Valor Resources Limited announced that its field exploration activities are continuing to gain momentum and deliver results, further enhancing the prospectivity of its Picha and Charaque Projects in Southern Peru for large-scale copper-silver-gold discoveries. The Company has received highly encouraging assay results from rock chip, channel and soil samples taken from both projects during ongoing on-ground exploration activities. A total of 168 channel and selective rock chip samples and 322 soil samples have been collected at the Picha Project in the second half of 2022, following on from the Company's ASX announcement regarding surface sampling at Picha dated 18 July 2022 titled Extensive copper assays highlight Ichucollo as new significant drill target.

Further sampling has also been undertaken at the Charaque Project with an additional 32 channel and selective rock chip samples taken in the second half of 2022. The sampling has been carried out in conjunction with reconnaissance geological mapping. Picha Project: Further exploration work has been completed at the Picha Project in the second half of 2022.

A total of 136 rock chip and channel samples have been collected at the Ichucollo, Maricate, Fundición, Huancune and Cumbre Coya targets as well as the new targets of Cuti and Fundición South. In addition, a total of 322 soil samples were collected at the Ichucollo, Maricate and Cuti targets. Details of the results from each prospect/target are provided below.

All samples not described as Channel in the tables below have a high potential for bias and should not be considered as being representative of the overall mineralised structure or zone. The latest results have further advanced the existing targets of Ichucollo, Maricate, Cumbre Coya and Fundición and have also indicated new targets at Cuti, which is located north-east of other targets and Fundición South in the south of the project area. Soil sampling was completed at the Ichucollo, Maricate and Cuti targets on 200m x 200m centres.

The B horizon was sampled by digging a 0.5m deep pit. The excavated material was sieved through a - 600µm mesh to obtain a sample fraction. Ichucollo Target: At the Ichucollo Target, an additional 62 samples have been taken comprising 57 channel samples and six rock chip samples (selective or otherwise).

Of the 63 samples, 22 returned assays >0.5% Cu (see Table 1 below). Several significant channel sample results were returned from the Ichucollo area highlighted by the following: 13.1m @ 1.38 % Cu and 10.22g/t Ag including 6m @ 2.40% Cu and 20.21g/t Ag (Sample IDs 000660-000662); 24m @ 1.08 % Cu and 3.9g/t Ag (Sample IDs 000663-000675); 12m @ 0.47 % Cu and 5.8g/t Ag (Sample IDs 000680-000685); and 4m @ 0.68 % Cu and 1.82g/t Ag (Sample IDs 000694-000695). Soil sampling was also completed at the Ichucollo target, with assay results received for a total of 100 soil samples.

Samples were taken on a 200m x 200m grid. The assay results highlighted a copper anomaly at the northern end of the Ichucollo target area. At Ichucollo, a strong chargeability anomaly has been defined from near-surface down to a depth of approximately 250m (depth limit of the survey) by the 2022 Induced Polarisation survey (details provided in ASX announcement dated 26th October titled Substantial new IP anomalies confirm additional large- scale porphyry copper potential at Picha Project, Peru).

The IP anomaly is semi-continuous over a length of about 2.5km and orientated approximately north- south. The recent assay results further enhance the Ichucollo target with around 400m strike length of surface mineralisation defined by channel sampling, being co-incident with the central portion of the IP anomaly. Maricate Target: Assay results have been received for a further 21 channel and selective rock chip samples from the Maricate target area.

12 of the 21 samples returned assays greater than 0.5% Cu. with a highest copper assay of 3.39% Cu from a channel sample which also assayed 56g/t Ag. Several significant channel sample results were returned highlighted by the following: 12.0m @ 0.91% Cu, 9g/t Ag including 6m @ 1.55% Cu and 13.8g/t Ag (Sample IDs PCH0367- PCH0374, PCH0371- PCH0374); 4.0m @ 2.15% Cu, 84.5g/t Ag (Sample IDs PCH0377- PCH0378); 2.0m @ 0.59% Cu, 48.6g/t Ag (Sample ID PCH0366); 2.0m @ 1.18% Cu, 13.9g/t Ag (Sample ID PCH0367); 2.0m @ 0.98% Cu, 23g/t Ag (Sample ID PCH0375); 2.0m @ 0.52% Cu, 6.61g/t Ag (Sample ID PCH0376); 2.0m @ 3.39% Cu, 56g/t Ag (Sample ID PCH0379); and 2.0m @ 1.27% Cu, 57g/t Ag (Sample ID PCH0389).

Mineralisation at Maricate has now been identified over a wide area in a north-easterly and north- westerly orientation. To better define the extent of the mineralisation, a soil sampling program was conducted over an area approximately 1km x 1km. Assay results from the soil sampling indicate a copper anomaly of >150ppm Cu over more than 1km striking approximately north-northeast and northwest.

The Maricate area is underlain by Tacaza Group volcanics. Alteration is present as weak to moderate argillic alteration along with silicification in the form of chalcedony. The mineralisation occurs as malachite, azurite, chrysocolla, antlerite and the sulphides chalcocite and chalcopyrite.

It is associated with iron and manganese oxides and chalcedony and opaline silica. The mineralisation occurs within the andesites, agglomerates and autobreccias of the Tacaza Group volcanics. Cumbre Coya Target: Assay results have been received for seven channel samples which were taken from the Cumbre Coya area, two of which returned assays >0.5% Cu with a highest assay of 1.51% Cu from a channel sample which also assayed 20g/t Ag.

The mineralisation at Cumbre Coya is present as malachite, azurite, chrysocolla, chalcocite, chalcopyrite and galena and occurs in several different styles: in irregular structures associated with chalcedony-opaline silica in quartz veinlets with a consistent NE orientation; in structures similar to a stockwork, such as breccia matrix and infilling fractures in the andesites of the Tacaza Group (volcanic rocks); malachite, azurite, chalcocite, chalcopyrite and galena associated with chalcedony-opaline silica in a stratabound structure located topographically lower; and malachite, azurite, and galena in a mantle-like structure in the Maure Group (sedimentary rocks).