VMM
Viridis Mining and Minerals Limited
ASX
Quarterly Activities/Appendix 5B Cash Flow Report
Sentiment:
Quarterly Activity Report
29 April 2024 6:14 PM
Viridis Mining and Minerals reports outstanding drilling results, secures additional mining rights, and advances the Colossus Project with metallurgical testing and a scoping study, while also completing successful capital raisings and a joint venture for rare earth processing.
Better than expected
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.
Summary
- Viridis Mining and Minerals Limited (VMM) has released its quarterly activities report for the period ending 31 March 2024.
- The company achieved outstanding drilling results across all concessions, with peak grades above 24,000ppm TREO at Fazenda Mining Licence and Cupim South.
- Breakthrough discoveries were made at Capo da Ona (CDO) and Ribeiro Prospects.
- Viridis secured additional mining rights contiguous to its current licenses, including 998 hectares (9.98km2) adjoining the Cupim South Prospect.
- Initial metallurgical testing by ANSTO confirmed exceptional ionic adsorption recoveries at Colossus, using a standard Ammonium Sulphate (AMSUL) leach cycle.
- Hatch Pty Ltd was awarded a contract to deliver a Scoping Study for the Colossus Project and general Engineering Support.
- Viridis completed an oversubscribed placement, raising A$4.5 million through an equity issue of circa 3.9 million shares at $1.15.
- Subsequent to the quarter's end, Viridis announced a joint venture with Ionic Rare Earths Limited (ASX: IXR) to become the first producer of refined Rare Earth Oxides (REO) in Brazil.
- A breakthrough discovery was made at the Tamoyo Prospect from maiden deep drilling.
- Widespread bulk metallurgical testing places Colossus average bulk recoveries as highest across the globe.
- The company completed a heavily oversubscribed placement to raise A$8 million through an equity issue of 6.4 million shares at $1.25.
Sentiment
Score: 8
Explanation: The report is highly positive due to the outstanding drilling results, strategic land acquisitions, successful capital raisings, and the joint venture for rare earth processing. The company is making significant progress in developing the Colossus Project and positioning itself as a key player in the rare earth market.
Positives
- Outstanding drilling results across all concessions.
- Significant expansion of mining rights, including a critical area adjoining the Cupim South Prospect.
- Positive initial metallurgical testing results indicating exceptional ionic adsorption recoveries.
- Award of Scoping Study contract to Hatch Pty Ltd.
- Successful capital raisings of A$4.5 million and A$8 million.
- Joint venture with Ionic Rare Earths Limited to produce refined Rare Earth Oxides (REO) in Brazil.
- Breakthrough discovery at Tamoyo Prospect.
- Support from state and local governments in expediting regulatory and environmental approvals.
Negatives
- Corporate and administration costs over the period were higher than anticipated due to the Colossus Project acquisition and the associated expenses relating to expansion of the Company's executive / administration resources and operations in Australia and Brazil.
- The company is an exploration company and not generating any revenue so it is expected that it will continue to have negative operating cash flows for the time being.
Risks
- Exploration and development are subject to regulatory and environmental approvals.
- Future metallurgical testing may not yield the same positive results.
- The joint venture with Ionic Rare Earths Limited may not achieve the expected outcomes.
- Commodity price fluctuations could impact the economic viability of the Colossus Project.
- The company is an exploration company and not generating any revenue so it is expected that it will continue to have negative operating cash flows for the time being.
Future Outlook
The company plans to accelerate work at the Colossus Project, including expanded drilling programs, resource definition, and scoping studies, and aims to become the first producer of refined Rare Earth Oxides (REO) in Brazil through its joint venture.
Industry Context
The announcement highlights Viridis's strategic moves in the rare earth sector, aligning with the increasing global demand for rare earth elements used in various high-tech applications. The joint venture with Ionic Rare Earths positions Viridis to capitalize on downstream processing and recycling technologies, potentially giving it a competitive edge in the Brazilian market.
Comparison to Industry Standards
- The report mentions that Colossus achieves the highest overall bulk ionic recoveries globally, suggesting a leading position in extraction efficiency.
- The joint venture with IXR leverages Selective Separation Technology (SST), potentially offering a more efficient and environmentally friendly refining process compared to traditional methods.
- The company's focus on ionic adsorption clay (IAC) rare earth deposits aligns with a growing trend in the industry, as these deposits are generally easier and cheaper to mine than hard rock deposits.
Stakeholder Impact
- Shareholders: Positive impact due to increased asset value, successful capital raisings, and potential for future revenue generation.
- Employees: Positive impact due to job creation and opportunities for professional development.
- Customers: Potential for a reliable supply of refined Rare Earth Oxides (REO).
- Suppliers: Increased demand for goods and services related to exploration and development activities.
- Creditors: Reduced risk due to successful capital raisings and project advancement.
Next Steps
- Continued exploration and drilling programs at the Colossus Project.
- Completion of the Scoping Study by Hatch Pty Ltd.
- Advancement of the joint venture with Ionic Rare Earths Limited.
- Resource definition and estimation at the Colossus Project.
- Pursuing regulatory and environmental approvals for project development.
Key Dates
- 16 November 2021: Date of Prospectus
- 24 January 2022: Date of ASX Listing
- 3 January 2024: VMM ASX announcement: World-Class Rare Earth Discoveries Continue at Colossus
- 5 February 2024: Company announced a $4.5 million capital raising at $1.15 per share
- 6 February 2024: VMM ASX announcement: Spectacular Shallow Intercepts up to 23,556ppm TREO-Amended
- 12 March 2024: VMM ASX announcement: Step-Out Drilling Intercepts up to 24,894ppm TREO
- 20 March 2024: VMM ASX announcement: 80% Average Ionic Recoveries from First Colossus Hole
- 31 March 2024: End of reporting quarter
- 3 April 2024: Company announced the signing of a joint venture with Ionic Rare Earths Limited (ASX: IXR)
- 10 April 2024: VMM ASX announcement: Step-Out Drilling Continues Making High-Grade Discoveries
- 16 April 2024: Extraordinary general meeting was held
- 18 April 2024: VMM ASX announcement: Colossus Achieves Highest Overall Bulk Ionic Recoveries
- 22 April 2024: Company announced a A$8 million capital raising at $1.25 per share
- 29 April 2024: ASX Release date of Quarterly Activity Report
- 30 April 2024: Settlement due for completion on A$8.00 million placement
- 30 June 2024: Poochera Project exploration licence (EL6733) is in good standing until this date.
- 15 January 2029: Expiry date of Class G M Performance Rights
- 14 February 2029: Expiry date of Class N P Performance Rights
Keywords
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.