Regional Exploration Commences East Of Greenbushes Lithium Mine

Venus Metals Corporation Limited (“Venus” or the “Company”) is pleased to announce that its partner IGO Limited (“IGO”) has commenced ground exploration activities today at the Greenbushes East Exploration Project (Li and Ni-Cu-PGE) (“Project”) located adjacent to the Greenbushes Lithium Mine (refer IGO - RIU Explorers Conference Presentation, 15 Feb 2023).

IGO, together with their lithium JV partner, Tianqi Lithium Corporation, hold a controlling interest in the adjoining Greenbushes Lithium Mine. VMC’s subsidiary ("Venus Subsidiary") has entered a binding transaction with a subsidiary (“IGO Subsidiary”) of IGO (refer ASX release 27 June 2022).

HIGHLIGHTS:

Geochemical Survey targeting lithium totalling 1350 soil samples

Approximately 500 soil samples to be collected at 100m x 200m spacing and approximately 850 soil samples to be collected at 160m spacing. This survey will provide a project-wide framework for further targeting and will supplement previous geochemical surveys in specific target areas.

Ground EM Survey testing priority target for Ni-Cu-PGE sulphides

Two lines will be completed across a priority platinum-palladium-nickel- copper (Pt-Pd-Ni-Cu) target (Figure 1) that was outlined by previous exploration carried out by VMC; completion of the ground EM survey is expected by mid-March 2023.

Ground Gravity Survey

Approximately 700 survey stations at 250m spacing across all granted tenements of the Project will assist with delineating geological structures and higher- & lower-density bedrock, for example, mafic-ultramafic intrusions & rare metal pegmatites. The survey is estimated to be completed in March 2023.

Figure 1. Tenement location plan and planned geophysical and geochemical surveys.

Figure 2. Radiometric image showing potassium-rich area east of the Greenbushes lithium mines

(refer IGO - RIU Explorers Conference Presentation 15 Feb 2023 and VMC ASX release 27 June 2022). Note: Applications (Orange) not VMC; granted tenements (blue) held by VMC consist of E70/5315, E70/5316, E70/5620, E70/5712 and E70/6009 as per Figure 1 above and outlined in the Project Background below.

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