DEVELOP GLOBAL LIMITED - Investor Presentation 2011

ACQUISITION OF PANORAMA PROJECT

Building a low-cost copper-zinc producer

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21 January 2011

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Disclaimer and Disclosure
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Disclaimer: This presentation is not a prospectus nor an offer of securities for subscription or sale in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions, investors should rely on their own examination of Venturex Resources Limited and consult with their own legal, tax, business and/or financial advisers in connection with any acquisition of securities. The information contained in this presentation has been prepared in good faith by Venturex Resources Limited. However, no representation or warranty, express or implied, is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, Venturex Resources Limited, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use of, or reliance on, anything contained in or omitted from this presentation. Certain information in this presentation refers to the intentions of Venturex Resources Limited, but these are not intended to be forecasts, forward looking statements, or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Venturex Resources Limited’s actual results, performance or achievements to differ from those referred to in this presentation will actually occur as contemplated. The presentation contains only a synopsis of more detailed information published in relation to the matters described in this document and accordingly no reliance may be placed for any purpose whatsoever on the sufficiency or completeness of such information and to do so could potentially expose you to a significant risk of losing all of the property invested by you or incurring by you of additional liability. Recipients of this presentation should conduct their own investigation, evaluation and analysis of the business, data and property described in this document. In particular any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and you should satisfy yourself in relation to such matters.

Argonaut Capital Limited and its related parties (“Argonaut”), and its and their servants or representatives , make no recommendation as to whether you should participate in the new issues by the Company nor do they make any recommendation or warranty to you concerning the shares/options or accuracy, reliability or completeness of the information provided or the performance of the Company. This note is intended to provide background information only and does not purport to make any recommendation upon which you may reasonably rely without taking further and more specific advice. You should make your own decision whether to participate based on your own enquires. Potential investors must make their own independent assessment and investigation of the opportunity and should not rely on any statement or the adequacy or accuracy of the information provided by Argonaut. The information provided does not purport to cover all relevant information about any potential investment in the Company . Accordingly potential investors are advised to seek appropriate independent advice, if necessary, to determine the suitability of this investment.

Disclosure: Argonaut in its role as Lead Manager and Underwriter will receive a 5% Capital Raising Fee under the Capital Raising. Argonaut as principal, its directors and staff may participate in the Placement. Argonaut and the Directors of Argonaut advise that they and persons associated with them may have an interest in the above securities and that they may earn brokerage, commissions, fees and other benefits and advantages, whether pecuniary or not and whether direct or indirect, in connection with the making of a recommendation or a dealing by a client in these securities, and which may reasonably be expected to be capable of having an influence in the making of any recommendation, and that some or all of our Representatives may be remunerated wholly or partly by commission. Further, Argonaut has been mandated to act as Venturex’s corporate adviser and is entitled to earn a success fee of $250,000 upon successful completion of the Panorama Acquisition. Argonaut has previously acted for Venturex and has earned fees commensurate with those services. Argonaut holds or controls a material shareholding in Venturex, including 38,796,504 million shares and 10,526,316 options exercisable at $.095. Argonaut intends to take up its Entitlements under the Entitlements Issue. Mr. Michael Mulroney is a also a director of a company within the Argonaut Group of Companies as well as holding a non-executive directorship of Venturex.

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Executive Summary
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Acquisition of the Panorama Cu-Zn Project from CBH Resources Ltd (a subsidiary of Toho Zinc Co Ltd) for $26.2 million cash plus off-take rights capped at 230,000t of zinc in zinc concentrate from Panorama (or Venturex’s other Pilbara Operations) at benchmark pricing
Panorama is the largest known VMS deposit in the Pilbara with Mineral Resources of 19.3 million tonnes @ 2.2% Cu EQ[1]
Capitalises on strategy of utilising existing infrastructure to create a centralised processing hub at Whim Creek
Transforms Venturex into a significant low-cost Cu-Zn developer
Combined Mineral Resources of 27Mt @ 2.2% Cu EQ (> 580,000t Cu EQ)
Targeting production rate of 1mtpa at operating margin of $100-$115/t[2]
Targeting annual production of circa 16,000t Cu and 40,000t Zn (with Pb/ Ag/ Au credits) for 9 years on existing combined Ore Reserves
Venturex to raise $36.8 million to fund the acquisition
15% institutional placement @ 9 cents/share to raise $8.8 million
Underwritten accelerated 2:5 entitlements issue to raise $27.9 million
Post raising VXR will have a net cash position of ~$13.8 million

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CuEQ: Cu%+ Zn%x 0.255+ Pb% x 0.24+ Ag(ppm)x 0.008+ Au(ppm)x 0.5

Refer to Section 3: Conceptual Production Plan

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1. Company Snapshot
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Company Snapshot
Overview
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An emerging Australian high-grade Cu-Zn developer
Venturex controls a significant Volcanogenic Massive Sulphide (VMS) district (50x20km) in the Western Pilbara Region, WA
Established Mineral Resources & Ore Reserves
Excellent existing infrastructure at Whim Creek site
Fast track development targeting commissioning by late 2012
Substantial further exploration potential
Independent scoping study confirms robust economics based on existing Ore Reserves only
600,000 tpa plant at Whim Creek producing 13,000 tpa Cu EQ @ C1 cost US$0.50c/lb in concentrates shipped via Port Hedland
Strategy of using Whim Creek’s existing infrastructure to develop a centralised processing hub to consolidate regional VMS deposits
Blue Sky gold discovery potential in Brazil

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Company Snapshot
Corporate Overview
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Capital Structure (ASX:VXR)

