Valor Resources : Amended Appendix 3B

ACN 076 390 451

9 December 2020

Ms Belinda Giles

ASX Limited

Level 40, Central Park

152 - 158 St Georges Terrace

PERTH WA 6000

VALOR RESOURCES LIMITED - PROPOSED ISSUE OF SECURITIES AMENDED

Further to the ASX Announcement dated 9 December 2020 regarding an amendment to the terms of the acquisition of Pitchblende Pty Ltd, please find enclosed an Amended Appendix 3B - Proposed issue of securities to reflect the revised transaction.

The following table provides a summary of the relevant amendment:

ASX Security Code

Security Description

Appendix 3B -

Amended Appendix 3B -

22 October 2020

9 December 2020

VAL

Ordinary Fully Paid

925,650,000

908,983,333

n/a

Performance Rights A -

166,666,667

166,666,667

Vendor

n/a

Performance Rights A -

166,666,666

166,666,666

Vendor

n/a

Unlisted

Options

-

60,000,000

60,000,000

VALOptA

n/a

Unlisted

Options

-

60,000,000

60,000,000

VALOptB

n/a

Unlisted

Options

-

60,000,000

60,000,000

VALOptC

n/a

Performance Rights A -

30,000,000

30,000,000

Director Bauk

n/a

Performance Rights B -

30,000,000

30,000,000

Director Bauk

n/a

Performance Rights C -

30,000,000

30,000,000

Director Bauk

n/a

Performance Rights D -

30,000,000

30,000,000

Director Bauk

22 Lindsay Street, Perth WA 6000

P.O. Box 8546, Perth BC WA 6849

Ph [phone], Fax [phone]

ACN 076 390 451

	ASX Security Code			Security Description			Appendix 3B -			Amended Appendix 3B -
							22 October 2020			9 December 2020
n/a		Performance Rights A -	15,000,000		15,000,000
				Director Billingsley
n/a		Performance Rights B -	15,000,000		15,000,000
				Director Billingsley
n/a		Performance Rights C -	15,000,000		15,000,000
				Director Billingsley
n/a		Performance Rights D -	15,000,000		15,000,000
				Director Billingsley
Yours faithfully
Paula Smith
Company Secretary
VALOR RESOURCES LIMITED

22 Lindsay Street, Perth WA 6000

P.O. Box 8546, Perth BC WA 6849

Ph [phone], Fax [phone]

This appendix is available as an online form	Appendix 3B
Only use this form if the online version is not available	Proposed issue of +securities

Appendix 3B

Proposed issue of +securities

Information and documents given to ASX become ASX's property and may be made public.

If you are an entity incorporated outside Australia and you are proposing to issue a new class of +securities other than CDIs, you will need to obtain and provide an International Securities Identification Number (ISIN) for that class. For offers where the +securities proposed to be issued are in an existing class of security, and the event timetable includes rights (or entitlement for non- renounceable issues), and deferred settlement trading or a representation of such, ASX requires the issuer to advise ASX of the ISIN code for the rights (or entitlement), and deferred settlement trading. This code will be different to the existing class. If the securities do not rank equally with the existing class, the same ISIN code will be used for that security to continue to be quoted while it does not rank.

Further information on the requirement for the notification of an ISIN is available from the Create Online Forms page. ASX is unable to create the new ISIN for non-Australian issuers.

*Denotes minimum information required for first lodgement of this form, with exceptions provided in specific notes for certain questions. The balance of the information, where applicable, must be provided as soon as reasonably practicable by the entity.

Part 1 - Entity and announcement details

	Question	Question	Answer
	no
	1.1	*Name of entity	Valor Resources Limited
		We (the entity here named)
		give ASX the following
		information about a proposed
		issue of +securities and, if ASX
		agrees to +quote any of the
		+securities (including any
		rights) on a +deferred
		settlement basis, we agree to
		the matters set out in
		Appendix 3B of the ASX
		Listing Rules
	1.2	*Registration type and number	ABN 88 076 390 451
		Please supply your ABN, ARSN,
		ARBN, ACN or another registration
		type and number (if you supply
		another registration type, please
		specify both the type of registration
		and the registration number).
	1.3	*ASX issuer code	VAL
	1.4	*This announcement is	☐ A new announcement
		Tick whichever is applicable.	☒ An update/amendment to a previous announcement
			☐ A cancellation of a previous announcement
	1.4a	*Reason for update	Amendment to acquisition transaction terms for fully
		Mandatory only if "Update" ticked in	paid ordinary shares to be issued to Vendor as per ASX
		Q1.4 above. A reason must be	Announcement dated 9 December 2020.
		provided for an update.
	1.4b	*Date of previous	22 October 2020
		announcement to this update
		Mandatory only if "Update" ticked in
		Q1.4 above.

+ See chapter 19 for defined terms
18 July 2020	Page 1

1.4c	*Reason for cancellation
	Mandatory only if "Cancellation" ticked
	in Q1.4 above.
1.4d	*Date of previous
	announcement to this
	cancellation
	Mandatory only if "Cancellation" ticked
	in Q1.4 above.
1.5	*Date of this announcement	9 December 2020
1.6	*The proposed issue is:	☐ A +bonus issue (complete Parts 2 and 8)
	Note: You can select more than one	☐ A standard +pro rata issue (non-renounceable or
	type of issue (e.g. an offer of
	renounceable) (complete Q1.6a and Parts 3 and 8)
	securities under a securities purchase
	plan and a placement, however ASX	☐ An accelerated offer (complete Q1.6b and Parts 3 and 8)
	may restrict certain events from being
	announced concurrently). Please	☐ An offer of +securities under a +securities purchase
	contact your ASX listings compliance	plan (complete Parts 4 and 8)
	adviser if you are unsure.
		☐ A non-+pro rata offer of +securities under a
		+disclosure document or +PDS (complete Parts 5 and 8)
		☐ A non-+pro rata offer to wholesale investors under an
		information memorandum (complete Parts 6 and 8)
		☒ A placement or other type of issue (complete Parts 7 and
		8)

Part 7 - Details of proposed placement or other issue

If your response to Q1.6 is "A placement or other type of issue", please complete Parts 7A - 7F and the details of the securities proposed to be issued in Part 8.

Part 7A - Proposed placement or other issue - conditions

	Question	Question	Answer
	No.
	7A.1	*Are any of the following approvals required	Yes
		for the placement or other type of issue?
		•	+Security holder approval
		•	Court approval
		• Lodgement of court order with +ASIC
		•	ACCC approval
		•	FIRB approval
		• Another approval/condition external to
			the entity.

+ See chapter 19 for defined terms
18 July 2020	Page 2