ASX
171 days, 11 hours ago 
VMM
Viridis Mining and Minerals Limited
Maiden MREC Product from Southern Complex
Viridis Mining and Minerals reports exceptional results from its maiden Mixed Rare Earth Carbonate (MREC) production at the Southern Complex, achieving industry-leading 78% MREO recoveries and demonstrating the potential of the Colossus Project as a world-leading Ionic Adsorption Clay (IAC) project.
Better than expected
 
ASX
178 days, 11 hours ago 
VMM
Viridis Mining and Minerals Limited
Application for quotation of securities - VMM
Viridius Mining and Minerals Limited (VMM) has applied for quotation of 1,712,308 ordinary fully paid shares on the ASX, issued at an issue price of AUD 0.52.
ASX
178 days, 11 hours ago 
VMM
Viridis Mining and Minerals Limited
Cleansing Notice
Viridis Mining and Minerals Limited (ASX:VMM) issued 1,712,308 fully paid ordinary shares on December 5, 2024, as part of a capital raising, providing notice of compliance with Section 708A of the Corporations Act 2001.
ASX
179 days, 11 hours ago 
VMM
Viridis Mining and Minerals Limited
Exceptional Step-Out Intercepts Continue at Cupim South
Viridis Mining reports exceptional rare earth element drill results at its Colossus Project in Brazil, including a 50-meter intercept grading 8,462 ppm TREO from surface, significantly expanding resource potential and paving the way for a substantial resource upgrade.
Better than expected
 
ASX
184 days, 5 hours ago 
VMM
Viridis Mining and Minerals Limited
Results of Meeting
Viridis Mining and Minerals Limited (ASX: VMM) reports that all resolutions put to shareholders at its 2024 Annual General Meeting on November 29, 2024, were carried.
Capital raise
 
ASX
193 days, 11 hours ago 
VMM
Viridis Mining and Minerals Limited
An Afternoon with ORDS - Rare Earths Conference
Viridis Mining and Minerals Ltd announced a globally significant maiden mineral resource estimate for its Colossus Ionic Clay Project in Brazil, highlighting high-grade rare earth elements and exceptional metallurgical recoveries.
Better than expected
 
Capital raise
 
ASX
199 days, 11 hours ago 
VMM
Viridis Mining and Minerals Limited
Southern Complex Achieves Highest Ever Ionic Recoveries
Viridis Mining achieved record-high ionic recoveries at its Southern Complex in Brazil, exceeding previous results at the Colossus project and significantly improving the project's economic outlook.
Better than expected
 
ASX
207 days, 11 hours ago 
VMM
Viridis Mining and Minerals Limited
Refining, Manufacturing & Recycling Partnership Progression
Viridis Mining and Minerals is progressing downstream rare earth oxide refining, magnet manufacturing, and recycling partnerships, aiming to become a leading producer of refined rare earth oxides in South America.
ASX
214 days, 8 hours ago 
VMM
Viridis Mining and Minerals Limited
Notice of Annual General Meeting/Proxy Form
Viridis Mining and Minerals Limited (ASX: VMM) has announced its 2024 Annual General Meeting (AGM) will be held on November 29, 2024, with shareholders urged to vote by attending in person or by proxy.
Capital raise
 
ASX
214 days, 11 hours ago 
VMM
Viridis Mining and Minerals Limited
Cupim South Drilling Paves Way for Major Resource Upgrade
Viridis Mining's Cupim South drilling in Brazil reveals exceptionally thick, high-grade rare earth zones, paving the way for a major resource upgrade and potential long-life mine plan.
Better than expected
 
VMM 
Viridis Mining and Minerals Limited 
ASX

Maiden MREC Product from Southern Complex

Sentiment:
 Exploration Update
 11 December 2024 5:56 PM

Viridis Mining and Minerals reports exceptional results from its maiden Mixed Rare Earth Carbonate (MREC) production at the Southern Complex, achieving industry-leading 78% MREO recoveries and demonstrating the potential of the Colossus Project as a world-leading Ionic Adsorption Clay (IAC) project.

