VMM
Viridis Mining and Minerals Limited
ASX
Unearthed Natural Resources Conference Presentation
Sentiment:
Project Update
12 February 2025 9:14 PM
Viridis Mining and Minerals Ltd's Colossus Ionic Clay Project is positioned to become a globally significant rare earth resource, boasting the largest and highest-grade Measured & Indicated MREO (Magnet Rare Earth Oxides) Ionic Adsorption Clay (IAC) resource.
Better than expected
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.
Summary
- Viridis Mining and Minerals is focused on developing the Colossus Ionic Clay Project.
- The project is located in the Poos De Caldas Alkaline Complex, which is supportive of mining operations.
- The Colossus project has a global resource of 493Mt @ 2,508ppm TREO and 601ppm MREO.
- The Measured & Indicated resource is 329Mt @ 659ppm MREO, making it the largest and highest grade globally.
- Metallurgical testing has achieved 76-78% net MREO recovery from ore to final saleable MREC using a benign solution.
- The company has signed MoUs with local and state governments to fast-track permitting.
- A scoping study is expected to be finalized in Q1 2025 and completed in Q2 2025.
- Viridis has a JV with Ionic Rare Earths (ASX:IXR) for REO separation and refining technology.
- The company plans to commence optimization testing in Q1 2025 and recommence step-out drilling in the Southern Complex in Q1 2025.
Sentiment
Score: 8
Explanation: The document presents a highly positive outlook for the Colossus project, emphasizing its world-class resource, advanced metallurgy, and strategic partnerships. The focus on MREO content and government support further strengthens the positive sentiment.
Positives
- The Colossus project has a globally significant resource size and MREO content.
- The project benefits from supportive local community and ample infrastructure.
- The company has achieved world-leading ionic metallurgy with high MREO recoveries.
- Viridis has a de-risked pathway to production with government agreements and an experienced team.
- The JV with Ionic Rare Earths provides downstream technology for separation, refining, and recycling.
Risks
- Environmental approvals are required from both local and state governments, and delays could impact the project timeline.
- The scoping study is still in progress, and the results could impact the project's economic viability.
- The company is reliant on its JV with Ionic Rare Earths for downstream processing, and any issues with this partnership could impact the project.
- Commodity price fluctuations could impact the profitability of the project.
Future Outlook
The company is focused on advancing the Colossus project towards production, with key milestones including finalizing the scoping study, securing environmental approvals, and commencing pilot plant design and construction.
Management Comments
- The selection by Invest Minas at such an early stage in our development journey highlights the importance of Colossus at local, state and federal levels.
- The agreement through Invest Minas will facilitate and fast track regulatory and environmental approvals between Viridis and government departments.
- MoU with Poos De Caldas solidifies the commitment from the local government to support the development of the Colossus Project through supply of power, water, sewage to our future Production and Mining facilities.
- This MoU will help de-risk and accelerate the project approvals and execution timeline.
Industry Context
The Colossus project is positioned within the Poos De Caldas Alkaline Complex, a region known for its rare earth mineralization and existing mining operations. The project aims to capitalize on the growing demand for rare earth elements, particularly MREOs, which are crucial for high-tech applications.
Comparison to Industry Standards
- The document provides a peer table comparing Colossus to other IAC projects, including Serra Verde, Ionic Rare Earths' Makuutu, Meteoric Resources' Caldeira, and Brazilian Rare Earths' Rocha Da Rocha.
- Colossus has a resource of 493Mt @ 2,508 ppm TREO and 601 ppm MREO at a 1,000 ppm cut-off, which is competitive with other projects in terms of grade and tonnage.
- The MREO grade of 601 ppm is among the highest in the peer group, potentially leading to higher basket values and robust profits.
- The document highlights that Colossus' M+I resource remains the highest grade and largest accumulation of these critical MREOs globally.
Stakeholder Impact
- Shareholders can expect potential value appreciation as the project progresses towards production.
- Employees will benefit from job creation and economic opportunities in the region.
- Customers will have access to a reliable supply of refined rare earth oxides.
- Suppliers will benefit from increased demand for mining equipment and services.
- Creditors may see increased confidence in the company's ability to repay debts.
Next Steps
- Finalize and issue the scoping study in Q1-Q2 2025.
- Commence optimization testing in Q1 2025.
- Recommence step-out drilling in the Southern Complex in Q1 2025.
- Work towards full environmental permitting over 2025.
- Continue JV with IXR scoping study for REO Refinery.
Key Dates
- 06 February 2024: ASX announcement of spectacular shallow intercepts up to 23,556ppm TREO Amended
- 4 March 2024: Viridis Signs Key MoUs with State of Minas Gerias and Poos De Caldas
- 3 April 2024: Viridis Enters JV for Separation, Refining and Recycling of Rare Earths
- 28 August 2024: Cupim South Delivers 21m @ 15,339ppm TREO
- 24 September 2024: Colossus Maiden Mixed Rare Earth Carbonate (MREC) Product
- 22 October 2024: Meteoric Resources (ASX: MEI) resource upgrade reported
- 6 November 2024: Virids Progresses Downstream Rare Earth Oxide Refining, Magnet Manufacturing and Recycling Partnerships
- 14 November 2024: Southern Complex Achieves Highest Ever Recoveries
- 12 December 2024: Maiden MREC Product from Southern Complex
- 31 December 2024: Cash balance as of this date
- 16 January 2025: Options Conversion
- 22 January 2025: Colossus Hits Largest M&I and Highest-Grade MREO Resource
- 4 February 2025: + $3.5m Capital Raise
- 12 February 2025: Market close date for share price and market capitalization data
- 15 February 2024: Hatch awarded Colossus Scoping Study and Eng Support Contractor
- Q1 2025: Commencement of optimization testing, recommencement of step-out drilling in the Southern Complex, commencement of REO Refinery and Recycling plant scoping study work program
- Q1 2025: Scoping Study expected to be finalised and issued to the market
- Q2 2025: Scoping Study expected to be complete
Keywords
Rare Earths, Ionic Clay, MREO, TREO, Colossus Project, Viridis Mining, Metallurgy, Mining, Exploration, Brazil
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.
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