally 1-2m wide. An example of an aggregated channel sample interval is as follows: Sample 283 – 1.6m @ 3.24% Cu, Sample 284 – 1.60m @ 1.20% Cu, Total Cu.m = (1.6 x 3.24)+(1.6x1.20) = 7.1. Average Cu % = 7.1/(1.6+1.6) = 2.2% Cu
	The assumptions usedfor any reporting of metal equivalent values should be clearly stated.	No metal equivalents reported.

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Criteria	JORC Code explanation	Commentary
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	Not applicable – no drilling.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	Not applicable – no drilling.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to _this effect(eg ‘down hole length, true width not known’). _	Not applicable – no drilling.
Diagrams	Appropriate maps and sections (with scales) and 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.	Refer to Figures above in body of text.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All rock chip sample results reported in table above. Preliminary results from first three completed IP lines reported in previous ASX announcement and two more IP lines reported herein. Remaining lines of survey still in progress and will be reported at a later date once completed
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): 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.	Geochemical surface data shown above was reported in previous Valor Resources ASX announcements (detailed in report). The ground geophysics program currently underway is the first geophysical survey conducted by Valor Resources at the Picha project.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further work on the project will include the following: • Compile and interpret geological mapping data focusing on identifying suitable host stratigraphy for stratabound copper-silver deposits. • Completion of IP survey • Processing and interpretation of all ground geophysical data • Geological modelling to aid in drill target definition • Define drill targets based on the above work and implement a diamond drill program.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations andfuture drilling areas, provided this information is not commercially sensitive.	Refer to Figures above in body of text.

SECTION 3 ESTIMATION AND REPORTING OF MINERAL RESOURCES

Not applicable.

SECTION 4 ESTIMATION AND REPORTING OF ORE RESERVES

Not applicable.

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