Better than expected
  The results are better than expected due to the industry-leading 78% MREO recoveries, which exceed typical recoveries in similar projects.  The low impurity level of approximately 0.7% is significantly better than global benchmarks for public IAC projects.  The high TREO content of 58% in the final MREC product, along with a 38% MREO/TREO ratio, surpasses expected values and indicates a high-quality deposit. 

Summary
  • Viridis Mining and Minerals has achieved a significant milestone with its maiden MREC production from the Southern Complex, part of the Colossus Project.
  • The company engaged the Australian Nuclear Science and Technology Organisation (ANSTO) to conduct tests on a 41kg bulk sample.
  • The process used a low-cost ammonia-based flowsheet, achieving 78% MREO recoveries from ore to MREC.
  • The final MREC product contains 58% Total Rare Earth Oxide (TREO), with a 38% MREO/TREO ratio.
  • The Southern Complex MREC has a low impurity level of approximately 0.7%, making it a high-value product.
  • These results position the Colossus Project as a leading global rare earth project with high recoveries, a valuable basket, and low operating and capital expenditures.
  • The company is moving forward with environmental permitting, an updated mineral resource estimate, and a scoping study.
Sentiment

Score: 9

Explanation: The sentiment is highly positive due to the exceptional MREO recoveries, low impurity levels, and the potential for reduced operational costs. The project's positioning as a world-leading IAC project and the positive management comments further contribute to this high score.

Positives
  • Exceptional MREO recovery rate of 78% from ore to MREC, indicating high efficiency in the extraction process.
  • High TREO content of 58% in the final MREC product, demonstrating the richness of the deposit.
  • Low impurity levels of only ~0.7% in the Southern Complex MREC, suggesting a high-quality and valuable product.
  • Use of a low-cost ammonia-based flowsheet with leaching performed at pH 4.5 and 0.3M AMSUL, indicating reduced operational costs.
  • The MREO/TREO ratio of 38% in the final product signifies a high proportion of valuable magnetic rare earth oxides.
  • The ability of the Southern Complex to support a long-life operation without compromising basket value, recoveries, or production profile.
  • The high proportion of MREOs (93%) in the overall value of the MREC product, indicating a premium basket value.
  • The project is considered to have a superior basket value compared to peers due to its simple, low OPEX and CAPEX flowsheet.
  • The project has low levels of radionuclides and gangue element impurities, which is advantageous for offtake discussions and downstream refining.
Negatives
  • The document does not explicitly state any negative aspects of the project or its results.
Risks
  • The document mentions that forward-looking statements are only predictions and actual results may differ materially.
  • The project's success is subject to various factors, including business strategy, development, performance, growth, cash flow, projections, targets, and market expectations.
  • Changes in mineral reserves and resources, exploration results, and related expenses could impact the project's viability.
  • The document does not detail any specific environmental or social risks associated with the project.
Future Outlook

The company looks forward to lodging the first of three environmental permits, issuing an updated mineral resource estimate, and completing the much-anticipated scoping study, expected in Q1 2025.

Management Comments
  • The Company is ecstatic with these best-in-class results, and more importantly, we have now demonstrated that the Southern Complex can match the Northern Concessions in every aspect.
  • The extensive testing was completed to ensure we had all the appropriate data to build a robust flowsheet design, but coming out the other side with these industry-leading results has put Colossus firmly at the top of Rare Earth projects globally with a long-life, high-grade mine plan and exceptional recoveries.
  • Our exploration focus has always been to build a resource base with a high concentration of MREOs in our feed ore, and not to chase TREO, as we know the basket value is essentially only linked to the MREO/TREO ratio and hence so are the project economics.
  • So, to achieve exemplary MREO recoveries of 78%, which maximises the MREO/TREO ratio in the MREC, with a flowsheet designed based on low cost, benign pH and readily available reagents, is a game changer in the rare earth space, and highlights why Colossus has the potential to re-set the cost curve.
  • Just as important as the high recoveries are the exceptionally low levels of radionuclides and gangue elements in our MREC product, which are an important catalyst for the ongoing offtake discussions.
  • The end of the MREC testing program is only one of several key near-term critical milestones for the Company, as we look forward to lodging the first of our three environmental permits, issuing an updated mineral resource estimate, and the much anticipated scoping study.
Industry Context

This announcement by Viridis Mining and Minerals places the Colossus Project at the forefront of the rare earth elements industry, particularly within the Ionic Adsorption Clay (IAC) sector. The reported high recoveries and low impurities of their MREC product are significant, as they suggest a potentially more efficient and cost-effective process compared to traditional methods and competitors. This could disrupt the market by offering a higher quality product with lower production costs, aligning with the growing demand for rare earth elements in high-tech and green energy applications.

