Viridis Mining and Minerals has announced a substantial upgrade to its Colossus Ionic Adsorption Clay Rare Earth Element Project, reporting a 140% increase in its JORC-compliant Mineral Resource Estimate. This positions Colossus as the largest and highest-grade IAC rare earth resource globally, with significant implications for the rare earth sector.
- JORC Mineral Resource Estimate increased by over 140% to 493Mt at 2,508ppm TREO and 601ppm MREO
- Colossus now holds the largest and highest-grade MREO resource among global Ionic Adsorption Clay projects
- High-grade feedstock of 106Mt at >4,000ppm TREO and >1,000ppm MREO delineated
- Exceptional metallurgical recoveries of up to 78% MREO using environmentally benign ammonium sulfate leaching
- Resource upgrade covers only 11% of total landholding, indicating substantial expansion potential
Resource Upgrade and Global Positioning
Viridis Mining and Minerals Limited (ASX: VMM) has delivered a landmark update to its Colossus Ionic Adsorption Clay (IAC) Rare Earth Element (REE) Project in Brazil, reporting a 140% increase in its JORC-compliant Mineral Resource Estimate (MRE). The upgraded resource now stands at 493 million tonnes (Mt) grading 2,508 parts per million (ppm) total rare earth oxides (TREO) and an industry-leading 601ppm magnetic rare earth oxides (MREO), which include neodymium (Nd), praseodymium (Pr), dysprosium (Dy), and terbium (Tb).
This substantial growth firmly establishes Colossus as the largest and highest-grade MREO resource globally within the IAC sector, a critical distinction given the premium value of MREOs in green technologies and high-tech applications. The resource upgrade incorporates extensive drilling data from the Northern Concessions, Southern Complex, and the newly included Tamoyo Prospect, which itself boasts the highest MREO content among Viridis’ prospects.
High-Grade Feed and Metallurgical Excellence
Viridis has delineated a premium-grade mineralisation zone of 106Mt at over 4,000ppm TREO and more than 1,000ppm MREO, representing a high-value feedstock that underpins the project's robust economic outlook. Metallurgical testing, conducted by the Australian Nuclear Science and Technology Organisation (ANSTO) and SGS Geosol, has demonstrated exceptional recoveries of MREOs, up to 78% in the Southern Complex, using a cost-effective and environmentally benign ammonium sulfate leaching process at near-neutral pH and ambient conditions.
This metallurgical performance is among the best reported globally for IAC projects and is a key factor in Viridis’ confidence that Colossus can reset the cost curve for rare earth production. The process design minimizes reagent consumption and environmental impact, aligning with sustainable mining practices.
Exploration Potential and Development Outlook
Remarkably, the current resource estimate is based on drilling covering only 11% of the total Colossus landholding, highlighting significant upside potential through ongoing and future exploration. Viridis plans to continue step-out and infill drilling to expand and upgrade resources, alongside advancing mine planning and environmental approvals.
Chief Executive Officer Rafael Moreno emphasised the strategic importance of the upgrade, noting that the project’s scale and grade provide a solid foundation for financing and development even amid challenging rare earth pricing environments. The imminent release of a Scoping Study will further detail the project’s economics and development pathway.
Environmental Stewardship and Regulatory Compliance
Located within the ecologically sensitive Atlantic Forest biome, the Colossus Project is subject to rigorous environmental regulations. Viridis is advancing Environmental Impact Assessments and implementing mitigation measures to ensure sustainable operations, including water recycling, no discharge of industrial effluent, and backfilling of tailings to promote ecological recovery.
This commitment to environmental stewardship complements the project's technical strengths, positioning Colossus as a world-class rare earth resource aligned with global sustainability goals.
Market and Peer Context
Compared to peers, Colossus stands out with the highest MREO grade and largest Measured & Indicated resource among IAC projects worldwide. This positions Viridis to play a pivotal role in supplying critical rare earths essential for electric vehicles, renewable energy, and defense technologies. The combination of resource scale, grade, metallurgical recoveries, and sustainable processing offers a compelling value proposition in a sector with limited high-quality assets.
Bottom Line?
With a record-breaking resource and exceptional metallurgical performance, Viridis’ Colossus Project is poised to redefine the rare earth landscape, but investors will watch closely as the company advances its scoping study and navigates market dynamics.
Questions in the middle?
- How will the upcoming Scoping Study quantify the economic impact of the high-grade feed and metallurgical recoveries?
- What are the timelines and key milestones for environmental approvals and mine planning completion?
- How might fluctuating rare earth prices affect project financing and development decisions in the near term?