Chalice recommences EM survey on Julimar lookalike target

The South West Nickel-Copper-PGEProject is located ~240km south of Perth in the Balingup Metamorphic Belt, within the highly prospective West Yilgarn Ni-Cu-PGEProvince discovered by Chalice

From the initial third of the planned EM Program Chalice has already defined new EM anomalies(refer Figure 1) of similar strength conductors to those that yielded wide and significant palladium intervals during the early drilling phase of the Julimar Ni-Cu-PGEdiscovery.In addition, one of the new EM anomalies is within 10 metres of a previously drilledhole TOR04 which intersected 86 metres of disseminated sulfides(refer ASX announcement 21 February 2019) with anomalous levels of

PGE mineralisation

Chalice will follow-upany resultant bedrock conductors from the EM program with soil geochemistry to define potential drill-readytargets.Should Chalice elect to drill the targets it will need to spend $1.2 million by 29th July 2022 (including $300k by the end of November 2021) to earn 51% and a further $2.5 million to earn 70% in Venture's South West Nickel-Copper-PGEProject

The remainder of Chalice's EM program is over the area where's Venture's airborne EM survey delineated 13 highly conductive anomalies within the southern 6.5km of the "Julimar lookalike" magnetic anomaly

Chalice Mining (ASX: CHN) has recommenced the ground Electromagnetic ("EM") program at Venture's South West Nickel-Copper-PGEProjectwhich started in late April 2021 and was put on hold in June due to wet weather. Chalice's geophysical survey is part of the first stage of the JV earn-infocused on Venture's Thor Target, a 20km long, "Julimar lookalike" (as defined by Chalice)magnetic anomaly

(refer Figure 5).

(refer to ASX announcement 27 April 2021);

(for full JV earn-interms refer to VMS and CHN ASX announcements 21 July 2020);

(refer Figures 1 & 3);

(refer to VMS and CHN ASX announcements 21 July 2020);

ASX Announcement

Thursday, 11 November 2021

Chalice Mining recommences EM survey on 'Julimar lookalike' target

at Venture's South West Nickel-Copper-PGE Project

onlyHIGHLIGHTS

usepersonalV nture's Managing Director commented "The Board is pleased to see the recommencement of our JV partner Chalice Mining's ground EM program, with this next phase targeting the area where Venture's own

airborne EM survey delineated 13 anomalies, suggesting the current survey is highly likely to generate further bedrock conductors and potentially high priority drill targets. What is most exciting is the opportunity this gives to Venture shareholders with Chalice potentially drilling these conductors early next year with the aim of

Formaking another Julimar discovery."

Venture Minerals Limited (ASX code: VMS) ("Venture" or the "Company") is pleased to announce that

Chalice Mining Limited (ASX code: CHN) ("Chalice") has recommenced the ground EM program at Venture's South West Nickel-Copper-PGE Project (located within Chalice's interpreted highly prospective West Yilgarn Nickel-Copper-PGE Province) which started in late April 2021 and was put on hold in June due to wet weather. Chalice's geophysical survey is part of the first stage of the JV earn-in focused on Venture's Thor Target, a 20km long, "Julimar lookalike" magnetic anomaly interpreted to be mafic-ultramafic intrusive complex, in which Chalice may earn up to 70% by spending $3.7 million on exploration over 4 years.

The remainder of Chalice's EM program (which will be fixed-loop EM surveying due to the difficult nature of the terrain) is over the area where Venture's airborne EM survey delineated 13 highly conductive anomalies within the southern 6.5km of the "Julimar lookalike" magnetic anomaly.

Venture Minerals Limited

Level 3, Suite 3, 24 Outram Street, West Perth, Western Australia

T: + 61 8 6279 9428 | F: + 61 8 6500 9986 | [e-mail] | www.ventureminerals.com.au

ASX : VMS

Chalice will follow-up any resultant bedrock conductors from the EM program with soil geochemistry to define potential drill-ready targets. Should Chalice elect to drill the targets it will need to spend $1.2 million by 29 onlyJuly 2022 (including $300k by the end of November 2021) to earn 51% and a further $2.5 million to earn 70%

in Venture's South West Nickel-Copper-PGE Project.

