Viridis Mining and Minerals (VMM) H2 2024 earnings summary

Executive summary

• Achieved a transformational year with the acquisition and rapid advancement of the Colossus Ionic Adsorption Clay Rare Earths Project in Brazil, now among the highest-graded globally, with a maiden resource of 201Mt @ 2,590ppm TREO and 668ppm Magnet REO content.

• Only ~7% of Colossus explored to date, with significant upside potential; aggressive drilling and resource expansion ongoing.

• Entered two MOUs with local and state governments to fast-track permitting and production, and formed a JV with Ionic Rare Earths Limited for downstream processing technology.

• Expanded landholding in Brazil to 239km² and completed over 15,000m of drilling, reporting multiple high-grade results.

• Advanced metallurgical testing with ANSTO, achieving world-leading recoveries for key rare earth elements.

Financial highlights

• Net loss after tax increased to $8,314,168 in 2024 from $814,226 in 2023, driven by higher share-based payments, corporate costs, and exploration expenses.

• Revenue remains minimal, primarily from interest income ($46,701) and government grants ($40,608).

• Cash at bank rose to $5,231,182 at 30 June 2024 (2023: $1,241,233), reflecting successful capital raising.

• Exploration and evaluation assets increased to $15,781,593 (2023: $3,063,076) due to significant project investment.

• Net assets grew to $20,698,548 (2023: $3,842,977) following equity raises and asset growth.

Outlook and guidance

• Focus remains on expanding the Colossus resource, advancing deeper drilling, and consolidating land position.

• Ongoing metallurgical testing and scoping studies to optimize project economics and flowsheet.

• Plans to leverage JV with Ionic Rare Earths for downstream processing and potential to become South America's first major REE-Oxide producer.