DEVELOP GLOBAL LIMITED — Investor Presentation 2017

May 24, 2017

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JOHN NITSCHKE, MANAGING DIRECTOR

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ASX: VXR

1

Disclaimers

Cautionary Statement

The information contained in this document (“Presentation”) has been prepared by Venturex Resources Limited (“Company”). This Presentation is being used as a presenter’s aid with summarised information. See Venturex’s other and periodic disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au or at www.venturexresources.com, for more information.

While the information contained in this Presentation has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give any representations or warranties (express or implied) as to the accuracy, reliability or completeness of the information in this Presentation, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, to the full extent permitted by law, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained in this Presentation or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

This Presentation may include certain statements that may be deemed “forward-looking statements”. All statements in this Presentation, other than statements of historical facts, that address future activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forwardlooking statements. The Company, its shareholders, directors, officers, agents, employees or advisers, do not represent, warrant or guarantee, expressly or impliedly, that the information in this Presentation is complete or accurate. To the maximum extent permitted by law, the Company disclaims any responsibility to inform any recipient of this Presentation of any matter that subsequently comes to its notice which may affect any of the information contained in this Presentation. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Venturex assumes no obligation to update such information.

Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forwardlooking statements. Please undertake your own evaluation of the information in this presentation and consult your professional advisers if you wish to buy or sell Venturex shares.

‐ This Presentation has been prepared in compliance with the JORC Code 2012 Edition. The ‘forward looking information’ contained here is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. The Company disclaims any intent or obligations to update or revise any forward looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.

Competency Statement

The information in this presentation that relates to Exploration Results is based on information compiled or reviewed by Mr James Guy who is a Member of the Australasian Institute of Mining and Metallurgy. The information contained in this presentation was previously released in announcements Company Resource and Reserve Statement – Revised released 8 October 2013, Kangaroo Caves Resource Upgrade issued 22 September 2015 and Sulphur Springs Resource Update issued 11 May 2016, IP Survey of Mons Cupri Identifies Promising Anomalies issued 7 June 2016, Sulphur Springs Reserve Update issued 28 June 2016 and Well Defined IP Drill Targets at Mons Cupri issued 4 July 2016, High Grade Results at Salt Creek issued 20 October 2016 and the Value Engineering Study issued 16 February 2017.

The Company confirms that:

• a. The form and context of the material in this presentation has not been materially modified from the above previous announcements;

• b. It is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the estimate in the 8 October 2013, 22 September 2015, 11 May 2016 and 28 June 2016 announcements continue to apply and have not materially changed; and

• c. It is uncertain that following further exploration and evaluation that the historical estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC 2012 Code.

2

Venturex Overview

Right Metals.. Right Projects.. Right Time..

• Significant contained Zinc and Copper inventory

• Sulphur Springs Value Engineering Study confirms robust economics

• Significant leverage to exploration upside at Sulphur Springs and Whim Creek

• Strong board and management with expertise in developing and operating mines

3

Venturex Resources – Multiple Pathways to Zinc-Copper Value

Venturex Value Proposition

Regional Exploration - Whim Creek

• Market Capitalisation ~A$16m

• Cash ~A$2.0m (31 Mar 2017)

• EV ~A$14m

• Share price ~0.6c (24 May 2017)

Whim Creek Project

• Brownfields site

• Existing approvals and infrastructure in place

• Previous studies completed

Project Development - Sulphur Springs

• Profit share agreement with Black Rock Metals

Sulphur Springs Project

• Max cash out A$183m

• 10-12yr operating life

• NPV8% ~ A$338 million*

• NPV8% ( spot ) ~A$402 million*

This Production Target must be read in conjunction with the disclaimers and cautionary statements provided in this presentation.

Refer ASX release dated 16 February 2017

Venturex focus for 2017

• Established clear funding strategy

• Commenced engagement with financiers and strategic investors

• Focus on bringing Sulphur Springs into production (complete DFS / supergene drilling)

• Complete ongoing exploration at Whim Creek

4

Venturex Resources – Right Metals, Right Projects, Right Time

Whim Creek Project: 7.2Mt @ 2.3% Zn & 1.3% Cu Salt Creek

Sulphur Springs Deposit: 13.4Mt @ 4.0% Zn & 1.5% Cu Kangaroo Caves Deposit: 3.55Mt @ 6% Zn & 0.77% Cu

