Viridis Mining and Minerals reports strong infill and exploration drilling results at its Colossus Rare Earth Element Project, underpinning a resource upgrade and enhanced project economics. The company advances feasibility, permitting, and financing towards a Final Investment Decision in Q3 2026.
- Infill drilling at Northern Concessions delivers higher-than-expected rare earth grades
- Exploration extends high-grade magnetic rare earth oxide (MREO) footprint eastwards
- Resource confidence to improve with Measured classification conversion
- Definitive Feasibility Study on track for completion by June 2026
- Environmental permitting, EPCM tendering, and financing discussions progressing
Strong Drilling Results Reinforce Colossus Project
Viridis Mining and Minerals Limited has announced compelling results from its recent drilling campaigns at the Colossus Rare Earth Element (REE) Project in Brazil. The company’s infill Reverse Circulation (RC) drilling at the Northern Concessions has consistently returned grades exceeding previous models, particularly for high-value rare earths Dysprosium (Dy) and Terbium (Tb). These results bolster confidence in the resource base and support an upgrade from Indicated and Inferred to Measured status, a critical step towards finalising an updated Ore Reserve.
Alongside infill drilling, exploration auger programs have extended the high-grade Magnetic Rare Earth Oxide (MREO) mineralisation corridor eastwards, confirming continuity and potential for resource growth beyond the current footprint. Additional greenfield exploration at the Southern Complex and Campo do Coqueirinho areas has identified promising thick and high-grade mineralised zones, underscoring the broader district’s potential.
Implications for Project Economics and Development
The infill drilling results, targeting pit feed zones used in the Pre-Feasibility Study, suggest a significant uplift in feed grades for the upcoming resource update. This outperformance is expected to translate into improved project economics and revenue profiles, particularly given the enrichment of Dy and Tb, which command premium prices in global markets. Viridis’ Managing Director, Rafael Moreno, highlighted the potential for a long-life, high-grade MREO feed profile that enhances the project’s basket value.
Viridis is advancing multiple technical workstreams in parallel, including geotechnical investigations, in-situ density measurements, mineralogical characterisation, and moisture determination. These efforts aim to optimise mine design and processing assumptions, feeding into the Definitive Feasibility Study (DFS) scheduled for completion by the end of June 2026.
Pathway to Final Investment Decision and Construction
The company plans to lodge its Installation License application in Q1 2026, with regulatory review expected to conclude by Q3 2026. The Engineering, Procurement and Construction Management (EPCM) tender process is underway, with expressions of interest issued and proposals due by the end of February 2026. Viridis continues to engage with export credit agencies and potential offtake partners, positioning the Colossus Project for a Final Investment Decision (FID) targeted in Q3 2026 and construction commencement in the second half of the year.
Viridis’ strategic expansion of its tenement holdings and ongoing exploration success reinforce the Colossus Project’s status as one of the largest Ionic Adsorption Clay rare earth reserves outside China. The company’s integrated approach to resource definition, technical studies, permitting, and financing underscores its commitment to delivering a globally significant rare earth supply asset.
Bottom Line?
Viridis’ drilling success and advancing development milestones set the stage for a pivotal resource upgrade and project advancement in 2026.
Questions in the middle?
- How will the upcoming resource update quantitatively impact the Ore Reserve and project valuation?
- What are the key risks and timelines associated with environmental permitting and regulatory approvals?
- Which strategic partners or offtake agreements are likely to shape the project’s financing and market positioning?