Name of the Project
Colossus rare earths project.

Location
The project comprises 228.62 km² of licences in and around the Poços de Caldas Alkaline Complex, in Brazil.

Project Owner/s
Resource exploration and development company Viridis Mining & Minerals acquired 100% of the rare-earth element rights in August 2023.

Project Description
The project is designed around a five-million-tonne-a-year processing facility, with critical-path engineering and procurement progressing to protect the targeted 2028 production schedule.

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 (MREO), 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 of MREO.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The prefeasibility established the core economics at a pretax net present value of about $1.41-billion, at an 8% discount rate, 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
The recently completed definitive feasibility study finalised the development capital at $449-million.

Planned Start/End Date
Production is targeted for 2028, with a clear timeline towards construction and commissioning. 
Project execution is under way, supporting the targeted first-production date in 2028. A final investment decision remains a contractual hold point before full notice to proceed on the residue-filtration package.

Latest Developments
Viridis placed its first major process-equipment order for Colossus on September 7, 2026, awarding the residue pressure-filtration package to Dewater Filter Press. The package covers design, manufacture, fabrication, testing and supply; manufacturing is expected to take about 52 to 56 weeks. The staged order limits prefinal-investment-decision exposure and follows the previously awarded 138 kV grid-connection contract.

On September 9, 2026, Brazil’s development bank, BNDES, approved a R$77.5-million, 16-year financing facility for Viridis’ wholly owned Brazilian subsidiary. The funding will support eligible expenditure on the Rare Earths Research and Processing Centre, demonstration-plant operations and research, development and innovation. Together with $154-million of identified equity funding, the facility reduces the remaining senior-debt requirement for the $449-million development capital to about $280-million. The parties are progressing customary documentation and execution of the facility.

Key Contracts, Suppliers and Consultants
Hatch (PFS); Solvay (strategic offtake partner and product qualification); and SGS (independent laboratory analysis); and Dewater Filter Press (residue pressure-filtration package).

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