DEVELOP GLOBAL LIMITED — Regulatory Filings 2018

Oct 16, 2018

AJ SAVERIMUTTO | Managing Director

Important information & Disclaimer

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 forward-looking 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 forward looking 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. The Production Target (and the forward looking financial information based on that Production Target) contained in the DFS includes material classified as Ore Reserves and Inferred Resources. Material classified as Ore Reserves contributes ~68% of the material within the LOM Production Target and Inferred Resources contribute ~32% of material included within the LOM Production Target. The mine plan has been sequenced to ensure that the reliance on material contributed from Inferred Resources is minimised within the first 5 years and the Company is satisfied that the proportion of Inferred Resources is not a determining factor for project viability. Nonetheless, the Company notes there is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the determination of Indicated Resources or that the LOM Production Target insofar as it relates to the Inferred Resources will be realised.

Competency Statement

The information in this presentation that relates Geophysical Exploration Results is based on information compiled by Mr Russell Mortimer, who is employed as a Consultant to the Company through geophysical consultancy Southern Geoscience Consultants Pty Ltd. Mr Mortimer is a member of the Australian Institute of Geoscientists and a member of the Australian Society of Exploration Geophysicists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

The information in this presentation that relates to Exploration Results at the Sulphur Springs Project is based on information by Mr Stefan Gawlinski who is employed as a Consultant to the Company. Mr Gawlinski is a member of the Australian Institute of Geoscientists and Mr Gawlinski has sufficient experience with the style of mineralisation and the type of deposit under consideration.

The information in this presentation that relates Exploration Results at the Whim Creek Project is based on information compiled by Mr James Guy who is employee of the Company. Mr Guy is a member of the Australian Institute of Geoscientists and Mr Guyn has sufficient experience with the style of mineralisation and the type of deposit under consideration.

The information contained in this presentation relating to the Whim Creek Projects Resources and Reserves was previously released in announcements Company Resource and Reserve Statement – Revised released 8 October 2013 and 23 March 2018.

The information contained in this presentation relating to the Kangaroo Caves Resources was previously released in announcements issued 22 September 2015, based on information compiled or reviewed by Mr David Milton, Hardrock Mining Consultants Pty Ltd who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Milton 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 2012 – Refer Edition of the “Australasian Code for Reporting of Mineral Resources”.

The information contained in this presentation relating to the Sulphur Springs Resources was previously released in announcements issued 21 March 2018, based on information compiled or reviewed by Mr David Milton of Mil Min Pty Ltd who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Milton 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 2012 – Refer Edition of the “Australasian Code for Reporting of Mineral Resources”.

The information contained in this presentation relating to the Sulphur Springs Reserves was previously released in ASX announcement dated 10[th] October 2018 based on information compiled or reviewed by Mr Daniel Donald, of Entech Pty Ltd who is a member of the Australasian Institute of Mining and Metallurgy. Mr Donald has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to quality as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Reserves”.

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 Definitive Feasibility Study announcement issued 10 October 2018 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.

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Venturex Resources is a base metals developer based in the Pilbara, Western Australia.

Venturex Resources has a large, quality asset base and is well positioned for production and growth in global copper and zinc markets.

We’re building an Australian base metals business.

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Corporate Snapshot | Board & Management Team

Board

Management

Anthony (Tony) Kiernan Non-Executive Chairman

Former lawyer with 35 years listed company management experience

Ajanth (AJ) Saverimutto Managing Director Mining Engineer with 20 years mine development and financing experience

Trevor Hart

CFO & Company Secretary

CPA with over 20 years senior experience in listed companies

Alex Biggs

Project Manager

Mining Engineer with experience in the consulting, operations and finance sectors

Anthony Reilly Executive Director 20 years banking, finance and resource sector experience

Luke Gibson

Geology Manager

Geologist with experience in VMS base metals exploration and development

Darren Stralow

Non-Executive Director

Mining Engineer with 18 years mine operations and management experience

Emma Bamforth

Environmental Manager

Experience in environmental approvals and compliance in the mining and resource industry

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Metrics & Shareholders Corporate Snapshot |

Key Metrics

Share price ($AUD) 0.18 Shares on Issue (M) 240 Market capitalisation (M$AUD) 43 Top 5 Shareholders %

Northern Star Resources Ltd 19.0 Regent Pacific Group Ltd 16.3 Precision Opportunities Fund Ltd 6.2

Top 3 shareholders hold ~42% of shares on issue as of 1 Oct 2018

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Henghou Industries (Hong Kong) Ltd 4.4

Directors/Management 3.0

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Investment Highlights | Timing, Profitability, Growth

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Market Timing Project & Profitability Copper and Zinc prices up over A robust and profitable project last 12 months High margin project with open pit Low LME stockpiles and underground operations Project discovery pipeline Low cost, economy of scale stunted over last few years operation Strong forward markets Cornerstone asset

Poised for Growth DFS Complete Funding in Progress Strong Exploration Potential Northern Star ~ 19% shareholder

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Market Timing

Diminishing Supply | Market Timing

Supply shortfall expected by 2020

o Resource depletion on current projects

• Grade decline

o Lack of investment in new projects

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o Falling copper inventories
o Chinas Belt and Road (~7% increase in Demand per
year)
4Mt
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SOURCE : Wood Mackenzie

SOURCE : Bloomberg, LME, SHFE, Comex Sept 2018

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Strong Demand from EVs | Market Timing

Electric Vehicles (EVs)

• Electric Vehicles (EVs) are a major growth market

• An average EV needs 4 x the copper of a conventional

• medium sized car

• The EV fleet will be 230 million in 2035 and 750 million by 2050 equivalent to half the global fleet[1]

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SOURCE: International Copper Association, US Global Investors

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Kg of Copper
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SOURCE: Visual capitalist, US Global Investors

• 1UBS Global Research, 29 August 2017, “Copper: Electric Vehicles & Charging Infrastructure to Accelerate Demand”.

