VMC owns 30% of the Youanmi Deeps gold resource.In addition...

VMC owns 30% of the Youanmi Deeps gold resource.
In addition Venus gets 0.7% royalty of all gold produced from this resource
JV partner RXL is required to provide Venus with an interest free loan to cover VMC's expenses in developing the Deeps resource.

This historical resource has a JORC of 658koz at 8.5g/t Au and is open at depth so could be a lot more. It has never been subjected to modern mining exploration. One reason is that it is at the base of the main pit, so underwater.
This is a substantial resource, twice as big as Penny West North that RMS bought for $230m.
Back in the day, Apex owned both Younami and Wiluna gold mines. Grace was far from being discovered then and Younami and Wiluna resources were considered partially refractory and oxide gold.Wiluna was thought to have more gold so the plan was to truck Younami Deeps ore there. There were also plans to move parts of the Younami mill to Wiluna to process the oxide component. The Younami pit was to be dewatered to access the Deeps and pipes and dams were constructed. Dewatering was to take 12 months.The plan did not work out in the very low price of gold environment.
Wiluna is now owned by the Wiluna Mining Corp (WMX) and they have signed off with Polymetals to process gold concentrate.The WMX share price jumped 23% yesterday.Their all in sustaining cost (AISC) is A$1280-1490/oz au In 12 months they will have their own Sulphides ConcentratorRox has reported gold recoveries averaged 94% for the oxide mineralisation, 80% in the transitional mineralisation and 76% in the primary mineralisation.
Reasonable to think that 500K ozs oxide and refractory gold are recoverable from the Deeps and there could be a lot more.
Dewatering the main pit with modern equipment would take less than 6 months.
The profit on the Deeps resource would be at least $1000/ oz au but a toll milling deal with WMX could see that grow to $1,300 oz au. A Gecko concentrator module would require a higher CAPEX but could be feasible especially if the Deeps JORC can be grown and that is highly likely.
Total Deeps value in a deal with Polymetals is approx $500m with Venus getting 30%.
Total Deeps value in a toll deal with WMX is approx $650m with Venus getting 30%
Gecko ?
Of course there is also Grace high grade low AISC 300K au+ JORC this year, near term mining that VMC has a 30% stake in.
The total market value of Venus is now $37m