	Capital Structure(ASX:VXR)
	Share Price (14 Jan 2011) $ 0.125 Fully Paid Ordinary Shares m 678.3 Market Capitalisation (undiluted) $m 84.8 Cash $m 4.4 Debt $m - Net Cash as at 20/1/11 $m 4.4 Enterprise Value (undiluted) $m 80.4
	Ownership

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Share Price (LTM)
$0.14 15.0m
19 Nov 2010
16 Jun 2010 Acquisition of Brazilian
gold project
Positive drilling results
$0.12 at Whim Creek
12.0m
$0.10
9.0m
$0.08
$0.06
24 Mar 2010 6.0m
$12m strategic
placement to Regent
Pacific
1 Feb 2010
$0.04
Settlement of Whim 9 Sep 2010
Creek acquisition Resource-reserve
upgrade at Mons Cupri 3.0m
$0.02
$0.00 0.0m
Jan-10 Apr-10 Jul-10 Sep-10 Dec-10
Price
Volume
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Company Snapshot
Experienced Board & Management
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Tony Kiernan, LLB Chairman

Solicitor with 35 years experience in management and operation of listed public companies
Chairman of BC Iron and Uranium Equities
Director of Liontown Resources and Chalice Gold Mines

Dr Allan Trench, BSc, PhD, MSc, MBA Non-Executive Director

Geologist/geophysicist with 20 years experience in the resources sector
Extensive business consulting experience
Chairman of Navigator Resources and Acadian Mining, and Director of Pioneer Resources and Hot Chili

Mr Michael Mulroney, BSc, MBA Non-Executive Director

Geologist with over 30 years experience in the natural resources and finance sectors
Extensive M&A and finance exposure
Executive Director of Argonaut Capital and CIO of AFM Perseus Fund

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Dr Tim Sugden, BSc, PhD Managing Director

23 years experience in resources industry including operations General Manager for Normandy & Newmont
Co-founder and Director of Agincourt Resources and Nova Energy
Chairman of Newland Resources

Mr Anthony Reilly, BEc (UWA) Executive Director

Extensive international experience in financial markets, risk management and corporate finance
Senior Manager for Westpac in UK
Founding Director of CMG Mineração

Ms Liza Carpene, MBA, ACIS Company Secretary

Over 15 years experience in corporate administration, HR, IT and community relations with Normandy, Newmont, Agincourt and Oxiana
Extensive operational management roles in Australia and Indonesia

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Company Snapshot
Existing Mineral Resources in Whim Creek Area
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Salt Creek 1.0Mt @ 4.9% Cu EQ Open at depth

Au Ag Mons Cupri Pb 4.94Mt @ 1.6% Cu EQ Zn High grade core

Pie size represents contained metal in Mineral Resources expressed as Cu EQ

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Port Hedland
Perth
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Infrastructure Port Hedland
Perth
Whim Creek
Highway 1.03Mt @ 1.9% Cu EQ
Open down plunge
Liberty-Indee
0.66Mt @ 3.5% Cu EQ
First discovery
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8
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Company Snapshot
Whim Creek Project – Exploration Potential
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Comments

Existing VMS Projects/Targets

Major underexplored VMS field
Globally, VMS fields of similar nature contain an average of 8- 12 deposits
Only 3 deposits (Whim Creek, Mons Cupri, Salt Creek) discovered at Whim Creek to date
Very limited drilling below 150mVD
Over 36km of prospective contact horizon to be explored
New VMS field emerging with Evelyn discovery at Liberty-Indee
Numerous untested gossans & VTEM anomalies to be evaluated

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Exploration target
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Company Snapshot
Competitive Advantage of Whim Creek - Extensive Infrastructure
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Existing major infrastructure in place at Whim Creek site
Adjacent to major highway, easy access to major Pilbara infrastructure

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120 km to Port Hedland
Port Hedland
Grid Power
Perth
Proposed Mill
Location
Crusher
Accommodation
Established Roads
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2. Panorama Acquisition
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Panorama Acquisition
Brings Together the Two Largest VMS Fields in the Pilbara: A Logical Regional Synergy
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Panorama to Port Hedland - 162km by road
Panorama to Whim Creek - 260 km by road

Whim Creek Resources 7.63 million tonnes @ 2.2% Cu EQ

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Panorama Resources 19.3 million tonnes @ 2.2% Cu EQ

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Panorama Acquisition
Overview
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Panorama Cu-Zn Project is the largest known VMS deposit in the Pilbara, located 162 km SE of Port Hedland
JORC Mineral Resource of 19.3Mt @ 1.2% Cu and 3.2% Zn
High grade Ore Reserve (2.2% Cu and 6.2% Zn) amenable to large scale underground mining
Previous feasibility studies demonstrated excellent metallurgy to produce high quality Cu & Zn concentrates
Venturex acquiring 100% of CBH Sulphur Springs Pty Ltd, owner of the Panorama CuZn Project, from CBH Resources Ltd for $26.2 million cash plus off-take rights to Toho Zinc Co Ltd capped at 230,000t of zinc in zinc concentrates from Panorama (or Venturex’s other Pilbara Operations) at international benchmark terms
Acquisition combines the two largest known VMS fields in the Pilbara immediately delivering enhanced scale
Transforms Venturex into a mid-tier low-cost Australian Cu-Zn developer
Combined Mineral Resources of 27Mt @ 2.2% Cu EQ (> 580,000t Cu EQ)
Potential combined annual production of 16,000t Cu and 40,000t Zn (with Pb/Ag/Au credits) for 9 years on existing Ore Reserves alone
Economic advantage of Venturex’s existing infrastructure at Whim Creek
Significant exploration potential evident in all areas

