ABN 88 076 390 451
ANNUAL REPORT
30 JUNE 2020
VALOR RESOURCES LIMITED
CONTENTS | PAGE NO |
Directors' Report | 3 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Consolidated Statement of Cash Flows | 12 |
Consolidated Statement of Changes in Equity | 13 |
Notes to the Consolidated Financial Statements | 14 |
Directors' Declaration | 34 |
Auditor's Independence Declaration | 35 |
Independent Auditor's Report | 36 |
ASX Additional Information and Tenement Table | 39 |
CORPORATE DIRECTORY
Directors | Share Registry |
Mr. Brian McMaster (Non-Executive Chairman)
Dr. Nicholas Lindsay (Chief Executive Officer and
Executive Director - Technical)
Ms. Paula Smith (Non-Executive Director)
Company Secretary
Automic Registry Services Pty Ltd
Level 2, 267 St Georges Terrace
PERTH, WA 6000
Telephone: | + 61 8 9324 2099 |
Facsimile: | + 61 8 9321 2337 |
Ms. Paula Smith
Registered Office
22 Lindsay Street
PERTH, WA 6000 Telephone: +61 8 9200 3467 Facsimile: +61 8 9227 6390
Website: www.valorresources.com.au
Auditors
BDO Audit (WA) Pty Ltd
38 Station Street
SUBIACO, WA 6008
Stock Exchange
Australian Securities Exchange Limited
(Home Exchange: Perth, WA)
ASX Code: VAL
Valor Resources Limited | 2 | 2020 Report to Shareholders |
VALOR RESOURCES LIMITED
DIRECTORS' REPORT
The Directors present their report for Valor Resources Limited and its subsidiaries ("Valor" or "the Group") for the year ended 30 June 2020.
DIRECTORS
The names, qualifications and experience of the Group's Directors in office at any time during the year are as follows. Directors were in office for this entire year unless otherwise stated.
Mr. Brian McMaster
Non-Executive Chairman
Mr McMaster is a Chartered Accountant and has over 20 years' experience in the areas of venture capital and project financing, corporate reconstruction and turnaround/performance improvement. Mr McMaster is the principal of Garrison Capital a boutique venture capital firm and formerly was a partner of the restructuring firm KordaMentha and prior to that was a partner at Ernst & Young. His experience includes significant working periods in the United States, South America, Asia and India.
Mr McMaster is currently a director of AIM traded Harvest Minerals Limited (appointed 1 April 2014), AIM traded Jangada Mines plc (appointed 30 June 2015), AIM quoted Arc Minerals Limited (appointed 1 August 2017).
Mr McMaster was previously a director of Haranga Resources Limited (appointed 1 April 2014, resigned 1 June 2017), Bounty Mining Limited (appointed 29 March 2016, resigned 8 October 2017), LSE quoted Contango Holdings Limited (appointed 26 October 2017, resigned 30 June 2020) and TSX-V traded Five Star Diamonds Limited (appointed 20 April 2017, resigned 1 October 2017). He has not held any other listed directorships in the past three years.
Dr. Nicholas Lindsay
Chief Executive Officer and Executive Director - Technical
Dr. Lindsay has over 30 years' experience in the global mining industry with strong exposure in South America. He has held senior roles in Chile and Australia, and managed ASX junior mining and exploration companies operating in South America. Dr. Lindsay has a BSc Honours degree in geology and an MBA from the University of Otago (New Zealand), and a PhD (Metallurgy & Materials Engineering) from the University of the Witwatersrand (South Africa). Dr Lindsay is also a member of the AusIMM and the Australian Institute of Geoscientists.
Dr Lindsay is currently a director of Lake Resources NL (appointed 18 July 2017), Manuka Resources Limited (appointed 7 June 2019) and Daura Capital Corp. (appointed 29 March 2018). He has not held any other directorships in the past three years.
Ms. Paula Smith
Non-Executive Director & Company Secretary
Ms. Smith is a finance professional with over 16 years' experience and is presently a director of a consulting and secretarial advisory firm specialising in business advisory, consulting and back office support (finance and secretarial) to SMEs and ASX listed entities. Prior to that Ms. Smith held senior roles in advisory firms KordaMentha and Ernst & Young. Ms. Smith holds a Bachelor of Commerce/Law (Hons), is a qualified Chartered Accountant and a Graduate of the Australian Institute of Company Directors.
Ms. Smith was a director of Lithex Resources Limited (appointed 29 January 2015, resigned 2 December 2016) and Haranga Resources Limited (appointed 28 March 2017, resigned 4 May 2018). She has not held any other listed directorships over the past three years.
Valor Resources Limited | 3 | 2020 Report to Shareholders |
VALOR RESOURCES LIMITED
DIRECTORS' REPORT (continued)
INTERESTS IN THE SECURITIES OF THE GROUP
As at the date of this report, the interests of the Directors in the securities of Valor Resources Limited are:
Director | Ordinary Shares | Listed Options exercisable |
at $0.015 each, on or | ||
before 31/12/2021 | ||
Mr. Brian McMaster | 102,030,143 | 10,000,000 |
Dr. Nicholas Lindsay | - | - |
Ms. Paula Smith | 5,007,425 | 5,000,000 |
RESULTS OF OPERATIONS
The Group's net loss after taxation attributable to the members of Valor Resources Limited for the year ended 30 June 2020 was $3,094,431 (2019: $4,036,303).
DIVIDENDS
No dividend was paid or declared by the Group during the year and up to the date of this report (2019: Nil).
CORPORATE STRUCTURE
Valor Resources Limited is a company limited by shares which is incorporated and domiciled in Australia.
NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES
The principal activities of companies within the Group during the financial year were mineral exploration and examination of new resource opportunities.
REVIEW OF OPERATIONS
Berenguela South & Picha Projects - Peru
As announced on 31 January 2020, Valor intended to continue its focus on developing the exploration potential of its 100% owned Berenguela South and Picha Projects however a strict Covid-19lock-down regime was applied in Peru preventing any substantive mining exploration activities being undertaken in 2020. Desktop studies have continued with the emphasis on facilitating a restart of field activities as soon as circumstances allow.
The Projects comprise 10 tenements held by Valor's 100% owned peruvian subsidiary Kiwanda S.A.C as follows:
Project | Concession Name | Tenement | Location | Title Area |
Corona 01-18 | 01-01208-18 | |||
Corona 02-18 | 01-01209-18 | |||
Berenguela South | Corona 03-18 | 01-01210-18 | Santa Lucia | 4,900 hectares |
Corona 04-18 | 01-01211-18 | |||
Corona 05-18 | 01-01212-18 | |||
Corona 06-18 | 01-01213-18 | |||
Picha 2 | 01-03853-05 | 45km South | ||
Picha Project | Picha 3 | 01-03854-05 | East of the | 2,000 hectares |
Picha 7 | town Santa | |||
01-00578-07 | ||||
Leon 3 | 01-04638-08 | Lucia | ||
Berenguela Project - Peru ("Berenguela")
As announced to the ASX on 14 January 2019, Valor executed a joint venture option agreement with Kennecott Exploration Company, (later assigned to Rio Tinto Mining & Exploration), both wholly owned subsidiaries of Rio Tinto. Pursuant to the option agreement, 1,427 metres of diamond drilling was completed in 4 diamond drill holes, focusing on the mineral system below the existing deposit. Details of the work undertaken by Rio Tinto was detailed in ASX Announcement dated 31 January 2020 titled "Berenguela Copper-SilverProject Update" in which they also announced that Rio Tinto had declined to execute the joint venture option.
Valor Resources Limited | 4 | 2020 Report to Shareholders |
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