Announcement PDF ANNUAL REPORT 30 JUNE 2023 ABN 51 119 678 385 Contents Corporate Directory 2 Directors’ Report 3 Auditor’s Independence Declaration 38 Financial Statements 40 Directors’ Declaration 73 Independent Auditor’s Report 74 Additional Shareholder Information 77 Schedule of Mineral Tenements 82 Venture Minerals Limited | 1 Directors’ Report Corporate Directory Non-Executive Chairman Mel Ashton Managing Director Andrew Radonjic Non-Executive Director John Jetter Company Secretary Jamie Byrde Principal & Registered Office Level 2, 16 Altona Street West Perth WA 6005 Telephone: (08) 6279 9428 Facsimile: (08) 6500 9986 Share Registry Automic Group Level 5, 191 St Georges Terrace Perth WA 6000 Auditors Stantons Level 2 40 Kings Park Road WEST PERTH WA 6005 Bankers National Australia Bank 50 St Georges Terrace PERTH WA 6000 Stock Exchange Listing Australian Securities Exchange (Home Exchange: Perth, Western Australia) Code: VMS Website Address www.ventureminerals.com.au Venture Minerals Limited | 2 Directors’ Report for the year ended 30 June 2023 The Directors of Venture Minerals Limited submit herewith the consolidated financial statements of the Company and its controlled entities (“Group” or “Consolidated Entity”) for the financial year ended 30 June 2023 in order to comply with the provisions of the Corporations Act 2001. 1. Directors The following persons were Directors of Venture Minerals Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Mr Mel Ashton Mr Andrew Radonjic Mr John Jetter 2. Non-Executive Chairman Managing Director Non-Executive Director Principal Activities The principal activity of the consolidated entity during the financial year was mineral exploration and development. There were no significant changes in the nature of the consolidated entity’s principal activities during the financial year. 3. Group Financial Overview Profit and Loss The loss attributable to owners of the consolidated entity after providing for income tax amounted to $9,112,054 (2022: $17,757,239). Financial Position The consolidated entity had $3,139,076 in cash and cash equivalents as at 30 June 2023 (2022: $9,430,190). The consolidated entity had net assets of $3,099,801 (2022: $8,965,271) at 30 June 2023. 4. Dividends Paid or Recommended The Directors do not recommend the payment of a dividend and no amount has been paid or declared by way of a dividend to the date of this report. 5. Significant Changes in the State of Affairs On 11 November 2022, the Company announced that it has entered into an At-the-Market facility (“ATM”) with Acuity Capital. The ATM provides the Company with up to $10 million of standby equity capital over the period to 31 January 2026. Importantly, Venture retains full control of all aspects of the subscription process, having sole discretion as to whether or not to utilise the ATM, the maximum number of shares to be issued, the minimum issue price of shares and the timing of each subscription (if any). There are no requirements on Venture to utilise the ATM and Venture may terminate the ATM at any time, without cost or penalty. Acuity Capital and the ATM do not place any restrictions at any time on Venture raising capital through other methods. As security for the ATM, the Company has agreed to place 85 million VMS shares from its LR7.1 capacity to Acuity Capital at nil consideration. The Company may at any time cancel the ATM as well as buy back (and cancel) these shares for no cash consideration. On 25 May 2023, a Share Purchase Plan (“SPP”) was completed, raising $3.0 million before costs through the issue of 166,666,554 fully paid ordinary shares (including shortfall) at an offer price of $0.018. In addition, the Company also raise an additional $0.25 million via a top up placement (“Placement”) to sophisticated and professional investors through issuance of 13,888,889 fully paid ordinary shares at an offer price of $0.018. Participants in the SPP and the Placement will also receive one (1) free attaching option for every three (3) shares subscribed, with an exercise price of $0.036 and expiry date of 2 years from the date of issue. The issuance of the free