Venture Minerals Limited announced its first commercial shipment of iron ore from its Riley Iron Ore Mine near Tullah, shipped from the Port of Burnie in Tasmania. The first shipment, comprising of 45,632 tonnes of iron ore with an average grade of 57.3% Fe from the Riley mine, will be transported to a discharge port in China as designated by Venture's off-take partner Prosperity Steel, one of iron ore traders in the world. Venture will receive approximately AUD 5.1 million in the next fortnight under its offtake agreement. Recently, 62% Fe iron ore prices have declined significantly from highs of over USD 230 per tonne to the current price of USD 106 per tonne. This decline has coincided with an increase in the discount rate for Riley's 57% Fe grade ore, from a market rate of 10% used in the Company's 2019 Feasibility Study, to the current market rate of 30%. The company, together with the broader market, also continues to experience a volatile shipping market, largely due to congestion in Chinese Ports, together with COVID-19 and political impacts, all of which have culminated in shipping rates tripling from USD 18 per tonne since the Feasibility Study to around USD 54 per tonne. In responding to the market conditions outlined above, Venture is completing a full review of operations at the Riley Iron Ore Mine, to identify cost efficiency measures to offset some of the external market volatility beyond the Company's control.