VMM
Viridis Mining and Minerals Limited
ASX
Viridis Achieves Key Environmental & Regulatory Milestones
Sentiment:
Environmental and Regulatory Update
27 January 2025 4:32 PM
Viridis Mining and Minerals has achieved key environmental milestones for its Colossus Rare Earth Project, submitting a comprehensive Environmental Impact Assessment and securing a critical land use certificate.
Capital raise
The company is continuing to focus on project financing discussions.
Summary
- Viridis Mining and Minerals has submitted a comprehensive Environmental Impact Assessment (EIA) and Environmental Impact Report (RIMA) for its Colossus Rare Earth Project.
- The EIA/RIMA was submitted to the Environmental Agency of Minas Gerais (FEAM) and covers the Northern Concessions of the project.
- The submission follows eight months of environmental assessment, including fieldwork, community surveys, and engineering studies.
- Viridis strategically selected the Municipality of Poos De Caldas for the project's location.
- The company has received a Certificate of Regularity for Land Use and Occupation from the Municipality of Poos De Caldas, a prerequisite for the Preliminary License (PL).
- The environmental permitting process is on track for the Installation License (IL) approval and construction commencement in Q3 2026.
- The project aims to commence operations by the end of 2027.
- The Colossus Project uses a sustainable extraction process with minimal environmental impact, including selective extraction and water recirculation.
- The company is progressing a Scoping Study and Pre-Feasibility Study, expected to be completed by the end of Q2 2025.
Sentiment
Score: 8
Explanation: The document is very positive, highlighting significant progress in environmental approvals and strong government support. The focus on sustainability and community engagement further enhances the positive sentiment.
Positives
- The submission of the EIA/RIMA is a significant step in the environmental approval process.
- The Certificate of Regularity for Land Use and Occupation demonstrates strong local government support.
- The project is on track to meet its development timeline.
- The sustainable extraction process minimizes environmental impact.
- The project has strong support from both state and local government representatives.
- The company is actively engaging with the community and prioritizing environmental stewardship.
Risks
- The project is still subject to regulatory approvals, including the Installation License and Operation License.
- The project's timeline is dependent on the timely completion of studies and approvals.
- There are inherent risks associated with mining projects, including environmental and operational challenges.
Future Outlook
The company is focused on progressing the Colossus Project through the licensing stages, completing the Scoping Study and Pre-Feasibility Study, and securing project financing and offtake agreements. The company aims to commence operations by the end of 2027.
Management Comments
- Rafael Moreno, Chief Executive Officer, stated that the achievement marks a significant milestone and demonstrates the company's commitment to sustainable mining practices.
- Rafael Moreno also noted that the progress with environmental approvals and government support is thrilling for investors.
- Ronaldo Barquette, Director of Investment Attraction at Invest Minas, reaffirmed the State of Minas Gerais' commitment to supporting the Colossus Project.
- Franco Martins, Secretary of Economic Development and Labor of the Municipality of Poos De Caldas, declared institutional support for the Colossus Project.
Industry Context
This announcement highlights the importance of environmental approvals and community support in the mining industry, particularly for rare earth projects. The focus on sustainable practices and government collaboration aligns with current industry trends.
Comparison to Industry Standards
- The detailed environmental assessment, including fieldwork and community engagement, aligns with best practices in the mining industry.
- The use of ammonium sulfate and ammonium bicarbonate as reagents is common in rare earth processing and considered to have a low environmental impact.
- The water recirculation system and backfilling of inert waste are examples of sustainable practices that are increasingly expected in the industry.
- The three-stage licensing process (PL, IL, OL) is a standard regulatory framework in many jurisdictions.
Stakeholder Impact
- Shareholders should be encouraged by the progress in environmental approvals and the project's advancement.
- Employees can be confident in the project's commitment to sustainable practices and regulatory compliance.
- The local community should benefit from the project's economic contributions and commitment to environmental stewardship.
- Suppliers and creditors can see the project's progress as a positive sign of its viability and potential for future business.
Next Steps
- Complete the Scoping Study.
- Progress the Pre-Feasibility Study with Hatch.
- Continue project financing and offtake discussions.
- Engage with the community to develop the Environmental Education Program.
- Submit the Environmental Control Plan.
- Present detailed engineering designs for review and approval.
Key Dates
- March 2024: Viridis signed a Memorandum of Understanding with the State of Minas Gerais and the Municipality of Poos De Caldas.
- 28 January 2025: Viridis released an announcement regarding environmental and regulatory milestones.
- Q2 2025: The Pre-Feasibility Study is expected to be completed.
- Q3 2026: The company expects to receive approval for the Installation License and commence construction.
- End of 2027: The company expects to commence operations.
Keywords
Rare Earth Elements, Environmental Impact Assessment, Mining, Colossus Project, Environmental Approval, Preliminary License, Installation License, Sustainability, Brazil, Poos De Caldas
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.