attaching options will be subjected to shareholder approval. Shareholder approval was granted for the issuance of the free attaching options on 19 July 2023. Venture Minerals Limited | 3 Directors’ Report 6. Review of Operations Mount Lindsay Project, Tin-Tungsten, North West Tasmania Introduction The Mount Lindsay Project (178 km2) is located in north-western Tasmania (Refer Figure 1) within the contact metamorphic aureole of the highly perspective Meredith Granite. The project sits between the world class Renison Bell Tin Mine (Metals X Ltd/Yunnan Tin Group >230kt of tin metal produced since 1968) and the Savage River Magnetite Mine (operating for >50 years, currently producing approximately 2.5mtpa of iron pellets). Mount Lindsay has excellent access to existing infrastructure including hydropower, water, sealed roads, rail and port facilities. Venture owns 100% of the tenure that hosts both the Mount Lindsay Tin-Tungsten Deposit and all the surrounding prospects. Since commencing exploration on the project in 2007, Venture has completed circa 100 kilometres of diamond core drilling at Mount Lindsay and defined JORC compliant Measured, Indicated and Inferred Resources (Refer Table 1). Figure 1 | Location Map for Mount Lindsay Tin-Tungsten Deposit/Riley DSO Deposit/Livingstone DSO Deposit Venture Minerals Limited | 4 6. Review of Operations (continued) Tin-Tungsten Resources Table 1 | Resource Statement – Mount Lindsay Tin-Tungsten Project (as previously announced 17 October 2012) Lower Cut (Tin equiv) 0.2% 0.45% 0.7% 1.0% Note: Category Tonnes Tin Equiv. Grade Measured Indicated Inferred TOTAL Measured Indicated Inferred TOTAL Measured Indicated Inferred TOTAL Measured Indicated Inferred TOTAL 8.1Mt 17Mt 20Mt 45Mt 4.3Mt 5.2Mt 3.9Mt 13Mt 2.2Mt 1.9Mt 0.6Mt 4.7Mt 1.0Mt 0.7Mt 0.2Mt 1.9Mt 0.6% 0.4% 0.4% 0.4% 0.8% 0.7% 0.6% 0.7% 1.1% 1.0% 1.0% 1.1% 1.5% 1.3% 1.4% 1.4% Tin Grade Tungsten Grade (WO3) Mass Recovery of Magnetic Iron (Fe) Grade Copper Grade Contained Tin Metal (tonnes) Contained WO3 (mtu) 0.2% 0.2% 0.2% 0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.4% 0.5% 0.4% 0.5% 0.5% 0.7% 0.5% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2% 0.1% 0.2% 0.3% 0.3% 0.3% 0.3% 0.5% 0.3% 0.3% 0.4% 17% 15% 17% 17% 18% 15% 9% 14% 18% 11% 3% 13% 19% 10% <1% 14% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% <0.1% 0.1% 18,000 32,000 32,000 81,000 12,000 14,000 12,000 38,000 8,000 7,000 3,000 18,000 5,000 4,000 2,000 10,000 1,100,000 1,200,000 960,000 3,200,000 980,000 810,000 520,000 2,300,000 750,000 480,000 150,000 1,400,000 450,000 220,000 70,000 750,000 Reporting to two significant figures. Figures have been rounded and hence may not add up exactly to the given totals. Full details of the estimate are in the ASX release for the Quarterly Report on 17 October 2012. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Notes:  The Sn equivalent formula used to calculate the Sn equivalent values for the Main and No.2 Skarns is as follows: Sn Equivalent (%) = Sn% + (WO3% x 1.90459) + (mass recovery % of magnetic Fe x 0.006510) + (Cu% x 0.28019). Whereas for the Sn Equivalent formula used to calculate the Sn equivalent values for the Stanley River South and Reward Skarns is as follows: Sn Equivalent (%) = Sn% + (WO3% x 1.65217) + (Cu% x 0.34783);  The mass recovery of the magnetic iron is determined mostly by Davis Tube Results (“DTR”);  The Sn equivalent formula uses a tin metal price of US$23,000/t, an APT (Ammonium Para Tungstate) price of US$380/mtu (1mtu =10kgs of WO3), a magnetite concentrate price of US$110/t and a copper metal price of US$8,000/t;  Pilot scale metallurgical testwork has been completed on the Main and No.2 Skarns with results indicating the metallurgical recovery for tin is 72%, for WO3 is 83%, for iron in the form of magnetite is 98% and for copper is 58%. The results of this testwork are stated in the ASX release dated 31 August 2012;  It is the Company’s opinion that the tin, WO3 and copper, as included in the metal equivalent calculations for the Stanley River South and Reward Skarns, have reasonable potential to be recovered for when the Mount Lindsay