Announcement PDF Jupiter on the way to becoming Australia’s largest High-Grade Clay Hosted REE discovery RIU EXPLORERS CONFERENCE ASX | VMS 13TH – 15TH FEBRUARY 2024 www.ventureminerals.com.au Disclaimer and Competent Persons Statement FORWARD LOOKING STATEMENT ▪ This presentation may contain certain forward-looking statements and projections regarding: estimated, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. ▪ Such forward-looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of Venture Minerals Limited. The forward-looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved; ▪ Venture Minerals Limited does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward-looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws; COMPETENT PERSONS STATEMENT ▪ The information in this report that relates to Exploration Results, Exploration Targets and Minerals Resources is based on information compiled by Mr Andrew Radonjic, a fulltime employee of the company and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Andrew Radonjic has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Andrew Radonjic consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. ▪ The information in this report that relates to Mineral Resources for the Mount Lindsay and Livingstone Projects is based on information compiled by Mr Andrew Radonjic, a fulltime employee of the company and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Andrew Radonjic has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 and 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Andrew Radonjic consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 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. NO NEW INFORMATION OR DATA ▪ All material assumptions and technical parameters underpinning the Minerals Resource and Reserve estimate referred to in previous ASX announcements continue to apply and have not materially changed since last reported. The company is not aware of any new information or data that materially affects the information included in the announcement. www.ventureminerals.com.au 2 Investment Highlights • Jupiter drilling delivers record drill intersection of 48 metres @ 3,025 ppm TREO. The highest, clay hosted REE intersection in Australia. In addition, there are very high-grade results in other drill holes including assays up to 10,266 ppm & 20,538 ppm TREO, with the latter being one of the highest clay hosted REE assay results in Australia to date; • Jupiter REE discovery has standout proximity to infrastructure and processing plants, being situated between Lynas’s existing and Iluka’s planned rare earth processing facilities; • Curtin University is working on extracting tin and boron, from tinrich borates, to potentially increase tin recovery and produce a high value boron by-product to increase revenues for the Mount Lindsay Tin-Tungsten Underground Feasibility Study; • Appointment of Argonaut PCF as advisor on the Riley Iron Ore Mine to undertake a strategic review of the asset. www.ventureminerals.com.au 3 Corporate Snapshot Share Price and Volume Shares on Issue 2,210m Market Cap A$30.9m Share Price A$0.014 Cash (31 Dec 23) A$2.0m $0.030 35,000,000 $0.025 30,000,000 25,000,000 $0.020 20,000,000 $0.015 15,000,000 $0.010 Debt (31 Dec 23) Nil Unlisted Options1 5.5m 1. Enterprise Value A$28.9m 10,000,000 $0.005 5,000,000 $0.000 0 Listed Options @ $0.036 60.2m Volume Close 5.5m @ Var Prices. Major Shareholders % Top 20 21.33 Directors and Management 2.56 Elphinstone Holdings Pty Ltd 2.38 WGS Pty Ltd 2.29 www.ventureminerals.com.au 4 Directors and Key Management A dedicated management team with a wealth of experience and credited with a number of discoveries both in Australia and internationally ▪ ▪ ▪ Chairman of Venture Minerals Limited; Over 40 years experience as a Chartered Accountant, specialising in Corporate Restructuring & Finance and as a Professional Company Director; Held executive directorships with a number of successful ASX listed companies. Dr Stuart Owen Exploration Manager Andrew Radonjic Managing Director Mel Ashton Non-Executive Chairman ▪ ▪ ▪ Mine Geologist and Mineral Economist; >35 years experience with a focus on gold and nickel in the Eastern Goldfields of Western Australia; Instrumental in three significant gold discoveries north of Kalgoorlie that led to the pouring of over 1.5 million ounces; ▪ ▪ ▪ Co-lead the exploration team