Viridis Mining and Minerals Limited has completed the definitive feasibility study for its flagship Colossus rare earth project in Minas Gerais, Brazil, raising the estimated initial capital expenditure to US$405 million, excluding contingency.

The revised capital cost compares with the US$286 million initial expenditure estimated in the pre-feasibility study released in July 2025. The definitive study incorporates a more advanced development scope, including the addition of a mixed rare earth carbonate refining circuit designed to reduce lower-value lanthanum and increase the concentration of magnetic rare earths.

The study is based on a 25-year production target using an upgraded ore reserve of 200.1 million tonnes at 2,894 parts per million total rare earth oxides. In the maiden reserve estimate announced in August 2025, the company reported 200.6 million tonnes at 2,640 parts per million total rare earth oxides.

At spot prices, the project delivers an after-tax net present value at an 8% discount rate of US$1,196 million and an after-tax internal rate of return of 36.4%. Operations are designed around a 5 million tonnes per annum dry mining and processing facility, targeting average annual production of approximately 2,967 tonnes of magnetic rare earth oxides.

Viridis engaged Goldman Sachs to lead debt financing for the development, with financial close targeted for the fourth quarter of 2026. Prior to that milestone, the company is targeting the award of a limited notice to proceed and the onboarding of the engineering, procurement and construction management contractor in the third quarter of 2026. Meanwhile, regional rare earth development in the district continues to advance, including an updated ore reserve of 146Mt reported for the nearby Caldeira project in July 2026.

Read the full announcement: Colossus DFS Confirms Project Bankable & Execution Readiness