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Panorama Acquisition
Similar VMS Mineralogy – Compatible for Centralised Processing
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Pie size represents contained metal in Mineral
Resources expressed as Cu EQ
Salt Creek
1.0Mt @ 4.9% Cu Eq
Whim Creek
1.03mt @ 1.9% Cu Eq
Mons Cupri
4.94mt @ 1.6% Cu Eq
Panorama
Au 19.3mt @ 2.2% Cu EQ
Ag
Pb
Cu
Zn
Liberty-Indee
0.66Mt @ 3.5% Cu Eq
14
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Substantial Expanded Resource Base
Combined Mineral Resources > 580,000t Cu EQ
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Location JORC Classification Tonnes Cu % Zn % Pb % Ag g/t Au g/t	CuEq %
Measured 1,274,000 1.5 1.7 0.8 41.0 0.30 2.6 Indicated 5,989,000 1.1 2.4 0.7 23.6 0.20 2.2 Inferred 367,000 1.7 1.1 0.2 14.3 0.30 2.3 All Whim Creek/Salt Creek
Total 7,630,000 1.2 2.2 0.7 26.1 0.20 2.2


Panorama Measured 4,500,000 1.6 3.2 0.2 17.0 2.6 Indicated 10,500,000 1.2 3.5 0.2 17.0 2.3 Inferred 4,300,000 0.6 2.2 0.2 13.0 1.3
Total 19,300,000 1.2 3.1 0.2 16.1 2.2 2

PROJECT Measured 5,774,000 1.6 2.9 0.3 22.3 0.1 2.6 TOTAL Indicated 16,489,000 1.2 3.1 0.4 19.4 0.1 2.3 Inferred 4,667,000 0.7 2.1 0.2 13.1 0.0 1.4
Total 26,930,000 1.2 2.9 0.3 18.9 0.1 2.2

	Copper Zinc Lead Silver Gold Cu EQ t
Total Contained Metals(tonnes/oz) 315,360 773,960 92,010 16,398,198 15,260 587,105

Roundingerrorsmayoccur

RefertoAdditionalMaterialsfordetails

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Panorama Acquisition
Panorama Project Map
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Comments

Mining and Miscellaneous Leases

Holds 3 granted Mining Leases covering Panorama Cu-Zn deposit
Plus tenements on planned infrastructure corridors
Located 60km south of sealed Port Hedland-Marble Bar road
Access to all project information including previous feasibility studies for stand alone open pit and/or underground development
In addition to State royalties, a 0.6% NSR royalty is payable to a Native Title Party and a A$2/t production royalty, capped at A$3.7m, is payable to Sipa Resources Ltd

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Panorama Acquisition
A Significant VMS Deposit
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High grade core amenable to underground mining
Excellent exploration potential along strike and at depth

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Panorama Acquisition
Targeting High-Grade Cu-Zn Underground Production
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Current JORC Ore Reserve of 3.9m tonnes @ 2.2% Cu, 6.2% Zn and 25g/t Ag (4% Cu EQ)
Targeting underground production rate of up to 500,000tpa over initial 9 year mine life
Advanced underground mine design
Ore trucked to centralised processing facility at Whim Creek (preliminary estimate: $25-$27/t)
Reduction in capital expenditure significantly outweighs trucking costs LOM

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3. Conceptual Production Plan
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Conceptual Production Plan
Simple Conceptual 1 Mtpa Processing Flow sheet
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Whim Creek Open Pits Panorama Underground
500,000tpa 500,000tpa
Copper Circuit
Zinc(+/-Lead )
Circuit
Targeted Annual
Production Rates
~16,000t ~40,000t ~3,600t 787,000oz 1,500oz
Cu Zn Pb Ag Au
20
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Conceptual Production Plan
Increased scale enhances Project Economics
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	Whim Creek Scoping Study1	Combined Operations2
Targeted annual throughput	600,000 t	1,000,000 t
Initial life of mine (LOM)	9 years	9 years
Average LOM mill grade3	1.4 % Cu 2.8 % Zn 0.9% Pb 35 g/t Ag (Cu EQ = 2.7%)4	1.8 % Cu 4.5 % Zn 0.45% Pb 28 g/t Ag (Cu EQ = 3.4%)4
Targeted annual metal production	7,800 t Cu 13,900 t Zn 4,200 t Pb 440,000 oz Ag	16,500 t Cu 40,000 t Zn 3,600 t Pb 787,000 oz Ag
Targeted operating margin per tonne	A$785	A$100-A$1156
Potential annual operating cash flow4	A$47m5	A$100m-A$115m6
Estimated pre-production capital	A$95.8m	A$135m-A$145m

1. Based on Independent Scoping Study by Snowden Mining Consultants

2. The Combined Operations numbers are conceptual only and will be refined during definitive feasibility studies

3. Based on current Ore Reserves detailed in the Additional Materials

4. CuEQ: Cu% + Zn% x 0.255 + Pb% x 0.24 + Ag(ppm) x 0.008 + Au(ppm) x 0.5

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5. Assuming Cu US$3.50/lb, Zn US$1.00/lb, Pb US$0.98/lb, Ag US$19.80/oz, Au US$1,200/oz A$/US$ 0.89

6. Assuming Cu US$3.50/lb, Zn US$1.00/lb, Pb US$1.00/lb, Ag US$25.00/oz, Au US$1,300/oz A$/US$ 0.90

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Conceptual Production Plan
Preliminary Timeline to Production
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 Definitive Feasibility Study for 1Mtpa development commencing immediately

