DEVELOP GLOBAL LIMITED — Investor Presentation 2019

Nov 28, 2019

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ASX: VXR

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Disclaimer

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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.

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– Sulphur Springs Project Summary

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• ➢ Located in world-class Pilbara

• district with several mines in the area

• ➢ One of the only ASX listed Copper developers who is “development ready”

• ➢ Mining Inventory 12.6Mt @ 1.4% Cu and 3.63% Zn [1]

• ➢ Initial +10yr mine life , producing Cu & Zn concentrates

• ➢ Native Title Agreement in place

• ➢ Pre Production Capex AUD $169M

• ➢ Funding strategy well advanced Trafigura facility USD $70M

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• 1Refer ASX Release 10 October 2018

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– Sulphur Springs Key Fundamentals

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Mining Open pit mining – 5 years Methodology Underground mining – 5+ years

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Simple crush, grind, floatation process Producing copper and zinc concentrates

Processing Strategy

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Tailings Management

Standard valley fill TSF

• Post-tax NPV8 = A$310M ;

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Project Financials

• Post-tax IRR = 39%

• LOM Free Cash Flow = A$818M

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“Sulphur Springs employs best practice mine design, processing methodologies and tailings management in line with industry standards, regulations and similar operations Western Australia and Australia wide”

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4

– Public Benefits Sulphur Springs

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Project Relevance Employment Taxes & Royalties Expenditure Project Longevity ~ Copper a stable, 300 full-time +$750M in taxes $1.5 Billion 10 year initial life highly in demand employees (~450 and royalties over project of mine with commodity ramp up scenario) first 10 years expenditure in the significant upside first 10 years Copper a key Indigenous A significant High potential to requirement for employment contributor to the Majority of create a +30-40 EVs and economy of expenditure with year mining renewable energy Western Australia Australian based region in the businesses Pilbara

As completed by Deloitte for a Cost Benefit Analysis – April 2019

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– Sulphur Springs Approval Summary

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Concept Change

Previous Approval

2014

2016

Open pit /Underground mine Tailings Storage Facility Associated infrastructure

Underground mine

Dry stacked tailings Associated infrastructure

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Key Changes

2016 - Current

Mining Method

Open pit & underground Tailings Storage Facility

• Consistent with other approved TSFs

• Nov 2019 - Request to re-locate TSF in proposal before the EPA

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Sulphur Springs - EPA Environmental Approval Timeline

• ➢ Underground only Project Approved (via Mining Proposal)

• Feb ‘14

• ➢ New approval sought with open pit and Valley Fill TSF submitted

• Dec ‘16

• ➢ Draft ERD submitted

• Jun ’18

• ➢ EPA request for amendments

• Sep ’18

• ➢ Draft ERD (Rev1) submitted

• Nov ’18

• ➢ Additional information requests from EPA

• Jan ‘19

• ➢ Peer review requested by EPA

• Mar ’19

• ➢ Positive peer review completed and additional findings accommodated

• Jun ’19

• ➢ ERD Rev 5 submitted

• 3 Oct ‘19

• ➢ EPA Board meeting and presentation

• -24 Oct ’19

• ➢ Further engagement with DMIRS and DWER

• Oct ‘19 – Nov ’19

• ➢ EPA meeting and update of proposal changes

• 21 Nov ’19

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• ➢ Targeting Jan/Feb EPA Board meeting

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EPA Assessment – Tailings Dam Location

➢ DMIRS Highlighted Post-Closure Risks

• ➢ Long term containment integrity and management of the proposed tailings storage facility

• ➢ Long term risk of mine pit water overflow - discharge of contaminated water

• ➢ After further consultation in October and November 2019 Venturex has opted to alter the proposal to relocate the TSF upgradient of the mine pit

• ➢ Effectively de-risks the stated post closure concerns.

• ➢ Tailings seepage reports to mine pit

• ➢ Catchment diversion ensures mine pit will not overflow

• ➢ Relocation avoids individuals of conservation significant species – pityrodia Marble Bar and Northern Quoll

• ➢ Positive engagement with DMIRS Enviro and Safety

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Post EPA Approval– next steps

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• ➢ Finalise Trafigura finance

• ➢ Commence Infra-Structure Tender Process

• ➢ EPC

• ➢ Mining

• ➢ Haul Road

• ➢ Power

• ➢ Civils

• ➢ Camp

• ➢ Strategic Equity

• ➢ Further approvals- Mining proposal, Works approval, Groundwater Licence

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Exploration

• ➢ +27km highly prospective Archaean Panorama Trend

• ➢ High grade copper-zinc Volcanogenic Massive Sulphide (VMS) mineralisation in an under-explored belt

• ➢ Currently +17.3 Mt VMS base metal endowment[1]

• ➢ High potential for additional look alike deposits

• ➢ Systematic, multi-phase exploration strategy

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Bledisloe Sulphur Springs
Kangaroo Caves
Breakers
Traunstein
Man O War
Anomaly 45
Jameson
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1. See Appendix 1 (Mineral Resources Statements)

