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Valor Resources

Quarterly Activities/Appendix 5B Cash Flow Report

Valor streamlines its portfolio through the sale of its Peruvian copper projects, allowing i t to focus on its highly prospective uranium and rare earth assets in Canada’s Athabasca Basin.

Valor Resources Limited (Valor or the Company) (ASX: VAL) is pleased to present its Quarterly Report and Cash Flow Report.



  • Significant strategic addition to Valor’s Canadian portfolio with the staking of the Beatty River Heavy Rare Earth/Uranium Project:
    • Assays up to 8.75% TREO1 with up to 1.15% Dy2O3 reported from trenching and surface sampling by previous explorers.
    • The dominant rare earth mineral is xenotime, with heavy rare earths consistently comprising >90% of TREO.
    • The mineralisation style and geological setting share similarities with hydrothermal unconformity-related REE deposits such as Northern Minerals’ (ASX: NTU) Browns Range Project in WA.
  • Drill planning underway at the Hidden Bay Uranium Project, located just 20km south-southwest of the historic Rabbit Lake Mine (Cameco):
    • Drill targets at Hidden Bay comprise radon-in-soil anomalies, partly coincident with gravity anomalies and located close to the Athabasca unconformity, with potential for both basement-hosted and Athabasca sandstone-hosted uranium deposits.
    • Drilling being planned for Q1 2024.


  • Two landmark transactions executed with Barrick Gold Corporation and Firetail Resources to realise value from Valor’s Peruvian Copper portfolio through cash, shares and other commitments in the two projects.
  • Drill planning well advanced for the Picha Copper Project with a short-list of drilling contractors determined and logistics planning underway. Final drilling approvals expected in the coming weeks.
  • Earn-in Agreement was executed with the leading global gold and copper producer Barrick Gold Corporation covering Valor’s Charaque Project in Peru:
    • Under the agreement, Barrick has been granted a 5-year option to acquire a 70% interest in the property for cash payments totalling US$800,000 and US$3 million of exploration expenditure.
    • During the first two years, Barrick guarantees a minimum exploration expenditure of US$500,000.
    • Barrick can earn an additional 10% by exercising a second option with a US$1 million cash payment and the delivery of a sole-funded pre-feasibility study, taking its interest to 80%.
  • Subsequent to Quarter-end, Valor executed a Binding Terms Sheet with ASX-listed Firetail Resources (ASX: FTL) for the divestment of up to an 80% interest in Valor’s Picha and Charaque Copper Projects in Peru to Firetail:
    • $200,000 exclusivity fee paid to Valor in consideration for Firetail being provided with an exclusive 90-day due diligence period.
    • Consideration comprises A$550,000 in cash and, subject to Firetail shareholder approval, 15 million Firetail shares and 20 million performance rights subject to certain vesting conditions. The equity consideration is equivalent to a 20.58% shareholding in Firetail on a fully-diluted basis.
    • Valor also retains exposure to future exploration upside in Peru via a retained 20% project interest.

Click here for the full ASX Release

This article includes content from Valor Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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