Total Resources of ~910,000t of contained zinc and ~320,000t of contained copper

Refer ASX releases dated 8 October 2013, 5 22 September 2015, 11 May 2016

Corporate Overview

Capital Structure

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ASX Code VXR
Issued Shares 2,611M
Market Capitalisation (as at 24 May 2017 at 0.6c) ~$16M
Cash and receivables (as at 31 March 2017) ~$2.0M
VXR 12-month Share Price
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Key Shareholders

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Regent Pacific
Northern Star
22.5%
38.7% Resources
Henghou
Industries
13.6% Board &
Management
6.0%
14.3% Balance of Top 20
4.9%
Free Float Shares
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6

Experienced Board and Management

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Anthony Kiernan LLB - Non-Executive Chairman Solicitor with +35 years experience with public companies

John Nitschke B.Eng (Hons), MSc - Managing Director

Mining engineer with +40 years' experience

Anthony Reilly B.Ec - Non-Executive Director 20 years investment banking experience

Darren Stralow B.Eng, GAICD, GCAF - NonExec. Director

Mining engineer with +15 years’ experience

Trevor Hart – CFO and Company Sectary Accountant with 20 years experience with public companies

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Angus Thomson – Geology Manager +20 years in resources and business development

James Guy – Exploration Manager +30 years in exploration and resources

Reg Beaton – Exploration Geologist +30 years in exploration and resources

Stefan Gawlinski – Consulting Exploration Geologist +30 years in exploration and resources

7

Zinc and Copper – Right Metals

Sulphur Springs is well placed to leverage on improving commodity prices

Copper price has recovered from historical 5-year lows….

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Zinc price has posted 5-year historic highs (even surpassing 2012-2014 commodity boom)

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Zinc and Copper – Right Metals

Copper prices are expected to continue to recover due to fundamental supply-demand gaps, while Zn prices will moderate in the long term

Copper price is expected to remain above US$2.55/lb in the next 2 years and increase as supply gaps persist

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3.20
3.10
3.00
2.90
2.80
2.70
2.60
2.50
2.40
Cu US$/t
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Forward Curve Spot Bloomberg Broker Consensus
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Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 LT

Zinc price is forecasted to fall marginally, but will remain around US$1.15/lb price level

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1.30 Forward Curve Spot Bloomberg Broker Consensus
1.25
1.20
1.15
1.10
1.05
1.00
Zn (US$/t)
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Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 LT

* Spot, forward curve and Bloomberg broker consensus forecast as at 18 May 2017

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Sulphur Springs

• Advancing to development

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Sulphur Springs Zinc-Copper Project – Right Project

The Value Engineering Study has added value in several key areas

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• Open Cut mining of top of the Resource

• New Resource model identified Supergene mineralisation - potential to float

• Bulk underground mining using Core and Shell in East Lode

..…Low Risk Implementation and Operation

11

Sulphur Springs Zinc Copper Project – Right Project

Key Production Target metrics:

• 11.7Mt @ 3.6% Zn, 1.4% Cu, 15g/t Ag

• 1Mtpa mill feed

• ~12 year life before exploration

• ~32,000tpa Zn in conc.

• .

• ~12,000tpa Cu in conc

Key economic metrics:

• Peak cash draw A$183 million

• Pre tax NPV A$338 million 8%

• • C1 cost US$0.14/lb payable Zn

• IRR 52%

• Payback 1.6 years

Price assumptions:

• Zn US$2,535/t

• Cu US$6,450/t

• A$1.00:US$0.76

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This Production Target must be read in conjunction with the disclaimers and cautionary statements provided in this presentation. For the avoidance of doubt the Production Target reported includes material classified as Reserve and Inferred Mineral Resources. Material classified as Reserve contributes ~66% of the material within the Production Target and Inferred Resources contribute ~34% of material included within the Production Target. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself will be realised.

