Venus Metals Corporation Limited (ASX: VMC) has reaffirmed its recommendation to shareholders to reject the on-market takeover bid from QGold Pty Ltd. In a first supplementary target’s statement, the Venus Metals board continues to unanimously advise shareholders to take no action, effectively rejecting the offer. Venus Metals is an Australian-based company focused on exploring and developing mineral projects. The company’s primary focus is on gold, base metals, and iron ore projects in Western Australia.
The supplementary statement highlights an independent external valuation of the company’s Sandstone (Bellchambers) Gold Project by Templar Corporate. The valuation ascribes a preferred value of $4.39 million to the project, with a low valuation of $3.46 million and a high valuation of $4.89 million, as of December 31, 2025. The board believes that the QGold offer is inadequate and does not appropriately recognise the underlying value of Venus Metals’ assets.
The directors considered that the offer was made at nil premium, and trading on the ASX between the announcement date and January 5, 2026, has been above the offer price. Furthermore, shareholders would lose exposure to potential upside in Venus and its projects if they accept the offer. Venus has announced an exploration target located below the existing Sandstone (Bellchambers) Gold Project global Mineral Resource, with further exploration potential.
The offer from QGold is scheduled to close at 4:00 PM (AEDT) on January 16, 2026, unless extended or withdrawn. Venus Metals encourages shareholders to contact them with any questions regarding the offer. The board has unanimously approved this first supplementary target’s statement.