Project goes into production. The resource base at Mount Lindsay is hosted within two magnetite rich skarns (Main Skarn and the No.2 Skarn) which extend over a total strike of 2.8 km and remain open at depth. Additional indicated and inferred resources have been defined at the Reward and Stanley River South Prospects, which extend over an additional 1.1 km of strike. The Mount Lindsay Project (Refer Figures 1 & 2) is already classified by the Australian Government as a Critical Minerals Project 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 one of the largest undeveloped tin projects in the world, containing in excess of 80,000 tonnes of tin metal (Refer ASX announcement 17 October 2012) 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 2021 to be administered by Export Finance Australia which Venture is working to access for the project. Tin is now recognised as a fundamental metal to the battery revolution and new technology. The International Tin Association recently stated “As the awareness of tin’s importance grows, so too will the need to secure supply. The organisation highlighted the scale of new investment required to meet the expected surge in demand. It estimates that $1.4 billion is needed to deliver 50,000 tpa more tin by 2030” (world tin consumption was 380,600t in 20223). Venture Minerals Limited | 5 Directors’ Report 6. Review of Operations (continued) Activities during the Year         Venture has discovered shallow clay hosted Rare Earth Element (“REE”) mineralisation immediately adjacent to existing Tin Zones within the Mount Lindsay Project’s Tin Resources (as previously announced 17 October 2012) The discovery followed the re-assaying of clay zones identified as prospective for hosting REE mineralisation, sitting in the hanging wall of one of the Tin Zones, known as the Reward Deposit, which has an existing resource of 0.5 Mt @ 0.9% Tin. Drilling commenced at a new, high priority REE -Tin target (“Cruncher”) located 1.3 kilometres west of the recent shallow clay hosted Reward REE discovery. The Cruncher drilling was partly funded by the Company’s successful application for the Tasmanian Government’s Exploration Drilling Grant Initiative Program, with Venture awarded $50,000 towards the cost of drilling the first hole into the Cruncher REE-Tin target. Mount Lindsay Underground study work has identified the potential for additional, large-scale quantities of tin and boron throughout the greater Mount Lindsay skarn system (Refer Figure 2). The outcomes to date on the bulk metallurgical testwork to investigate cost effective magnetic and gravity focused processing flowsheets has identified the potential to recover tin that sits within tin-iron borates that make up a significant portion of the Mount Lindsay mineral resource (Refer to ASX announcement 17 October 2012). The previously completed (2012) Mount Lindsay Open-Pit Study had a processing flowsheet that could only recover the tin that occurs in cassiterite therefore limiting the revenue generated by tin. The next stage of the metallurgical testwork will continue investigating the extraction of tin, boron and iron from tin-iron borates, potentially significantly increasing the tin recovery and producing a valuable boron by-product resulting in another revenue stream to the Mount Lindsay project. Venture completed drill testing (SR001 to a depth of 443 metres) a new Nickel Target defined by a three kilometre long Electromagnetic (“EM”) conductor supported at the surface by nickel in soil anomalism and interpreted to be within the Wilson River Ultramafics. Venture has 100% ownership of granted tenure encompassing 13 kilometres of this prospective ultramafic unit (Refer to ASX announcement 15 February 2023). As of year end, assays were pending. Subsequent to year end, the Company has engaged Curtin University to commence the next stage of metallurgical test work on Mount Lindsay tin-rich borates. This program will follow on from the stage 1 work successfully completed by CSIRO. Venture Minerals Limited | 6 6. Review of Operations (continued) Figure 2 | Map showing High Grade Tin-Tungsten Targets and Tin-Boron