VMM
Viridis Mining and Minerals Limited
ASX
VMM JV For Separation, Refining & Recycling Rare Earths
Sentiment:
Joint Venture Announcement
2 April 2024 6:07 PM
Viridis Mining and Minerals partners with Ionic Rare Earths in a joint venture to potentially become the first producer of refined Rare Earth Oxides (REO) in Brazil, utilizing innovative separation and recycling technologies.
Better than expected
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.
Capital raise
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.
Summary
- Viridis Mining and Minerals has entered a 50/50 joint venture with Ionic Rare Earths to commercialize Selective Separation Technology (SST) and Rare Earth Recycling Technology (RRT) in Brazil.
- The JV aims to establish the first major production of refined Rare Earth Oxides (REOs) in South America.
- The JV has exclusive global rights (excluding Asia and Uganda) to commercialize SST for downstream processing and exclusive rights to commercialize IXR's RRT in Brazil.
- IonicTech's SST uses ionic liquids and extractants to selectively separate individual rare earths into refined, high-purity oxides.
- The technology is fully tuneable, allowing separation of all 17 REOs from a single feedstock, unlike traditional separation plants.
- IonicTech has demonstrated its ability to extract >99.8% Nd-Pr Oxide and Dy Oxide from recycled magnets.
- A separate scoping study will assess the economic implications of integrating SST into the JV-owned downstream plant.
- The JV provides optionality to Colossus to produce both a Mixed Rare Earth Carbonate and refined Oxides based on future offtake agreements and customer requirements.
- The JV aims to be the first company to bring commercially ready REE recycling into Brazil.
Sentiment
Score: 8
Explanation: The announcement is highly positive due to the strategic partnership, innovative technology, and potential for significant market disruption in the rare earth industry. The joint venture positions Viridis as a key player in the sector.
Positives
- The joint venture positions Viridis at the forefront of Rare Earth companies outside of China.
- The SST technology allows for the separation of all 17 Rare Earths into their Oxide form directly from a REE carbonate.
- The JV grants Viridis exclusive rights to use IonicTech's commercially ready RRT within Brazil.
- The initiative places Brazil at the forefront of global REE separation outside of China, capable of producing both LREE and HREE oxides for multiple end users within a unified separation plant.
- The technology aims to be commercialised in parallel providing early cashflow and partnership opportunities with key industry players.
- The SST technology acts as a drop-in solution using separation technology which can be retrofitted into an existing plant and target any pair of Rare Earth Oxides.
Risks
- The joint venture's success depends on the successful commercialization and implementation of SST and RRT.
- The scoping study needs to substantiate the commercial implications of integrating SST for the Colossus asset.
- The joint venture is subject to market prices at the time of sale for rare earth carbonates or rare earth chemical precipitates recovered from the Colossus Project.
- The company's results or performance may differ materially from forward-looking statements due to various risks and uncertainties.
Future Outlook
The JV aims to commercialize SST and RRT, positioning Viridis as a leading REE developer and refiner, with potential for licensing and partnership opportunities.
Management Comments
- 'This Joint Venture now places Viridis at the forefront of Rare Earth companies outside of China,' according to Chief Executive Officer, Rafael Moreno.
- The Joint Venture also aims to be the first company to bring commercially ready REE recycling into Brazil (on an exclusive basis), using a technology which has been developed following years of R&D at IonicTechs Belfast facility, with the goal of enabling Brazil to become a major player in the down-stream supply of REOs.
- With this JV, Viridis is continuing to work towards the development of a globally significant Ionic Adsorption Clay project, whilst also sitting at the forefront of REE separation and recycling technology in Brazil.
Industry Context
The announcement comes amid increasing interest in establishing rare earth supply chains outside of China, with major automotive manufacturers like Toyota, Volkswagen, Stellantis, Hyundai, BYD and General Motors making announcements in Brazil.
Comparison to Industry Standards
- The document highlights that current downstream flowsheets in Rare Earths only allow separation plants and refineries to be rigidly designed, capable of producing only a specific set of Rare Earth Oxides.
- The document uses Lynas Rare Earths (ASX:LYC) as an example of a company with an integrated refinery in Malaysia capable of taking REE-Heavy Rare Earth Oxides.
- The Mountain Pass separation plant is mentioned as only being capable of producing Nd-Pr and La-Ce Oxide irrespective of the carbonate feed being concentrated in Heavy Rare Earths or not.
- Lynas Malaysia LREE facility is limited to only separating out Nd-Pr & La-Ce Oxides, with an additional US $258M now being expended on a plant in Texas simply to separate out HREE (incl. Dy-Tb Oxides) from the Mt Weld REE carbonate and other potential feeds.
Stakeholder Impact
- Shareholders: Positive impact due to the potential for increased revenue and market share.
- Employees: Potential for new job creation and skill development.
- Customers: Access to a more diversified and reliable supply of rare earth oxides.
- Suppliers: Opportunities to supply feedstock and other materials to the JV.
- Creditors: Increased confidence in the company's financial stability and growth prospects.
Next Steps
- Forming the Joint Venture company (JV Co).
- Constructing a refinery facility.
- Implementing Ionic Rare Earths extraction technology.
- Testing the full mine to magnet process using Colossus ore.
- Conducting a separate scoping study to assess the economic implications of integrating SST.
- Discussions with potential licensing partners with Rare Earth assets and OEMs seeking refined Rare Earth Oxides to spearhead the JV Co initiative.
Key Dates
- 3 April 2024: ASX Release date and execution of binding terms sheet with Ionic Rare Earths Limited
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.