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June Qtr 2011 September Qtr 2011 December Qtr 2011 March Qtr 2012 June Qtr 2012 September Qtr 2012
Acquisition Settlement
Final Metallurgical Testwork
Appointment of Management Team
Tailings Dam Design
Environmental Approvals
Circuit Design
Long lead orders
Construction
Haul Road Construction
Pre-strip and Underground Access
Commissioning
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4. Peer Comparisons
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Peer Comparisons
Attractive Value Proposition Relative to Peers
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Best Value ASX listed copper developer on a Funded Enterprise Value (EV + Capex) to annualised copper (EQ) production basis

FF EV[1] / Production ($ / Cu EQ t)

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30,000
25,000
20,000
15,000
10,000
5,000
0
CGG CDU DML SFR HGO EXS RXM AOH AVI FND TGS VXR
FF EV/Production ($/t Cu Eq)
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Source: Argonaut

1 FF EV = EV + Capex (Fully Funded Enterprise Value) Note: VXR’s production is conceptual in nature and subject to final feasibility studies.

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Peer Comparisons
Attractive Value Proposition Relative to Peers
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 Venturex exhibits similar characteristics to established producer Jabiru Metals (JML) - opportunity for VXR to mimic the trajectory of JML

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Sector Positioning Based on Cash Costs & FF EV / Production
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100
80 RXM SFR
CGG
60
40 AOH KZL CDU
TGS
HGO
DML
FND
VXR
20
EXS
AVI JML
0
0 5,000 10,000 15,000 20,000 25,000 30,000
FF EV/Production ($/t Cu Eq)
Source: Argonaut
Note: VXR’s production is conceptual in nature and subject to final feasibility studies.
25
Cu Eq Production (kt pa)
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5. Capital Raising
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Capital Raising
Summary
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Venturex raising $36.8 million to fund the Panorama acquisition
15% institutional placement @ 9 cents/share = $8.8 million
Fully underwritten accelerated 2:5 non-renounceable entitlements issue = $28.0 million
Key shareholder, Regent Pacific to sub-underwrite a major portion of the entitlements issue
Regent’s shareholding in VXR post capital raising may range, for example, from 23.6% (if 20% shortfall) to 27.9% (if 40% shortfall)
Argonaut will follow its entitlements
Majority of Directors likely to participate

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Capital Raising
Sources & Uses
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Sources	Sources
	$M (approx)
15% Placement (@ $0.09)	8.8
2 for 5 Entitlements Issue (@ $0.09)	28.0
Existing Cash1	4.4


Total Sources of funds	41.2

1 Cash at bank as at 20 January 2011

Uses	Uses
	$M (approx)
Acquisition of Panorama Project	26.2
Feasibility Study	2.0
Exploration	3.0
Transaction costs2	3.6
Working Capital	6.4

Total Uses of funds	41.2

2 Transaction costs consist of an estimated stamp duty, success fee upon completion of the acquisition of Panorama and capital raising costs payable upon completion of the deferred entitlements issue and legal costs

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Capital Raising
Capital Structure Impact
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Pre-Acquisition
Number of Shares	678,326,636

	Post-Acquisition
	15% Placement1 @ $0.09
	Number of shares issued	98,275,311
	Amount raised	$8,844,778
	Total shares on issue post placement	776,601,947
	2 for 5 Entitlements Issue @ $0.09
	Number of shares issued	310,640,779
	Amount raised	$27,957,670
	Total shares on issue post entitlements	1,087,242,726

1Placement shares will be issued with an entitlement to participate in the Entitlements issue. Waiver applications have been granted by ASX in this regard

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Indicative Timetable

Event	Date
Execution of Sale Purchase Agreement	Thursday, 20 January 2011
Placement Closed	Thursday, 20 January 2011
Acquisition and Capital Raising Announced	Friday, 21 January 2011
Accelerated Offer Open1	Friday, 21 January 2011
Accelerated Offer close date	Monday, 24 January 2011
Retail Offer Record Date	Friday, 28 January2011
DvP Settlement of Placement	Monday, 31 January 2011
Retail Offer Open	Thursday, 3 February 2011
Accelerated Offer DvP Settlement	Tuesday, 8 February 2011
Retail Offer close date	Monday, 14 February 2011
Retail Offer securities issued and tradeable	Wednesday, 23 February 2011
Retail Offer shortfall settlement date	Tuesday, 25 February 2011
Retail Offer shortfall tradeable	Friday, 28 February 2011

1Notwithstanding the fact that the Accelerated Offer is open prior to the settlement of the Placement Shares, waiver applications have been granted by ASX so that Venturex may offer participation in the Entitlements Issue to Placees on the basis that shareholdings in the Company will be considered as if the settlement of the Placement has already occurred

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Capital Raising
Risk Factors [1]
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General
Adverse changes to Government policy and taxation
Infrastructure and transport
Industry and commodity cycles
Exploration and development projects
Mineral Resources and Ore Reserves
Production risks
Impact of inflation on costs
Exchange rate risks and hedging
Land and resource tenure
General operational risks
Safety legislation
Claims, liability and litigation
Changes in accounting policies
Industrial action
Refinancing risks

1. Refer to Additional Materials for further details of Risk Factors

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Contacts
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 Tim Sugden

Managing Director
T: +61 8 6389 7400
E: [email protected]
Chris Wippl  Head of Research & Sales  T: +61 8 9224 6875
E: [email protected]

