Brothers REE Project

Venture currently holds a significant tenement package of 1,103km2 of prospective Rare Earths Elements (“REE”) tenure (Brother’s Project – 992.4 km2 and Bandy Project – 110.9 km2) in Western Australia following the company’s strategy to expand its exposure to the Rare Earth Element space, with a particular focus on the clay hosted REE mineralisation type.

The Company initially acquired (through the tenement application process) a 100% owned 511 km2 tenement package less than 10kms away from the Very High Grade REE target discovered at the Vulcan prospect within the Golden Grove North project. This new REE project is named “Brothers” and is highlighted by a high grade 7 element (Ce, Eu, La, Sm, Tm, Y & Yb) REE laterite soil result of 1,864 ppm combined REE (the third highest result from the Laterite Geochemical Database for the Western Yilgarn Craton of Western Australia1) amongst other higher values and is located close to a historic government co-funded, through the Western Australian Exploration Incentive Scheme (“EIS”), RC drill hole that intersected 4 meters @ 2,103 ppm TREO2 within clays).

In May 2023, Venture signed a JV agreement to earn into a REE project (known as the Iron Duke Project), which hosts two shallow historic drillholes, both of which have broad, high grade intersections of TREO3. Iron Duke is located immediately south of the recently acquired Brothers REE project and contains numerous high priority REE targets for immediate drill testing (Refer to ASX announcement 18 May 2023). The Company pegged an additional 429 km2 tenement package adjacent to Brothers and Iron Duke, bringing the total combined project area named the Greater Brothers Project (Brothers including Iron Duke) up to 1,091 km2. The Company then pegged a further 75 km2 tenement package prospective for clay hosted REE mineralisation adjacent to the Brothers Project, bringing the total project area up to 1,165 km2 of prospective REE tenure. The total Brothers (simplified back from Greater Brothers) tenement package was rationalised down to 992.4 km2 during the December 2023 quarter.

The Company also acquired a 100% owned 809 km2 tenement package and named this new REE project “Bandy”, which is highlighted by a high grade 7 element (Ce, Eu, La, Sm, Tm, Y & Yb) REE laterite soil anomaly of 2,704 ppm (from the Laterite Geochemical Database for the Western Yilgarn Craton of Western Australia1) amongst other higher values, this high grade combined REE result is the highest combined REE value returned from that complete surface sampling program. Post the Maiden Drilling Program results the Bandy tenement package was reduced to 110.9 km2 during the December 2023 quarter.