Viridis Mining and Minerals Limited (VMM) has announced a significant upgrade to its Mineral Resource Estimate for the Colossus project, marking a critical step toward securing project debt financing. The updated resource now stands at 473 million tonnes at 2,505ppm total rare earth oxides and 592ppm magnetic rare earth oxides. This expansion was driven by a targeted infill drilling program designed to boost geological confidence and define high-grade material for the initial years of production.

The company highlighted that the program successfully defined an industry-leading Measured Mineral Resource of 31Mt @ 2,858ppm TREO. This classification provides the necessary foundation for converting the initial production schedule to Proven Ore Reserves, a technical requirement for the upcoming project debt financing. Management noted that this result demonstrates the project's quality while covering only about 12% of the company's total landholding.

"Our targeted infill drilling has delivered exactly what we set out to achieve, substantially increasing geological confidence while defining an industry-leading Measured Mineral Resource that will underpin the highest-value years of planned production and support project financing."

"Importantly, this is not just a geological milestone, it's a financing milestone. Defining more than five years of Measured Resources for the initial mine plan satisfies a key technical requirement for project debt financing."

— Rafael Moreno, Managing Director

Beyond the Mineral Resource update, the company is also finalizing the updated Ore Reserve and mine plan to support the Definitive Feasibility Study. These operational efforts coincide with broader commercial progress, including a strategic offtake and technology partnership letter of intent signed with Solvay on 1 June 2026. With these de-risking milestones advancing, the company remains focused on reaching a Final Investment Decision for the project in the second half of 2026.

Read the full announcement: Financing Milestone Via Major Measured Resource Upgrade