 Liza Carpene

 Adam Santa Maria

 Company Secretary

T: +61 8 6389 7400
E: [email protected]

 ECM Manager

T: +61 8 9224 6821
E: [email protected]

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Additional Materials
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Additional Materials
Mons Cupri: Low Strip Ratio
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Additional Materials
Whim Creek: Pre-Stripped
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Oxide Pit
Sulphide exposed
on pit floor
Sulphide
Zone
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35
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Additional Materials
High Grade VMS System at Salt Creek
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Additional Materials
Evelyn High Grade Massive Sulphide
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Additional Materials
Whim Creek Mineral Resources and Ore Reserves as at 25 November 2010
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Competency Statement: The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves at Whim Creek, Mons Cupri, Salt Creek and Liberty-Indee is based on information compiled or reviewed by Dr Tim Sugden BSc, PhD, and Mr Steven Wood who are Members of the Australasian Institute of Mining and Metallurgy. Dr Sugden and Mr Wood are full-time employees of Venturex Resources Limited and have sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaking to qualify as Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Sugden and Mr Wood consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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Additional Materials
Panorama Resources and Reserve as at 20 January 2011
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	MINERAL RESOURCES	MINERAL RESOURCES	MINERAL RESOURCES	MINERAL RESOURCES	MINERAL RESOURCES	MINERAL RESOURCES	UNDERGROUND ORE RESERVE	UNDERGROUND ORE RESERVE	UNDERGROUND ORE RESERVE	UNDERGROUND ORE RESERVE	UNDERGROUND ORE RESERVE
Location	JORC Classification	Tonnes x 1,000	Cu wt %	Zn wt %	Pb wt %	Ag g/t	JORC Classification	Tonnes x 1,000	Cu wt %	Zn wt %	Ag g/t
Panorama	Measured	4,500	1.6	3.2	0.2	17.0	Proven	1,400	2.5	5.5	24.0
	Indicated	10,500	1.2	3.5	0.2	17.0	Probable	2,500	2.1	6.9	26.0
	Inferred	4,300	0.6	2.2	0.2	13.0
	Total	19,300	1.2	3.2	0.2	16.0	Total	3,900	2.2	6.2	25.0

Note: Rounding errors may occur.

The information in this report that relates to Mineral Resources at Panorama is based on information reviewed by Dr Tim Sugden BSc, PhD who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Sugden is a full-time employee of Venturex Resources Limited and has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaking to qualify as Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Sugden 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 the Panorama Ore Reserve is based on information compiled by Mr Steven O’Dea, who is a member of The Australasian Institute of Mining and Metallurgy. Mr O’Dea is principle of SN Consulting and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr O’Dea consents to the inclusion in the report of matters based on his information in the form and context in which it appears.

ReserveNotes

Ore Reserves at Whim Creek, Mons Cupri, Salt Creek and Liberty-Indee were estimated using a Net Smelter Return calculation on a cost, insurance and freight (CIF) basis and incorporating variable TC/RC terms and metal prices of: copper US$7715/t, zinc US$2205/t; lead US$2161/t; silver US$19.8/oz; and, gold US$1200/oz. The applied exchange rate is A$1.0=US$0.89. Reserve cut-off grades are: Mons Cupri open pit 0.62% Cu Eq; Whim Creek open pit 0.65% Cu Eq; Salt Creek open pit 0.72% Cu Eq; Evelyn open pit 0.76% Cu Eq; Salt Creek underground 1.96% Cu Eq; and Evelyn underground 1.4% Cu Eq.

A pre-feasibility level underground mine design for the Panorama deposit was completed by SN Consulting in December 2009. The design was developed from detailed geological information provided by CBH geologists and geotechnical input from Coffey Mining. A production rate of 600,000 tpa was selected as optimal for the low tonnage high grade options based on achievable extractions rates and expected mine life balanced against capital cost of infrastructure. This is greater than the proposed production rate of 500,000tpa in the Venturex combined operations scenario. The mining design incorporates a combination of bottom-up bench stoping in the narrow (less than 20m wide) sections of the ore body with long hole open stoping for the wider central zones. The bench stoping areas utilise a 25m level interval whereas the open stopes have a 40m interval (with a 20m sub-level drill drive). As the orebody is made up of a number of discrete ore zones, several stopes can be mined on each level concurrently. Production from stoping would be dependent on the advance of the decline. Stope shapes were designed based on the 10% Zinc equivalent ore body. The orebody solid was sectioned at 5m levels for use in stope design. Stope outlines were created by digitising practical mining shapes based on the ore body level plans and creating solid models. Each resulting solid was checked with the 5m ore body level plans to check continuity between levels and in some cases modified with intermediate outlines where rapid change in ore body shape were evident. Where the practical stope shape takes in waste or low grade material this is included in the reserve as planned dilution. Mining dilution has been estimated as 5% at a grade of 4.8%Zn and 1.5%Cu. The dilution grade has been calculated by modeling the potential over break then extracting the tonnes and grade from the block model. A stoping recovery factor of 95% was applied to the bench stoping method. The ore loss is attributable to the ability to handle oversize rocks, stope bogging efficiency and blasting the ore onto unconsolidated rock fill.