during the discovery of the Mount Lindsay Tin-Tungsten-Magnetite deposits, Tasmania; ▪ ▪ Held Managing Director role at Nickelore Limited; Co-founded Blackstone Minerals Limited. www.ventureminerals.com.au ▪ BSc & PhD in Geology, member of the AIG and over 25 years of experience in mineral exploration which included gold and nickel; Senior Geologist in the exploration team that discovered and delineated the Paulsens Gold Deposit in the Ashburton region of WA; Exploration Manager in the Adamus team that discovered and delineated the Southern Ashanti Gold Deposits, Ghana; Exploration Manager for Venture during the discovery of the Mt Lindsay Tin-TungstenMagnetite deposits, Tasmania. 5 Project Locations www.ventureminerals.com.au 6 What are Rare Earth Elements (REE) What are Rare Earth Elements (REE) • REE comprise the 15 lanthanide series of elements as well as yttrium (Y). Often referred as Total rare earth oxides (TREO), rare-earth elements have unique catalytic, metallurgical, nuclear, electrical, magnetic and luminescent properties. • Split into light and heavy REE. With values varying widely due to the application and market demand for each REE. • The Magnet Rare Earth Oxides (MREO) are the most valuable, with applications for the fast-growing decarbonisation EV and wind turbine markets, smartphones, glass display screens, and defence. • REE are mostly produced from mines in China (60% of global production), with a significant proportion from ionic clays. • Governments have listed REE as critical minerals including Australia, US, EU, Canada and the UK for their strategic and economic importance in the transition to renewable energy. Jupiter- Location, Location, Location 8 How Jupiter came about • Acquired and identified new priority Rare Earth targets to increase exposure in the REE space, with a particular focus on clay hosted mineralisation. • Brothers 511 km2 tenement package adjacent to the Vulcan Prospect which has very high grade REE results up to 12.5% TREO. It contains surface laterite samples grading up to 1,864 ppm combined REE from the State Government dataset. 9 JV on Iron Duke REE project (Jupiter Prospect) hosting shallow hits up to 49m @ 1,313 ppm TREO • Signed a JV agreement to earn into the Iron Duke REE Project (Jupiter Prospect), which hosts two shallow historic drillholes, both of which have broad, high grade intersections of TREO. • Located immediately south of the 100% owned Brothers REE Project, the Project is very well positioned for a new REE discovery. • Pegged an additional 504 km2 tenement package adjacent to both the Brothers and Iron Duke Projects (Jupiter Prospect), bringing the total project area up to 1,165 km2 of prospective REE tenure . Maiden Drilling program confirms High Grade clay hosted REE discovery at Brothers (incl. Iron Duke with Jupiter prospect) • Maiden Drilling program has confirmed High Grade clay hosted REE mineralisation has been discovered at the Greater Brothers Project (Brothers including Iron Duke with prospect Jupiter) with several intersections of up 15 metres at 2,500 ppm TREO within broader zones of up to 45 metres at ~1,500ppm TREO throughout an extensive area. • BRAC009 45 m @ 1,455 ppm TREO from 70 m to EOH, Including 15 m @ 2,105 ppm TREO from 80 m. • BRAC024 19 m @ 1,931 ppm TREO from 55 m to EOH including 5 m @ 3,380 ppm TREO from 60 m. • BRAC036 30 m @ 1,982 ppm TREO from 35 m to EOH including 15 m @ 2,672 ppm TREO from 40 m. • BRAC037 40 m @ 1,832 ppm TREO from 25 m to EOH including 10 m @ 2,725 ppm TREO from 30 m. • BRAC039 42 m @ 1,619 ppm TREO from 5 m to EOH including 10 m @ 2,595 ppm TREO from 30 m. Massive new REE Target (Jupiter Prospect) identified at Brothers with results up to 3,969 ppm TREO • Identification of a new large REE target at Brothers named the “Jupiter Prospect” located within the Iron Duke JV ground. The target is defined by a coincident gravity and magnetic anomaly extending over 40 square kilometres which hosts extensive REE rich clays. • Reconnaissance aircore drilling has shown a strong correlation between the magnetic/gravity highs and the broad widths of near-surface, high-grade TREO results. • The potential to deliver a substantial resource is apparent from these results with follow up drilling to come. • Venture has already earned 51% interest in the Iron Duke tenure holding the Jupiter prospect and is now moving to the second stage of the earn-in by spending a further $500,000 within the next 24 months to earn 70% of the two tenements. 