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2026-11-06
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Viridis Mining and Minerals Limited

DFS Unfunded Developer · Rare Earths · BR Rating locked: sign in to view v8.1 · vmm-20261102t225745-full
Last 2026-11-06
A$3.28
1D
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1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$528.4M
EV
A$408.9M
Cash
A$119.7M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Portfolio detail

Assets

1 assets

Core asset

Colossus Rare Earths Project (Pocos de Caldas, Brazil)

BR

DFS Unfunded Developer100% ownedRare Earths

DFS complete 20 Aug 2026; EPCM bridging and long-lead orders placed; equity commitments addressed; senior debt process open; Installation Licence applied; FID not taken

Developer · DFS unfunded developer
Study
DFSs
Post-tax NPV (study prices, attributable)
US$1.2bd
NPV restated at our deck (attributable)
Locked
IRR
3,640.0%s
Initial capex (100%)
US$449.0ms
Capital intensity
US$100,990/(t/yr)d
LoM AISC
A$37,573/ts
Mine life
25.0 yrss

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$1.2B8% discount
IRR36.4%Published return
Initial capexUS$449MPublished capital estimate
Operating cost81,000,000USD/yr C1

DFS spot case, NdPr US$129/kg at 23 Jul 2026, 75% payability, 25-year Production Target, unlevered after tax; capex inclusive of contingency.

Resources & reserves6
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal (Measured, Indicated and Inferred)473 Mt2,505 ppm TREO; 592 ppm MREORare Earths2026-07-09
Mineral ResourceMeasured31 Mt2,858 ppm TREO; 758 ppm MREORare Earths2026-07-09
Mineral ResourceIndicated274 Mt2,707 ppm TREO; 648 ppm MREORare Earths2026-07-09
Mineral ResourceInferred168 Mt2,108 ppm TREO; 470 ppm MREORare Earths2026-07-09
Ore ReserveProved and Probable200.1 Mt2,894 ppm TREO; 715 ppm MREORare Earths2026-08-20
Ore ReserveProbable (maiden, superseded)200.6 Mt2,640 ppm TREO; 740 ppm MREORare Earths2025-08-20
Milestones4
  1. Installation Licence (IL) granted by FEAM (application lodged 19 May 2026)

    Pending · High materiality

  2. Final Investment Decision after senior debt close and definitive offtake

    Pending · High materiality

  3. First production targeted in 2028

    Pending · High materiality

  4. Residue pressure filtration package delivery (about 12 months manufacture from Sep 2026 award)

    Pending · Medium materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Preliminary Licence for the Northern Concessions (EIA/EIR approved)Minas Gerais, BrazilGranted—No
Installation Licence (FEAM)Minas Gerais, BrazilPending—Yes
Economic studies2
StudyStageStatusDateSummary
Colossus Pre-Feasibility StudyPFSSuperseded2025-07-09PFS base case with long-term NdPr US$90/kg: pre-tax NPV8 about US$1.41bn; spot case US$63/kg NdPr: pre-tax NPV8 about US$773m; 20-year case.
Colossus Definitive Feasibility StudyDFSCurrent2026-08-205 Mtpa, 25-year Production Target; spot-case after-tax NPV8 US$1,196m at 8%, IRR 36.4%, payback 2.7 years; Western floor case US$1,190m; capex US$449m including contingency; C1 US$81m a year.

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