Viridis Mining and Minerals (VMM) Q1 2027 TU earnings summary

Executive summary

• Colossus moved from feasibility into project execution after completing its DFS and securing strategic equity commitments of up to US$120 million, addressing the indicative equity requirement.

• DFS spot-price economics: after-tax NPV US$1.196 billion, IRR 36.4% and payback in 2.7 years from first production.

Financial highlights

• Quarter-end cash was A$119.7 million; pro forma cash was ~A$200 million (US$140 million), including outstanding investment tranches subject to conditions and completion.

• Quarterly operating cash outflow was A$2.257 million; investing outflow was A$9.099 million; equity proceeds were A$117.024 million before A$6.295 million transaction costs.

• DFS development capital is US$449 million, including US$44 million contingency; the estimate is AACE Class 3 with ±15% accuracy.

Outlook and guidance

• First production is targeted for H2 2028; DFS models a 5Mtpa operation over a 25-year production target, fully underpinned by Ore Reserves.

• DFS forecasts average annual output of 4,446 tonnes of refined rare earth oxides, including 2,967 tonnes of MREO and 2,841 tonnes of NdPr oxides.

• Target financing structure is ~70% senior debt and 30% equity; lender due diligence and financing workstreams continue toward FID.

• Remaining priorities include Installation Licence approval, definitive offtake and financing documentation, EPCM mobilisation and critical-path procurement.