Viridis Mining and Minerals (VMM) Q3 2025 TU earnings summary

Executive summary

• Achieved a 140% increase in JORC Mineral Resource Estimate at Colossus, now 493Mt @ 2,508ppm TREO and 601ppm MREO, establishing it as the largest and highest-grade IAC-style MREO resource globally.

• Released a Scoping Study confirming Colossus as a world-leading rare earth project with lowest-known cost structure and robust economics over a 20-year mine life.

• Advanced permitting, submitted EIA/RIMA, and received key municipal approvals for the Colossus Project, positioning for next development phases.

• Raised $3.5 million via placement to support transition to feasibility and demonstration plant phases.

• China's new export restrictions on rare earths post-quarter-end highlight Colossus' strategic importance as a secure supply source.

Financial highlights

• Scoping Study Base Case: Pre-tax NPV US$1.43B, annual EBITDA US$191M at US$90/kg NdPr; Spot Case: Pre-tax NPV US$719M, annual EBITDA US$114M at US$60/kg NdPr.

• All-in sustaining cost (AISC) estimated at US$8.8/kg TREO, positioning Colossus as the lowest-cost MREC producer globally.

• Initial CAPEX for processing facility and mining fleet estimated at US$287M (excluding contingency).

• Quarterly exploration expenditure was $1.56M; cash and cash equivalents at quarter-end were $2.54M.

• Placement raised $3.5M at $0.33/share; 1.5M shares issued on option exercise, 600K performance rights granted.

Outlook and guidance

• Focus on advancing the Colossus Project through permitting, feasibility studies, and demonstration plant development.

• Public consultation for environmental licensing expected in Q2 2025; near-term development to concentrate on Northern Concessions.

• Ongoing engagement with potential strategic partners and financiers to support project advancement.

• Company expects to maintain negative operating cash flows as a pre-revenue explorer but is confident in its ability to secure future funding.