Ann: Becoming a substantial holder, page-15

And the next day....VALOR SECURES FINAL DRILLING APPROVALS FOR
PICHA COPPER PROJECT, PERU
Receipt of “Autorización de Inicio” (P ermission to Begin Drilling) from the
Peruvian Ministry of Energy and Mines paves way for maiden drill program
HIGHLIGHTS
 Ministry issues the Autorización de Inicio (Permission to Begin Drilling) for the Picha Copper Project in Peru
(Figure 1 below), marking a key milestone for the Project.
 This follows the issuance of the DIA (Declaracion de Impacto Ambiental or Environmental Impact Statement
- EIS) in March.
 The drilling permit allows for up to 120 holes to be drilled within the approved Effective Area (see Figure 2),
comprising up to 40 drill platforms with three holes per platform.
 Community social agreements are already in place for 100% of the DIA Effective Area for a period of four
years, allowing the Company to access and drill the Effective Area within the Project.
 As announced on 5 July 2023, Valor has reached agreement to sell the Picha Project to Firetail Resources
(ASX: FTL) to focus on its Canadian uranium portfolio.
 Picha’s maiden drilling program, comprising 5,000m of diamond drilling, has been planned to initially test four
key targets – Cobremani, Cumbre Coya, Maricate and Fundicion.
 Final drill program planning, including logistics and drilling contractor selection is underway with drilling
scheduled to commence in September 2023