Viridis Mining and Minerals
Primary ticker: ASX:VMM
Stage of development: Development
Primary minerals: Rare Earth Elements
Project to promote: Colossus Project
Project location: Brazil
Website: viridismining.com.au
Viridis acquired 100% of the Rare Earth Element (‘REE’) rights to the Colossus IAC (‘Ionic Adsorption Clay’) Project in August 2023. The project is located in the State of Minas Gerais, Brazil and comprises of a total of 239km² licenses within and around the prolific Poços De Caldas Alkaline Complex which is home to some of the highest-grade IAC intercepts recorded globally.
Since then, Viridis has pursued an aggressive exploration program, completed successful metallurgical testing, and executed a JV with Ionic Rare Earths (IXR) to acquire mature REE oxide refining capabilities, which has positioned Viridis as a leader in the Rare Earth industry outside of China.
Debt: NIL
Major shareholders:
Mr Bilal Ahmad – 10%
Mr Sufian Ahmad – 9.4%
Mr David Pevcic – 6.06%
Ms Chunyan Niu – 5.5%
Ionic Rare Earths Ltd – 5.3%
Management Ownership – 7%
Financials
Management Profile
Rafael Moreno – CEO
A Chartered Professional Engineer with over 23 years’ global experience in the mining & petrochemical industries. He has held executive & senior leadership roles at Argosy, Santos, & INPEX, specializing in execution of major capital projects and has extensive experience covering exploration, business development, commercial, offtake agreements involved with projects in Australia, Asia, Europe, S & N America.
Agha Pervez – Executive Chairman
An experienced Company Director, CFO and Company Secretary, with over 13 years’ experience working with ASX listed companies. Mr. Pervez currently holds a role of Non-Executive Director of Equinox Resources Limited and Pioneer Lithium Limited. Previously, Mr. Pervez was Chief Financial Officer of Battery Age Mineral and also held numerals roles at Resonance Health Limited including CFO and Company Secretary.
What is your rationale for taking part in 121 Mining Investment?
Looking to showcase the world class characteristics of the Colossus project with potential project financiers, offtake partners (OEM’s, key players in the REE supply chain) and institutional funds
What recent news would you like to highlight to investors attending?
Colossus Project Announcements
01/08/2023 Acquisition Potential Tier One Ionic Clay Rare Earth Project
24/01/2024 Strategic Expansion of Colossus REE Project
01/02/2024 Spectacular Shallow Intercepts up to 23,556ppm TREO
05/02/2024 Viridis Completes A$4.5 Million Placement
06/02/2024 Spectacular Shallow Intercepts up to 23,556ppm TREO
15/02/2024 Hatch Awarded Scoping Study & Engineering Support Contract
20/02/2024 VMM Strengthens Board With Experienced Rare Earth Executive
04/03/2024 Key MOUs Signed With State and Local Governments
06/03/2024 Viridis Secures Pivotal Southern Complex Expansion
12/03/2024 Step-Out Drilling Intercepts up to 24,894ppm TREO
20/03/2024 80% Average Ionic Recoveries from First Colossus Hole
29/03/2024 Viridis enters exclusive JV for separation refining and recycling for REE
18/04/2024 Colossus Achieves Highest Overall Bulk Ionic Recoveries Globally
22/04/2024 Viridis Completes Heavily Oversubscribed A$8M Placement
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
– Release Maiden Resource Estimate
– Continued Drilling and Met Testing
– Finalise flowsheet to MREC
– Continue Environmental Approvals planning
– Commence REE Oxide Refinery Scoping Study with IXR JV
6 Months:
– Complete Scoping Study for Colossus Project
– Complete Mixed Rare Earth Carbonate (MREC) lab testing
– Continued drilling and Met Testing to support mine planning
– Continue Environmental Approvals planning
12 Months:
– Complete REE Oxide Refinery Scoping Study with IXR JV
– Commence Pilot Plant construction
– Continued infill drilling at the Northern Concessions
– Update Resource Estimate
– Submit LP Environmental Licence Application
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
1. Risk : Timely Approval of Environmental Approvals
Controls : (a) Engaged leading Environmental consultant in Brazil responsible for recent successfully approvals for other listed mining projects in the State of Minas Gerais
(b) Signed Memorandum of Understandings with the State and Local Governments to support Viridis in attaining our Environmental licences in a fast tracked manner
(c) Employed internally experienced personal who have recently successfully attained approvals for other listed mining projects in the State of Minas Gerais
2. Risk : Attaining appropriate project financing
Controls : De risking project delivery, regulatory approvals and technology through successful results, selection of consultants and employees and JV partners
What do you think makes your company such a compelling investment?
– Having proven the true ionic nature of our resource allows us to progress on a development pathway to deliver a project with low capital intensity compared to hard rock peers and operation costs that put us at the bottom of the cost curve that even at today’s supressed prices we are still making robust returns
– Significant landholding in and around the Pocos Da Caldas Alkaline complex
– World Class grades and recoveries from Met testing
– Mining friendly jurisdiction
– Fast tracked approvals
– Mature downstream technology gives us first mover advantage for the production of individual rare earth oxides
– Very experience Board and Management which is rare in a junior REE company
What are the top 3 key investor takeaways?
1. At today’s REE pricing hard rock projects globally look difficult and true Ionic clay resources are the only projects that will successfully work considering their very low CAPEX and OPEX
2. Not only does Colossus have the size, but globally some of the highest grades and recoveries
3. The key risk to any project are the approvals and technology. Viridis are well positioned in both, with key MoU’s signed with the State and local governments who are responsible for awarding the approvals and the JV with IXR has meant that Viridis has skipped 5-10 years of testing to now own mature downstream rare earth oxide refining technology.