Viridis Mining Strengthens Colossus Rare Earth Project Ahead of DFS

Viridis Sharpens Colossus Ahead of DFS, Reserve Upgrade and Financing Milestones

The Viridis Mining and Minerals Colossus Rare Earth Project drilling update in Brazil marks a meaningful step forward in the company's push toward project financing and a Final Investment Decision. This is not simply more drilling — the campaign was targeted at planned initial mining areas, where higher confidence resources can directly influence early mine scheduling, reserve definition, project economics and lender diligence.

Furthermore, the latest assays continue to show strong shallow mineralisation and elevated concentrations of high-value magnetic rare earth oxides, particularly dysprosium and terbium. Colossus already stands out as the largest ionic adsorption clay rare earth reserve outside China, and the latest work appears firmly aimed at making that position more finance-ready.

A Development-Stage Milestone With Direct Implications for Valuation

Viridis has completed the drilling programme supporting an updated Mineral Resource Estimate for Colossus, with the primary focus on the Northern Concessions Prospect.

The goal of this infill work is to convert parts of the current Indicated and Inferred resource into the Measured category. For investors, that matters because Measured resources can support a more robust reserve update and give greater confidence to engineers, financiers and potential strategic counterparties.

Management is explicitly linking this drilling to three major value drivers:

1. Updated Mineral Resource Estimate
2. Ore Reserve upgrade
3. Financing pathway and project bankability

That framing places the latest results well beyond a routine exploration release. It is, consequently, a project de-risking update at a critical point in the development curve.

"Drilling focused on the planned initial mining areas is significantly increasing resource confidence ahead of Final Investment Decision targeted for Q3 2026, supporting conversion to Measured classification, an updated Reserve, and further strengthening project bankability."

High-Grade Intercepts Reinforce the Quality of the Northern Concessions

The new reverse circulation infill results continue to show strong grades across thick, near-surface mineralised intervals.

Standout RC Drill Intercepts

Several of these intervals also include even stronger internal zones:

• FZ-RC-1290 included 6 m @ 10,426 ppm TREO
• FZ-RC-1241 included 4 m @ 9,546 ppm TREO
• CDP-RC-1343 included 6 m @ 8,843 ppm TREO

These are compelling numbers in a shallow ionic adsorption clay setting, especially with notable Dy and Tb content that can enhance rare earth basket value.

Why Dysprosium and Terbium Matter So Much

Not all rare earth deposits are created equal. Investors often focus on headline TREO grades, however, basket composition can be just as important as scale.

At Colossus, Viridis continues to report elevated magnetic rare earth oxides, including:

• Neodymium
• Praseodymium
• Dysprosium
• Terbium

Among these, dysprosium and terbium are particularly valuable because they are used in high-performance permanent magnets, where they help maintain magnet strength at elevated temperatures. That has direct relevance to electric vehicles, wind turbines and advanced electronics.

Understanding MREO and Its Importance

What is MREO?

MREO stands for Magnetic Rare Earth Oxides. In this announcement, Viridis defines MREO as the sum of:

• Dy2O3
• Nd2O3
• Pr6O11
• Tb4O7

Why investors should care about MREO:

• MREO gives a better sense of potential commercial value than TREO alone
• Higher MREO content can translate into a stronger product basket
• Dy and Tb enrichment may improve revenue potential, especially where these elements occur in shallow, mineable zones

Key definitions:

• TREO: Total Rare Earth Oxides; the broad sum of rare earth oxide concentrations
• MREO: Magnetic Rare Earth Oxides; a higher-value subset relevant to magnet demand
• MREO/TREO: Percentage of total rare earths made up by magnetic rare earths
• MRE: Mineral Resource Estimate
• DFS: Definitive Feasibility Study
• FID: Final Investment Decision
• IAC: Ionic Adsorption Clay, a clay-hosted rare earth deposit style often associated with simpler mining and processing pathways than hard rock systems

Auger Drilling Adds Continuity and Extension Potential

Alongside RC drilling, Viridis also completed auger drilling across the Northern Concessions to improve geological and geochemical understanding ahead of the MRE update.

Key Auger Results

A particularly encouraging feature is that these holes ended in mineralisation, indicating potential for down-dip extensions. Viridis says these results strengthen the current geological model for lateral continuity and provide guidance for follow-up drilling.

That combination of continuity plus open-ended mineralisation is, in addition, exactly what investors want to see in a growth-oriented resource system.

Targeting Initial Mine Pits Could Improve Early Project Economics

One of the more important strategic details in the update is where the drilling was completed. This infill campaign was concentrated in the areas planned for the project's initial mine pits, and that matters because early mine years often have an outsized impact on project economics, payback and financing attractiveness.

Viridis says the denser drilling and strong grades may support:

• Higher feed grades in the early mine plan
• Improved mineral recovery
• Reduced operational uncertainty
• More efficient mine planning
• Potentially significant economic gains in the initial project stage

In practical terms, this suggests the company is not just chasing tonnes. It is seeking to optimise the first phase of mining in a way that may improve the overall bankability profile of Colossus.