12 Refer to ASX release for the Value Engineering Study dated 16 February 2017

Sulphur Springs Zinc Copper Project – Competitive Cost

Sulphur Springs lies within the first quartile of the copper and zinc cash cost curve[1]

Sulphur Springs is at the mid-point of the first quartile of the global copper cost curve (net by-product Ag and Zn credits)

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Sulphur Springs LOM Average Cash Cost of
US$0.79/lb payable Cu (including royalties)
The Project is also placed at the first quartile of the global zinc cost curve (net by-product Ag and Cu credits)
Sulphur Springs LOM Average Cash Cost of
US$0.23/lb payable Zn (including royalties)
Total Cash Cost (US cents/lb Cu payable)
Total Cash Cost (US cents/lb Zn payable)
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• (1) Cash cost from SNL Mine Economics as at 23 May 2017, calculated based on LOM operating expenses including transport, refining and royalty costs, net of by-product credits, divided by LOM payable metal

• (2) Cash cost for Sulphur Springs based on the VES study announced on February 2017, including royalties and net of by-product credits

13

Sulphur Springs Zinc Copper Project – Clear Path to Progress

Ongoing work to update the Value Engineering Study (VES) for supergene drilling and optimisation to create a transparent and definitive feasibility study (DFS)

Bring the VES up to Completed VES Release of DFS DFS standard (Feb 2017) (Q1 2018) (May – Dec 2017)

• A major advance on the 2012 Feasibility Study – improved economics, lower risks and costs

• Better understanding of Project’s geology

• Identification of inferred high grade supergene copper ore near surface, which will improve Project economics

• Obtain determination from WA EPA for assessment required to amend permitting for open pit operations (May / June 2017)

• Commence drilling of supergene mineralisation in (July 2017)

• Update geological / resource, mine designs and mining schedules model (Nov 2017)

• Apply for mining proposal amendment (Dec 2017)

• Revised Resource and maiden Reserve and mining schedules for DFS (Nov 2017)

• Secure all mining approvals, including amendments (Dec 2017)

• Finalise DFS report – update mining process, engineering and Project economics (Feb 2018)

• Final investment decision (FID) based on DFS outcome – also forms the main document for financiers’ due diligence (Mar 2018)

14

Sulphur Springs Zinc-Copper Project – Right Project

• Standard flow sheet using existing off the shelf technology

• Well understood process – minimise construction and operation risk

• Produce high grade zinc concentrates (55%) and market specification copper concentrates (26%)

15

Sulphur Springs Zinc-Copper Project – Right Project

Bulk mining – core and shell allows for high productivity and low costs

• Well established / proven mining method

• Previously used at Mount Isa, Mt Charlotte and Marvel Loch

16

Sulphur Springs Zinc-Copper Project – Right Project

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Supergene Resource

• Gossan at surface

• 5 RC holes

• 5 Diamond holes

• Secondary sulphide enrichment

• Sulphide intersection below

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Sulphur Springs Zinc-Copper Project – Right Project

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Sulphur Springs Zinc-Copper Project – Right Project

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Sulphur Springs Zinc Copper Project – Near Mine Exploration

Near Mine Exploration

• Identified EM target base of west lode

• Lever success of geophysics at Salt Creek to Sulphur Springs

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Sulphur Springs Zinc Copper Project – Regional Exploration

Regional Exploration

• ~27km of prospective trend

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Sulphur
Springs
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• Breakers (25m @ 3.8% Zn from 48 – 73m, 9m @ 3.2% Zn from 173 – 181m)

• Man of War (4m @ 3.6% Zn from 119 – 123m)

• Jamesons (6m @ 3.2% Zn from 78 – 84m, 3m @ 8% Zn from 63 – 66m)

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Breakers
Man O War
Jamesons
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Sulphur Springs Financing – Overview

• Venturex will need to develop a project funding package of the order of approximately A$200 million comprising a combination of debt, strategic investments, Joint Venture options, offtake financing and conventional equity

• The objective will be to secure an attractive, flexible funding package for Sulphur Springs that would maximise value for shareholders

• Since the completion of the Value Engineering Study, the Company has received interest from strategic investors and financiers regarding participation in the funding of the Project

• The project has the capacity to support between 60% to 80% debt funding with the remaining 20% to 40% to be raised via a combination of strategic investments, JV, EPC and offtake financing with a view to minimising equity dilution

• BurnVoir Corporate Finance has been appointed to assist with securing an appropriate funding package for Sulphur Springs

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Sulphur Springs Financing – Process

A range of project funding structures will be considered in parallel with a view to delivering a practical funding solution while maximising shareholder value

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Project Review
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• Full DCF financial model on the Project

• Illustrates the timing of project cash flows

• Identify risk and mitigation measures

• Review existing operations, business and arrangements / structure

Execution

Funding Strategy

• Preparation of marketing materials through to

• Early engagement with detailed negotiations with potential financiers to financiers obtain market feedback  Evaluate offers and make

• obtain market feedback  Evaluate offers and make

• Review funding / capital final funding / capital structure options & structure scenarios recommendations to

