VAL: Due diligence

Shares on issue: 2,893,831,418

Cash: $722,000 (According to section 8 in the quarterly report which was released on 07/05/2021) At the current burn rate, this is enouigh for another 3-4 quarters.

Current share price: $0.010

Market capital: $28,938,314

Top 20: 55.75%

Director Interest

10.2% or 294,987,567 shares

Direct and indirect, no options included

The current holdings of VAL directors:

Substantial Shareholders

13.5% or 386,257,862 shares

Conservative approach - didn’t take Brain McMaster into account as he’s one of the directors

The current Substantial shareholders:

Sector analysis

Uranium, Silver and Copper (Only focused on the Uranium)

Uranium optimism is growing with governments around the world including nuclear energy in their plans to slash carbon emissions and the US saying outright that achieving its climate goals would not be possible without nuclear plants. By 2030, there will not be enough uranium production to meet demand, even if every single idled mine and planned project goes into production.

• On December 3, a bill came out of a US Senate committee recommending bipartisan support for the US nuclear industry (the world’s largest).

• With the expected demand growth, GlobalData has forecast that uranium production could increase by 3.1 per cent to reach 51,200t this year as significant mines come back online.

• The market intelligence firm also expects uranium output to grow at a compound annual growth rate of 6.2% between 2021 to 2025 to 62,200t.

• China has flagged that it will have 70 gigawatts of installed nuclear power capacity by 2025, up from the current 55GW, with further growth likely.

• Two new research notes from BMO Capital Markets and Morgan Stanley now say today’s spot price – about ~$US30/lb – is just the start of a rally in prices over the next few years to the ~$US50/lb level by 2024.

Bill Gates and Warren Buffett are building a $1 billion next-generation nuclear reactor in Wyoming

• “This is our fastest and clearest course to becoming carbon negative” Wyoming’s governor, Mark Gordon, said.

• “Nuclear power is clearly a part of my all-of-the-above strategy for energy” in Wyoming, the country’s top coal-producing state.

• The project features a 345 megawatt sodium-cooled fast reactor with molten salt-based energy storage that could boost the system’s power output to 500MW during peak power demand. TerraPower said last year that the plants would cost about $1bn.

• Late last year the US energy department awarded TerraPower $80m in initial funding to demonstrate Natrium technology, and the department has committed additional funding in coming years subject to congressional appropriations.

Projects

1) Hook Lake and Cluff Lake Uranium Projects in the Athabasca Basin in Canada

Historically, the Athabasca Basin region of Saskatchewan, Canada produces over 20% of the world’s primary uranium supply. Since 1968, 18 major uranium deposits have been discovered in the Athabasca Basin including 10 of the world’s top 15 highest-grade uranium mines, and the world’s largest uranium producer at the McArthur River Mine. Despite over 50 years of intense uranium exploration, major discoveries are still being made, with several discoveries in recent years. Canada and the Province of Saskatchewan, in particular, continue to rank among the top mining jurisdictions in the world for investment by the Fraser Institute, and the Athabasca Basin remains the world’s premier location for uranium exploration.

• Hook Lake Uranium Project (previously referred to as Falcon Point Uranium Project)The Hook Lake Project covers 25,847 hectares in northern Saskatchewan, Canada. The Property is located 20 km east of the Proterozoic Athabasca Basin in northern Saskatchewan. Historically, the Athabasca Basin region produces over 20% of the world’s primary uranium supply. The Hook Lake Project is located 60km east of the Key Lake Uranium Mine, 35km southeast of Moore Lakes, 260km north of La Ronge and 580km north of Saskatoon, Saskatchewan.

• Cluff Lake Uranium ProjectPitchblende owns a 100% working interest in 18 contiguous mineral claims covering 60,296 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. The mine produced 64 million pounds of U3O8 during its 22-year mine life at an average grade of 0.92% U3O8 from several open pit and underground operations. The southern boundary of the property is within 5km of the recently discovered Shea Creek Deposit operated by Orano Canada Inc. Shea Creek hosts an Indicated Resource (NI43- 101-compliant) of 68 million pounds of U3O8 at a grade of 1.48% U3O8.

2) Picha Copper Silver Project in Peru

[Didn't bother] Check out VAL's annual report to get more info.

Independent Mineral Asset Valuation by Mining Insights Pty Ltd

• Peruvian Copper Projects (100% Basis)
  "Based on Market Comparable and Geoscientific Rating method, the valuation for Valor’s existing copper tenements in Peru has been determined to be in the range of $1.95M to $4.66M with a preferred value of $3.30M.”

• Canadian Uranium Projects (Equity Basis)“Based on Market Comparable and Geoscientific Rating method, the valuation for Valor’s uranium tenements in Canada has been determined to be in the range of $2.64M to $6.31M with a preferred value of $4.47M”

Independent Financial Valuations by Nexia Australia

Independent Expert's report and Financial service guide as attached in the VAL's Annual report 03/12/2020

Current share price - $0.009-0.010

Sources

https://unauthorised investment advice/energy/power-up-uranium-is-picking-up-speed/

https://www.globaldata.com/global-uranium-production-recover-3-1-2021-limited-growth-recent-years-covid-19-says-globaldata/

https://unauthorised investment advice/*-tv/uranium-a-2021-inflection-point-supply-shifts-and-role-in-a-carbon-neutral-economy/

https://www.theguardian.com/us-news/2021/jun/03/bill-gates-warren-buffett-new-nuclear-reactor-wyoming-natrium

https://www.*.com.au/bill-gates-warren-buffett-nuclear-reactor-wyoming-terrapower-pacificorp-2021-6?r=US&IR=T

https://www.valorresources.com.au/media/1386/20201223-notice-of-annual-general-meeting-proxy-form.pdf


And of course, feel free to add anything that I've missed out!! The current price might in the DD might be referenced as $0.011 as this was written a week or two ago so please keep that in mind. Please do your own research. This is in no way finanical advice.