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Additional Materials
Brazillian Projects: Gold Exploration
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Wholly owned subsidiary CMG Mineração Ltda
Established exploration team in Cuiabá
Evaluating advanced projects in Mato Grosso
Recently acquired Serra Verde Project in Tapajós gold district, Para

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Additional Materials
Brazillian Projects: Serra Verde Project, Tapajós Region
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Additional Materials
Brazillian Projects: Serra Verde Project, Tapajós Region
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Multiple high grade veins over many kilometres

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Additional Materials
Risk Factors Expanded
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General

There are various risks associated with investing in Venturex, as with any stock market investment and, specifically, because of the nature of Venturex’s exploration business and the present stage of development of the Company's operations. Potential investors should consider whether the securities offered are a suitable investment having regard to their own personal investment objectives and financial circumstances and the risk factors set out below. Many of those risk factors are outside the control of the Directors. While some common risk factors are set out below, it is not possible to produce an exhaustive list. The Directors recommend that potential investors consult their professional advisers before deciding whether to apply for securities pursuant to this Offer.

It is important to recognise that share prices might fall or rise and shareholders may or may not be entitled to receive dividends. Factors affecting the operating and financial performance of Venturex and the market price of Venturex securities include domestic and international economic conditions and outlook, changes in government fiscal, monetary and regulatory policies, changes in interest rates and inflation rates, the announcement of new technologies and variations in general market conditions and/or market conditions which are specific to a particular industry. In addition, share prices of many companies are affected by factors which might be unrelated to the operating performance of the relevant company. Such factors might adversely affect the market price of Venturex securities.

Adverse changes to Government policy and taxation

Changes in relevant taxation laws, interest rates, other legal, legislative and administrative regimes, and government policies, may have an adverse effect on the assets, operations and ultimately the financial performance of Venturex. These factors may ultimately affect the financial performance of Venturex and the market price of Venturex securities. Any future increases in federal or state taxes, duties or royalties may not be able to be passed on in full to customers or may result in Venturex’s pricing becoming uncompetitive in the international market.

In addition, mining is an industry that has become subject to increasing environmental responsibility and liability. Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Company's operations. The disposal of mining and process waste and mine water discharge are under constant legislative scrutiny and regulation.

Industry and commodity cycles

The demand for, and price of, metals is highly dependent on a variety of factors, including international supply and demand, actions taken by governments, and global economic and political developments. Adverse changes in market sentiment or conditions can and will impact Venturex’s ability to manage operating costs and have sales meet installed production capacity. These impacts could lead to a reduction in earnings and the carrying value of assets that are outside of Venturex’s control.

Exploration and development projects

Venturex’s projects are still at an exploration or development stage. Exploration and mine development generally involves a high degree of risk and is subject to hazards and risks including unusual and unexpected geological formations, seismic activity, rock bursts, cave-ins, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, any facilities, damage to life or property, environmental damage and possible legal liability.

Mineral Resource and Ore Reserve Estimates

The information provided in this presentation in relation to Venturex's projects is the current estimate of resources and reserves, capital and operating costs, as determined from geological data obtained from drill holes and other exploration techniques and feasibility studies conducted to date. Resource estimates are stated to the JORC Code and are expressions of judgement based on knowledge, experience and industry practice. These estimates were appropriate when made, but may change significantly when new information becomes available. For example, further exploration may result in changes to the estimated size and quality of reserves and the estimated costs of recoveries from the exploration projects, affecting the viability of those projects. Development projects, such as Mons Cupri, Sulphur Springs and Whim Creek, may take longer and/or cost more to develop than planned and expected production rates may not be achieved.

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Additional Materials
Risk Factors Expanded
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Productions Risks

Venturex Resources is currently not in production. Actual future production may vary from the targets and projections for a variety of reasons, including adjustments to Minerals Resources and Ore Reserves, technical restrictions on planned rates of mining, changes to the planned scale of production, availability of skilled labour, availability of machinery and mining supplies, delays in statutory approvals (including environmental licences), land access restrictions and adverse weather conditions. Although extensive metallurgical test work has been conducted on the Mineral Resources included in development concepts, actual metallurgical recoveries and concentrate specifications may vary from projections; particularly during operational commissioning.

Infrastructure and Transport

Venturex’s ability to achieve production targets, receive goods and services and export its concentrate products may be restricted by access to power networks, roads, rail and ports.

Impact of inflation on costs

Higher than expected inflation rates generally, or specific to the mining industry in particular, could be expected to increase operating and development costs and potentially reduce the value of future project developments.

Exchange rate risks and hedging

Venturex will sell the majority of its product overseas and such sales are priced in USD. Accordingly fluctuations in the AUD relative to the USD may materially affect the cash flow and earnings which Venturex will realise from its operations in AUD terms.

Land and resource tenure

Venturex’s land and resource tenure may be disputed resulting in disruption and/or impediment in the operation or development of a resource. Any new mine development or expansion of existing operations will require landholder, native title and cultural heritage issues to be addressed, which can have significant timing and cost implications.

General operational risks

Venturex’s operations may encounter difficulties that may impact on the amount of production at its mines, delay deliveries or increase the cost of mining for a varying length of time. Such difficulties include weather and natural disasters, availability of personnel with appropriate skills, unexpected maintenance or technical problems and failure of key equipment.

Safety legislation

Current and future mines are subject to a range of safety legislation which may change in a manner that may include requirements in addition to those now in effect, and a heightened degree of responsibility for companies and their directors and employees.

Claims, liability and litigation

The risk of litigation is a general risk of Venturex’s business. Venturex may incur costs in making payments to settle any such claims which may not be adequately covered by insurance or at all. Such payment may have an adverse impact on Venturex’s profitability and/or financial position.

Changes in accounting policies

Changes in accounting policies may have an adverse impact on Venturex.

Industrial action

Venturex is subject to the risk of industrial action and work stoppages by employees and contractors who provide services which are necessary for the continued operation of the businesses of Venturex.

