Viridis Mining and Minerals (VMM) H2 2025 earnings summary

Executive summary

• Transitioned from explorer to developer with a clear path to production, focusing on the Colossus Rare Earth Project in Brazil, which achieved a 140% increase in JORC Mineral Resource Estimate to 493Mt @ 2,508ppm TREO and 601ppm MREO, confirming it as the largest and highest-grade MREO ionic clay project globally.

• Released a Scoping Study and Pre-Feasibility Study (PFS) confirming Colossus as a potential lowest-cost rare earth producer, with a 20-year LOM, pre-tax NPV8 of US$1.41 billion, and average annual EBITDA of US$197 million at conservative pricing.

• Achieved major operational milestones, including maiden Mixed Rare Earth Carbonate (MREC) production with industry-leading recoveries and impurity levels, and advanced downstream integration and recycling initiatives.

• Secured strategic funding partnerships and government support, including selection for Brazil’s BRL $5 billion critical minerals initiative and successful capital raises, ensuring funding through FID and early execution.

Financial highlights

• Net loss after tax for FY2025 was $2,663,186, a significant improvement from $8,314,168 in FY2024, driven by lower share-based payments and foreign currency gains.

• Cash at bank at 30 June 2025 was $1,149,695 (2024: $5,231,182), with net assets increasing to $28,506,983 (2024: $20,698,548).

• Exploration expenditure increased to $27,678,685 (2024: $15,781,593), reflecting intensified project activity.

• Raised $11.5 million via placement post-year-end, with pro forma cash position expected to reach ~$58.5 million.

Outlook and guidance

• FY2026 expected to be pivotal, with focus on FID, downstream expansion, and formalizing offtake and project finance.

• Ongoing negotiations for government-backed funding and strategic partnerships to accelerate Colossus development.