Insights › Rare-earth magnet supply chain atlas › Viridis Mining and Minerals
Brazil
Viridis Mining and Minerals
An ASX-listed developer of the Colossus ionic clay rare earth project at Poços de Caldas, Minas Gerais, Brazil, with an August 2026 definitive feasibility study for a 5 Mtpa mine and plant producing a mixed rare earth carbonate, and a 50% stake in the Viridion refining and magnet recycling joint venture.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- No final investment decision has been taken; financial close is targeted for Q4 2026 and the stated senior debt need of about US$280M is not committed (EFA, EDC and Bpifrance support is in letters of support or interest).
- No binding offtake has been announced; the Solvay agreement is a non-binding letter of intent.
- The Installation License had been applied for but not granted as of the August 20, 2026 DFS.
- The R$77.5M BNDES facility approved September 9, 2026 funds the CPTR demonstration center and related RD&I, not mine construction, and its documentation was still in progress.
- Tranche 2 of the One Investment Management investment (about A$44.8M) is conditional on FIRB approval, due diligence and shareholder approvals.
At a glance
- Founded
- Not established in public sources — Formerly Aus Asia Mining, an Indonesia-focused coal explorer that entered administration in 2016, was recapitalized in 2017 and was removed from the ASX in 2019; renamed Viridis and re-admitted to the ASX on January 24, 2022 after a A$5M IPO. It acquired the Colossus rare earth rights in August-September 2023.
- Headquarters
- Perth, Western Australia, Australia (registered office, Level 50, 108 St Georges Terrace); operating subsidiary Viridis Mineração Ltda. in Minas Gerais, Brazil
- Ownership
- Public. ASX: VMM. One Investment Management holds about 9.9% after Tranche 1 of its August 2026 placement (per the company's August 20, 2026 release).
- Stage
- Early stage. No investment decision. DFS completed August 2026, strategic equity committed and a demonstration plant producing MREC since May 2026, but senior debt, binding offtake and the Installation License are pending; FID targeted Q4 2026, first production 2028.
- Listing
- ASX: VMM
Investor relations - Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Colossus processing plant, ore feed | 5 Mtpa dry ore nameplate; about 3.5 Mt in Year 1 ramp-up (DFS) | Announced | Aug 2026 |
| Colossus mixed rare earth carbonate, contained rare earth oxide | 4,446 t/y REO average over the 25-year production target (111,200 t total), including 2,967 t/y MREO (Nd, Pr, Dy, Tb) (DFS) | Announced | Aug 2026 |
| CPTR demonstration plant, ore feed and MREC output | 100 kg/h run-of-mine ore; about 8 kg/day MREC at nameplate (up to about 2,920 kg/y) | Pilot scale | Aug 2026 |
| Viridion magnet recycling facility, Poços de Caldas: magnet feed and rare earth oxide output | about 30 t/y of permanent magnets processed for about 10 t/y of rare earth oxides (reported plan, September 2025; investment about R$51M) | Announced | Sep 2025 |
Narrative
Viridis Mining and Minerals, a Perth-registered company that was admitted to the ASX in January 2022, acquired the rare earth rights to the Colossus ionic clay project in the Poços de Caldas Alkaline Complex, Minas Gerais, in August and September 2023. A prefeasibility study in July 2025 gave a capex of US$286 million and a 2028 production target. The state environmental council granted the Preliminary License (LP) in December 2025, and the Installation License (LI) application was lodged with FEAM in the June 2026 quarter; it had not been granted at the time of the feasibility study. A demonstration plant at the company's research and processing center (CPTR) in Poços de Caldas, rated at 100 kg per hour of ore, produced its first mixed rare earth carbonate (MREC) in May 2026. The definitive feasibility study released August 20, 2026 sets a 5 Mtpa processing nameplate, a 25-year production target averaging 4,446 t per year of rare earth oxide in MREC, including 2,967 t per year of magnet rare earth oxides, an Ore Reserve of 200.1 Mt at 2,894 ppm TREO, initial capex of US$449 million including contingency, and an after-tax NPV8 of US$1,196 million. On the same day the company announced up to US$120 million of strategic equity, led by a binding agreement with One Investment Management for up to US$75 million, part of it conditional on FIRB and shareholder approval. BNDES approved a R$77.5 million (about US$15 million) facility for the CPTR on September 9, 2026, with documentation in progress, leaving a stated senior debt need of about US$280 million. Export credit support from EFA, EDC and Bpifrance is in letters of support or interest, not commitments, and the Solvay offtake is a non-binding letter of intent. FID is targeted for Q4 2026 and first production for 2028. Separately, Viridion, a 50/50 joint venture with Ionic Rare Earths, holds a 2,071 square meter industrial site in Poços de Caldas for a planned rare earth oxide refinery and magnet recycling center.
Where public sources disagree
- First production timing: the June 2026 quarterly and a June 4, 2026 article (AMR Times) give H1 2028; mining.com.au (August 20, 2026) gives H2 2028; the DFS release states no date and the September 7, 2026 equipment-order release says 2028.
- Preliminary License date: the March 2026 quarterly gives December 19, 2025; the June 2026 quarterly gives December 22, 2025.
