VMM
Viridis Mining and Minerals Limited
ASX
Step-Out Drilling Continues Making High-Grade Discoveries
Sentiment:
Exploration Update
9 April 2024 6:30 PM
Viridis Mining and Minerals reports high-grade rare earth discoveries at its Colossus project, including a record 27,087ppm TREO intercept at the Tamoyo prospect.
Better than expected
The discovery of the highest peak grade publicly reported by any company within the entire Complex of 27,087ppm TREO is better than expected.
Summary
- Viridis Mining and Minerals has announced significant rare earth discoveries at its Colossus project.
- Maiden drilling at Centro Sul and Tamoyo has revealed two separate discoveries north and south of the alkaline complex.
- The Tamoyo discovery includes the highest grade reported to date at the complex, with a peak grade of 27,087ppm TREO.
- Infill drilling at Cupim South has returned the thickest intercept to date, measuring 81m @ 2,236ppm TREO.
- Fazenda continues to show high-grade heavy rare earth potential, with grades up to 16,144ppm TREO.
- Three out of four licenses as part of the So Domingos Minerdom acquisition (Cupim South Expansion) have now been progressed into good standing.
- The company believes Colossus is well-positioned to become the premier Ionic Adsorption Clay (IAC) project in the Poos De Caldas Alkaline Complex.
Sentiment
Score: 8
Explanation: The announcement is highly positive due to the high-grade discoveries, strategic location, and potential for fast-tracked development. The management's confidence and the focus on heavy rare earths contribute to the positive sentiment.
Positives
- The Tamoyo discovery includes the highest grade reported to date at the complex, with a peak grade of 27,087ppm TREO.
- Infill drilling at Cupim South has returned the thickest intercept to date, measuring 81m @ 2,236ppm TREO.
- Fazenda continues to show high-grade heavy rare earth potential, with grades up to 16,144ppm TREO.
- Viridis has executed a Memorandum of Understanding (MoU) with both state and local governing bodies, which is critical to gaining fast-tracked approvals for Colossus development.
- Three out of four licenses as part of the So Domingos Minerdom acquisition (Cupim South Expansion) have now been progressed into good standing.
- The strategic location of Colossus outside of the Pedra Branca Sanctuary allows for fast-tracked approvals.
Negatives
- A portion of the Centro Sul discovery sits within the Pedra Branca Environmental Buffer Zone, requiring Viridis to shift exploration efforts to the northern portion outside the sanctuary.
Risks
- The company's results and performance may differ materially from forward-looking statements due to various risks and uncertainties.
- Securing and maintaining necessary licenses and permits is crucial for the project's advancement.
- Environmental regulations and community relations could impact the project's timeline and feasibility.
Future Outlook
The company plans to continue exploration and metallurgical work, build the resource for Colossus, and update shareholders with further results in the near future.
Management Comments
- The results released to date and strategic location of Colossus gives the team incredible confidence that we are well placed to be the leading Ionic Adsorption Clay resource in the Alkaline Complex.
- Our consistent investment into greenfield exploration is also paying off, as for each of the last three batches we've discovered record breaking grades this time within a Mining License from maiden RC and diamond drilling, returning an impressive 15m @ 6,153ppm TREO.
Industry Context
The announcement highlights the increasing demand for rare earth elements, particularly heavy rare earths, and positions Viridis as a potential key player in the Ionic Adsorption Clay market within the Poos De Caldas Alkaline Complex.
Comparison to Industry Standards
- The document references Meteoric Resources NL (ASX: MEI) and their Caldeira REE Project Maiden Mineral Resource as a comparable project.
- The Soberbo Deposit of 92Mt @2,948ppm TREO is mentioned as a JORC-Compliant resource adjacent to the Centro Sul prospect.
Stakeholder Impact
- Shareholders will likely react positively to the high-grade discoveries and the potential for increased resource size.
- Employees may benefit from increased job security and potential for growth within the company.
- Customers in the rare earth market could benefit from a new, reliable source of heavy rare earth elements.
- Suppliers could see increased demand for drilling and exploration services.
- Creditors may view the company as a more attractive investment due to the positive exploration results.
Next Steps
- Continue step-out drilling across Cupim South.
- Progress metallurgical drilling and environmental permitting on Northern Concessions.
- Advance key development activities including metallurgical work, resource modelling and permitting.
Key Dates
- 10 November 2023: ASX announcement regarding an option agreement with vendors of Research Applications for licenses comprising the Centro Sul Prospect.
- 4 March 2024: VMM announcement regarding key MOUs signed with state and local governments.
- 12 March 2024: VMM announcement regarding step-out drilling intercepting up to 24,894ppm TREO.
- 10 April 2024: Date of the current ASX release announcing step-out drilling discoveries.
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.