Skarns * See Metals X Announcement “2022 Renison Mineral Resource Update”, 14 June 2022. Venture Minerals Limited | 7 Directors’ Report 6. Review of Operations (continued) Iron Duke, Bandy & Brothers REE Projects, Western Australia During the year, Venture acquired and identified new priority REE targets as part of its strategy to expand the company’s exposure to the Rare Earth Element space, with a particular focus on the clay hosted REE mineralisation type. Acquisitions (through the tenement application process) include a 100% owned 511 km2 tenement package less than 10kms away from the Very High Grade REE target recently discovered at the Vulcan prospect within the Golden Grove North project, with results including several values over 1% TREO1 ranging up to 12.5% TREO with 5,460 ppm (0.55%) Pr6O11 and 14,575 ppm (1.46%) Nd2O3 (Refer Figures to 3 & 11 and to ASX announcement 11 November 2022).This new REE project is named “Brothers” and is highlighted by a high grade 7 element (Ce, Eu, La, Sm, Tm, Y & Yb) REE laterite soil result of 1,864 ppm combined REE (the third highest result from the Laterite Geochemical Database for the Western Yilgarn Craton of Western Australia2) amongst other higher values and is located close to a historic government co-funded, through the Western Australian Exploration Incentive Scheme (“EIS”), RC drill hole that intersected 4 meters @ 2,103 ppm TREO3 within clays) (Refer to Figure 4). The Company has also acquired a 100% owned 809 km2 tenement package and has named this new REE project “Bandy”, which is highlighted by a high grade 7 element (Ce, Eu, La, Sm, Tm, Y & Yb) REE laterite soil anomaly of 2,704 ppm (from the Laterite Geochemical Database for the Western Yilgarn Craton of Western Australia2) amongst other higher values (Refer to Figure 5), this high grade combined REE result is the highest combined REE value returned from that complete surface sampling program. In May 2023, Venture signed a JV agreement to earn into a REE project (known as the Iron Duke Project), which hosts two shallow historic drillholes, both of which have broad, high grade intersections of TREO. Iron Duke is located immediately south of the recently acquired Brothers REE project and contains numerous high priority REE targets for immediate drill testing (Refer to Figures 3 & 4, and ASX announcement 18 April 2023). With only two historic RC drill holes at Iron Duke, both of which intersected broad, high grade zones of REE, the Project is very well positioned for a new REE discovery. The Company also pegged an additional 429 km2 tenement package adjacent to both the Brothers and Iron Duke Projects, bringing the total project area up to 1,091 km2 of prospective REE tenure (Refer to Figures 3 & 4). 1. TREO represents the sum of 14 Rare Earth Elements excluding Promethium plus Yttrium expressed as oxides. 2. Geological Survey of Western Australia Record 2007/9- Laterite Geochemical Database for the Western Yilgarn Craton of Western Australia by M. Cornelius, I. D. M. Robertson, A. J. Cornelius and P. A. Morris. 3. https://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A123326 Venture Minerals Limited | 8 6. Review of Operations (continued) Activities during the year During the year, Venture signed a contract with a drilling company to begin a maiden drilling program to test the extent of the clay hosted REE mineralisation at Iron Duke and to testing numerous high priority, clay hosted, REE targets at the recently acquired Brothers and Bandy Projects. The aircore drilling program was completed during the year, with 40 holes for 2,397 metres at Brothers (including Iron Duke), and 17 holes for 456 metres at Bandy. As of year end, assays were pending. Figure 3 | Location Map of Venture’s REE Projects and Targets in Western Australia Venture Minerals Limited | 9 Directors’ Report 6. Review of Operations (continued) Figure 4 | Brothers and Iron Duke Projects: Geology Map showing REE laterite geochemical sample results, RC drill hole REE results and upcoming AC drilling areas. Venture Minerals Limited | 10 6. Review of Operations (continued) Figure 5 | Bandy Project: Geology