DEVELOP GLOBAL LIMITED — Regulatory Filings 2021

Jan 28, 2021

Appendix 5B

Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

Rule 5.5

Appendix 5B – 2nd Quarter 2020/2021

Mining Exploration Entity Quarterly Report

Name of Entity:

	Name of Entity:	Name of Entity:	Name of Entity:	Name of Entity:	Name of Entity:
	Venturex Resources Limited(ASX Code: VXR)
	ABN: 28 122 180 205
				31 December 2020
	Consolidated Statement of Cash Flows			Current Quarter $A’000	Year to Date (6 months) $A’000
	1. 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8	Cash Flows from Operating Activities Receipts from customers(1) Payments for: (a) exploration and evaluation(2) (b) development (c) production (d) staff costs (e) administration and corporate Dividends received (see note 3) Interest received Interest and other costs of finance paid Income taxes paid Government grants and tax incentives (R&D) Other(Government Stimulus)		6 265 - - (279) (164) - 1 (141) - - 34	39 (297) - - (536) (351) - 9 (143) - - 163
	1.9	Net Cash from (used in) Operating Activities		(278)	(1,116)
	(1)Receipts from customers include rental of accommodation camp.
	2. 2.1 2.2 2.3 2.4 2.5	Cash Flows from Investing Activities Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (f) other non-current assets(3) Cash flows from loans to other entities Dividends received (see note 3) Other	- - - (1,032) - - - - - - 150 - - -		- - - (1,390) - - - - - - 150 - - -
	2.6	Net cash from / (used in) Investing Activities	(882)		(1,240)

(3) Non-refundable deposit for Whim Creek Joint Venture.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

		Current Quarter $A’000	Year to Date (6 months) $A’000
3. 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9	Cash Flows from Financing Activities Proceeds from issues of equity securities (excluding convertible debt securities) Proceeds from issue of convertible debt securities Proceeds from exercise of options Transaction costs related to issues of equity securities or convertible debt securities Proceeds from borrowings Repayment of borrowings Transaction costs related to loans and borrowings Dividends paid Other	- - 410 (81) - (67) - - -	2,716 - 410 (298) - (134) - - -
3.10	Net cash from (used in) Financing Activities	262	2,694
4. 4.1 4.2 4.3 4.4 4.5	Net Increase / (Decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held	3,493 (278) (882) 262 -	2,257 (1,116) (1,240) 2,694 -
4.6	Cash and Cash Equivalents at end of period (4)	2,595	2,595
5.	Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the account.	Current Quarter $A’000	Previous Quarter $A’000
5.1 5.2 5.3 5.4	Bank balances Call deposits Bank overdrafts Other (provide details)	135 2,460 - -	78 3,415 - -
5.5	Cash and cash equivalents at End of Quarter(should equal item 4.6 above) (4)	2,595	3,493

(4)At 31 December 2020 Venturex Resources Ltd had $30k utilised to cash back guarantees that do not appear in the cash flow.

Venturex Resources Limited has five controlled entities incorporated in Australia, (Venturex Pilbara Pty Ltd, Venturex Sulphur Springs Pty Ltd, Jutt Resources Pty Ltd, Juranium Pty Ltd and CMG Gold Ltd). The Consolidated Statement of Cash Flows covers Venturex Resources Limited and its controlled entities.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 6.2 Aggregate amount of payments to related parties and their associates included in item 2	Current Quarter $A’000
	165 -

Note: Item 6.1 includes aggregate salaries, directors’ fees, corporate advisory & consulting fees at normal commercial rates

7. Financing Facilities Note: the term “facility” includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. 7.1 Loan facilities 7.2 Credit standby arrangements 7.3 Other (please specify) 7.4 Total financing facilities 7.5 Unused financing facilities available at quarter end	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	1,164 - -	1,164 - -
	1,164	1,164
		-

• Include in the box below a description of each facility above, including the lender, interest rate,

• 7.6 maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

On 13 September 2019, Northern Star Resources Ltd (major shareholder), advanced an unsecured loan of $2,000,000 to Venturex Resources Ltd, on a 12-month term, with an interest rate of 8% per annum.

On 20 July 2020, 545,454 Ordinary Shares were issued at $0.055 per share, offsetting $30,000 of the Northern Star Resources Ltd Loan.

On 17 August 2020, 14,645,454 Ordinary Shares were issued at $0.055 per share, offsetting $805,500 of the Northern Star Resources Ltd Loan.

On 13 December 2020, Northern Star Resources Ltd (major shareholder), extended the existing loan agreement for a further 6-month term, with an interest rate of 10% per annum.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

8. Estimated Cash Available for Future Operating Activities	$A’000
8.1 Net cash from / (used in) operating activities (Item 1.9) 8.2 Payments for exploration and evaluation classified as investing activities (Item 2.1(d)) 8.3 Total relevant outgoings (Item 8.1 + Item 8.2) 8.4 Cash and cash equivalents at quarter end (Item 4.6) 8.5 Unused finance facilities available at quarter end (Item 7.5) 8.6 Total available funding (Item 8.4 + Item 8.5) 8.7 Estimated quarters of funding available (Item 8.6 divided by Item 8.3)	278 1,032 1,310 2,595 - 2,595
	1.98

Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.

If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8

8.8.1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

No. The company has reduced costs with no discretional exploration expenditure forecast because of seasonal conditions in the Pilbara .

8.8.2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

The Company is reviewing and is in discussions in regard to funding to assist with the final permitting/approvals and early works. The Company believes it will be successful

8.8.3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Yes, the Company has reduced the current expenditure and is reviewing it funding opportunities.

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

Compliance Statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

_____ Company Secretary Trevor Hart

Date: 29 January 2021

Notes

• 1 This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

• 2 If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

• 3 Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

• 4 If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

• 5 If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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