• Compare the expected Venturex’s Board

• Compare the expected Venturex’s Board trade-offs and agree on an  Arrange funding – approach with Venturex. documentation to achieve financial close

Scope of BurnVoir’s Proposed Role

Project Funding Structure

Senior Debt Debt Capital Markets Mezzanine Finance

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Arrange debt facilities

Hybrids / Convertibles

Prepayment

Offtaker Finance Export Credit Strategic Strategic Partners / Financiers Arrange Equity Equity

Strategic Partners – debt, prepayment, offtake finance & equity facilities

• Develop and analyse capital / funding structure options & scenarios

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Sulphur Springs Zinc Copper Project – Way Forward

Target final investment decision in Q1 CY2018 together with funding offers, followed by construction in Q2 CY2018 and full production by end-2019

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Whim Creek

• Advanced Exploration

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Whim Creek – Substantial Exploration Potential

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• Significant Resources already in-place across several deposits

• Limited effective exploration work undertaken

• VXR has compiled all historical and geological data, through a “back to basics” review which has identified several highly prospective exploration targets

• Renewed use of geophysical techniques to aid exploration (eg recent success at Salt Creek)

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Whim Creek Project - Salt Creek

New Salt Creek structural model and use of downhole geophysics to define drill targets

3 holes drilled all intersecting mineralisation down-plunge – open at depth

High grade intercepts across several drill holes, for example:

• 1.93m @ 23.6% Zn, 13.3% Pb, 802g/t Ag, 1.4g/t Au

• 1.64m @ 43.9% Zn, 19.5% Pb, 550g/t Ag, 0.8g/t Au

• 10.6m @ 1.2% Cu, 4.7% Zn, 0.3g/t Au, 13g/t Ag

• 9.9m @ 8.8% Zn, 0.3% Cu, 1.4% Pb, 0.2g/t Au, 15g/t Ag

• 18.7m @ 2.4% Cu

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Whim Creek Project – Mons Cupri

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• IP survey carried out in mid 2016 identified four anomalous trends

• Key focus is the southern most trend where IP is coincident with strong alternation and historical drill results

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SX-EW Heap Leach Operation

• JV with Blackrock Minerals

• Blackrock Minerals has an access agreement to operate a small SX-EW plant to produce copper cathode to December 2018 via leaching of the historical heap leach pads

• Venturex’s share of net profit is 49%

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• 30 March 2017, Blackrock to purchase 50,000t of copper oxide ore at 1.5% Cu from stockpiles at the Whundo Copper Mine, located 30km south of Karratha

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Note: VXR does not have operational control of the JV so does not provide any production guidance

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Summary Closing Statement

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Venturex Resources – Multiple Pathways to Zinc-Copper Value

VXR Value Proposition

• Market Capitalisation ~A$16m

• Cash ~A$2.0m

• EV ~A$14m

• Share price ~0.7c

Project Development - Sulphur Springs

Regional Exploration - Whim Creek

Sulphur Springs Project

• Max cash out A$183m

• 10-12yr operating life

• NPV8% ~ A$338 million*

• NPV8% ( spot ) ~A$402 million*

Key value drivers for 2017

• Value Engineering Study complete

• Drill supergene / met test work

• Near-mine exploration

• Advance permitting

• Update Value Engineering Study

• Identify funding options

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Whim Creek Project

• Brownfields site

• Existing approvals and infrastructure in place

• Previous studies completed

• Profit share agreement with Black Rock Metals

Key Value drivers for 2017

• Salt Creek

• Geophysics and define drill targets

• Update geological and Resource models

• Mons Cupri

• Geophysics and define drill targets

• Update geological and Resource model

• • Build exploration pipeline

This Production Target must be read in conjunction with the disclaimers and cautionary statements provided in this presentation.

