Venus Metals Targets 60,000 Ounces Gold and 12 Million Tonnes Zinc-Indium in WA

Expanding Gold Potential at Sandstone Bellchambers

Venus Metals Corporation (ASX:VMC) is gearing up to expand its gold footprint at the Sandstone Bellchambers project, with an exploration target of 800,000 to 950,000 tonnes grading 1.75 to 2.00 g/t Au, translating to 45,000 to 60,000 ounces of gold at depth. This target lies beneath the existing global resource and to the north of the current indicated and inferred mineral resource. Although planned reverse circulation (RC) drilling faced weather-related delays, it is now slated to commence in mid-May 2026, aiming to convert this target into an inferred resource.

The Bellchambers project also benefits from an innovative hyperspectral imaging study conducted in collaboration with CSIRO, integrating satellite imagery and drill-core scanning to map iron-rich chlorite associated with gold mineralisation. This work has identified new unexplored anomalies across the tenement, setting the stage for targeted ground inspections and refining Venus Metals’ regolith and structural models. The study enhances the company's ability to pinpoint prospective zones beyond historical drilling areas.

Significant Zinc-Indium Target at Youanmi Pincher Well

At the Youanmi Base Metals project, Venus Metals has defined a JORC 2012 compliant exploration target for the Pincher Well zinc-indium mineralisation, estimated at 8 to 12 million tonnes grading 1.80 to 2.20% zinc and 7 to 9 g/t indium. This target is based on a 1% zinc cutoff and draws from both historic and recent drilling data. The company plans a substantial RC drilling program from July to November 2026 to delineate a mineral resource, with potential for a shallow open pit should the resource be confirmed.

Metallurgical testwork is underway to optimise zinc concentrate grades and assess indium credits, reflecting a focus on refining the economic potential of the deposit. The Youanmi project’s proximity to Venus Metals’ titanium-vanadium-iron deposit and Rox Resources’ Youanmi Gold Mine underscores the strategic value of this base metals play.

Ongoing Development and JV Activities

Beyond exploration, Venus Metals is progressing mining development and closure proposals at Bellchambers, encompassing environmental surveys and hydrological studies integral to a pre-feasibility study. Meanwhile, the Bridgetown-Greenbushes joint venture with IGO has received ministerial approval for low-impact fieldwork within State Forest tenements, including soil sampling and geological mapping to test lithium-tantalum-niobium-cesium anomalies.

Surface sampling programs continue at the Henderson Gold and Youanmi Base Metals projects, with hundreds of auger and soil samples collected to support ongoing interpretation efforts.

Financial Position and Strategic Review

Venus Metals ended the quarter with $1.63 million in cash and approximately $21.6 million in Rox Resources Limited (ASX:RXL) shares, reflecting a strong liquid position. The company generated $1.26 million in cash inflow from net sales of Rox shares during the quarter, offsetting $360,000 in exploration expenditure. Administrative and corporate costs were elevated due to legal fees related to the on-market takeover bid by QGold Pty Ltd, which closed on 30 January 2026.

Following the bid’s closure, Venus Metals announced a strategic review of its Western Australian portfolio, signaling potential shifts in asset management or focus. The review’s outcomes remain to be seen but will be critical for investors monitoring the company’s long-term direction.

These developments build on the company’s earlier announcements, including the 8-12 million tonnes zinc-indium target and the Bellchambers gold project progress amid takeover bid, situating Venus Metals at a crossroads of exploration advancement and strategic repositioning.