12 Jupiter REE Target defined by a coincident magnetic/gravity anomaly over 40 sq. km hosting extensive REE rich clays. BRAC039 42 m @ 1,619 ppm TREO from 5 m, including 10 m @ 2,595 ppm TREO BRAC036 28 m @ 2,246 ppm TREO from 37 m, including 11 m @ 3,008 ppm TREO BRAC036 28 m @ 2,246 ppm TREO from 37 m, including 11 m @ 3,008 ppm TREO BRAC037 40 m @ 1,832 ppm TREO from 25 m, including 10 m @ 2,725 ppm TREO 13 Brothers/Jupiter Jupiter Delivers over 7,000 ppm TREO assays in clay hosted mineralisation from Maiden RC Drill Program • Initial RC program at Jupiter delivers clay hosted REE mineralisation in all 25 holes. • Compelling assays across Jupiter target. • Consistent 20-30 m widths of REE mineralisation grading over 2,000 ppm TREO within broader zones up to 64 m grading over 1,000 ppm TREO. • Magnet Rare Earth Oxides av. 23%. • Extremely low Thorium and Uranium. • Potential for resources with significant grade and scale confirmed. • Resource definition drilling to be completed before the end of 2023. Jupiter Drilling Results 2 0 kilometres BRRC034 60m @ 1,487ppm TREO from 12m, incl. 4m @ 2,046ppm TREO from 46m BRRC072 50m @ 1,722ppm TREO from 34m, incl. 20m @ 2,519ppm TREO from 36m BRRC018 60m @ 1,695ppm TREO from 24m, incl. 30m @ 2,284ppm TREO from 48m BRRC069 42m @ 1,839ppm TREO from 18m, incl. 28m @ 2,067ppm TREO from 26m BRRC074 36m @ 1,144ppm TREO from 24m, & 16m @ 5,399ppm TREO from 80m, incl. 2m @ 2.05% TREO from 84m BRRC017 64m @ 1,613ppm TREO from 18m, incl. 26m @ 2,019ppm TREO from 30m BRAC037 40m @ 1,832ppm TREO from 25m BRRC071 48m @ 3,025ppm TREO from 36m BRRC031 30m @ 3,142ppm TREO from 56m, incl. 12m @ 4,673ppm TREO from 62m BRRC078 56m @ 1,607ppm TREO from 28m, incl. 24m @ 2,060ppm TREO from 42m Jupiter in Summary • Jupiter sits within the Brothers Project which is 992 km2 in area, located 300 kms east of Geraldton in Western Australia; • Jupiter is a 40 km2 clay hosted REE mineralisation and alkaline intrusion target; • Jupiter- assays for 61 drill holes received to date, 90% have results >1,000 ppm TREO, including a record drill intersection of 48 metres @ 3,025 ppm TREO. The highest, clay hosted REE intersection in Australia; • Jupiter has consistently delivered high-grade zones of 20-30 m widths over 2,000 ppm TREO within broader zones up to 64 m grading well over 1,000 ppm TREO over the 40 km2 target; • On average 23% of TREO is in the form of MREO with up to 3,288 ppm Nd2O3 , 788 ppm Pr6O11 , 674 ppm Dy2O3 and 101 ppm Tb2O3 ; • Jupiter has standout proximity to infrastructure and processing plants, being situated between Lynas’s existing and Iluka’s planned rare earth processing facilities. 16 Jupiter – Next Steps • There are 57 drill holes worth of assays pending from the two outstanding batches from the Stage One Resource definition drill program which was completed late last year. Results are expected shortly. • The Stage Two Resource definition drill program is scheduled to commence towards the end of this month. • Metallurgical Testwork has begun with initial results expected next month. • Targeting Maiden Clay Hosted REE estimation for Jupiter scheduled to be completed later this quarter. 17 Project Locations www.ventureminerals.com.au 18 Conclusions Jupiter’s breakthrough record ultra-high grade REE clay results and consistent high-grade zones of 20-30 m widths over 2,000 ppm TREO across the 40 km2 target has propelled this project well above its peers in terms of both grade and scale and has become Venture’s immediate focus; Jupiter’s immediate value proposition to shareholders lies in quickly delivering a cost-effective Maiden Resource of high-grade, critical REE minerals that are in demand in a strategically secure location like Western Australia; The advanced Mount Lindsay Tin-Tungsten Project is well positioned to take advantage of the strong EV and critical mineral markets as it targets sustainable Tin and Tungsten production to capitalize on the global demand for decarbonisation commodities; Venture is looking to extract short term value out of the Riley Iron Ore Mine whilst the iron ore price remains strong. www.ventureminerals.com.au 19 Jupiter on the way to becoming Australia’s largest High-Grade Clay Hosted REE discovery THANK YOU ASX | VMS COME AND SEE US AT BOOTH 92 www.ventureminerals.com.au