Venture Minerals : Mount Lindsay delivers another exceptional Tin Intersection

ASX Announcement

Tuesday 15 February 2022

Mount Lindsay delivers another exceptional Tin intersection - 119 metres @ 0.8%

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ForC mmenting on the latest high-grade results from the new drilling at Mount Lindsay, Venture Minerals' Managing Director Andrew Radonjic, said:

"The new drilling at Mount Lindsay continues to deliver outstanding tin intersections within the high-grade MacDonald Shoot beneath historical tin workings. The value of Mount Lindsay today continues to grow having already more than 80,000 tonnes of tin metal in JORC complaint resources at a time of record Tin prices."

"Venture looks forward to completing this Feasibility Drilling shortly and ramping up our exploration efforts with drilling scheduled to test multiple high priority targets over the coming months within Australia's premier tin district on the West Coast of Tasmania."

*See Table One for definition of % Sn Eq.

Venture Minerals Limited (ASX: VMS) ("Venture" or the "Company") is pleased to announce that new Drilling

at the Mount Lindsay Tin-Tungsten Project (Refer Figures 5 & 7), continues to deliver exceptional intersections of high grade mineralisation whilst targeting high grade zones within the existing Main Skarn deposit including 119.2 m @ 0.8% Sn and 0.2% WO3 from 75.8 m and still open down the hole awaiting further assay results.

The intersection in ML343M (Refer Figure 4) included a high grade zone of 23.2 m @ 1.6% Sn and 0.03% WO3 from 75.8 m or 3 m @ 4.1% Sn and 0.1% WO3 from 90 m. The drill program, designed to confirm the continuity

The outstanding assays from the rest of recently announced ML340M have now been received increasing the original intersection of 147 m @ 1.0% Sn and 0.2% WO3 (Refer to ASX announcement 16 December 2021) to 213 m @ 0.7% Sn and 0.2% WO3 from 90m.

personalVenture has completed drilling on the Main Skarn's High Grade MacDonald Shoot and currently drilling similar t rgeted holes on the No. 2 Skarn's High Grade Radford Shoot. The preliminary assay results reported here

were from a nearby laboratory that generated results using a similar analytical technique for some of the suite of elements that are routinely assayed for on Mount Lindsay drill core. The pulps will be submitted to the preferred laboratory to provide assays for the missing elements and to check the values reported here using the analytical method chosen for the JORC compliant resource (Refer Table Three).

The underground Feasibility Study will advance previous scoping study work and includes additional drilling (currently in progress) to further confirm the continuity of the High-Grade MacDonald (named after Tom MacDonald, who discovered the Main Zone at Mount Lindsay in 1909 - Refer to ASX Announcement 27 October 2008 and Figure 1 for photo of tin mining operations in 1914) Shoot in the Main Skarn, and the High-Grade Radford (named aft r local identity) Shoot in the No.2 Skarn. Current drilling will also provide material for finalising a cost

ff ctive, gravity-focused, processing flowsheet to concentrate the high-density minerals cassiterite (tin oxide - 79% Sn) and scheelite (81% WO3) (Refer Figures 2 & 3).

The Company recently engaged BHM Processing Consultants to manage the Metallurgical part of the Study. Additional work will include further detailed engineering studies to firm up the mine design and updating of the permit to reflect the change in mining and processing strategies. Venture continues to build a dedicated team Forto manage the Study program and to that end has just engaged a Resource Development Geologist, the

C mpany will continue to update shareholders as further key appointments are made.

Figure One | Mount Lindsay Tin Mining Operations in 1914

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personalThe Mount Lindsay Project (Refer Figures 5 & 7) is already classified by the Australian Government as a International Tin Association is predicting a surge in demand driven by the lithium-ionbattery market, of up to

Critical Minerals Project2 with an advanced Tin-Tungsten asset, which is significantly enhanced by the recent discovery of two new skarn zones, one within the Renison Mine Sequence in the Mount Lindsay area and the

other along strike from Mount Lindsay's main tin deposits (Refer to ASX Announcement 27 September 2021). Mount

Lindsay is already one of the largest undeveloped tin projects in the world, containing in excess of 80,000 tonnes of tin metal and within the same mineralised body a globally significant tungsten resource containing 3,200,000 MTU (metric tonne unit) of WO3. The Australian Government is supporting the Critical Minerals

S ctor through several initiatives including the establishment of a A$2 billion finance facility announced in S ptember to be administered by Export Finance Australia which Venture is working to access for the project.

Tin is now recognised as a fundamental metal to the battery revolution and new technology (Refer Figure 6). The

60,000tpa by 2030 (world tin consumption was 328,400t in 20203). For

1. A Metric Tonne Unit ('MTU') is equal to ten kilograms per metric tonne and is the standard weight measure of tungsten. Tungsten prices are generally quoted as US dollars per MTU of tungsten trioxide (WO3).
2. Refer to 'Australian Critical Minerals Prospectus 2021' report prepared by the Australian Government represented by the Australian Trade and
   Investment Commission (Austrade) and Geoscience Australia, December 2020.
3. DATA: International Tin Association, CRU, WBMS.

Figure Two | Photo of coarse grained cassiterite (outlined in yellow) 188.4-189 m within a 3 metre

interval assaying 3.1% Tin in ML343M

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Figure Three | Photo of coarse grained scheelite glowing blue under short wave ultraviolet light in drill

core at 141.6m in ML343M

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