Viridis Mining and Minerals (VMM) Q3 2026 TU earnings summary

Executive summary

• Significant progress at the Colossus Rare Earth Project, including completion of the demonstration plant procurement and major equipment delivery, with construction and commissioning planning finalized and ready for integration upon environmental license approval.

• Definitive Feasibility Study (DFS) advanced, with facility layout, core engineering, and metallurgical test work progressing; DFS completion targeted for end of Q2 2026.

• Installation License application for the commercial facility advanced, targeting submission by early May 2026.

• EPCM contractor selection process initiated, with Invitations to Tender issued to shortlisted parties and contract award anticipated in August 2026.

• Ongoing infill and exploration drilling with 339 holes (5,834m) completed, supporting a planned resource and reserve update for Q2 2026.

Financial highlights

• Proforma cash position at quarter-end was ~AU$65.8 million, including AU$29.8 million cash and US$25 million from a binding agreement, ensuring full funding through FID and early execution.

• Oversubscribed AU$25 million placement completed, reflecting strong institutional demand and global recognition of the Colossus Project.

• Exploration expenditure for the quarter was $4.57 million.

• Net cash used in operating activities for the quarter was AU$1.42 million; net cash used in investing activities was AU$7.28 million; net cash from financing activities was AU$23.48 million.

• Estimated quarters of funding available: 5.0.

Outlook and guidance

• Fully funded pathway to Final Investment Decision (FID) in Q3 2026, with critical path activities including EPCM contract award and purchase orders for long-lead items scheduled for July-August 2026.

• DFS completion expected by end of Q2 2026; updated resource and reserve estimate targeted for Q2 2026.

• Project debt financing framework finalized with strong support from global export credit agencies, positioning for construction CAPEX and future expansions.