Venus Metals Corporation (ASX: VMC) – asset backed REE and gold explorer

 

COMPANY SCOREBOARD

Pro PlusProCon PlusCon
  • Market cap well below assets value
  • Conservative board
  • Potential emerging REE explorer
  • Chris Wallin as cornerstone investor
  • Act like a holding company
  • Minimal exploration activities
  • Board made of stockbroker with weak corporate governance
  • Possible inpatient shareholders

ABOUT COMPANY

Venus Metals Corporation (VMC) (https://www.venusmetals.com.au/) explores gold and REE in Western Australia. Its flagships include the Marvel Loch REE Project and the Sandstone Gold Project.

CAPITAL STRUCTURE

Billionaire Chris Wallin holds 26m shares (18.86%), he and his QGold are involved in many takeover transactions.  

The company holds 60m RXL@25c worth about $15m.

It holds 37.5m EMT@0.8c worth $300k.

In April 2023, it acquired 0.3% Youanmi NSR royalty for 3m shares. It now holds a 1% NSR royalty, which is worth another $2m.

FLAGSHIP ASSETS

Marvel Loch East REE Project South Cross North East WA

Project Data

To be updated

 

OTHER ASSETS

Sandstone Gold Project WA (208 km, 90% with 10% held by a prospector)

The company holds the tenements since 2014.

In April 2023, the company upgrade its gold resource to 30,500 oz@1.31% g/t, most of which was classified as the indicated category.

The company will negotiate a mine gate sale agreement with RXL. The same case might work for AME as well.

Youanmi South Lithium Project WA

E57/1078

Mangaroon North REE Project Gascoyne WA

 

Youanmi Vanadium Oxide Project

In March 2019, Venus announced a JORC 2012 Resource of 134 million tonnes grading 0.34% V2O5, 6.27% TiO2, and 21.33% Fe.

Henderson Lithium-Nickel Project Mt Ida WA (30% with IGO)

The company signed an agreement with IGO in May 2023. IGO is to earn a 70% interest by incurring $4m plus $1m reimbursement.

Bridgetown Greenbushes Li and Ni-Cu-PGE Project Manjimup WA (30% with IGO)

IGO will take the project to PFS by incurring $6m.

SUMMARY

Once the company settles the Youanmi gold consolidation, it will become a dedicated REE explorer.