Name of the Project
Colossus rare earths project.

Location
Poços de Caldas, Brazil.

Project Owner/s
Resource exploration and development company Virdis Mining & Minerals.

Project Description
A prefeasibility study (PFS) has outlined a technically robust, low-risk development pathway for one of the most compelling rare earth projects currently in the world. The PFS mine plan is conservatively based on just 20% of the total resource and limited to two project areas. The study outlines a well-engineered mining and processing operation designed for five-million tonnes a year of rare-earth ionic clay, supporting long-term scalability.

The expected average production over the current 20-year life-of-mine (LoM) is estimated at 9 500 t/y of total rare-earth oxide (TREO) and 3 500 t/y of magnetic rare-earth oxide, with a high-value mix comprising 36% neodymium/praseodymium oxides and 2% dysprosium/terbium oxides.

Total LoM production is estimated at 188 954 t TREO and 70 364 t.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The PFS estimates a pretax net present value, at an 8% discount rate, of about $1.41-billion, based on a conservative long-term average forecast price assumption of $90/kg neodymium/praseodymium for its base case. The project has a pretax internal rate of return of 43%. Payback is estimated at two years.

Capital Expenditure
Capital expenditure, including contingency, is estimated at $358-million.

Planned Start/End Date
Production is targeted for 2028, with a clear timeline towards construction and commissioning.

Latest Developments
Viridis Mining and Minerals has raised A$25-million through an oversubscribed share placement, bolstering funding for the advancement of its Colossus rare earths project towards a final investment decision in the third quarter of 2026.

The placement drew strong support from new and existing institutional investors, including North American and European cornerstone funds, underlining growing interest in the project’s role in Western rare earths supply chains.

Once the placement is completed, Viridis expects to have pro forma cash of about A$76-million, including existing cash reserves and funds available under an earlier investment agreement.

The proceeds will be used to advance key project activities, including the procurement of long-lead equipment, the award of an engineering, procurement and construction management contract, and further work on the definitive feasibility study.

Funding will also support the mixed rare earth carbonate demonstration plant, additional drilling and resource definition, environmental approvals and working capital.

The capital raising follows several recent milestones at Colossus, including the receipt of a preliminary environmental licence and the establishment of a project debt framework supported by export credit agencies.

These include Export Finance Australia, Export Development Canada, Bpifrance Assurance Export and the Brazilian National Bank for Economic and Social Development, strengthening the project’s broader funding strategy.

Viridis has said the project is entering a milestone-heavy period ahead of the FID, with major steps over the next six months set to include long-lead equipment orders and further progress in contractor selection.

Key Contracts, Suppliers and Consultants
Hatch (PFS).

Contact Details for Project Information
Virdis Mining & Minerals, tel + 61 3 9071 1847 or email info@viridismining.com.au.