- After-tax NPV: the DFS release (August 20, 2026) gives an after-tax NPV8 of US$1,196M and a pre-tax NPV8 of US$1,866M; mining.com.au (August 20, 2026) reports an after-tax NPV at spot of US$2.79B, a figure that does not appear in the DFS release.
- Production: Mining Weekly's project update (September 11, 2026) cites 9,500 t/y TREO and 3,500 t/y MREO over a 20-year life (prefeasibility basis); the DFS (August 20, 2026) gives 4,446 t/y REO in MREC and 2,967 t/y MREO over a 25-year production target.
- Viridion schedule: Diário do Comércio (September 17, 2025) reported a R$51M recycling facility with operations in 2H 2026; the March 2026 quarterly describes the CRITR scope as still being defined, with no capacity or dates.
Latest reports
| Period | Published | Report |
|---|---|---|
| Q4 FY26 (quarter to 30 Jun 2026) | 2026-07-24 | Quarterly Activities Report (secondary coverage; ASX PDF link not seen) (republished copy) |
| H1 FY26 (half-year to 31 Dec 2025) | 2026-03-13 | Half Yearly Report and Accounts (republished copy) |
| Q1 FY26 (quarter to 30 Sep 2025) | 2025-10-29 | Quarterly Activities/Appendix 5B Cash Flow Report (republished copy) |
| FY25 (year to 30 Jun 2025) | Annual Report to shareholders - 30 June 2025 (republished copy) |
Across these reports
Viridis's cash rose from A$1.15m (June 2025) to A$20.4m (June 2026), it received the Colossus Preliminary License in December 2025, and it completed the DFS in August 2026 (US$449m development capital). FID is now targeted for Q4 2026, with first production in H1 2028.
| Measure | What the reports show |
|---|---|
| Cash | A$1.15m (30 Jun 2025) → A$10.09m (30 Sep 2025) → A$15.16m (31 Dec 2025) → A$20.4m (30 Jun 2026), with A$56m pro forma including a committed US$25m investment. |
| Net loss (half-year) | A$1.98m (H1 FY25) → A$2.74m (H1 FY26). |
| Colossus study economics | PFS pre-tax NPV about US$1.41bn (Oct 2025) → DFS pre-tax NPV US$1.87bn, development capital about US$449m (Aug 2026). |
| Equity funding | A$30m staged funding from ORE and Régia (Oct 2025) → up to US$120m of strategic equity commitments, including US$75m from One Investment Management (20 Aug 2026), against a US$135m equity requirement under a 70/30 debt/equity plan. |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Preliminary License (LP) for Colossus | COPAM vote scheduled for late November 2025 (quarterly 2025-10-29) | Received 19 Dec 2025 | moved later |
| Colossus DFS | August 2026 (quarterly 2026-07-24) | Achieved August 2026 (DFS results in 19-20 Aug 2026 materials) | met |
| Installation License (IL) and start of construction | Second half of 2026 (half-year 2026-03-13) | IL application submitted to FEAM in Q2 2026; no approval date stated | not yet due |
| Final investment decision | Second half of 2026 (half-year 2026-03-13) | Q4 2026, with lender term sheets targeted by end of September 2026 | not yet due |
| First production at Colossus | H1 2028 (quarterly 2026-07-24), with grid connection reserved from December 2027 | H1 2028 | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- Colossus DFS Confirms Project Bankability and Execution Readiness — Viridis Mining and Minerals (ASX announcement, mirror) (2026-08-20)
- Viridis Receives Approval for R$77.5M BNDES Financing Facility — Viridis Mining and Minerals (ASX announcement, mirror) (2026-09-09)
- Viridis Secures Up to US$120M Strategic Equity Funding — ASX (2026-08-20)
- June 2026 quarterly activities report — ASX (2026-07-24)
- March 2026 quarterly activity report — Viridis Mining and Minerals (mirror) (2026-04-30)
- Viridis Places First Major Equipment Order for Colossus — Viridis Mining and Minerals (mirror) (2026-09-07)
- Viridis Continues to Advance Brazil's Domestic Rare Earth Supply Chain — Viridis Mining and Minerals (mirror) (2026-08-31)
- Viridis handpicks Sedgman as Colossus EPCM partner — mining.com.au (2026-09-11)
- Viridis secures over $168 million for Colossus, reports positive DFS — mining.com.au (2026-08-20)
- Poços de Caldas refining and recycling plan (Viridion) — Diário do Comércio (2025-09-17)
- IXR's Viridion JV targets expansion into USA with rare earth refinery — Ionic Rare Earths (ASX announcement) (2025-06-18)
- Colossus rare earths project, Brazil – update — Mining Weekly (2026-09-11)
- Colossus PFS coverage — Mining Reporters (2025-07-11)
- Viridis grid connection contract (sponsored) — AMR Times / Bulls N' Bears (2026-06-04)
- 2025 Annual Report — ASX (2025-09-24)
- 2022 Directors' Report and Financial Statements — ASX (2022-09-14)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
Get in touch← Back to Viridis Mining and Minerals in the atlas · the full supply chain atlas