Map showing REE laterite geochemical sample results and upcoming AC drilling areas. Venture Minerals Limited | 11 Directors’ Report 6. Review of Operations (continued) South West Project, Nickel-Copper-PGE, Western Australia (Chalice Earn-in at 51%) Introduction The South West Project contains the Thor and Odin Prospects within its tenement package (256 km²) and is located 240 km south of Perth, hosted within the Balingup Gneiss Complex (Refer Figure 6). A joint venture between Teck Cominco and BHP Billiton, first identified this area as being prospective for base and precious metals hosted within the complex. The joint venture completed surface sampling and airborne EM surveys which culminated in the discovery of a base and precious metals deposit (Kingsley Prospect) which Teck identified as a meta-Volcanic Massive Sulfide (“VMS”) system in high grade metamorphic rocks. Venture’s nearby Thor prospect hosts a strong and coherent arsenic in laterite anomaly, with locally elevated levels of copper, zinc, tin, bismuth, tungsten and antimony, elements that are typically elevated in VMS systems. Thor Prospect Following the discovery of the main Thor target, the Company successfully pushed the total combined strike to over 10 km of EM and geochemical targets. Venture then acquired the northern extension, so that Thor encompassed some 24-strike km of prospective geology which already hosts multiple VMS Style targets. The Company, through the initial drilling program, confirmed the presence of VMS style mineralisation and now has a 20 km VMS target zone at Thor (Refer Figure 8). Following on a new high-resolution airborne EM survey delivered priority VMS drill targets for testing within the original Thor area (Refer Figure 9). The second phase of drilling at the Thor Prospect intersected further massive sulfides with Copper and Zinc mineralisation. Thor has seen only two single drill holes targeting two of the thirteen priority VMS drill targets delineated around the initial discovery area. Odin Prospect Initially was a newly discovered lithium target situated ~30 km south of Greenbushes, the world’s largest hard rock lithium mine (produces ≈40% of the world’s lithium and is owned 51% by Tianqi Lithium and 49% Albemarle). Odin was discovered following a detailed geological mapping and surface geochemical program, which identified a potentially lithium bearing pegmatite system. Following two phases of surface exploration a lithium target was identified which extended over 1.9 km of strike and was up to 150m wide. The geochemistry in the laterite is analogous to Greenbushes with significantly elevated levels of tin, tantalum and niobium. The first hole (ODD01) targeting potential lithium bearing pegmatites intersected disseminated Nickel-Copper sulfides within a mafic-ultramafic host unit, therefore realising the Company a new Nickel-Copper Target. The nickel-copper target was identified by ODD01 intersecting a continuous 21 metre zone of minor disseminated Nickel-Copper sulfides hosted within a mafic-ultramafic gneiss. Venture’s surface sampling showed significant nickel and copper geochemical anomalies within the mafic-ultramafic target units to the south-west and southeast of the first hole. Chalice Earn-in (Thor and Odin Prospects) In July 2020 Chalice executed an option and earn-in agreement on the South West Project owned by Venture, as the project included a ‘Julimar lookalike’ Ni-Cu-PGE target: a ~20km long interpreted mafic-ultramafic complex with a strong magnetic signature and massive sulfide occurrence (the Thor Target) (Refer Figure 7). Chalice, as operator, may earn up to 70% by spending $3.7 million on exploration over 4 years. Chalice completed a ground EM program, Auger Soil Geochemistry program and Maiden Drilling Program on the prospective 20 km long Thor magnetic trend and met the expenditure requirement of $1.2 million within two years of signing the agreement to earn 51%. Chalice can earn a further 19% interest (for a total of 70%) through an additional $2.5 million of expenditure by July 2024. Once the second stage of the earn-in is completed Venture can then elect to either