Australia-based Venture Minerals agreed to sell its Riley Iron Ore Mine in Tasmania to Goldvalley. The US$3 million deal, advised by Argonaut PCF, includes the transfer of all shares in Venture Iron and will be completed on July 8, 2024.

This strategic divestment aims to bolster Venture Minerals' cash reserves and allows the company to focus on its Jupiter rare earth discovery. The sale includes an immediate US$3 million payment and an additional $585,000 upon the return of a bank guarantee. Goldvalley will take over governmental approvals and replace the bank guarantee held by Mineral Resources Tasmania.

Venture Minerals' managing director, Philippa Leggat, stated the sale aligns with the company's goal of creating shareholder value and advancing their high-grade, clay-hosted rare earth project, Jupiter. Argonaut PCF will receive a US$250,000 success fee and an option to subscribe for 25 million shares at a premium.