Comparison to Industry Standards
  • Compared to Meteoric Resources NL's (MEI) Caldeira project, which reported a TREO recovery of 53% and an MREO/TREO ratio of 31.5% in their MREC, Viridis's Southern Complex shows significantly higher MREO recovery (78%) and a higher MREO/TREO ratio (38%).
  • In comparison to Ionic Rare Earths Ltd's (IXR) Makuutu project, which has a reported TREO head grade of 640 ppm and an MREO head grade of 225 ppm, the Southern Complex has a much higher TREO head grade of 4,561 ppm and an MREO head grade of 1,506 ppm.
  • Viridis's Southern Complex project demonstrates lower impurity levels (~0.7%) compared to MEI's Caldeira project (1.04%) and IXR's Makuutu project (1.3%).
  • The Southern Complex's use of a higher pH (4.5) and lower concentration (0.3M AMSUL) for leaching suggests a potentially lower reagent consumption and reduced OPEX compared to industry peers, although specific comparisons are not provided in the document.
Next Steps
  • Lodging the first of three environmental permits.
  • Issuing an updated mineral resource estimate.
  • Completing the scoping study, expected in Q1 2025.
  • Continuing ongoing drilling and further metallurgical optimisation work as the company moves through the Prefeasibility Study (PFS) stage.
Key Dates
  • 14 November 2024: Company announcement regarding initial diagnostic leach test program results from Southern Complex
  • 11 December 2024: Date of Shanghai Metals Market prices used for basket value calculations
  • 12 December 2024: Date of the ASX Release
Keywords
Rare Earth Elements, MREC, Ionic Adsorption Clay, Colossus Project, Southern Complex, ANSTO, Metallurgical Testing, MREO, TREO, Ammonia Sulphate, Leaching, Basket Value, Impurities, Offtake, Scoping Study, Mineral Resource Estimate, Flowsheet Design
VMM 
Viridis Mining and Minerals Limited 
ASX
Sector: Materials
 
