Viridis Mining and Minerals Locks In Solvay for Colossus Rare Earth Project

Viridis Locks In Solvay as Strategic Partner, Bringing a Global Rare Earth Powerhouse to the Colossus Project

The Viridis Mining and Minerals Solvay strategic partnership for the Colossus Rare Earth Project represents a landmark development for the ASX-listed company. Viridis Mining and Minerals (ASX: VMM) has announced a Letter of Intent (LoI) with Solvay S.A., one of the world's foremost rare earth separation companies, marking what the company describes as a major strategic milestone in the development of its flagship Colossus Rare Earth Project in Brazil.

The non-binding agreement outlines the key commercial and technical principles for a proposed offtake arrangement and broader technical partnership, and comes on the back of more than 18 months of engagement and a comprehensive due diligence process conducted by Solvay.

The partnership is designed to support Viridis' goal of maximising in-country industrialisation in Brazil, leveraging Solvay's globally recognised separation expertise and processing technology to advance Colossus toward commercial Mixed Rare Earth Carbonate (MREC) production, targeted for 2028, and a Final Investment Decision (FID) in 2H 2026.

What the Solvay Partnership Actually Means

At its core, the LoI establishes a framework under which Viridis would supply MREC from the Colossus Project to Solvay, which would then apply its rare earth separation capabilities to process that feedstock into high-purity rare earth products for downstream use. The significance of this arrangement extends well beyond a standard offtake agreement.

The partnership encompasses:

• A proposed offtake arrangement for MREC supply from Colossus to Solvay
• A technical package drawing on Solvay's rare earth separation expertise and processing technology
• A structured development pathway to progress key milestones required to accelerate the Colossus Project toward production
• A commercial framework with final terms expected to improve on key assumptions adopted in the Pre-Feasibility Study (PFS), potentially strengthening project economics further

This is not simply a buyer-seller relationship. Solvay's involvement as a technical partner brings processing knowhow, downstream market access, and, critically for project financing, third-party validation of Colossus' feedstock quality and strategic relevance.

Managing Director Rafael Moreno: "Following an extensive due diligence process, Solvay selected Viridis as a strategic feedstock partner, providing strong third-party validation of the quality and strategic importance of the Colossus Project. The LoI already captures detailed commercial and technical principles agreed between the parties, providing a clear framework to progress efficiently toward a definitive binding agreement."

Who Is Solvay, and Why Does It Matter?

For investors less familiar with the rare earth processing landscape, Solvay's credentials merit understanding. This is not a junior or emerging processor; Solvay is a globally dominant chemical company with a legacy stretching back to 1863 and annual net sales of €4.3 billion in 2025, listed on Euronext Brussels and Paris.

Solvay's stated target of supplying 30% of the European market for magnet-grade light and heavy rare earths by 2030 signals the scale at which it intends to operate and the volume of feedstock demand it will need to fulfil. Its existing relationships with leading downstream magnet and metallisation groups further underscore the strategic position it occupies in the rare earth value chain.

Crucially, Solvay has operated in Brazil for over 100 years at its world-class Paulínia complex. By partnering with Solvay, Viridis gains direct access to more than a century of local manufacturing expertise, established domestic supply chains, and deep regulatory knowledge — a set of advantages that could meaningfully accelerate Viridis' own path to production.

Solvay President of Special Chemical Business, An Nuyttens: "This proposed partnership would mark a significant milestone in strengthening and diversifying our upstream supply chain. By partnering with Viridis, we would ensure another reliable source of raw materials that would allow us to maximise our processing capacity and meet the growing global demand for high-purity, sustainably processed rare earth elements."

Understanding MREC: A Key Term for Investors

What Is Mixed Rare Earth Carbonate (MREC)?

MREC represents the intermediate product produced when rare earth-bearing ore is processed at or near the mine site. It captures rare earth elements in a concentrated, stable form that can then be transported to a separation facility — such as Solvay's — where individual rare earth oxides are extracted and refined into materials used in permanent magnets, electric vehicle motors, wind turbines, and defence systems.

Why Does It Matter to Investors?

