Morning trading February 9, page-5

VMS

Highlights from the announcement

Venture has appointed Fergus Campbell as Lead Technical Consultant for the Riley Iron Ore Mine.
Fergus is a Mining Engineer with over 30 years of experience and has held senior executive
management positions in both mining contracting and resource development companies with a specialist
focus on Iron Ore;
The Company has now sourced and secured all long lead equipment items for the Riley Wet
Screening Plant;
Construction of the West Screening Plant is now well advanced with Steel Fabrication works (Refer
Figure 2) and assembly of the Motor Control Centre (MCC) (Refer Figure 3) being performed in Tasmania
nearing completion, and with the bulk of the mechanical equipment purchased and ready for installation;
Current Riley Mine economics well above August 2019 feasibility numbers which were based on a
US$90/tonne 62% Fe price (Refer to ASX announcement 22 August 2019) due primarily to higher Fe prices
(~US$160/tonne 62% Fe price*) and lower fuel prices, and further supported by a strong Iron Ore
market outlook;