Filings with Classifications
Capital raise
26 May 2025 7:16 PM
Operational Update
  • Viridis and Viridion are well-placed to capitalize on significant funding opportunities provided by two FINEP / BNDES Public Calls, which total R$8 Billion (approximately US $1.4 Billion) for strategic mineral transformation and R&D centers.
  • The potential funding available will fast-track the Colossus and Viridion development timelines, indicating a future capital injection to accelerate project progress.
Better than expected
26 May 2025 7:16 PM
Operational Update
  • The document highlights 'exceptional project economics even at todays cyclical low rare earth prices', indicating strong performance despite challenging market conditions.
  • The successful delivery of the first locally sourced rare earth oxides to Latin America's only magnet manufacturer is described as a 'significant milestone', surpassing typical expectations for project development.
  • The unique positioning of Viridion as the 'only local source of oxides to Brazil and broader Latin America' provides a strategic advantage that exceeds standard market positioning.
Better than expected
30 April 2025 12:14 AM
Quarterly Activity Report
  • The JORC Mineral Resource Estimate (MRE) at the Colossus Project increased by 140%, reaching 493Mt @ 2,508ppm TREO and 601ppm MREO, which is better than previous estimates.
Capital raise
13 March 2025 12:50 AM
Interim Financial Report
  • The company completed a $3.5 million placement on February 4, 2025, at $0.33 per share.
  • The company completed a placement to raise A$4 million through an equity issue at $0.52 per share in October 2024.
Better than expected
13 March 2025 12:50 AM
Interim Financial Report
  • The company's net loss after tax decreased compared to the previous year, indicating improved financial performance.
Better than expected
24 February 2025 10:08 PM
Scoping Study Announcement
  • The Colossus project's economics, including a pre-tax NPV8 of US$1.43 billion and an IRR of 43%, suggest better than expected results.
Better than expected
12 February 2025 9:14 PM
Project Update
  • The Colossus project boasts the largest and highest-grade MREO Measured & Indicated IAC resource globally.
  • Metallurgical testing shows industry-leading MREO recoveries of 76-78% using a cost-efficient and environmentally friendly process.
Capital raise
3 February 2025 5:27 PM
Reinstatement Announcement
  • The reinstatement of trading is directly linked to an announcement regarding a capital raising.
  • The company is expected to announce details of the capital raising soon.
Capital raise
29 January 2025 5:16 PM
Trading Halt Request
  • The company has requested a trading halt pending an announcement regarding a capital raising.
Capital raise
27 January 2025 4:32 PM
Environmental and Regulatory Update
  • The company is continuing to focus on project financing discussions.
Better than expected
21 January 2025 6:35 PM
Resource Upgrade Announcement
  • The resource size increased by 140%, which is significantly better than expected.
  • The Measured & Indicated resource is now the largest and highest grade globally, which is better than industry standards.
Better than expected
21 January 2025 5:27 PM
Exploration Update
  • The resource estimate has increased by 140%, which is better than expected.
  • The project has the largest and highest-grade MREO resource in the Measured & Indicated categories globally, which is better than expected.
  • Metallurgical recoveries are industry-leading, which is better than expected.
Better than expected
11 December 2024 5:56 PM
Exploration Update
  • The results are better than expected due to the industry-leading 78% MREO recoveries, which exceed typical recoveries in similar projects.
  • The low impurity level of approximately 0.7% is significantly better than global benchmarks for public IAC projects.
  • The high TREO content of 58% in the final MREC product, along with a 38% MREO/TREO ratio, surpasses expected values and indicates a high-quality deposit.
Better than expected
3 December 2024 5:35 PM
Exploration Update
  • The drill results were significantly better than expected due to the discovery of multiple exceptionally thick and high-grade rare earth intercepts, exceeding previous expectations for both grade and width.
Capital raise
28 November 2024 11:38 PM
Annual General Meeting Results
  • Approval of a 10% placement facility was granted.
  • Ratification of prior share issues (April and October placements) was approved.
Better than expected
19 November 2024 5:19 PM
Investor Presentation
  • The high-grade nature of the MRE, exceeding expectations, and the exceptional metallurgical recoveries are significantly better than anticipated.
Capital raise
19 November 2024 5:19 PM
Investor Presentation
  • $4 million capital raise completed on 14 October 2024
Better than expected
13 November 2024 5:44 PM
Metallurgical Test Results
  • The ionic recoveries achieved at the Southern Complex significantly exceeded expectations, surpassing all previous results at the Colossus project and demonstrating a superior economic profile.
Capital raise
29 October 2024 9:17 PM
Annual General Meeting Notice
  • Resolution 4 seeks shareholder approval for a 10% placement facility, potentially raising additional capital.
  • Resolution 10 seeks approval to issue 1,712,308 October Placement Shares to Tranche 2 participants, potentially raising approximately $0.9 million.
Better than expected
29 October 2024 6:51 PM
Exploration Update
