Venus Metals Corporation (ASX: VMC) – valued backed by RXL shares and royalty
COMPANY SCOREBOARD
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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
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| VMC | 0.082 | 196128683 | 16082552.0060 | 1/23 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 1329 | 61.58% | 59.14% | 7.13% | 9150000 |
Billionaire Chris Wallin holds 44m shares (22.34%), he and his QGold are involved in many takeover transactions.
The company holds 56.5m RXL@25c worth about $14m.
In April 2023, it acquired 0.3% Youanmi NSR royalty for 3m shares. It now holds a 1% NSR royalty, which is worth another $9.5m on book with key assumption of a 60% development probability and gold price of $3,100.
FLAGSHIP ASSETS
Youanmi Gold Project Royalty and Yuinmery Calcrete Deposit
Project Data
The company holds 56.5m RXL shares (i.e. 9.3%), its top shareholder, Chris Wallin, holds another 20% of RXL. The company also holds a 1% NSR royalty. Once the project is developed, the royalty will worth north of $20m risk free.
The Yuinmery calcrete deposit can be used for acid neutralisation in the gold extraction process.
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.
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.
SUMMARY
Once RXL starts to apply for mining lease, VMC will fly.