Valor Resources : Becoming a substantial holder

603 GUIDE page 1/2 19th April 2021

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To:Company Name/Scheme		VALOR RESOURCES LIMITED
ACN/ARSN		88 076 390 451
1. Details of substantial holder (1)
Name		Mr Tolga Kumova
ACN/ARSN (if applicable)		n/a
The holder became a substantial holder on		15	/	04	/	2021

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinary fully paid (O.F.P.)	152,924,529	152,924,529	5.28%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

	Holder of relevant interest			Nature of relevant interest (7)		Class and number of
				securities
	SISU INTERNATIONAL P/L				SISU INTERNATIONAL P/L		112,591,196
	KITARA INVESTMENTS P/L		KITARA INVESTMENTS P/L		30,333,333
	BILGI INVESTMENTS P/L		BILGI INVESTMENTS P/L		10,000,000
4. Details of present registered holders
The persons registered as holders of the securities referred to in paragraph 3 above are as follows:
	Holders of relevant	Registered holder of		Person entitled to be		Class and
	interest	Securities			registered as a holder (8)		number
									of
	SISU INTERNATIONAL P/L	SISU INTERNATIONAL P/L		SISU INTERNATIONAL P/L		112,591,196
	KITARA INVESTMENTS P/L	KITARA INVESTMENTS P/L		KITARA INVESTMENTS P/L		30,333,333
	BILGI INVESTMENTS P/L	BILGI INVESTMENTS P/L		BILGI INVESTMENTS P/L		10,000,000

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Class and number of
				securities
		Cash	Non-cash
SISU INTERNATIONAL P/L	Various	Various prices	Vendor consideration	66,591,196
SISU INTERNATIONAL P/L	14/04/2021	$276,000.00		46,000,000
KITARA INVESTMENTS P/L	11/02/2021	$91,000.00		30,333,333
BILGI INVESTMENTS P/L	19/04/2021	$45,000.00		10,000,000

603 GUIDE page 2/2 19th April 2021

6. Associates

The reasons the person named in paragraph 3 above and associates of the substantial holder are as follows:

	Name and ACN/ARSN (if applicable)	Nature of association
	SISU INTERNATIONAL P/L	Director
	KITARA INVESTMENTS P/L	Director
	BILGI INVESTMENTS P/L	Director
7. Addresses
The addresses of persons named in this form are as follows:
	Name		Address
	SISU INTERNATIONAL P/L		C/- DKP & CO SUITE 2, LEVEL 7 520 COLLINS STREET, MELBOURNE VIC 3000
	KITARA INVESTMENTS P/L		C/- DKP & CO SUITE 2, LEVEL 7 520 COLLINS STREET, MELBOURNE VIC 3000
	BILGI INVESTMENTS P/L		C/- DKP & CO SUITE 2, LEVEL 7 520 COLLINS STREET, MELBOURNE VIC 3000

Signature

print name Tolga Kumova	capacity	Director
sign here	date	19	/	04	/	2021