Ann: Venus Commences Proceedings against Spectrum Metals Limited, page-2

Always wondered if VMC tried to get penny west, looks like they got screwed over in the background, if they think they got a case go get em

Venus Commences Proceedings in the Supreme Court of
Western Australia against Spectrum Metals Limited

Venus Metals Corporation Limited (ASX:VMC) (Venus Metals or Company) advises that it has
today commenced proceedings in the Supreme Court of Western Australia against Spectrum
Metals Limited (Spectrum), DJ Carmichael Pty Limited (DJ Carmichael), Mr Paul Adams and
Mr Davide Bosio, as well as Spectrum’s wholly owned subsidiary Zebra Minerals Pty Ltd (Zebra
Minerals), in relation to Zebra Minerals’ acquisition of the Penny West Gold Project (Penny
West).

The Company alleges breaches of fiduciary duty, breaches of confidence and misuse of
information that Venus Metals provided to Mr Bosio and Mr Adams of DJ Carmichael in July
and August 2018. The information provided to Mr Bosio and Mr Adams included information
about Penny West and the Company’s proposed acquisition of Penny West. The Company
provided the information to Mr Bosio in his capacity as a director of DJ Carmichael and to Mr
Adams in his capacity as “Technical Adviser” to DJ Carmichael. Venus Metals and
DJ Carmichael signed a Confidentiality Deed. At that time, both Mr Bosio and Mr Adams were
also directors of Spectrum. Spectrum, including Mr Adams, then undertook negotiations to
acquire Penny West and Spectrum announced that it had entered in to an agreement to
acquire Penny West in October 2018.

The Company claims a constructive trust over Penny West, such that Penny West is held for
the benefit of Venus Metals and its shareholders, alternatively that the other parties account
to Venus Metals for the benefits they have obtained and damages. It is not possible at this
time to quantify the level of damages that might be recovered; damages awards can be
impacted by many factors.

There can be no guarantee of the outcome of proceedings, which are now before the Supreme
Court of Western Australia. The Company will inform the market of developments in relation
to these proceedings as they occur.

Venus Metals MD, Matthew Hogan said: “The Venus Metals Board has carefully considered
the best interests of shareholders before initiating this litigation and will request that the Court
hears the matter at the earliest opportunity”.