contribute 30% or dilute to a minimum of 10% JV interest, in which case the interest automatically reverts to a 1.25% NSR royalty. Venture Minerals Limited | 12 6. Review of Operations (continued) Activities during the Year     Chalice committed to the second stage of the JV on Venture’s South West Project to spend a further $2.5 million by July 2024 (at its election) to earn a further 19% interest (total of 70%), this is in addition to the $1.2m already expended, after recently identifying two new Nickel-Copper-PGE targets at Thor. The new targets are located over interpreted ultramafic rocks, which contain, coincident and untested airborne EM and magnetic anomalies; During the year, Chalice commenced and completed ground and airborne EM surveys, and a geochemical sampling program on the South West Project; Chalice received results from the Phase 2 Auger Soil Geochemistry program and has identified another two new Ni-Cu-PGE targets, as well as extending and better defining the previously identified new Ni-CuPGE targets (refer to ASX announcement 13 July 2022) at the South West Project; Work continued on getting statutory approvals to enable potential follow up exploration work in the near future. Venture Minerals Limited | 13 Directors’ Report 6. Review of Operations (continued) Figure 6 | Chalice’s Julimar and Venture’s South West JV Project locations over regional geology Figure 7 | Comparison of Chalice’s Julimar and Venture’s South West Projects magnetic signatures and EM anomalies at same scale Venture Minerals Limited | 14 6. Review of Operations (continued) Figure 8 | South West Project - Chalice’s Auger Surface Geochemistry results on aeromagnetics over the Thor Target Venture Minerals Limited | 15 Directors’ Report 6. Review of Operations (continued) Figure 9 | South West Project - Chalice’s Auger Surface Geochemistry results on airborne EM over the Thor Target Venture Minerals Limited | 16 6. Review of Operations (continued) Golden Grove North Project, Lithium & Zinc-Copper-Gold, Western Australia (SensOre earning in) Introduction Venture has acquired a highly prospective land package (288 km2) less than 10 kilometers north of the Golden Grove Camp (Mine), currently Western Australia’s premier location for VMS deposits. In 2002, Golden Grove had an endowment (resources and production) of 40.2mt @ 1.8% Cu, 0.9% Pb, 7.6% Zn, 103 g/t Ag & 0.8 g/t Au, (Refer Figure 10) and in early 2017 EMR Capital purchased the Mine for US$210m. The Golden Grove North project (approximately 370 km north-northeast of Perth) has not been the focus of VMS exploration for the last 25 years and it is the Company’s goal to use a systematic exploration approach, utilising the latest techniques to explore for VMS style mineralisation. There are already several compelling target areas throughout the project, including a number of historic shallow gold drill intersections including 10m @ 1.4g/t gold from 16m; 8m @ 2.1g/t gold from 6m; 6m @ 2.3g/t gold from 6m; 3m @ 3.6g/t gold from 95m; and several strong gold and copper surface rock chip sampling results, including 9.4g/t gold, 7.4g/t gold and 6.6% copper; 6.2g/t gold, 5.7g/t gold, 4.0 g/t gold, 3.8g/t gold and 0.1% lead; 7.6% copper and 27g/t silver; 8.0% copper and 2.0% copper; and an extensive land position of interpreted lithologies prospective for VMS style mineralisation for over 25 strike kilometres that remain, due to cover, largely untested (Refer Figures 10 & 12 and to ASX announcement 30 October 2018). Activities during the Year   Received Very High Grade REE surface sample results at the Vulcan prospect within the Golden Grove North project. Results included several values over 1% Total Rare Earth Oxide (“TREO”) ranging up to 12.5% TREO with 5,460 ppm (0.55%) Praseodymium Oxide (Pr6O11) and 14,575 ppm (1.46%) Neodymium Oxide (Nd2O3) (Refer to Figure 11 and ASX announcement 11 November 2022); Venture entered into a farm-in agreement on the Golden Grove North Project with SensOre Ltd (ASX: S3N) and its subsidiary Exploration Ventures AI Pty Ltd a collaboration with Deutsche Rohstoff AG (Refer to ASX announcement 12 May 2023).  