Venus Metals Corporation Limited (ASX: VMC) has reiterated its recommendation to shareholders to reject the on-market takeover bid from QGold Pty Ltd. Venus Metals is an Australian-based company focused on the exploration and development of prospective mineral projects. In a first supplementary target’s statement, the company’s board has unanimously advised shareholders to take no action, effectively rejecting the offer, which is scheduled to close on 16 January 2026.
The board’s recommendation is based on several factors, including an independent external valuation of the company’s Sandstone (Bellchambers) Gold Project. Templar Corporate, an independent valuation firm, has assigned a preferred valuation of $4.39 million to the Sandstone (Bellchambers) Gold Project as of 31 December 2025, with a low valuation of $3.46 million and a high valuation of $4.89 million. The Sandstone (Bellchambers) Gold Project comprises granted mining lease M57/671 (approximately 415 ha, 90% owned by Venus) which covers the Bellchambers deposit, and exploration licences E57/984 (125km2; 90% owned by Venus) and E57/1231 (10bl; 100% owned by Venus).
The Venus Directors believe the QGold offer is inadequate and does not appropriately recognise the underlying value of Venus’s assets. They also highlighted that the offer was made at a nil premium and trading on-market on the ASX between the announcement date and 5 January 2026 has been above the offer price. The company also intends to obtain an updated independent valuation of its 1% net smelter royalty over gold produced from the Youanmi Gold Project mining leases, which are owned by Rox Resources, as part of its 31 December 2025 half-year reporting.
Venus has announced an Exploration Target located below the existing Sandstone (Bellchambers) Gold Project global Mineral Resource. The company believes the project has the potential to support a relatively low capital and operating cost toll treat / mine gate sale operation. Shareholders are encouraged to contact Venus directly with any questions regarding the offer.
