Leadership Shift at Viridis Highlights Execution Risks Ahead for Colossus

Leadership Transition at a Critical Juncture

Viridis Mining and Minerals Limited has announced the promotion of Rafael Moreno from Chief Executive Officer to Managing Director, effective 14 July 2025. This move underscores the board’s confidence in Moreno’s leadership as the company prepares to transition its flagship Colossus Rare Earth Project from development into production. Moreno’s extensive experience in managing large-scale capital projects across the energy and mining sectors positions him well to steer Viridis through this pivotal phase.

Simultaneously, the company confirmed the immediate retirement of Non-Executive Director Christopher Gerteisen, who has been with the board since Viridis’ initial public offering in 2022. While the announcement did not elaborate on the implications of Gerteisen’s departure, it marks a notable change in the company’s governance during a transformative period.

Advancing the Colossus Project

Under Moreno’s leadership since January 2024, Viridis has propelled the Colossus Project from a greenfield exploration site to a well-defined pre-feasibility stage asset. The recently completed Pre-Feasibility Study (PFS) confirms the project’s technical viability and robust economics, placing Colossus among a select group of rare earth developments globally that remain potentially bankable despite current market headwinds.

Environmental permitting remains a top priority, with the company anticipating approval of the Preliminary Licence in the coming months following the submission of its Environmental Impact Assessment earlier this year. This regulatory progress is critical, as it forms the backbone for moving toward production readiness.

Strategic Focus on Financing and Offtake

Viridis is actively pursuing a multi-pronged financing strategy, engaging with strategic investors, government bodies, and development banks across several continents. Early discussions have been encouraging, particularly with Brazilian institutions and export credit agencies, signaling strong interest in supporting the project’s capital requirements.

In parallel, the company is intensifying negotiations with potential offtake partners, leveraging Colossus’ low-impurity mixed rare earth carbonate product and its status as South America’s most advanced rare earth development. These efforts aim to secure long-term supply agreements that will underpin project economics and investor confidence.

Looking Ahead – Execution and Optimization

With the PFS complete, Viridis is preparing to commence the Definitive Feasibility Study (DFS), which will include targeted metallurgical testing to optimize recoveries. The company is also focusing on execution planning, including strengthening its leadership team and selecting an Engineering, Procurement, and Construction Management (EPCM) contractor in anticipation of a Final Investment Decision.

Moreno’s appointment as Managing Director signals a consolidation of leadership at a time when disciplined execution will be crucial to navigating the complexities of project delivery and capital markets engagement.