SensOre is to spend up to $4.5m to earn a 70% interest, with Venture to retain the REE mineral rights and an option to claw back up to 10% under the terms of the Farm-in Agreement (“Agreement”).  SensOre has committed to drill testing in the first 12 months a minimum of 300 metres on the Vulcan High Grade REE drill target.  Since the signing of the Agreement, SensOre have initiated early, first pass field-activities at Golden Grove North. Results were pending at year end. Venture Minerals Limited | 17 Directors’ Report 6. Review of Operations (continued) Figure 10 | Golden Grove North Project - Geological setting with historic rock chip surface sample results, Vulcan geochemical copper anomaly, Gossan Hill historic geochemical copper anomaly and Venture’s priority VMS targets Venture Minerals Limited | 18 6. Review of Operations (continued) Figure 11 | Golden Grove North Project - Vulcan prospect: Geology Map showing REE Surface Sampling Results Venture Minerals Limited | 19 Directors’ Report 6. Review of Operations (continued) Figure 12 | Neptune VMS Target and Priority EM Targets on Interpreted and Surface Geology with Copper RAB Drill intersections and MLEM conductor models. Priority EM Targets Neptune VMS Target Venture Minerals Limited | 20 6. Review of Operations (continued) Kulin Project, Nickel-Copper-PGE & Gold, Western Australia Introduction The Company has four granted exploration licences (606 km²) located ~230 km south-southeast of Perth in Western Australia. Venture is focusing on two highly prospective 20 kilometre long interpreted mafic-ultramafic intrusive complexes (Refer to ASX announcement 28 July 2021) sitting along strike of the Jimperding Metamorphic belt which hosts Chalice’s Julimar Ni-Cu-PGE discovery (Refer to Figure 13). The southern 20km long Ni-Cu-PGE target is defined by aeromagnetic anomalies and coincidental +500ppm chromium surface samples, combined with several reconnaissance surface samples assaying over 30ppb Pt + Pd (peak of 60ppb Pt + Pd), is now considered a priority target for the Company. In the southern part of the priority Ni-Cu-PGE target, Venture can earn up to 100% in E70/5084 (173km2) which already contains highly significant shallow (<25 metre deep) drill intersections from a historic four hole reconnaissance drilling program with assays up to 0.11 g/t Pt, 0.13g/t Pd, 0.14% nickel, 0.02% cobalt & 0.12g/t gold (Refer to ASX announcement 28 July 2021). The northern 20km long Ni-Cu-PGE target is also defined by aeromagnetic anomalies and coincidental +500ppm chromium surface samples from reconnaissance programs by previous explorers. A third mafic-ultramafic intrusive complex (~10 kms long) has been interpreted in the northern end of the project mostly within Venture’s original tenement (E70/5077) and likewise is defined by aeromagnetic anomalies and coincidental +500ppm chromium surface samples. In addition to the Ni-Cu-PGE targets at Kulin, the Company has delivered a substantial gold intersection from the maiden drill program with mineralised intervals of up to 18 metres @ 0.6 g/t Au in KLD001 from 329 m including higher grade zones of 9 m @ 1.2 g/t Au from 338m and 3 m @ 3.4g/t Au from 341m (Refer to ASX announcement 28 July 2021). The significance of the results from the drilling cannot be underestimated as these holes are the only meaningful (in terms of depth) drill holes within a 40km radius of the Kulin project within an emerging Western Australian Gold Province, already host to major gold deposits such as Boddington >30 Mozs1 (currently Australia’s 2nd largest gold producer2), Edna May 2.2 Mozs3, Katanning 1.2Mozs4 and Tampia 0.7Mozs5. Disseminated sulfides intersected in the reconnaissance drilling program testing a gold target at Kulin in 2021, have been confirmed by recent petrography as being pyrrhotite-pentlandite-chalcopyrite (Nickel-Copper sulfides) with textures consistent with formation from a sulfide melt and therefore confirming the fertility of the Kulin Project to host Nickel-Copper sulfide mineralisation. The third and final drill hole of the reconnaissance program intersected gabbro and mafic granulite with these disseminated su