Refer ASX release dated 16 February 2017

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Venturex – Right metals, Right Projects, Right Time

Right metals

• ~910,000t of contained Zinc

• ~320,000t of contained Copper

• Outlook for zinc and copper continues to improve

Right projects

• Sulphur Springs - advanced project advancing to development

• Financing - discussions underway with potential financiers

• Whim Creek – advanced exploration project

• Basic infrastructure in place already

• Uncomplicated mining, processing and path to market

Right time

• Exposure to advanced projects

• Stable operating environment

• Financing under way

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Right Metals

John Nitschke , Managing Director

e: john.nitschke@venturexresources.com Angus Thomson , Geology Manager e: angus.thomson@venturexresources.com Trevor Hart , Company Secretary/CFO e: trevor.hart@venturexresources.com

Right Project

Registered Office Level 2, 91 Havelock Street West Perth WA 6005 T: +61 8 6389 7400 F: +61 8 9463 7836 admin@venturexresources.com www.venturexresources.com

Right Time

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Appendix 1: Resources and Reserves

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ORE RESERVE	ORE RESERVE	ORE RESERVE	ORE RESERVE	ORE RESERVE	ORE RESERVE	ORE RESERVE	ORE RESERVE
Location	JORC Classification	Tonnes ('000t)	Cu %	Zn %	Pb %	Ag g/t	Au g/t
**Whim Creek ***	Probable	221	2.7	1.3	0.7	10.8	0.1
**Mons Cupri ***	Probable	951	1.7	2.2	1.0	47.1	0.3
Sulphur Springs #	Probable	7,280	1.2	3.5	0.1	14.4	0.0
Total		8,452	1.3	3.3	0.2	18.0	0.1

• Refer ASX release 8 October 2013

• Refer ASX release 1 July 2016

• Sulphur Springs Reserves have formed the basis of the Value Engineering Study

• Near-mine opportunities exist to increase the current Resources and Reserves at Sulphur Springs

• In addition, Whim Creek, Mons Cupri, Salt Creek and Liberty-Indee deposits represent highly prospective areas for future growth in Resources and Reserves

• Rounding errors may occur

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Appendix 2: Sulphur Springs Key Physicals

Activity	Units	Total	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10	Year 11	Year 12	Year 13
Supergene Ore Mined Copper Grade	t %	879 3.9%	- -	690 4.2%	189 2.8%	264 2.4%	- -
Sulphide Ore Mined Zinc Grade Mined Copper Grade	t % %	4,130 4.1% 1.3%	- - -	229 2.5% 1.4%	810 3.3% 1.4%	986 5.0% 1.1%	1,002 3.5% 1.2%	1,000 4.5% 1.5%	103 6.4% 1.6%
Waste	'000t	41,734	3,999	10,411	10,126	10,162	6,306	709	22	-	-	-	-	-	-
Strip Ratio (Total Ore)		8.3	-	11.3	10.1	10.3	6.3	0.7	0.2	-	-	-	-	-	-
Sulphur Springs Underground3	‘000t	4,892	-	-	-	-	-	143	693	1,023	989	1,031	762	250	-
Copper Grade	%	1.3%	-	-	-	-	-	1.6%	1.4%	1.6%	1.3%	1.2%	1.3%	1.2%	-
Zinc Grade	%	3.7%	-	-	-	-	-	3.3%	4.1%	4.0%	3.8%	3.8%	3.2%	2.0%	-
Development	m	7,325	-	-	-	-	-	2,922	2,958	1,125	-	-	-	-	-
Kangaroo Caves Underground4	'000t	1,835	-	-	-	-	-	-	-	-	193	442	433	430	337
Copper Grade	%	0.7%	-	-	-	-	-	-	-	-	0.6%	0.7%	0.8%	0.7%	0.6%
Zinc Grade	%	3.8%	-	-	-	-	-	-	-	-	4.7%	4.1%	3.7%	3.0%	4.1%
Development	m	10,134	-	-	-	-	-	-	-	180	3,860	5,306	788	-	-
Ore Processed (Sulphide)	'000t	11,736	-	887	1,000	1,003	1,000	1,000	956	1,003	1,000	1,000	1,000	1,003	885
Copper Head Grade	%	1.4%	-	3.4%	1.8%	1.1%	1.2%	1.4%	1.5%	1.6%	1.3%	1.2%	1.2%	0.8%	0.7%
Zinc Head Grade	%	3.6%	-	1.0%	2.8%	4.9%	3.5%	4.1%	4.6%	4.0%	3.8%	3.9%	3.4%	3.3%	3.8%
Copper Recovery	%	90
Copper Concentrate Grade	%	26
Zinc Recovery	%	93
Zinc Concentrate Grade	%	55
Concentrate Produced Copper	'000 wmt	619	-	114	65	41	46	53	52	59	47	44	44	31	22
Concentrate Produced Zinc	'000 wmt	774	-	16	52	90	63	76	81	74	69	71	62	60	62
Payable Cu in con (96.5%)	'000t	144	-	26	15	10	11	12	12	14	11	10	10	7	5
Payable Zn in con (85%)	'000t	335	-	7	22	39	27	33	35	32	30	31	27	26	27