Refinancing risks

To the extent that Venturex has any material debt in the future, its ability to service that debt from time to time will depend on its future performance and cashflows, which will be affected by many factors, some of which are beyond Venturex’s control.

If Venturex is unable to refinance existing facilities or secure new facilities on acceptable terms, this funding may need to be provided through cashflows of the business or from shareholder equity. Any inability of Venturex to refinance its existing finance facilities could have a material adverse effect on Venturex.

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Proforma Consolidated Statement of Financial
Position as at 31 December 2010
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 Basis of Preparation

The Venturex Audited Consolidated Statement of Financial Position as at 30 June 2010 and the Proforma Consolidated Statement of Financial Position as at 31 December 2010 shown on the following page have been prepared on the basis of the accounting policies normally adopted by Venturex. The significant accounting policies adopted in the preparation of the financial information are consistent with Venturex’s 30 June 2010 audited financial report.
The Proforma Consolidated Statement of Financial Position as at 31 December 2010 has been appropriately adjusted for significant transactions post 30 June 2010.
The Proforma Consolidated Statement of Financial Position as at 31 December 2010 has been prepared assuming all underwritten shares offered to institutional investors are issued, 100% of the shares offered to retail investors are taken up and issued, and the successful completion of the purchase of 100% of the shares in CBH Sulphur Springs Pty Limited. The share proceeds from institutional and retail investors are disclosed net of share issue costs. The share purchase is accounted for as a business combination based on AASB3.
The Proforma Consolidated Statement of Financial Position has been prepared to provide investors with information on the proforma assets and liabilities of Venturex. The historical and proforma financial information is presented in abbreviated form, insofar as it does not include all of the disclosures required by Accounting Standards and Interpretations applicable to annual financial statements.
The Venturex financial report for year ended 30 June 2010 has been prepared in accordance with the recognition and measurement principles of Accounting Standards and Interpretations.
The financial information is presented in Australian dollars, the presentation currency of Venturex, and is prepared on an accrual basis.

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Proforma Consolidated Statement of Financial
Position as at 31 December 2010
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CURRENT ASSETS
Cash and cash equivalents #
Trade and other receivables
Inventories
Other
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Plant and equipment
Intangible Assets
Deferred Tax Asset
Exploration and evaluation costs
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Provisions - Current
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities
Provisions - Non Current
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Reserves
Accumulated Losses
TOTAL EQUITY

VXR Audited
Consolidated
Significant
Adjustments
VXR Consolidated
after significant
adjustments
Conversion of
Options to
Shares
Capital Raising
*Rights Issue
CBH Sulphur
Springs Pty Ltd
Acquisition &
Eliminations
*VXR Proforma
after acquisition
30 Jun 2010(1)
31 Dec 2010 (2)
31 Dec 2010(3)
Prior to Settlement(4) At Settlement (5)
At Settlement(6)
At Settlement(7)
At Settlement(8)
At Settlement (9)
$
$
$
$
$
$
$
$
$
6,305,000
(1,609,410)
4,695,590
2,200,000
8,402,539
26,559,787
23
(26,450,000)
15,407,939
423,076
(270,000)
153,076
-
-
-
51,452
-
204,528
66,409
-
66,409
-
-
-
-
-
66,409
91,592
(50,000)
41,592
-
-
-
-
-
41,592
6,886,077
(1,929,410)
4,956,667
2,200,000
8,402,539
26,559,787
51,475
(26,450,000)
15,720,468
3,658,311
(416,424)
3,241,887
-
-
-
-
-
3,241,887
469
-
469
-
-
-
-
-
469
-
-
-
-
-
-
800
-
800
21,170,334
1,910,723
23,081,057
-
-
-
26,235,183
8,035,267
57,351,507
24,829,114
1,494,298
26,323,412
-
-
-
26,235,983
8,035,267
60,594,662
31,715,191
(435,112)
31,280,079
2,200,000
8,402,539
26,559,787
26,287,458
(18,414,733)
76,315,130
1,216,309
(1,073,944)
142,365
-
-
-
7,084
-
149,449
64,591
-
64,591
-
-
-
-
-
64,591
1,280,900
(1,073,944)
206,956
-
-
-
7,084
-
214,040
-
-
-
-
-
-
7,870,555
-
7,870,555
7,017,550
(25,657)
6,991,893
-
-
-
-
-
6,991,893
7,017,550
(25,657)
6,991,893
-
-
-
7,870,555
-
14,862,448
8,298,450
(1,099,601)
7,198,849
-
-
-
7,877,639
-
15,076,488
23,416,741
664,490
24,081,231
2,200,000
8,402,539
26,559,787
18,409,819
(18,414,733)
61,238,643
33,780,826
1,672,175
35,453,001
2,200,000
8,402,539
26,559,787
2
(2)
72,615,327
1,530,329
277,377
1,807,706
-
-
-
-
-
1,807,706
(11,894,414)
(1,285,062)
(13,179,476)
-
-
-
18,409,817
(18,414,731)
(13,184,390)
23,416,741
664,490
24,081,231
2,200,000
8,402,539
26,559,787
18,409,819
(18,414,733)
61,238,643*

These accounts have not been audited or reviewed by Venturex Resources Ltd auditors William Buck Audit (WA) Pty Ltd. They will be subject to audit and reviewed in due course which could result in further adjustments. # Cash and Cash Equivalents includes $1.56 million secured against environmental bonds See following page for notes.

