DEVELOP GLOBAL LIMITED — Capital/Financing Update 2020

Jun 9, 2020

ASX/Media Release

10 June 2020

==> picture [217 x 73] intentionally omitted <==

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

ASX: VXR
----- End of picture text -----

VENTUREX TO RAISE UP TO $4 MILLION TO RECOMMENCE DRILLING AT HIGH PRIORITY VMS TARGETS

Australian base metal developer Venturex Resources Ltd ( Venturex or the Company ) (ASX: VXR) is pleased to announce it has received binding commitments for a placement of 45.45 million new shares at an issue price $0.055 per share ( New Shares ), to raise $2.5 million (before costs) ( Placement ).

In addition to the Placement, the Company intends to undertake a Share Purchase Plan ( SPP ) to raise up to an additional $1.5 million, providing existing shareholders an opportunity to subscribe for new shares in the Company on the same terms as Placement participants.

Proceeds raised from the Placement and SPP will be immediately applied to an exploration drilling programme designed to follow-up high-grade intersections from the successful 2019 Breakers drill programme (ASX release 17[th] July 2019 and 4[th] September 1019). Following the Breakers programme the Company intends to drill test a number of advanced VMS targets identified along the highly prospective Panorama VMS Trend.

Proceeds from the capital raising will also be used to advance secondary approvals for the Sulphur Springs Cu – Zn project and for general working capital.

Hartleys Limited acted as Lead Manager and Bookrunner to the Placement.

Venturex Executive Director, Mr Anthony Reilly, commented: “Given the challenging market conditions for small cap companies we are very pleased with the strong support shown for the Placement and welcome these new investors to our register.

As a priority, the Company intends to conduct an exploration drilling programme at highly prospective targets on the Panorama VMS trend and we will provide a further detailed exploration update upon completion of this capital raising”.

Placement

The Placement was undertaken at an issue price of 5.5 cents per New Share, raising approximately $2.5 million (before costs). Placement participants will also be issued with one (1) attaching unlisted Option for every two (2) New Shares subscribed ( Option ). The Options will be issued subject to shareholder approval and will be exercisable at $0.10 on or before 15[th] December 2021.

The Placement price represented a discount of 14% to the Company’s last traded price and a 17.6% to the Company’s 20-day volume-weighted average price immediately prior to launching the Placement.

The Placement will be made to a number of unrelated qualified, institutional, sophisticated and professional investors of Hartleys Limited and will be completed in two tranches:

• The first Tranche is for up to 34,418,400 Shares to raise approximately $1.9 million (before costs) ( Tranche 1 ). The Tranche 1 Shares are expected to be issued on Wednesday, 17 June 2020 under the Company’s Listing Rule 7.1 placement capacity (6,105,600 Shares) and Listing Rule 7.1A additional placement capacity (28,312,800 Shares) and are therefore not subject to shareholder approval; and

Venturex Resources Limited (ASX: VXR) Level 2, 91 Havelock Street, West Perth WA 6005 | PO Box 585, West Perth WA 6872 T: +61 8 6389 7400 | admin@venturexresources.com |www.venturexresources.com ABN: 28 122 180 205

1

==> picture [89 x 31] intentionally omitted <==

• The balance of the Placement, comprising a further 11,052,300 Shares to raise an additional ~$608,000 (before costs) ( Tranche 2 ), together with all free attaching Options, will be issued subject to shareholder approval at a general meeting of the Company’s shareholders to be held around mid to late July 2020.

Share Purchase Plan

The Company is pleased to offer existing shareholders the opportunity to subscribe for up to $30,000 of new shares at a purchase price of $0.055 via an SPP to raise up to an additional $1.5 million. SPP investors will also be eligible to receive the 1:2 attaching option on the same terms as the Placement New Shares.

Shareholders on the Venturex register at 5:00pm (WST) on 9 June 2020 (Record date), with a registered address in Australia or New Zealand will be entitled to subscribe for up to $30,000 worth of Venturex’s shares through the SPP, subject to eligibility criteria and other terms and conditions of the SPP which will be set out in the SPP booklet and dispatched to eligible shareholders. Shares issued under the SPP will rank equally with existing shares of Venturex.

Further details of the SPP, including key dates will be mailed to shareholders over the coming week.

The Company’s largest shareholder, Northern Star Resources Ltd ( Northern Star ) with a 19.7% shareholding, has the option to convert a proportion of its current $2 million loan, on the same terms as the Placement and SPP, to maintain its position in the Company (ASX release 6[th] December 2019) up to 19.9% relevant interest.

Authorised for release to the ASX by Anthony Reilly, Executive Director.

For further information, please contact:

Investors

Anthony Reilly Venturex Resources Limited Ph: +61 8 6389 7400 Email: admin@venturexresources.com

Media

Nicholas Read Read Corporate Ph: +61 8 9388 1474 info@readcorporate.com.au

About Venturex Resources Limited

Venturex Resources Limited (ASX: VXR) is an exploration and development company with two advanced copper-zinc projects near Port Hedland in the Pilbara region of Western Australia. The two projects are the Sulphur Springs Project which includes the Sulphur Springs and Kangaroos Caves deposits, plus 27km of prospective tenements on the Panorama trend; and the Whim Creek Project, which includes the Resources at the Whim Creek, Mons Cupri and Salt Creek mines together with the Evelyn project and 18,100 ha of prospective tenements over the Whim Creek basin. The Company’s focus is on securing environmental approvals and project finance for its flagship Sulphur Springs Project, paving the way for its transformation into a new mid-tier ASX-listed base metal producer in the near term. This will position it to be a long-term supplier of copper and zinc to global markets at a time when significant shortfalls are expected for both metals, especially copper.

Venturex Resources Limited (ASX: VXR)

2