Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-7

You are correct - Valence never mined.
Uley 1 was the original project that was mothballed before SER acquired it and then floated off to Valence.
Valence tried to use the old pit for tailings but were denied by S A Government, even though it had mostly refilled with water.
Thus Valence had to construct a new tailings pond.

Valence started production using old stockpiles but they were found wanting a few more floatation tanks to cope with the poor quality of the stockpiles.
Then Valence went bust before arising again with a 35:1 consolidation and a squillion free options for interests that were owed $$ [nil excise cost]

Once QGL get back above $20, then a lot of the old investors might start recouping their $$