Producing MREC is a critical value-adding step that transforms raw ore into a marketable, tradeable commodity. It also determines the quality of feedstock available to downstream processors. Solvay's decision to select Viridis as a strategic feedstock partner following extensive due diligence represents a direct endorsement of the quality of Colossus' MREC output, which in turn supports the project's bankability and financing prospects.

Glossary of Key Terms

Colossus Is Building a Complete Western-Aligned Supply Chain

One of the more significant dimensions of this announcement is what it represents at the supply chain level. The proposed partnership does not exist in isolation; furthermore, Solvay already maintains relationships with several leading downstream magnet and metallisation groups.

By connecting Colossus' feedstock to Solvay's separation network and, through Solvay, to those downstream participants, Viridis is effectively positioning itself at the entry point of a cohesive, Western-aligned rare earth supply chain.

The chain, as it is taking shape, spans:

1. Feedstock Supply — Colossus Project (Viridis)
2. Rare Earth Separation — Solvay
3. Metallisation Processing — Solvay's downstream partners
4. Permanent Magnet Production — End-use manufacturers

This kind of vertical alignment — linking mine-site production through to magnet manufacturing within a Western-aligned framework — is precisely what governments and industry groups across Europe, North America, and allied nations have been seeking to develop. The strategic logic aligns directly with the supply diversification imperatives being pursued across Western markets as an alternative to China-dominated supply chains.

Key Milestones Converging: Three Catalysts in Quick Succession

The Solvay LoI does not arrive in isolation; indeed, it represents the third significant development from Viridis in the space of approximately two weeks, with all three announcements pointing toward a concentrated period of project advancement.

Together, these milestones support the company's targeted pathway toward a Final Investment Decision in 2H 2026.

What Comes Next: The Path to Production

The LoI establishes a structured framework; however, there are clear next steps that investors should track:

• Definitive Binding Agreement: The parties will work toward converting the LoI into a formal, binding offtake and technical partnership agreement, with final terms expected to improve on PFS assumptions
• Final Investment Decision (FID): Targeted for 2H 2026, underpinned by the LoI, demonstration plant production, and the Installation Licence application
• Commercial MREC Production: Targeted for 2028, contingent on project development proceeding as planned
• Strategic Project Financing: The LoI and proposed commercial framework are described as an important milestone in the company's strategic financing process, with the improved economics expected to support funding discussions

Why Investors Should Pay Close Attention to Viridis

The Viridis Mining and Minerals Solvay strategic partnership for the Colossus Rare Earth Project crystallises several threads of the Viridis investment case into a single, high-impact announcement. Consider the convergence of factors now in play:

• Third-party validation at the highest level: Solvay's selection of Viridis as a strategic feedstock partner following extensive due diligence provides independent confirmation of Colossus' project quality and commercial viability
• PFS economics likely to improve: Final terms under the proposed agreement are expected to improve on key assumptions already embedded in the PFS, suggesting project economics may be further strengthened
• Demonstrated product: First MREC production from the large-scale demonstration plant has already been achieved, de-risking the processing pathway
• Regulatory progress: The Installation Licence application has been submitted, advancing the project through Brazil's permitting framework
• 100+ years of local expertise on side: Solvay's deep Brazil operations and regulatory knowledge represent a material operational advantage for Viridis
• Supply chain coherence: The link to Solvay's downstream magnet and metallisation partners places Colossus at the foundation of a developing Western-aligned rare earth chain
• Clear timeline: FID targeted for 2H 2026, commercial production targeted for 2028 — a defined, near-term development schedule

Key Takeaway: "Viridis Mining and Minerals has positioned itself as a credible and advancing player in the Western rare earth supply chain, with the Solvay partnership delivering third-party validation, a potential pathway to improved project economics, and direct connectivity to one of the world's leading rare earth separation companies. With an FID targeted for 2H 2026 and commercial MREC production targeted for 2028, Viridis is entering a pivotal period that warrants close investor attention."

Want to Know More About Viridis Mining and the Colossus Rare Earth Project?

With Solvay now on board as a strategic partner, a Final Investment Decision targeted for 2H 2026, and commercial MREC production on the horizon for 2028, Viridis Mining and Minerals (ASX: VMM) is entering one of the most consequential periods in its development. To read the full ASX announcement detailing the Letter of Intent with Solvay and what it means for the Colossus Project, click here.