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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
—
1M
—
YTD
—
1Y
—
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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$119.7M2025-09-30: 10,092,000 A$2025-12-31: 15,158,000 A$2026-03-31: 29,829,000 A$2026-06-30: 20,494,420 A$2026-09-30: 119,702,000 A$ Not Meaningful
Debt A$0 Net cash A$119.7M
Basic shares 161.1MFY2025A: 86,220,335FY2026A: 129,665,698 2026-08-31
Runway Not Meaningful Pre-production: runway is not a meaningful measure until FID; the funding position is cash plus committed equity and the DFS capex requirement is not yet financed by debt.

Liquidity

Financial position

A$119.7m cash at 30 Sep 2026 plus about A$80.4m of committed, unpaid equity (OneIM tranche 2 and the binding ORE/Regia remainder) covers the equity component of the US$449m DFS capex; senior debt (targeted at about 70% of capex) is not committed, and the BNDES R$77.5m facility is approved but not drawn.

Capital structure

Ownership and dilution

Ordinary shares
161.1M
Fully diluted
168.3M

Shares: 129,665,698 at 30 Jun 2026 (note 18) plus 560,000 on 2 Jul 2026 (rights conversion) plus 30,877,175 placement shares issued 27-31 Aug 2026 = 161,102,873. Performance rights: 7,541,669 at 30 Jun 2026 less 560,000 converted plus 250,000 issued 9 Jul 2026 = 7,231,669. No options outstanding. Fully diluted = 168,334,542.

Security classes2
ClassTypeQuantityStrikeExpiry
Fully paid ordinary sharesOrdinary Share161.1M——
Performance rights outstanding (vendor, executive, director and employee classes, several vesting on DFS, FID, financing and first production)Performance Right7.2M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025AAFY2026AA
Operations
Refined REO productiont0.000.00
Profit and loss
RevenueAUDm0.00.0
Operating costs (C1 plus royalties and fees)AUDm0.00.0
EBITDA (revenue less operating costs)AUDm0.00.0
Net profit after taxAUDmFY2025A: -2,663,186 AUDFY2026A: -6,941,037 AUD(2.7)(6.9)
Cash flow
Operating cash flow (after tax, before capex)AUDmFY2025A: -1,991,901 AUDFY2026A: -950,195 AUD(2.0)(1.0)
Capex (initial plus sustaining and expansion)AUDmFY2025A: 9,332,564 AUDFY2026A: 22,704,464 AUD9.322.7
Free cash flowAUDmFY2025A: -11,324,465 AUDFY2026A: -23,654,659 AUD(11.3)(23.7)
Balance sheet
Cash at year endAUDmFY2025A: 1,149,695 AUDFY2026A: 20,494,420 AUD1.120.5
BorrowingsAUDm0.00.0
Net debt (negative = net cash)AUDmFY2025A: -1,149,695 AUDFY2026A: -20,494,420 AUD(1.1)(20.5)
Per share
Shares (basic actual, fully diluted forecast)m sharesFY2025A: 86,220,335 sharesFY2026A: 129,665,698 shares86.2129.7
Basic EPSAUD/shareFY2025A: -0.04 AUD/shareFY2026A: -0.06 AUD/share(0.04)(0.06)
Multiples and ratios
EV / EBITDA (x, current EV)x——
P / E (x, current market cap)xFY2025A: -215 xFY2026A: -82.63 x(215.4)(82.6)
FCF yield (current market cap)%FY2025A: -0.02 fractionFY2026A: -0.04 fraction-2.0%-4.1%
EBITDA margin%——
Net debt / EBITDA (x)x——

KPI history

Operating metrics

Source values by period
Operating metric source table7
MetricProjectPeriodPeriod typeValueStatus
Cash at 30 Sep 2025 (prior-quarter column of the Dec 2025 Appendix 5B)CompanySep 2025 quarterPoint In Time10,092,000 AUDReported
Cash at 31 Dec 2025CompanyDec 2025 quarterPoint In Time15,158,000 AUDReported
Cash at 31 Mar 2026 (after the A$25m placement)CompanyMar 2026 quarterPoint In Time29,829,000 AUDReported
Cash at 30 Jun 2026 (audited)CompanyJun 2026 quarterPoint In Time20,494,420 AUDReported
Cash at 30 Sep 2026 (after the A$117m August placement)CompanySep 2026 quarterPoint In Time119,702,000 AUDReported
Demonstration plant MREO recovery (PFS assumed 76%)ColossusStabilised operation, to 7 Aug 2026Other78.7 pctReported
DFS AISC, spot case, net of DyTb creditsColossusDFS 25-year Production Target averageOther26.7 USD/kg NdPrReported
Company guidance2
MetricProjectPeriodLowHighStatus
First Productioncolossus2028—— yearCurrent
Annual Refined Reo Production (25 Year Average)colossusDFS Production Target4,4464,446 t/yrCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-09DebtBRL 77.5M——Announced—
2026-08-31Ann. 2026-08-20RaisingA$117M30.9M—Completed—
2026-08-20RaisingA$170M——Ongoing—
2026-03-25Ann. 2026-03-18RaisingA$25M13.2M—Completed—
2025-11-24RaisingA$46M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-11-02

Benefits and burdens on the Colossus project and the company from the FY26 annual report, the Sept 2026 quarterly report and the August 2026 DFS, funding and EPCM releases; live arrangements are listed with their terms, and the Viridion joint venture and terminated items are recorded.