From the initial third of the planned EM Program (refer Figure 4) Chalice has already defined new EM anomalies of similar strength conductors to those that yielded wide and significant palladium intervals during the early drilling phase of the Julimar Ni-Cu-PGE discovery. In addition, one of the new EM anomalies is within 10 metres of a previously drilled hole TOR04 which intersected 86 metres of disseminated sulfides with anomalous levels of PGE mineralisation.

The South West Project (256 km²) is located ~240 km south of Perth hosted within the Balingup Gneiss

useassociated with chromium rich rocks indicative of mafic-ultramafic intrusions. A recent airborne EM survey by Venture identified 13 highly conductive anomalies within the southern 6.5km of the regional

Complex (refer Figure 5). The two main prospects within the Project are Thor and Odin and both contain areas of potential Nickel-Copper-PGE prospectivity.

Thor is a 20km long 'Julimar lookalike' (as defined by Chalice) magnetic anomaly (refer Figures 3 & 4)

magnetic feature, of which only two have been tested by single holes in Venture's 2018 maiden drill program

personal(refer ASX announcement 21 February 2019). The last hole drilled at Thor (TOR05) intersected 2.4m of Massive Sulfide averaging 0.5% Copper, 0.05% Nickel, 0.04% Cobalt and anomalous gold & palladium (refer

Figure 2 and ASX announcement 21 February 2019).

At Odin, in the only hole drilled, Nickel and Copper sulfides were intersected within a highly prospective mafic- ultramafic unit that extends over 10 strike kilometres. This was further supported by surface sampling returning significant nickel and copper geochemical anomalies (refer ASX announcement 11 May 2018).

South West Project Highlights:

• Thor has a 20km long 'Julimar lookalike' magnetic anomaly associated with chromium rich rocks indicative of mafic-ultramafic intrusions;

• An airborne EM survey in 2018, identified 13 targets in the southern 6.5 km of the Thor magnetic anomaly;

• Maiden Drill Program at Thor intersected 2.4m of Massive Sulfide in TOR05 averaging 0.5% Cu,

0.05% Ni, 0.04% Co and anomalous Au & Pd (refer ASX announcement 21 February 2019);

For• Maiden Drill Hole at Odin intersecting Ni and Cu sulfides within a highly prospective mafic-ultramafic unit that extends over 10 strike kilometres (refer ASX announcement 11 May 2018).

Venture Minerals Limited | ASX : VMS

Level 3, Suite 3, 24 Outram Street, West Perth, Western Australia

T: + 61 8 6279 9428 | F: + 61 8 6500 9986 | [e-mail] | www.ventureminerals.com.au

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Figure One | South West Project - Chalice's ground EM conductor models and Venture's airborne EM anomalies on

aeromagnetics over the Thor "Julimar lookalike" Target

For personal use only

• 1000 Siemens conductance anomalies

Thor Airborne

EM Anomalies

• 1000 Siemens conductance anomalies

Venture Minerals Limited | ASX : VMS

Level 3, Suite 3, 24 Outram Street, West Perth, Western Australia

T: + 61 8 6279 9428 | F: + 61 8 6500 9986 | [e-mail] | www.ventureminerals.com.au

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Figure Two | Massive Sulfides in TOR05 from drilling at the Thor "Julimar lookalike" Target

For personal use only

Figure Three | Comparison of Chalice's Julimar Complex and Venture's Thor Target aeromagnetic signatures and EM

anomalies at the same scale

Venture Minerals Limited | ASX : VMS

Level 3, Suite 3, 24 Outram Street, West Perth, Western Australia

T: + 61 8 6279 9428 | F: + 61 8 6500 9986 | [e-mail] | www.ventureminerals.com.au

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Figure Four | Chalice's planned MLEM Program at Venture's South West Project over aeromagnetics

For personal use only

Venture Minerals Limited | ASX : VMS

Level 3, Suite 3, 24 Outram Street, West Perth, Western Australia

T: + 61 8 6279 9428 | F: + 61 8 6500 9986 | [e-mail] | www.ventureminerals.com.au

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