Viridis Mining and Minerals (VMM) Status Update summary

Resource update and project highlights

• Resource base now stands at nearly 500 million tonnes at 2500 ppm TREO, with 601 ppm MREO, positioning the project among global leaders in grade and tonnage.

• Measured and indicated resource totals 329 million tonnes at 659 ppm MREO, setting a new global benchmark for magnetic rare earth content.

• Over 100 million tonnes of ore contains more than 1000 ppm MREO, supporting robust project economics at current rare earth prices.

• High MREO to TREO ratio in feed ore enhances the value of the final product and differentiates the project from peers.

Project economics and operational advantages

• Project viability is strong even at today's lower rare earth prices, with a focus on high-grade ore bodies for mine planning.

• Industry-leading MREO recoveries up to 78% have been achieved with a simple, cost-effective flow sheet.

• High grades allow for lower CapEx and OpEx, as less ore needs to be processed to achieve the same output compared to peers.

• Peer comparisons show the project excels in both grade and tonnage, supporting long-term economic viability.

Development progress and next steps

• Mine planning is complete, with detailed pit designs and access routes finalized for the ultra high-grade zones.

• Scoping study is imminent, with final engineering and economic modeling underway using robust bulk sample data.

• Environmental approvals are progressing, aided by low uranium and thorium levels, keeping the process at the state level and expediting permitting.

• Upcoming announcements will include the scoping study and environmental impact assessment submission.