Tamoyo Adds Another Layer of Optionality

While the Northern Concessions remain the main focus for reserve conversion and early mine development, Viridis also reported progress at the Tamoyo prospect. The infill campaign at Tamoyo was completed on a wider 200 m x 200 m grid to support conversion of Inferred resources into the Indicated category.

The standout result was:

• TM-DDH-0011: 12 m @ 4,854 ppm TREO and 1,465 ppm MREO

Although fewer holes were completed due to wider spacing, the company says the results indicate strong potential for additional mineralised volumes that can be further defined through future infill drilling. This gives investors another potential source of future resource growth beyond the immediate reserve optimisation work at Northern Concessions.

Colossus Already Has Scale — the Opportunity Now Is Upgrading Confidence

The latest drilling sits on top of an already substantial resource and reserve base.

Current Colossus Resource Snapshot

Maiden Ore Reserve Snapshot

Colossus is already large, and the current infill campaign is about increasing classification confidence and potentially improving the quality of mineable inventory feeding into the DFS and financing process. Furthermore, this is precisely where the Viridis Mining and Minerals Colossus Rare Earth Project drilling update in Brazil proves its most immediate relevance to investors.

A Packed Catalyst Pathway Through 2026

Viridis has laid out a clear set of next steps, giving investors a defined timeline of upcoming catalysts.

Upcoming Milestones

What Investors Should Watch Next

• Delivery of the updated MRE
• Evidence of Measured resource growth in the Northern Concessions
• Reserve update tied to improved confidence and mine plan optimisation
• DFS release by end-June 2026
• Demonstration plant operating data
• Progress on permitting
• Updates on offtake, funding and strategic partner discussions

This is a catalyst-rich period, with technical, permitting and corporate milestones all moving in parallel.

Demonstration Plant and Engineering Work Add Practical Depth to the Story

Viridis is also progressing studies that usually matter greatly in project financing due diligence. Workstreams underway include:

• In-situ density determination using gamma-gamma geophysics
• Moisture determination to strengthen density and materials handling assumptions
• Geotechnical investigations
• Numerical hydrogeological flow modelling
• Water level indicators and piezometer installation
• Continuous metallurgical testing through the MREC demonstration plant

The demonstration plant is especially notable. It received its operating licence in April 2026 and is expected to commence operations in May 2026. Its role is to support metallurgical testing, process optimisation for impurity removal, rare earth carbonate precipitation, and final process design assumptions for the DFS. That gives Colossus an increasingly comprehensive technical foundation as it moves toward investment readiness.

Investment Thesis: Why This Announcement Matters

This update strengthens the Colossus investment case in several ways.

1. It Is Focused on Confidence, Not Just Discovery

The drilling was designed to support Measured resource conversion in planned starter pit areas — a direct development milestone rather than an exploration exercise.

2. Grades Remain Robust

Multiple shallow intercepts above 5,000 ppm to 7,000+ ppm TREO, with internal zones above 8,000 ppm to 10,000+ ppm, continue to support the quality narrative.

3. Valuable Basket Composition Stands Out

Elevated dysprosium and terbium concentrations support the argument for a stronger magnetic rare earth product profile. For instance, this kind of basket composition increasingly resonates with offtake partners and downstream manufacturers.

4. The Project Already Has Meaningful Scale

With a global resource of 493 Mt and an ore reserve of 200.6 Mt, Colossus is already operating from a large base. The next uplift appears likely to come from confidence and optimisation, not discovery.

5. Financing and Strategic Work Are Advancing in Parallel

Viridis is aligning geology, engineering, metallurgy, permitting and financing discussions simultaneously, which is often necessary for development assets approaching FID.

Why Investors Should Keep Viridis on the Radar

Viridis is moving Colossus through a phase where technical progress can begin translating into financing credibility. The Viridis Mining and Minerals Colossus Rare Earth Project drilling update in Brazil does three things particularly well: it reinforces grade quality, increases confidence in early mining areas, and supports the near-term transition from resource story to development story.

Final Reasons to Watch

• Colossus already hosts a very large rare earth inventory
• New infill drilling is aimed at reserve conversion and bankability
• High-value Dy and Tb continue to feature strongly in results
• DFS is targeted by end-June 2026
• FID is targeted for Q3 2026
• Financing, offtake and strategic partner discussions are active toward Q4 2026

Key takeaway: Viridis is positioning Colossus as a more mature and better-defined rare earth development project at a crucial stage in its evolution. With resource and reserve upgrades, DFS delivery, demonstration plant operations and financing milestones all lining up across 2026, the company is entering a period where execution could become the central driver of investor attention.

Want to Know More About Viridis Mining's Colossus Project?

With a DFS targeted for June 2026, a Final Investment Decision set for Q3 2026, and a resource and reserve upgrade underway, Viridis Mining and Minerals is entering one of the most significant phases in Colossus's development to date. Investors looking to understand the full scope of the project, its rare earth basket quality, and the upcoming financing and strategic milestones should read the latest ASX announcement directly. Click here to access the full Viridis Mining and Minerals Colossus Project update.