Viridis’s Colossus Project: World’s Highest-Grade Rare Earth Resource

World-Class Resource with Unmatched MREO Grades

The Colossus Project boasts the highest grade Magnet Rare Earth Oxide (MREO) ionic adsorption clay (IAC) resource globally. Its massive resource stands at 493 million tonnes at 2,508ppm Total Rare Earth Oxide (TREO) and 601ppm MREO, with a substantial Measured & Indicated component of 329 million tonnes at 2,680ppm TREO and 659ppm MREO.

What truly sets Colossus apart is its concentration of the most commercially valuable rare earth elements – neodymium, praseodymium, dysprosium, and terbium – which are essential for high-performance magnets used in electric vehicles and renewable energy technologies.

The current resource covers just 28km² (11% of Viridis’s total 261km² landholding), indicating enormous exploration upside across the company’s strategic position in the largest alkaline complex in the Southern Hemisphere.

Industry-Leading Economics Set New Benchmark

The recently completed Pre-Feasibility Study reveals the Colossus project by Viridis Mining and Minerals Ltd as potentially the most economically robust rare earth project globally:

• • Pre-tax NPV8 of US$1.41 billion (AU$2.13 billion)

• • IRR of 43%

• • Payback period of just 2.0 years

• • Annual operating cashflow of US$197 million (AU$298 million)

• • 20-year mine life processing 5 million tonnes per annum

Colossus is positioned to become the lowest-cost REE producer globally with C1 operating expenses of just US$6.20/kg TREO and All-In Sustaining Costs of US$9.30/kg TREO. These metrics place the project firmly in the lowest cost quartile worldwide, ensuring robust margins even through commodity price cycles.

The project’s capital expenditure is equally competitive at US$286 million (excluding contingency) or US$358 million (including 25% contingency), with over 90% of equipment costs based on actual vendor quotations.

“Colossus represents a once-in-a-generation opportunity to develop a world-class rare earth resource in a stable jurisdiction with outstanding economics and strong government support. The project’s combination of high MREO grades, simple processing, and low costs creates a compelling value proposition for investors and strategic partners alike.” – Rafael Moreno, Managing Director & CEO

Superior Metallurgy: The True Ionic Advantage

Colossus’s exceptional economics are underpinned by its true ionic adsorption clay mineralisation, which enables:

• • Industry-leading recoveries of 76-78% MREO from resource to final mixed rare earth carbonate (MREC) product

• • Simple, low-cost processing using ammonium sulfate leaching at room temperature

• • Exceptionally low impurities in the final MREC product, enhancing payability during offtake negotiations

• • Environmentally responsible processing with no tailings dam requirements and dry-stacked, backfilled waste

The project’s metallurgical characteristics have been confirmed through extensive testwork by ANSTO (Australian Nuclear Science and Technology Organization), providing high confidence in the processing route.

Strategic Development Pathway

Viridis is pursuing a staged development approach, beginning with the Northern Concessions in the Municipality of Poços De Caldas. This area has delivered exceptional drilling results, including intercepts of up to 5,486ppm Nd-Pr and 386ppm Dy-Tb Oxide within the first 5.5 meters.

The company has already submitted its Environmental Impact Assessment as part of the Preliminary License application process. Critical support has been secured through Memoranda of Understanding with both:

1. 1. The State Government of Minas Gerais/Invest Minas – to facilitate and fast-track regulatory approvals

1. 1. The Municipality of Poços De Caldas – for infrastructure support and environmental permitting assistance

Notably, the company has already received the Certificate of Regularity for Land Use and Occupation, a prerequisite for the Preliminary License, and successfully completed a public hearing with strong community support.

Downstream Integration Through Strategic Partnership

Viridis is positioning itself to become the first producer of refined Rare Earth Oxides in Brazil through its joint venture with Ionic Rare Earths (ASX:IXR). The JV, named Viridion, has:

• • Exclusive global rights (excluding Asia and Uganda) for refining individual rare earth oxides

• • Exclusive rights to commercialise IXR’s recycling technology in Brazil

• • Delivered separated rare earth oxides to Brazil’s first rare earth magnet laboratory (Lab Fab)

This vertical integration strategy positions Viridis to capture additional value throughout the rare earth supply chain and addresses Brazil’s strategic interest in developing domestic REE production capacity.

Funding Secured for Advancement to Production

Viridis has secured significant funding commitments to advance Colossus toward production:

• • Strategic partnership with Brazilian asset management firms ORE Investments and Régia Capital, providing a pathway to up to US$30 million (AU$46 million) in private placement funding

• • Selection by Brazil’s National Development Bank (BNDES) and FINEP to progress to the final step of a BRL$5 billion (~US$903 million) public funding call

• • Recent capital raise of AU$11.5 million in July 2025

In total, the company has secured funding support of up to AU$58.5 million, sufficient to progress Colossus through Final Investment Decision and into early project execution.

Understanding Ionic Clay REE Deposits: A Key Advantage

Ionic adsorption clay (IAC) deposits represent a significant advancement in rare earth element production compared to traditional hard-rock mining. In IACs, rare earth elements are weakly bonded to clay particles through an ion-exchange mechanism, rather than being locked within mineral structures.

This distinctive characteristic enables extraction using simple leaching methods with common, low-cost reagents at ambient temperatures – eliminating the need for energy-intensive crushing, grinding, and complex chemical processing that traditional REE deposits require.

IAC deposits typically contain higher proportions of the most valuable heavy rare earth elements (like dysprosium and terbium) and produce lower volumes of radioactive waste, as thorium and uranium are typically not concentrated in these deposits.

The Colossus project’s true ionic nature has been extensively verified through detailed metallurgical testing, confirming its status as a premium IAC deposit with exceptional extraction characteristics.

Why Investors Should Follow Viridis Mining & Minerals

Viridis represents a compelling investment opportunity in the critical minerals space for several key reasons:

1. 1. World-class resource fundamentals: Highest-grade MREO ionic clay resource globally with significant exploration upside

1. 1. Industry-leading economics: Lowest quartile operating costs, outstanding NPV and IRR, and rapid payback period

1. 1. De-risked development path: Strong government support, advanced environmental permitting, and strategic partnerships

1. 1. Vertical integration strategy: Rare earth separation and refining capabilities through the Viridion JV

1. 1. Critical geopolitical positioning: Developing a secure, non-Chinese supply of magnet rare earths in a stable jurisdiction

1. 1. Strong financial backing: Funding commitments sufficient to advance to final investment decision

1. 1. Clear timeline to production: Structured development pathway with key milestones through 2027

With rare earth elements recognised as critical to the energy transition and advanced technology applications, the Colossus project by Viridis Mining and Minerals Ltd represents a significant opportunity to develop a world-leading, low-cost source of these strategically important materials outside of China.

As the project advances toward production, Viridis is poised to emerge as a major player in the global rare earth element supply chain, potentially generating substantial returns for investors while contributing to resource security for Western economies.

Ready to Diversify into Rare Earth Elements?

Discover how Viridis Mining & Minerals is developing the highest-grade MREO ionic clay resource globally with industry-leading economics. To learn more about this compelling investment opportunity and the Colossus Project’s potential to deliver exceptional shareholder returns, read the full ASX announcement here.