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 15% 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 (15% 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. Announcement • Nov 25
QGold Pty Ltd proposed to acquire remaining 73.60% stake in Venus Metals Corporation Limited (ASX:VMC) from Helmsmen Limited and others for approximately AUD 24.5 million. QGold Pty Ltd proposed to acquire remaining 73.60% stake in Venus Metals Corporation Limited (ASX:VMC) from Helmsmen Limited 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 (4:00pm, Sydney time) on January 16, 2026 unless withdrawn or extended.
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. Announcement • Oct 10
Venus Metals Corporation Limited, Annual General Meeting, Nov 28, 2025 Venus Metals Corporation Limited, Annual General Meeting, Nov 28, 2025. Board Change • Aug 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Chairman of the Board Peter Hawkins was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 25
Venus Metals Corporation Limited Provides Sandstone Gold Exploration Update Venus Metals Corporation Limited announced that the Company has completed field work involving mapping, rock chip sampling and preparation for an upcoming reverse circulation (RC) drilling programme and bottle-roll analysis. The Bellchambers gold deposit, owned 90% by Venus comprises a gold deposit totaling 722,000 t @ 1.31 g/t Au (30,500 ounces) located within E57/984, approximately 70 kilometres northeast of the Youanmi Gold Project, being progressed by Rox Resources. Highlights: Encouraging initial results from bottle-roll analysis of composite samples from previous VMC drilling. Results ranged from 86.3 to 92.0% recovery for the oxide samples, 81.9 to 95.6% for the transition and 75 to 90.1% for the fresh samples. Collection of 51 rock chip samples, mapping of the potential strike extensions of Bellchambers. The rock chip sampling returned 5 samples above 0.5 g/t Au with a maximum value of 2.19 g/t Au and highlighted several areas considered prospective for the identification of additional gold mineralisation. Anomalous gold mineralisation identified 1.5 kilometres northeast of the Bellchambers deposit and south - south east of Bellchambers previously described as Georgina-Rainbow trend highlighting the additional potential in this area. Additional work will be focused on understanding the controls on the gold mineralisation and further mapping to identify new target areas. A total of 14-16 reverse circulation holes in and around the Bellchambers deposit is planned to convert inferred and indicated mineralisation to a higher category an additional 26 exploration holes within the tenement area are planned to test for additional gold mineralisation outside of the existing gold resource. The RC drill program of approximately 2000 metres planned for late April is expected to take 2 weeks to complete with assays results due in the following month. Project Background The Sandstone Gold Project lies within tenement E57/984 (125 km2; 90% VMC). The Bellchambers mining area, is located about 23 km southwest of the town of Sandstone and is 70km by road northeast from the Youanmi Gold Project being developed by Rox Resources Ltd. Historical reported gold production from Bellchambers is 3,688 ounces of gold from 5,620 tonnes of ore at an average grade of 21 g/t gold. Gold mineralisation at Bellchambers deposit and the adjacent Range View prospect, is hosted within a northeasterly trending and steeply dipping sequence of sheared sulphide-rich sediments and mafic rocks, interlayered with thin chert and Banded Iron Formation (BIF). The total Indicated and Inferred Resource for Bellchambers is reported at 0.5 gm/t Au and 1.0 gm/t Au cutoffs and is summarised below. An advanced gold prospect named Range View is located approximately 1.1 kilometres northeast and along strike of Bellchambers within a new mining lease application with previous VMC drill results including: BCRC120 11m @ 4.69 g/t Au from 12m Including 1m @ 38.92 g/t Au from 20m. BCRC122 8m @ 1.22 g/t Au from 30m Including 1m @ 4.48 g/t Au from 30m. This is an obvious exploration area along strike from Bellchambers, with clear potential to outline additional gold mineralisation within the mining lease application. A mine gate sale agreement between Venus and Rox Resources Ltd. provides a potential treatment option for the Bellchambers deposit. The samples from BCRC 106 and BCRC107 were compiled into 3 mineralised zones categorised as Oxide, Transition and Fresh and were submitted. Results ranged from 86.to 92.0% recovery for the oxide samples, 81.9 to 95.6% for the transition and 75 to 90.1% for the fresh samples. A large sample from the upcoming drill program will be collected and compiled for a comprehensive metallurgical test program to accurately understand likely recoveries of Bellchambers. 
