Venture Minerals : Feasibility Study Manager appointed, and drilling completed

ASX Announcement

Tuesday 29 March 2022

Venture appoints Mount Lindsay Feasibility Study Manager and completes Metallurgical Drilling Program

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HIGHLIGHTS

Venture has appointed highly experienced Mining Engineer Glenn Van Vlemen to lead the Mount Lindsay underground Feasibility Study, which is well underway with the recent completion of the Metallurgical Drilling Program, the critical long lead item of the Study.

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New Drilling at the Mount Lindsay Tin-Tungsten Project continues to deliver outstanding intersections of high grade mineralisation whilst targeting high grade zones within the existing Main Skarn deposit including 158.5 metres (m) @ 0.8% Tin (Sn) and 0.1% Tungsten (WO3) from 78 m in ML344M and likewise within the No.2 Skarn deposit with 99 m @ 0.3% WO3 from 63 m in ML347M.

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The intersection in ML344M included a high grade zone of 39 m @ 2.6% Sn and 0.04% WO3 from 165 m or 12 m @ 7.0% Sn and 0.1% WO3 from 192 m, whilst the intersection in ML347M included a high grade zone of 21 m @ 1.2% WO3 from 87 m.

The significant intersections from ML344M in the Main Skarn include the following:

• • 158.5 m @ 0.8% Sn and 0.1% WO3 or 1.0% Sn Eq* from 78 m including

• • 123 m @ 1.1% Sn and 0.1% WO3 or 1.2% Sn Eq* from 81 m, or

• • 39 m @ 2.6% Sn and 0.04% WO3 or 2.7% Sn Eq* from 165 m, or

• • 12 m @ 7.0% Sn and 0.1% WO3 or 7.0% Sn Eq* from 192 m. (Refer Tables 1 & 2)

The significant intersections from ML347M in the No.2 Skarn include the following:

• • 99 m @ 0.3% WO3 or 0.7% Sn Eq* from 63 m including

• • 21 m @ 1.2% WO3 or 1.6% Sn Eq* from 87 m. (Refer Tables 1 & 2).

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Tin is an EV Metal (Refer Figure 4). It is listed as a Critical Mineral (as is Tungsten) by numerous countries around the world and is currently trading at ~US$42,500/t which is over four times the price of Copper at ~US$10,000/t. There is currently about two days' global supply of tin held in stockpiles by the London Metal Exchange (LME).

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Mount Lindsay is already one of the largest undeveloped tin projects in the world, containing in excess of 80,000 tonnes of tin metal and, within the same mineralised body, a globally significant tungsten (Critical Mineral in Australia) resource containing 3,200,000 MTU (metric tonne unit)1 of WO3. Over 100,000m of diamond core drilling has been completed on the project predominately by Venture, which hosts a JORC compliant resource, 70% of which is in the Measured & Indicated categories (Refer Table Three).

Commenting on the appointment of the Mount Lindsay underground Feasibility Study Manager, Venture

Minerals' Managing Director Andrew Radonjic, said:

"Venture is fortunate to have engaged a very experienced underground mining engineer who has worked in Tin and is therefore well suited to run the updated Mount Lindsay Feasibility Study. Glenn's appointment has coincided with the completion of the metallurgical drill program, a significant milestone for the company as it moves through the Study.

*See Table One for definition of % Sn Eq.

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

For personal use only

The Feasibility drilling at Mount Lindsay continues to deliver excellent tin and now tungsten intersections within the high-grade shoots of the Main Skarn and No.2 Skarn. Mount Lindsay clearly demonstrates the potential to be a vital source of EV metal and Critical Minerals for the world and can be developed in a net zero emissions environment, and is therefore an important part of the decarbonization of the global economy.

"The Metallurgical Drill Program is now completed, and Venture looks forward to ramping up our exploration efforts with drilling scheduled to test multiple high priority targets over the coming months within Australia's premier tin district in the Northwest of Tasmania."

Venture Minerals Limited (ASX: VMS) ("Venture" or the "Company") is pleased to announce the appointment of highly experienced Mining Engineer Glenn Van Vlemen as Project Development Manager to lead the Mount Lindsay underground Feasibility Study, which is well underway with the recent completion of the Metallurgical Drilling Program, the critical long lead item of the Study. Glenn has significant expertise in mining and engineering with in excess of 30 years Australian and International experience and providing leadership across business assets around the world in challenging environments. Mr Van Vlemen has led the development and implementation of long term business strategies for resource companies such as BHP Nickel, WMC Gold, Central Norseman Gold, Croesus Mining, Perilya, Munali Nickel and Oceana Gold, and conducted numerous pre-development studies, and then implemented the development programs, for open pit and underground mines in various commodities, including tin and iron ore.