  • The drilling results significantly exceeded expectations, with multiple intersections revealing exceptionally high grades and thicknesses of rare earth elements, particularly MREOs, far surpassing previous models.
Better than expected
13 October 2024 6:22 PM
Capital Raise Announcement
  • The successful A$4 million placement exceeded expectations, demonstrating strong investor confidence in the company and its Colossus project.
  • The exceptional maiden MREC results from the Colossus project significantly exceeded expectations, showcasing superior economics and potential to disrupt the industry.
Capital raise
9 October 2024 6:42 PM
Trading Halt Announcement
  • The company is undertaking a capital raising.
Capital raise
20 September 2024 4:22 AM
Annual Report
  • The company's ability to issue additional shares under the Corporation Act 2001 to raise further capital. The Group has a history of successfully raising funds from equity raisings in the past
Worse than expected
20 September 2024 4:22 AM
Annual Report
  • The company reported a significant net loss after tax of $8,314,168 for FY2024, substantially exceeding the previous year's loss of $814,226, indicating worse than expected financial performance.
Better than expected
12 August 2024 7:21 PM
Exploration Update
  • The company acquired new tenements at a low cost, expanding its landholding in key prospects.
  • Drilling results indicate high-grade mineralisation in the Cupim South Extension.
Better than expected
31 July 2024 12:51 AM
Quarterly Activity Report
  • The company announced a globally significant maiden MRE for the Colossus IAC Project of 201Mt @ 2,590ppm TREO with 668ppm MREO.
  • Metallurgical test work at the Colossus IAC Project achieved high bulk composite sample recoveries globally, averaging 79% recovery in a 30-minute leach cycle.
Better than expected
29 July 2024 7:28 PM
Exploration Update
  • The drilling results are better than expected due to the high TREO grades and MREO concentrations discovered at the Cupim South extension.
  • The infill drilling at the Northern Concessions returned grades over twice the block model estimates, indicating a significant improvement in the resource potential.
Better than expected
16 July 2024 7:15 PM
Missing type for ID: 2009
  • ASX:VMM announces better than expected results.
Worse than expected
10 July 2024 9:28 PM
Missing type for ID: 3480
  • ASX:VMM announces worse than expected results.
Better than expected
2 July 2024 6:58 PM
Market Announcement
  • The granting of the Cupim South mining licenses and Centro Sul exploration licenses is better than expected as it secures critical tenements for the company's development strategy.
Better than expected
11 June 2024 7:13 PM
Exploration Update
  • The drilling results have exceeded expectations by discovering higher grades and extending the mineralized zones beyond the previously known resource area.
Better than expected
3 June 2024 6:55 PM
Mineral Resource Estimate
  • The Colossus project has a high MREO content compared to its peers.
Better than expected
8 May 2024 7:27 PM
Investor Presentation
  • The document highlights better than expected results due to the high grades of rare earth elements found near the surface.
  • The document highlights better than expected results due to the high recoveries achieved in initial metallurgical testing.
  • The document highlights better than expected results due to the strategic partnerships and government support secured.
Better than expected
7 May 2024 6:31 PM
Exploration Update
  • The drilling results at Ribeirao encountered significantly higher grades than previously anticipated, improving the potential resource estimate.
  • The mineralized footprint at Cupim South has doubled, indicating a larger resource potential than initially expected.
Better than expected
29 April 2024 6:14 PM
Quarterly Activity Report
  • The drilling results exceeded expectations with high-grade zones and new discoveries.
  • Metallurgical testing showed exceptional ionic adsorption recoveries.
  • The company secured additional mining rights and expanded its land position.
Capital raise
17 April 2024 7:49 PM
Trading Halt Request
  • The company is undertaking a capital raising.
  • The details of the capital raising will be released in a subsequent announcement.
Better than expected
17 April 2024 6:26 PM
Metallurgical Test Results Announcement
  • The maiden bulk met test work completed at Colossus exceeded expectations.
  • The average ionic recoveries of magnet rare earth elements (MREE), including Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy), and Terbium (Tb), outperformed every publicly known IAC prospect and deposit globally.
Better than expected
9 April 2024 6:30 PM
Exploration Update
  • The discovery of the highest peak grade publicly reported by any company within the entire Complex of 27,087ppm TREO is better than expected.
Capital raise
2 April 2024 6:07 PM
Joint Venture Announcement
  • The Parties acknowledge and agree that on and from the Commencement Date (being the date the JV Co is incorporated), a detailed budget and funding model will be developed to inform future funding requirements, which must be agreed by both Parties.
Better than expected
2 April 2024 6:07 PM
Joint Venture Announcement
  • The joint venture aims to be the first producer of refined Rare Earth Oxides (REO) in Brazil, utilizing innovative separation and recycling technologies, which is better than the current industry standard.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.