Viridis Mining and Minerals (VMM) Q1 2026 TU earnings summary

Executive summary

• Completed Pre-Feasibility Study (PFS) for Colossus Rare Earth Project, confirming robust economics with a 20-year LOM and strong NPV across pricing scenarios.

• Appointed Rafael Moreno as Managing Director and John Tasovac as CFO, enhancing leadership for project execution.

• Secured selection by BNDES/FINEP for strategic funding and signed a binding MoU with ORE and Régia for up to US$30M in staged equity funding.

• Raised AU$11.5M via placement at a premium, with a cornerstone investment from JGP Asset Management.

• Delivered maiden JORC Reserve of 201Mt at 2,640ppm TREO, establishing Colossus as a leading global IAC REE project.

Financial highlights

• Pre-tax NPV: US$1.41B (Base Case, US$90/kg NdPr); US$773M (Spot Case, US$63/kg NdPr).

• Average annual operating cash flow: US$128M (Spot Case), US$197M (Base Case).

• Pre-tax IRR: 43% (Base Case), 30% (Spot Case); after-tax IRR: 34% (Base Case), 24% (Spot Case).

• Payback period: 2.0 years (Base Case), 3.0 years (Spot Case).

• Cash balance at quarter end: AU$10.1M.

Outlook and guidance

• Environmental permitting for Colossus advancing, with a favorable technical opinion and expected license vote in November 2025.

• Construction and commissioning of the Rare Earth Research and Processing Centre (CPTR) expected by end of Q1 2026, with demonstration plant operations in Q2 2026.

• CRITR facility scheduled to commence operations in H2 2026, supporting vertical integration.