Colossus Project Hits 78% Rare Earth Recovery with 140% Resource Boost

Maiden MREC Production Sets New Benchmark

Viridis Mining and Minerals Limited (ASX: VMM) has marked a significant milestone in the development of its Colossus Rare Earth Project with the successful production of its maiden Mixed Rare Earth Carbonate (MREC) product from the Southern Complex. Conducted in collaboration with the Australian Nuclear Science and Technology Organisation (ANSTO), the processing of a 41kg bulk sample demonstrated an exceptional 78% recovery of Magnetic Rare Earth Oxides (MREO), including 79% for Neodymium and 77% for Praseodymium.

This breakthrough positions Colossus as a globally significant ionic adsorption clay (IAC) project, benefiting from a simplified, low-cost flowsheet operating at near-neutral pH and reduced reagent concentrations. The resulting MREC product boasts ultra-low impurity levels (~0.7%), a critical advantage for downstream refiners seeking premium feedstock with reduced processing costs.

Resource Expansion and High-Grade Drilling Success

Subsequent to the quarter, Viridis announced a 140% increase in its JORC-compliant Mineral Resource Estimate, now totaling 493 million tonnes at 2,508ppm TREO, with a Measured and Indicated Resource of 329 million tonnes at 2,680ppm TREO. This upgrade confirms Colossus as the largest and highest-grade MREO IAC project worldwide.

Drilling results from the Cupim South and Centro Sul prospects underpin this growth, with standout intercepts such as 50m at 8,462ppm TREO and 14m at 15,941ppm TREO, highlighting both the thickness and grade continuity of mineralisation. These findings not only enhance the project's economic potential but also provide a robust foundation for detailed mine planning and scoping studies underway.

Strategic Joint Venture and Downstream Integration

Viridis has advanced its downstream capabilities through a joint venture with Ionic Rare Earths Limited, establishing Viridion Pty Ltd in Australia and Viridion Rare Earth Technologies Ltda in Brazil. This partnership secures exclusive rights to Ionic Rare Earths' Selective Separation Technology and Rare Earth Recycling Technology, positioning Viridion as the first producer of refined Rare Earth Oxides in South America from both MREC and recycled magnets.

Plans are underway to commence scoping studies for REO refinery and magnet recycling facilities, with pilot plant locations being assessed near existing operations. Additionally, a five-year Memorandum of Understanding with SENAI/FIEMG's Lab Fab aims to develop rare earth magnet manufacturing capabilities, further integrating the supply chain domestically and reducing reliance on Chinese supply.

Environmental and Regulatory Progress

Viridis has made critical strides in environmental approvals, lodging its Environmental Impact Assessment and Report as part of the Preliminary License application with Minas Gerais' Environmental Agency. The project has secured a Certificate of Regularity for Land Use and Occupation from the Municipality of Poços de Caldas, a key prerequisite for licensing that affirms the project's compliance with municipal legislation and urban planning frameworks.

Ongoing stakeholder engagement with municipal and state authorities underscores Viridis' commitment to sustainable development and community collaboration as it advances the Colossus Project.

Financial Position and Outlook

During the quarter, Viridis completed a $4 million capital raising to fund key project milestones, including resource upgrades, metallurgical testing, prefeasibility and definitive feasibility studies, and environmental approvals. Exploration expenditure totaled $2.74 million, reflecting active advancement across multiple fronts.

With drilling programs concluded for the resource upgrade and downstream initiatives progressing, Viridis is well-positioned to define a clear development pathway for Colossus, supported by robust metallurgy, expanding resources, and strategic partnerships.