Binding strategic investment by two Brazilian asset managers, staged to FID; funds the equity component. Remaining subscriptions are counted as committed funding, not cash, and their shares are not in the share count.

Strategic Partnership · Active
Counterparties
ORE Investments Ltda · Regia Capital Ltda
Applies to
Colossus Rare Earths Project (Pocos de Caldas, Brazil) · Rare Earths
Economic direction
Benefit
Period
From 2025-11-24; no end date stated
Key terms
Total committed: 30 USD m
Tranche 1 received: 5 USD m
Remaining under agreement: 25 USD m
How it affects our valuation

No valuation treatment is available for this arrangement.

Cornerstone equity commitment that, with ORE/Regia and other investors, addresses the equity requirement of the DFS capex. Tranche 2 is not in cash or shares at the cutoff.

Strategic Partnership · Conditional
Counterparties
One Investment Management
Applies to
Colossus Rare Earths Project (Pocos de Caldas, Brazil) · Rare Earths
Economic direction
Benefit
Period
From 2026-08-20; no end date stated
Key terms
Tranche 1 raised: 61.3 AUD m
Tranche 2 (indicative): 44.8 AUD m
Total commitment: 75 USD m
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding LoI for supply of MREC, with Supply Offtake Agreement and Licensing and Technical Services Agreement under negotiation; Solvay is named in the DFS refining-circuit basis. Not yet a binding offtake, so the DFS price realisation (75% payability) is the valuation basis.

Offtake · Announced
Counterparties
Solvay S.A.
Applies to
Colossus Rare Earths Project (Pocos de Caldas, Brazil) · Rare Earths
Economic direction
Benefit
Period
From 2026-06-02; no end date stated
Key terms
Product: MREC text
Status: commercial terms largely agreed; binding documentation pending text
How it affects our valuation

No valuation treatment is available for this arrangement.

50% downstream processing and recycling joint venture for magnet materials and the Centre for Rare Earths Innovation (CRITR) site; no revenue and no separately valued cash flows in the DFS.

Joint Venture · Active
Counterparties
Ionic Rare Earths Limited
Applies to
Company-wide · Rare Earths
Economic direction
Mixed
Period
Dates not stated
Key terms
Interest: 50 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

R$77.5m debt facility for the Brazilian subsidiary's research, development and innovation spend at the CPTR; not drawn at the cutoff, so it is outside the unlevered project NPV and the equity bridge.

Other · Conditional
Counterparties
Banco Nacional de Desenvolvimento Economico e Social (BNDES)
Applies to
Colossus Rare Earths Project (Pocos de Caldas, Brazil) · Rare Earths
Economic direction
Burden
Period
From 2026-09-09; no end date stated
Key terms
Approved amount: 77.5 BRL m
Tenor: 16 years
Interest: TR + 2.70% text
How it affects our valuation

No valuation treatment is available for this arrangement.

Preferred EPCM partner with a pre-FID bridging phase; the full EPCM cost is inside the DFS capital estimate, only the pre-FID budget is outside it and is deducted in the equity bridge.

Other · Conditional
Counterparties
Sedgman Pty Limited · Blossom Consultoria e Assessoria S.A.
Applies to
Colossus Rare Earths Project (Pocos de Caldas, Brazil) · Rare Earths
Economic direction
Burden
Period
From 2026-09-10; no end date stated
Key terms
Pre-FID bridging budget: 3 USD m
How it affects our valuation

No valuation treatment is available for this arrangement.

Vendor performance rights issued for the acquisition of the Colossus-area tenements; they convert to shares on milestones and are counted in the fully diluted share basis rather than valued separately.

Other · Active
Counterparties
Vendors of Poços de Caldas tenements
Applies to
Colossus Rare Earths Project (Pocos de Caldas, Brazil) · Rare Earths
Economic direction
Burden
Period
2023-11-10 to 2029-07-16
Key terms
Vendor performance rights outstanding: 2,500,000 rights
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding contract for the grid connection and power reservation; its capital is part of the DFS infrastructure estimate, so it is not a separate valuation item.

Other · Active
Counterparties
DME (municipal electricity distributor)
Applies to
Colossus Rare Earths Project (Pocos de Caldas, Brazil) · Rare Earths
Economic direction
Burden
Period
From 2026-06-30; no end date stated
Key terms
Scope: 3.2 km 138 kV line; 27 MW Stage 1 reservation; up to 90 MVA text
How it affects our valuation

No valuation treatment is available for this arrangement.