Venture Minerals completes sale of Riley Iron Ore Mine

Venture Minerals Ltd (ASX: $VMS) has successfully completed the sale of Venture Iron Pty Ltd, the holder of the Riley Iron Ore Mine, to Goldvalley Brown Stone Pty Ltd for $3,000,000. The sale proceeds will be allocated to advancing the strategic objectives set by the board, with a focus on the Jupiter clay-hosted rare earth project.

Executive Commentary

The independent process to sell the Riley Iron Ore Mine resulted in 45 parties assessing the data, with the bid from Goldvalley representing the best offer for Venture shareholders. Goldvalley's specialization in smaller, lower-grade iron ore projects makes them a suitable fit to take Riley into production. The three million dollars received from the sale will be directed towards advancing the Jupiter rare earth project, with the aim of delivering the maiden resource estimate in the fourth quarter of this year. The board's strategic direction places Jupiter as a standout opportunity to deliver value to shareholders, and the recent validation by institutional investors through cornerstone positions in the capital raising demonstrates confidence in Venture's future prospects.

Summary

Venture Minerals Ltd (ASX: $VMS) has successfully completed the sale of the Riley Iron Ore Mine to Goldvalley Brown Stone Pty Ltd for $3,000,000. The sale proceeds will be utilized to advance the Jupiter rare earth project, with a focus on delivering the maiden resource estimate in the fourth quarter of this year. The strategic direction set by the board positions Jupiter as a standout opportunity to deliver value to shareholders, supported by institutional investors' confidence demonstrated through cornerstone positions in the recent capital raising. Venture is well funded to deliver on its strategic objectives, and the company looks forward to sharing the Jupiter journey with its shareholders.