New Risk • Jun 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (42% accrual ratio). Revenue is less than US$1m (AU$311k revenue, or US$223k). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$58.3m market cap, or US$41.8m). Announcement • Jan 07
QGold Pty Ltd cancelled the acquisition of remaining 73.60% stake in Venus Metals Corporation Limited (ASX:VMC) from Helmsmen Limited, Harvest Lane Asset Management Pty Ltd and others. QGold Pty Ltd proposed to acquire remaining 73.60% stake in Venus Metals Corporation Limited (ASX:VMC) from Helmsmen Limited, Harvest Lane Asset Management Pty Ltd and others for approximately AUD 24.5 million on November 24, 2025. A cash consideration valued at AUD 0.17 per share will be paid by QGold Pty Ltd. The Offer price of AUD 0.17 per share represents a Nil Premium to the last closing price of Venus shares, and implies a value of AUD 33.34 million for Venus Metals Corporation Limited. As at the date of this Bidder’s Statement, the Bidder and its Associates have a relevant interest in 51,787,196 Venus Metals Corporation Limited Shares. The Bidder and its Associates’ voting power in Venus Metals Corporation Limited is approximately 26.40% because of their relevant interest in Venus Metals Corporation Limited Shares. The Bidder hereby offers to acquire all Venus Metals Corporation Limited Shares together with rights attaching to them for consideration of $0.17 cash per Venus Metals Corporation Limited Share, on the terms and conditions set out in this Offer. While the Offer is for all Venus Metals Corporation Limited Shares, if a Venus Metals Corporation Limited Shareholder wishes to sell some (and not all) of their Venus Metals Corporation Limited Shares, the Venus Metals Corporation Limited Shareholder is permitted to do so. Shareholders are advised to take no action in relation to the Offer until they receive the Venus directors’ formal recommendation. The Offer will close at the end of trading on January 16, 2026 unless withdrawn or extended. The Bidder has received a chartered accountant’s certificate from Harris Black Chartered Accountants in respect of the Lender (Certificate) confirming the Lender’s ability to fulfil its commitments under the Funding Arrangement. In the Certificate, the Harris Black Chartered Accountants has confirmed that the Lender has access to an amount that is materially in excess to the Total Aggregate Amount (being, $28.87 million plus transaction costs) in immediately available funds. As of December 11, 2025, Venus Metals Corporation Limited board unanimously recommend to reject the Offer and take no action.
Jeremy Leibler of Arnold Bloch Leibler acted as legal advisor for QGold Pty Ltd. Gilbert + Tobin acted as legal advisor to Venus Metals Corporation Limited.
QGold Pty Ltd cancelled the acquisition of remaining 73.60% stake in Venus Metals Corporation Limited (ASX:VMC) from Helmsmen Limited, Harvest Lane Asset Management Pty Ltd and others on January 6, 2026. As of January 6, 2026, Venus Metals Corporation Limited board unanimously recommend to reject the Offer and take no action. Recent Insider Transactions Derivative • Dec 03
MD & Director exercised options to buy AU$100k worth of stock. On the 1st of December, Matthew Hogan exercised options to buy 500k shares at a strike price of around AU$0.19, costing a total of AU$94k. This transaction amounted to 7.6% of their direct individual holding at the time of the trade. Since December 2024, Matthew's direct individual holding has increased from 6.31m shares to 6.58m. Company insiders have collectively bought AU$169k more than they sold, via options and on-market transactions, in the last 12 months. 
