Page 1

ASX / Media Release VENTURE EX RESOURCES LIMITED December 2020 Quarterly Report 29 January 2021 Highlights Thick high - grade VMS mineralisation intersected at the Breakers Exploration Prospect , located 15km south of Sulphur Springs . Continued positive engagement with strategic and other investors on Sulphur Springs funding . ▸ Anax Metals earns an 80 % interest in the Whim Creek Project . Ore sorting test work produces encouraging results . SULPHUR SPRINGS COPPER - ZINC PROJECT Venturex's flagship Sulphur Springs Project is located 112km south - east of Port Hedland and includes the proposed Sulphur Springs and Kangaroo Caves mines , together with tenements covering ~ 27km of the Panorama trend that contains numerous advanced VMS - style exploration targets . The Sulphur Springs Project hosts a total Mineral Resource ( Sulphur Springs + Kangaroo Caves ) comprising 17.4 million tonnes grading 1.3 % copper , 4.2 % zinc and 17g / t silver ( refer ASX announcements , 22 September 2015 and 21 March 2018 ) . Environmental Approvals Primary approval for the Sulphur Springs Copper - Zinc Project was granted by the Western Australian Minister for Environment on the 20th May 2020 ( ASX release 21st May 2020 ) . Secondary approvals and permits necessary for the development and construction of the Sulphur Springs Project continued to progress during the quarter . Engagement with the Department of Water and Environmental Regulation ( DWER ) has been maintained in support of an application to amend an existing groundwater licence to facilitate construction and operations . Several other documents were submitted to the Department for approval in fulfilment of Ministerial condition requirements . An annual environmental report was lodged with the Department of Mines , Industry Regulation and Safety ( DMIRS ) , in compliance with mining tenement conditions during the quarter . Project Development The Company is progressing project implementation and development strategies through engagement with potential contractors for site works , including short - listing and tender preparation . Several optimisation opportunities have been identified that will add value in terms of both project development and operations . These will be implemented as the Company develops the Sulphur Springs Project . In order to reduce mine closure risks and optimise the prospects of a favourable assessment by the Environmental Protection Authority , the Company relocated the proposed tailings storage facility ( TSF ) , which culminated in formal approval from the WA Environment Minister in May 2020. To inform the design of the TSF in the new location , which is to be detailed in several secondary approval applications , a short programme of geotechnical drilling is planned by the Company . Heritage surveys and a drilling plan have been completed in preparation for the field programme , which is expected to commence in late Q1 2021 , post the end of the current wet season . Venturex Resources Limited ABN : 28 122 180 205 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 1