The Underground Feasibility Study team also welcomes the addition of Mr Geoff Beros to act as Metallurgical Consultant to Mr Van Vlemen for the duration of the work program. Geoff was previously Venture's Manager of Metallurgy who ran the Metallurgical part of the previously completed (2012) Mount Lindsay Open-Pit Study and who commissioned the breakthrough test work that led to the proposed changes to the flowsheet of using a less complex and coincidently lower cost combined gravity technique followed by electrostatic separation of the cassiterite (tin oxide - 79% Sn) and scheelite (81% WO3). The current work is looking to verify this processing technique using the material collected during the recently completed Metallurgical Drill Program.

The Company has now completed the Metallurgical drilling at the Mount Lindsay Tin-Tungsten Project (Refer Figures 3 & 5), on the No.2 Skarn's High Grade Radford Shoot in addition to the previously announced Main Skarn's High Grade MacDonald Shoot. The latest results from this program have again delivered further outstanding tin-tungsten drill intersections with 158.5 m @ 0.8% Sn and 0.1% WO3 from 78 m in ML344M from the Main Skarn deposit and 99 m @ 0.3% WO3 from 63 m in ML347M from the No.2 Skarn deposit.

The intersection in ML344M (Refer Figure 2) included a high grade zone of 39 m @ 2.6% Sn and 0.04% WO3 from 165 m or 12 m @ 7.0% Sn and 0.1% WO3 from 192 m, whilst the intersection in ML347M (Refer Figure 2) included a high grade zone of 21 m @ 1.2% WO3 from 87 m.

The significant intersections from ML344M in the Main Skarn include the following:

• • 158.5 m @ 0.8% Sn and 0.1% WO3 or 1.0% Sn Eq* from 78 m including

• • 123 m @ 1.1% Sn and 0.1% WO3 or 1.2% Sn Eq* from 81 m, or

• • 39 m @ 2.6% Sn and 0.04% WO3 or 2.7% Sn Eq* from 165 m, or

• • 12 m @ 7.0% Sn and 0.1% WO3 or 7.0% Sn Eq* from 192 m.

The significant intersections from ML347M in the No.2 Skarn include the following:

• • 99 m @ 0.3% WO3 or 0.7% Sn Eq* from 63 m including

• • 21 m @ 1.2% WO3 or 1.6% Sn Eq* from 87 m.

*See Table One for definition of % Sn Eq.

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

For personal use only

The preliminary assay results reported here were from a nearby laboratory that generated results using a similar analytical technique for some of the suite of elements that are routinely assayed for on Mount Lindsay drill core. The pulps will be submitted to the preferred laboratory to provide assays for the missing elements and to check the values reported here using the analytical method chosen for the JORC compliant resource

(Refer Table Three).

The underground Feasibility Study will advance previous scoping study work and includes additional drilling (now completed) to further confirm the continuity of the High-Grade MacDonald (named after Tom MacDonald, who discovered the Main Zone at Mount Lindsay in 1909 - Refer to ASX Announcement 27 October 2008 and Figure 1 for photo of tin mining operations in 1914) Shoot in the Main Skarn, and the High-Grade Radford (named after local identity) Shoot in the No.2 Skarn.

Venture continues to build a dedicated team to manage the Study program and will continue to update shareholders as further key appointments are made.

Figure One | Mount Lindsay Tin Mining Operations in 1914

The Mount Lindsay Project (Refer Figures 3 & 5) is already classified by the Australian Government as a Critical Minerals Project2 with an advanced Tin-Tungsten asset, which is significantly enhanced by the recent discovery of two new skarn zones, one within the Renison Mine Sequence in the Mount Lindsay area and the other along strike from Mount Lindsay's main tin deposits (Refer to ASX Announcement 27 September 2021). Mount Lindsay is already one of the largest undeveloped tin projects in the world, containing in excess of 80,000 tonnes of tin metal and within the same mineralised body a globally significant tungsten resource containing 3,200,000 MTU (metric tonne unit)1 of WO3. The Australian Government is supporting the Critical Minerals Sector through several initiatives including the establishment of a A$2 billion finance facility announced in September to be administered by Export Finance Australia which Venture is working to access for the project.

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

Tin is now recognised as a fundamental metal to the battery revolution and new technology (Refer Figure 4). The International Tin Association is predicting a surge in demand driven by the lithium-ion battery market, of up to 60,000tpa by 2030 (world tin consumption was 390,900t in 20213).

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1. A Metric Tonne Unit ('MTU') is equal to ten kilograms per metric tonne and is the standard weight measure of tungsten. Tungsten prices are generally quoted as US dollars per MTU of tungsten trioxide (WO3).

• 2. Refer to 'Australian Critical Minerals Prospectus 2021' report prepared by the Australian Government represented by the Australian Trade and

• Investment Commission (Austrade) and Geoscience Australia, December 2020.

• 3. DATA: International Tin Association.

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

Figure Two | Mount Lindsay Project: Plan showing Mount Lindsay Skarns with drilling and ML343M to ML348M locations on VTEM conductivity image channel 45.

For personal use only

* Total Mount Lindsay Project Resources including Main and No.2 Skarns (Refer Table Three).

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