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Exploration – Breakers

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733,000 mE
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BKR009: NSI
BKR007: 8m @ 3.37% Zn,
0.29% Pb & 6.45g/t Ag
BKR008: NSI
BKR006: NSI
BKP001: 22m @ 4.16% Zn,
0.94% Pb & 10.3g/t Ag [1]
BKR005: 18m @ 7.7% Zn, 2.0%
BKD002: 8.8m @ 3.25% Pb, 0.25% Cu & 24.1g/t Ag
Zn & 0.20% Pb [1]
BKR004: 23m @ 0.9% Zn
BKR003: 6m @ 0.5% Zn
BKR002: 1m @ 0.8% Zn 500 metres #
GDA94 MGA Zone 50
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• ➢ Highly successful 2019 exploration campaign (ASX releases 18, 26 June, 17 July & 4 September 2019)

• ➢ WA government to co-fund additional deep drilling at Breakers (EIS Co-funded Drilling)

• ➢ Drilling will targeting depth extension of high-grade Zn-PbAg+/-Cu intersected in the 2019 drilling

Legend

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Marker Chert (at surface)
Gossan (surface)
Historic drillhole (intersection)
2019 drillhole (intersection)
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Semi-massive to massive Pyrite-Galenachalcopyrite mineralisation (VMS)

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Exploration – Breakers

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TARGET AREAS
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Refer ASX Release 4 September 2019

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Exploration – New Targets

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• ➢ Modern geophysics unlocking and identifying new targets

• ➢ AEM Survey identifies a number of ‘blind’ EM targets in the NW of the project area.

• ➢ Field mapping and sampling identify highly elevated VMS pathfinder anomalism at ‘Marker Chert’

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EM Targets
Breakers
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Conductive AEM Targets at depth (~100m)

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Refer ASX Release 4 September 2019

1.See asx release 1 May 2019

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Venturex Resources – Board of Directors

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• Former solicitor with over 35 years experience in the management and operation of listed public companies

▪ Current Chairman of Pilbara Minerals Limited and Saracen Mineral Holdings Limited

• Advised extensively in the fields of resources and media

Mr Darren Stralow Non-Executive Director

Mr Anthony Kiernan (AM) Non-Executive Chairman

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Mr Anthony Reilly Executive Director

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• Mining engineer with over 18 years experience in the resources industry

• Current Chief Development Officer for Northern Star Resources Limited

• Graduate of Western Australian School of Mines

• Member of the Australasian Institute of Mining and Metallurgy (MAusIMM)

• 20 years investment banking experience including financial markets, financial risk management and corporate finance

• 10 years working in the development mining space

• A member of the Venturex Resources executive team for the Sulphur Springs acquisition

• A founding Director of a private Brazil incorporated gold exploration company

• Served as an Executive Director of several ASX listed resource Companies

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Building an Australian Base Metals business.

Anthony Reilly

Executive Director

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ASX: VXR

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

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Important Information and Disclaimer

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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 Luke Gibson who is an employee of the Company. Mr Gibson is a member of the Australian Institute of Geoscientists and Mr Gibson 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 10th 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 DFS 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 – Inventory and Resources Table

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Sulphur Springs Resources (2018)[1]

Whim Creek Resources (2018)[2]

Indicated	Indicated	Indicated	Indicated
Mt	Cu %	Zn %	Ag g/t
11.7	1.4	4.2	17
Inferred
Mt	Cu %	Zn %	Ag g/t
5.7	1.2	4.4	18

Measured	Measured	Measured	Measured	Measured	Measured
Mt	Cu %	Zn %	**Pb % **	**Ag g/t **	Au g/t
1.07	1.5	1.7	0.7	38	0.3
Indicated
Mt	Cu %	Zn %	**Pb % **	**Ag g/t **	Au g/t
5.97	1.1	1.6	0.4	18	0.2
Inferred
Mt	Cu %	Zn %	**Pb % **	**Ag g/t **	Au g/t
1.55	0.7	3.6	1.0	31	0.2

Total	Total	Total	Total
Mt	Cu %	Zn %	Ag g/t
17.4	1.3	4.2	17

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Grand Total	Grand Total	Grand Total	Grand Total	Grand Total	Grand Total
Mt	Cu %	Zn %	Pb %	Ag g/t	Au g/t
25.9	1.24	3.47	0.18	19	0.1

Total	Total	Total	Total	Total	Total
Mt	Cu %	Zn %	Pb %	**Ag g/t **	Au g/t
8.55	1.1	1.9	0.5	23	0.2

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1Includes Kangaroo Caves Resources – Refer ASX announcements 22 September 2015 and 21 March 2018

2Whim Creek comprises of Whim Creek, Mons Cupri, Evelyn and Salt Creek deposits – Refer ASX announcements 8 Oct 2013 and 23 March 2018

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