VMM
Viridis Mining and Minerals Limited
ASX
Quarterly Activities/Appendix 5B Cash Flow Report
Sentiment:
Quarterly Activity Report
30 April 2025 12:14 AM
Viridis Mining and Minerals reports a 140% increase to the JORC Mineral Resource Estimate at the Colossus Project, positioning it as a leading rare earth project with robust economics.
Better than expected
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.
Summary
- Viridis Mining and Minerals Limited (ASX: VMM) has released its quarterly activities report for the period ending March 31, 2025.
- The Colossus Project saw a 140% increase in its JORC Mineral Resource Estimate (MRE), reaching 493Mt @ 2,508ppm TREO and 601ppm MREO.
- The Measured and Indicated category of the MRE stands at 329Mt @ 2,680ppm TREO and 659ppm MREO.
- A Scoping Study confirmed Colossus as a premier rare earth project with potential for high margins and low costs.
- The study estimates an all-in sustaining cost (AISC) of US $8.8/kg TREO over a 20-year life of mine (LoM).
- The initial capital expenditure for the processing facility and mining fleet is estimated at US $287 million.
- The company submitted the Environmental Impact Assessment (EIA) and Relatrio de Impacto Ambiental (RIMA) for a Preliminary Licence (PL).
- Viridis raised $3.5 million through a placement at $0.33 per share to fund the Definitive Feasibility Study and demonstration plant.
- China's new export restrictions on rare earths reinforce the strategic importance of Colossus.
- Exploration expenditure for the quarter was $1,563k.
- Payments to related parties totaled approximately $151k for executive remuneration and non-executive director fees.
Sentiment
Score: 8
Explanation: The report presents a positive outlook for Viridis Mining and Minerals, driven by the significant resource upgrade at the Colossus Project and its potential to be a low-cost, high-margin producer. The successful capital raise and progress on environmental approvals further contribute to the positive sentiment.
Positives
- Significant increase in the JORC Mineral Resource Estimate at the Colossus Project.
- Colossus is identified as the largest and highest-grade MREO resource globally.
- The Scoping Study demonstrates robust project economics with a substantial NPV and EBITDA.
- The company achieved key environmental and regulatory milestones.
- Successful capital raise of $3.5 million to advance project development.
- China's export restrictions on rare earths enhance the strategic value of Colossus.
- Low-cost and environmentally friendly flowsheet, leveraging 100% renewable grid power, skilled local labour, and existing infrastructure access.
Negatives
- The company reported negative cash flows from operating activities of $431k for the quarter and $1,480k year-to-date.
- Exploration expenditure for the reporting period was $1,563k.
- Payments to related parties totaled approximately $151k for executive remuneration and non-executive director fees.
Risks
- Fluctuations in rare earth market prices could impact project profitability.
- Securing and maintaining environmental and regulatory approvals is critical for project advancement.
- The company's ability to secure project financing and offtake agreements is essential for development.
- The company is an exploration / pre-development company and not generating any revenue it is expected that it will continue to have negative operating cash flows for the time being.
Future Outlook
The company is focused on advancing the Colossus Project through the Definitive Feasibility Study and demonstration plant, as well as progressing environmental approvals and offtake/project financing discussions.
Industry Context
The report highlights the strategic importance of the Colossus Project in light of increasing global demand for rare earth elements and China's tightening export controls, positioning Viridis as a potential secure source of these critical materials.
Comparison to Industry Standards
- The Colossus Project is positioned to be one of the lowest-cost MREC producers worldwide, based on the rare earth industry cost curve for 2025.
- The project's all-in sustaining costs (AISC) of US $8.8/kg TREO is highly competitive compared to other rare earth projects globally.
- The initial capital expenditure of US $287 million is considered low capital intensity relative to peer rare earth projects worldwide.
Stakeholder Impact
- Shareholders: Positive impact due to increased resource size, robust project economics, and potential for future growth.
- Employees: Potential for job creation and career opportunities as the project advances.
- Customers: Potential for a secure and reliable supply of rare earth elements.
- Suppliers: Opportunities to provide goods and services to the project.
- Creditors: Increased confidence in the company's ability to repay debts due to the project's strong economics.
Next Steps
- Finalisation of the Definitive Feasibility Study for the Colossus Project.
- Advancement of environmental permitting processes.
- Continued engagement on offtake and project financing discussions.
- Shallow drilling to follow up on previous results and verify the interpreted lithologies at the Bindoon Project, subject to the granting of all respective tenements.
Key Dates
- December 20, 2023: Smoky Project Returns Up To 95.1% Halloysite
- Mid-2024: South Australian Department of Energy and Mining accepted the Poochera EL6733 Annual Technical report
- February 2025: Viridis announced a capital raise of $3.5 million via a placement
- February 24, 2025: Results of Meeting
- January 22, 2025: Colossus Hits Largest M&I and Highest-Grade MREO Resource
- February 25, 2025: Investor Webinar on Colossus Scoping Study Results and Colossus Scoping Study Highlights Outstanding Economics
- March 31, 2025: End of the quarterly reporting period
- April 9, 2025: Company noted the introduction of Chinese export controls on a range of strategic rare earths
- April 24, 2025: Company's general meeting (EGM)
- April 30, 2025: Date of ASX Release for Quarterly Activity Report
- Q2 2025: Public consultation processes are expected to commence for the Northern Concessions.
Keywords
Rare Earth Elements, Colossus Project, MREO, TREO, Scoping Study, Mining, Exploration, JORC, EBITDA, NPV, IAC, Mineral Resource Estimate
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.