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Notes to the Proforma Consolidated Statement of
Financial Position as at 31 December 2010
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(1) Information has been extracted from the 30 June 2010 financial report of Venturex, which was lodged with the ASX on 1 October 2010. William Buck Audit (WA) Pty Ltd audited the financial report for the year ended 30 June 2010 and an unqualified audit conclusion was issued, dated 30 September 2010.
(2) Outlines the impact of significant transactions after 30 June 2010 but prior to the 31 December 2010. Significant transactions during the period 1 July 2010 to 31 December 2010 include the issue of 19,444,444 shares as detailed with the ASX on 16 August 2010, issue of 8,000,000 options as detailed with the ASX on 30 November 2010, expiry of 650,000 options as detailed with the ASX on 1 December 2010 and normal working capital expenditure including exploration expenditure.
(3) The VXR Consolidated after significant adjustments 31 December 2010 information shown at (3) includes the impact of the significant adjustments detailed in (2) as if those transactions had occurred during the period 1 July 2010 to 31 December 2010 and excludes the share issue and purchase of 100% of the shares in CBH Sulphur Springs Pty Ltd.
(4) Conversion of options to shares prior to settlement details 23,157,895 Unlisted Options exercisable at $0.095c that were converted to ordinary shares on 19 January 2011, raising $2.2 million.
(5) Capital Raising at Settlement details the values attributed to the issue of new shares to institutional investors less transaction costs. 98,275,311 shares raising $8,844,778 less transaction costs of $442,239.
(6) Rights Issue at Settlement details the values attributed to the fully underwritten issue of new shares to institutional investors based on the accelerated non-renounceable share rights issue and the fully underwritten issue of new shares to retail investors, less transaction costs. 310,640,779 shares raising $27,957,670 less transaction costs of $1,397,883.
(7) CBH Sulphur Springs Pty Ltd at Settlement details the expected statement of financial position of CBH Sulphur Springs Pty Ltd, the entity at settlement. A deferred tax liability of $7,870,555 is retained in CBH Sulphur Springs Pty Ltd accounts due to the exploration expenditure being immediately deductible for tax purposes and not for accounting purposes.
(8) Acquisitions & Eliminations at Settlement details the indicative acquisition and eliminations for the business combinations of Venturex and CBH Sulphur Springs Pty Ltd. The purchase consideration includes a cash payment of $26.2 million and a success fee payment of $250,000. After assessing whether all identifiable assets and liabilities have been identified and measured, exploration and evaluation costs will be increased by approximately $8 million.
(9) VXR Proforma after acquisition at Settlement details the expected Statement of Financial Position after the share issues and acquisition of CBH Sulphur Springs Pty Ltd

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AI assistant

DEVELOP GLOBAL LIMITED Investor Presentation 2011

64801_rns_2011-01-20_d6cc62d0-0106-4842-9d0d-3927262d01ce.pdf

ACQUISITION OF PANORAMA PROJECT

Capital Structure (ASX:VXR)

Tony Kiernan, LLB Chairman

Dr Allan Trench, BSc, PhD, MSc, MBA Non-Executive Director

Mr Michael Mulroney, BSc, MBA Non-Executive Director

Dr Tim Sugden, BSc, PhD Managing Director

Mr Anthony Reilly, BEc (UWA) Executive Director

Ms Liza Carpene, MBA, ACIS Company Secretary

Comments

Existing VMS Projects/Targets

Comments

Mining and Miscellaneous Leases

 Definitive Feasibility Study for 1Mtpa development commencing immediately

FF EV[1] / Production ($ / Cu EQ t)

Indicative Timetable

 Tim Sugden

 Liza Carpene

 Adam Santa Maria

ReserveNotes

Multiple high grade veins over many kilometres

General

Adverse changes to Government policy and taxation

Industry and commodity cycles

Exploration and development projects

Mineral Resource and Ore Reserve Estimates

Productions Risks

Infrastructure and Transport

Impact of inflation on costs

Exchange rate risks and hedging

Land and resource tenure

General operational risks

Safety legislation

Claims, liability and litigation

Industrial action

Refinancing risks

 Basis of Preparation

AI assistant

DEVELOP GLOBAL LIMITED — Investor Presentation 2011

64801_rns_2011-01-20_d6cc62d0-0106-4842-9d0d-3927262d01ce.pdf

ACQUISITION OF PANORAMA PROJECT

Capital Structure (ASX:VXR)

Tony Kiernan, LLB Chairman

Dr Allan Trench, BSc, PhD, MSc, MBA Non-Executive Director

Mr Michael Mulroney, BSc, MBA Non-Executive Director

Dr Tim Sugden, BSc, PhD Managing Director

Mr Anthony Reilly, BEc (UWA) Executive Director

Ms Liza Carpene, MBA, ACIS Company Secretary

Comments

Existing VMS Projects/Targets

Comments

Mining and Miscellaneous Leases

 Definitive Feasibility Study for 1Mtpa development commencing immediately

FF EV[1] / Production ($ / Cu EQ t)

Indicative Timetable

 Tim Sugden

 Liza Carpene

 Adam Santa Maria

ReserveNotes

Multiple high grade veins over many kilometres

General

Adverse changes to Government policy and taxation

Industry and commodity cycles

Exploration and development projects

Mineral Resource and Ore Reserve Estimates

Productions Risks

Infrastructure and Transport

Impact of inflation on costs

Exchange rate risks and hedging

Land and resource tenure

General operational risks

Safety legislation

Claims, liability and litigation

Industrial action

Refinancing risks

 Basis of Preparation

More from DEVELOP GLOBAL LIMITED

DEVELOP GLOBAL LIMITED Investor Presentation 2011