Viridis Mining and Minerals (VMM) Study Result summary

Study highlights and market context

• Scoping Study released with robust financials, even at cyclical low prices, showing pre-tax NPV of $720 million and annual EBITDA of $114 million at $60 NdPr price.

• Three pricing scenarios analyzed: spot ($60), base ($90), and upside ($111) for NdPr, reflecting market volatility and China's dominance.

• Projected neodymium demand to increase by 20,000 tonnes per annum by 2028, with planned production of 3,000–5,000 tonnes MREO per year, 70–72% of which is Nd.

• Market requires multiple similar-scale projects to meet future demand, highlighting strategic importance.

Resource, mine plan, and exploration

• Mine plan based solely on measured and indicated resources, covering only 20% of total resource, focusing on high MREO content.

• Significant exploration upside remains, especially in the southern complex, with only 14 sq km included so far.

• Facility designed for 5 million tonnes per year, with a 20-year mine life and potential for further expansion.

• High-grade MREO feed and robust recoveries drive strong project economics.

Metallurgy, process, and operational efficiency

• Simple flowsheet with open-pit mining, central beneficiation, and three main processing steps: leaching, impurity removal, and precipitation.

• High recoveries confirmed by MET testing, with low technical risk and high uptime.

• Low all-in sustaining cost of $8.80/kg TREO, with C1 cost at $6/kg, placing project at the low end of the cost curve.

• Process minimizes impurities, especially uranium and thorium, benefiting downstream processing and off-taker requirements.