Viridis Mining and Minerals (VMM) Q4 2025 TU earnings summary

Executive summary

• Selected by BNDES and FINEP for government-backed funding, advancing the Colossus Rare Earth Project and downstream facilities.

• Delivered Brazil's first locally sourced magnetic rare earth oxides for domestic magnet manufacturing, validating a circular supply chain.

• Completed a Pre-Feasibility Study (PFS) for Colossus, confirming global benchmark economics and robust project viability.

• Appointed Rafael Moreno as Managing Director, strengthening leadership for project execution.

• Secured strategic partnerships and staged funding agreements to support project milestones and execution.

Financial highlights

• Pre-tax NPV8 for Colossus: US$1.41 billion (Base Case, US$90/kg NdPr) and US$773 million (Spot Case, US$63/kg NdPr).

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

• AU$11.5 million raised via placement at a 13% premium, with proforma cash up to AU$58.5 million post-settlement.

• Exploration expenditure for the quarter: AU$1.165 million.

• Cash and cash equivalents at quarter end: AU$1.15 million, with additional funding secured post-quarter.

Outlook and guidance

• Negotiating tailored funding package with BNDES/FINEP, including grants, debt, and equity, to accelerate Colossus and downstream operations.

• Advancing U.S. refinery expansion, updating scoping study for Colossus MREC product.

• CRITR facility in Brazil scheduled to commence operations in H2 2026, establishing a regional refining and recycling hub.