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Project & Profitability

Australian Mines & Metal Endowment | Project & Profitability

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Resource (Mt)
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SOURCE : VXR, MMG, SLR, MLS, ERL, MRP, SYV, HRR, RVR, IGO, NQ (NEX), THX, SFR, HOR, G1A Copper equivalent calculated at metal price assumptions: Cu = USD6450/t, Zn = USD2,535/t, Pb = USD2,050/t, Au = USD1,200/oz. Bubble size according to copper equivalent metal in stated resource.

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DFS – Financial Results | Project & Profitability

• Excellent project financials

• NPV[8] = AUD 472 MM

• IRR = 51%

• Free Cash Flow = AUD 818 MM

• Average cash flow of ~AUD 80 MM per year

• Infrastructure Capital cost reduction to AUD146MM (including contingency)

• Increased plant capacity to 1.25 Mtpa from 1.00Mtpa

• Increased Ore Reserve from 7MMt @ 1.1% Cu and 3.5% Zn to 8.5Mt @ 1.4% Cu and 3.1% Zn (an increase of 42% in contained Cu metal)

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NPV [8 ]
AUD 472
Million [1 ]
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Increased financial viability Increased production rate Reduced capital cost I I

1NPV calculated on following assumptions: Cu = USD6,300/t, Zn = USD2,650/t, AUD:USD = 0.72

Project Design | Project & Profitability

Open Pit Design

• Optimised open pit design

• o Strip ratio from 11:1 to 8:1

• Geotechnically optimised

Underground Design

• Bulk mining method (Modified – SLC)

• o Low capital development requirement o Low cost extraction methodology

Metallurgy

• 1.25Mtpa plant

• Larger grind size

• Simple crush, grind float

Infrastructure

• Camp purchase

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• Access road optimised

• Fit for purpose and Upgradable

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DFS vs VES | Project & Profitability

**Definitive Feasibility Study (2018)1 **	Metric	**Value Engineering Study (2017)2 **
472	NPV8 (AUD M)	338
51	IRR (%)	52
2,625	Gross Revenue (AUD M)	2,400
818	Free Cash Flow (AUD M)	601
169 (15 months)	Capex (AUD M)	167 (12 months)
12.6	Ore Inventory (Mt)	11.7
1.25	Production (Mtpa)	1.00
11.75	Mine Life (Years)	12.75
8.5Mt @ 1.4% Cu and 3.1% Zn	Reserves	7.3MMt @ 1.2% Cu and 3.5% Zn
3.6	Payback Period (Years)	2.6
152	Recovered Copper Metal (kt)	149
411	Recovered Zinc Metal (kt)	394

1DFS figures calculated at: Cu = USD6,300/t, Zn = USD2,650/t, AUD:USD = 0.72

2VES figures calculated at: Cu = USD6,450/t, Zn = USD2,535/t, AUD:USD = 0.76

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Operating Costs | Project & Profitability

A Cornerstone Asset

LOM Costs

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Output	Unit	Value
NPV8%	AUD M	472
Free Cash Flow	AUD M	818
Revenue	AUD/t	209
Operating Cost Per Tonne	AUD/t	122
Capital Cost per Tonne	AUD/t	22
Total Cost per Tonne	AUD/t	144
Margin	AUD/t	65

Mining Area	Tonnes (Mt)	Cu (%)	Cu Metal (kt)*	Zn (%)	Zn Metal (kt)*
Sulphur Springs Open Pit	5.1	1.8	90	3.4	176
Sulphur Springs Underground	5.6	1.4	79	3.7	207
Kangaroo Caves Underground	1.8	0.7	12	3.8	70
Total Mining Inventory	12.6	1.4	181	3.6	453

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Production Profile | Project & Profitability

Processing Schedule – Tonnes, Grades & Mining Location

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Cash Flow | Project & Profitability

Project Undiscounted Cash Flow Waterfall

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Cash Flow | Project & Profitability

Project Cash Flow – Periodic & Cumulative

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Peak Cash Draw
Payback
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Schedule to Production | Project & Profitability

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Poised For Growth

Poised for Growth Panorama Exploration |

• +27km VMS belt

• Potential for further look alike deposits

• Surface gossan identified at numerous prospects

• Drill program to follow

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Panorama Trend | Poised for Growth

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Poised for Growth Value Proposition |

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Value	Markets	Shareholders	Exploration	Strong Vision
Cornerstone assets	Strong projections	Support of major	27 km of ground	Robust strategy
	for Cu and Zn	shareholders	similar to Sulphur
Excellent economics	markets	Northern Star	Springs	Strong vision
		Resources
Development ready	Increasing global		VMS belt with	Proven team
	demand for	Actively supporting	potential multiple
	standard and new	project build	deposits
	applications
			Sulphur Springs
	Diminishing global		deep targets
	supply tightening
	market

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Building an Australian base metals business

AJ SAVERIMUTTO | Managing Director