This Production Target must be read in conjunction with the cautionary statements in this presentation and refer ASX release dated 16 February 2017 Resource Recovery of 95% at 10% dilution, Resource Recovery of 80 to 95% at 10 to 25% dilution, Resource Recovery of 95% at 10% dilution

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Appendix 3: Sulphur Springs Key Economics

		Total	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10	Year 11	Year 12	Year 13
Capital – Life of Mine		$’000
Process Plant and Infrastructure		162,449	147,864	14,585	-	-	-	-	-	-	-	-	-	-	-
Mine Infrastructure		23,957	5,383	2,304	2,304	2,304	6,031	2,050	1,269	768	648	470	31	19	377
Mine Development		51,255	13,157	-	-	-	2,243	12,614	7,369	1,101	10,671	4,100	-	-	-
Sustaining		31,939	-	550	3,210	2,390	3,217	3,518	2,563	4,118	2,608	4,658	2,608	2,499	-
Rehabilitation (net of salvage)		18,479	-	-	-	-	346	346	346	1,150	1,150	1,150	642	-	13,349
Total Life of Mine Capital		288,079	166,405	17,438	5,514	4,694	11,836	18,528	11,547	7,137	15,078	10,378	3,281	2,518	13,725
Peak Cash Draw		183,165
Operating Costs	$ / ore t	$’000
SS Open Pit	34.46	172,641	-	36,236	41,218	41,503	35,717	15,639	2,326	-	-	-	-	-	-
SS Underground	37.19	181,931	-	-	-	-	825	22,633	39,547	36,557	26,863	25,271	21,570	8,665	-
KC Underground	58.85	107,989	-	-	-	-	-	-	-	121	16,086	38,827	21,781	19,523	11,652
Processing and G&A	39.75	466,474	-	35,247	39,746	39,855	39,746	39,746	37,998	39,855	39,746	39,746	39,746	39,855	35,189
Conc. Transport, Treatment & Royalties	49.97	581,417	-	49,597	48,029	55,681	46,016	53,725	55,575	54,744	48,833	48,478	44,619	39,411	36,708
Total Operating Costs (Ave)	129.13	1,510,452	-	121,080	128,993	137,040	122,305	131,743	135,446	131,276	131,529	152,322	127,716	107,455	83,548
Copper C1 Cost	US$/lb	0.58
Zinc C1 Cost	US$/lb	0.14
Copper C1 Cost (exc by-products)	US$/lb	1.49
Zinc C1 Cost (exc by-products)	US$/lb	0.72
Revenue (Price Deck)	$M	2,400	-	253	210	217	187	220	226	227	199	195	181	152	134
Cash flow (Price Deck)	$M	601	-166	114	75	75	53	69	79	89	52	32	50	42	37
		Price Deck	Spot
Project Pre-Tax NPV8	$M	338	402
Project IRR	%	52%	54%
Payback	Years	1.6	1.7

This Production Target must be read in conjunction with the cautionary statements within this presentation and refer ASX release 16 February 2017. 2 Price Deck Zn US$1.15/lb; Cu US$2.93/lb; FX US$0.76 Zinc TC US$235/tonne Copper TC/RC US$92.5/US$0.0925 8% moisture 3Spot Prices (February 2017) Zn US$1.29/lb; Cu US$2.72/lb; FX US$0.754 Zinc TC US$170/tonne Copper TC/RC US$92.5/US$0.0925 8% moisture

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Appendix 4: Whim Creek Project – Mons Cupri IP Survey

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----- Start of picture text -----

Chargeability indicating
possible extensions to existing
Mons Cupri Resources
Mons Cupri Mine
Area
Chargeability
indicating
possible repeat
of Mons Cupri
mineralisation
----- End of picture text -----

• IP Survey successfully defined areas of strong chargeability in the vicinity of the known mineralisation as shown in the isometric view of chargeability traverses

• Target areas have been prioritised based on know geology

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37

Appendix 5: Whim Creek Project – Liberty Indee

• Previous mined copper oxide

during 1890’s

• 10km strike length of folded sequence of mafic to felsic volcanics and sediments

• Hosts the Evelyn deposit with a Resource of 0.66Mt at 1.8% Cu, 3.7% Zn and remains open at depth

