Victory Metals (ASX: VTM) – large tenement in Cue township

COMPANY SCOREBOARD

Pro Plus	Pro	Con Plus	Con
		Low grade REE results	Lacks geological experience

ABOUT COMPANY

Victory Metals (VTM) (https://www.victorygoldfields.com.au/) explores gold in Western Australia. It holds large, mostly contiguous, and under-explored tenements in the Cue town centre.

The company was listed in July 2021 by raising $5m@20c.

CAPITAL STRUCTURE


ASX Code	Share Price	Shares	Option (In)	Market Cap	Cash/Asset ($m)
VTM	0.24	81399656		19535917.4400	1.8/0


Holders No	Top 20 (Cur)	Top 20 (Pre)	Director Hold	Performance Right	Note
1667	41.70%	37.49%	2.77%	8203466	last raise $3m@24c+30cOpt; pre raise $2m@20c+30cOpt

The directors are two accountants and one philanthropist. The vesting conditions on its latest round of performance rights (May 2023) suggested the management works for themselves not shareholders.

FLAGSHIP ASSETS

Cue Gold Ni-Co-REE Project WA

Cue - Gold - WGX, MGV, ODY, VTM

Project Data

The initial resources grade is very low (i.e. 500ppm).

SUMMARY

GSM has failed to sell its Cue tenements for about $1m, so I don’t think 1VG’s tenements are worth $5m. CRS would be a better pick from any perspective.

In September 2022, the company only managed to raise $2m@20c on the back of REE hype.