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Ground EM Survey

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• VTEM survey identified 45 potential targets

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38

Appendix 6: Sulphur Springs Financing

A conventional project financing would comprise:

• ~60% to 80% debt funding

• balance of ~20% to 40% funded by strategic investments, JV’s or conventional equity (combined or standalone)

Venturex will also consider a combination of alternative funding options and structures if it is value accretive to shareholders

This include high-yield debt, hybrids, convertible notes, EPC/ vendor financing, prepayments, offtake funding and/or JV’s

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Overview of Funding Structure and Options

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----- Start of picture text -----

Existing Cash Equity raising
100% ownership
Debt Funding Options Security Package Offtake Agreements
Senior Debt Zn Concentrate
(e.g. Loan/ Bond) Offtaker
Sulphur Springs
Cu Concentrate
Mezzanine Debt
Offtaker
Copper-Zinc
Project Offtake Funding
Convertible Note/ Hybrid
Alternative Funding Options
Strategic Investment
Operation Power
Joint Venture (JV)
Mining Contract Power Supply Contract
Prepayments
Construction Transport
Construction Agreement Transport Contract
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Appendix 6: Sulphur Springs Financing (cont.)

Venturex is seeking for project funding package sized at ca. A$200 million* comprising a combination of debt, strategic investments / JV, offtake financing and conventional equity

	Net Funding Requirements	Net Funding Requirements
	Items A$ mil Cash Balance (as at 31 March 2017) 2.1 Less: Uses of Funds SSOP Cost of Construction 16.8 Site Cost of Construction 164.8 Subtotal Cost of Construction 181.6 Operating costs during Construction 14.9 Total Uses 196.5 Net Funding Requirement 194.4
	Items	A$ mil
	Cash Balance (as at 31 March 2017)	2.1
	Less: Uses of Funds
	SSOP Cost of Construction	16.8
	Site Cost of Construction	164.8
	Subtotal Cost of Construction	181.6
	Operating costs during Construction	14.9
	Total Uses	196.5
	Net Funding Requirement	194.4
* subject to the funding strategy undertaken

* subject to the funding strategy undertaken

• The objective will be to secure an attractive, flexible funding package for Sulphur Springs that would maximise value for shareholders by early Q2 CY2018

• Since the completion of the Value Engineering Study, Venturex has received interest from strategic investors and financiers regarding participation in the funding of the Sulphur Springs Copper-Zinc Project

• The project has the capacity to support between 60% to 80% debt funding with the remaining to be sourced from conventional equity, strategic investments, EPC and offtake financing, and/or JV options

• Venturex is open to exploring alternative funding options

• Excluding debt-related fees and cash reserve requirements

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Appendix 6: Sulphur Springs Financing (cont.)

Our preliminary analysis indicate that the Project has the capacity to support at least 60% debt funding at conservative debt service coverage ratio of 2x, subject to assumptions

Market and operational assumptions:

• Flat US$2.58/lb Cu and US$1.18/lb Zn (based on spot price as at 5 May 2017)

• AUD/USD rate of 0.75 (spot rate as at 5 May 2017)

• 12 months construction starting in Q2 CY2018

• Production profile based on Value Engineering Study, with first production in Q2 CY2019

For the analysis, we have assumed the terms below for the debt funding. These terms are indicative and may change in the course of negotiation with financiers:

• 5-year repayment term, with minimum rolling debt service cover ratio (“ DSCR ”) of 2x

• Debt service reserve requirement of 6 months

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Annual Summary Debt Cashflows

A$ million	2018	2019	2020	2021	2022	2023	2024
Senior CFADS	-	66.0	75.4	40.1	51.6	63.9	44.9
Drawdown	138.9	-	-	-	-	-	-
Interest During Construction	2.0	4.1	-	-	-	-	-
Principal Repayment	-	(21.1)	(36.7)	(14.9)	(23.9)	(26.9)	(21.5)
Closing Debt Balance	140.9	123.9	87.2	72.3	48.4	21.5	-
Interest Expense and Fees	3.9	4.2	6.4	5.1	3.9	2.6	0.6

Debt Amortisation Profile

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----- Start of picture text -----

160 Senior Debt Amortisation Senior Rolling 12-mth DSCR 3.50
140 3.00
120
2.50
100
2.00
80
1.50
60
1.00
40
20 0.50
0 -
DSCR (x)
Debt Balance (A$ million)
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