Viridis Mining and Minerals

Viridis says it is shifting from exploration to development, with focus on economic studies, permitting, financing and offtakes, while still planning more Southern Complex drilling. CEO Rafael Moreno's pay package was changed (terms in a schedule not shown); director Jose Guedes, ex-Serra Verde COO, to take a more hands-on role.

director officer appointment

Viridis lodged its environmental impact assessment for a Preliminary License, the first of three approval steps, covering the Northern Concessions, and received Poços de Caldas municipal land-use certificate. Company says the Installation License and construction remain targeted for Q3 2026.

regulatory community update

Colossus resource upgraded 140% to 493Mt at 2,508ppm TREO (601ppm magnet rare earths), up from the 201Mt maiden estimate of June 2024. Includes 329Mt measured and indicated, and a 106Mt zone above 4,000ppm. Scoping Study to follow.

resource reserve update

ANSTO produced the maiden Southern Complex carbonate: 78% overall magnet rare earth recovery, 58% TREO, about 0.7% impurities. Similar to the Northern product (76%). Completes metallurgical testing; resource update, first environmental permit filing and Scoping Study are next.

well test result

Viridis and Ionic Rare Earths formed Viridion (Australian and Brazilian companies) as the vehicle for their April 2024 refining and recycling joint venture. Scoping studies planned January 2025; a non-binding MoU was signed with SENAI/FIEMG's Lab Fab magnet laboratory. No funding amounts stated.

joint venture update

Viridis raised A$4m via a placement of about 7.69m shares at $0.52, a 9.57% discount to last close, well below the $1.25 April raise. Tranche two (~A$0.9m) needs approval at the 29 November AGM. Company says funding runs through the DFS if options are exercised.

capital raising announcement

ANSTO produced Colossus's maiden mixed rare earth carbonate from Northern Concessions clay: 76% overall magnet rare earth recovery, 60% TREO concentration, about 1% impurities. Delivers the further metallurgy work flagged earlier; CEO says pre-feasibility study and updated resource are next.

well test result

Cupim South mining licences and Centro Sul exploration licences granted and transferred to Viridis, with Tamoyo option also exercised. Cupim South extension cost about A$322k for 9.98km2. Cupim South and Centro Sul form a 17.69km2 corridor. About 1.5km2 of other licences not taken up. 102+ holes pending.

asset acquisition disposition

Maiden JORC resource for Colossus: 201Mt at 2,590ppm TREO (1,000ppm cut-off), 26% magnet rare earths, including 62Mt Indicated. Cupim South holds 28Mt at 3,061ppm. Resource covers only about 7% of the project area. This delivers the long-awaited Q2 2024 resource.

resource reserve update

Viridis raised A$8m through a placement of about 6.4m shares at $1.25, a 7.8% discount to the last close, led by Bell Potter and Fosters. Funds go to drilling, resource definition, scoping studies and ANSTO metallurgical work.

capital raising announcement

Viridis signed a binding terms sheet for a 50/50 joint venture with Ionic Rare Earths (ASX:IXR) to commercialise rare earth separation technology, plus recycling technology in Brazil. It is not an offtake deal, and Viridis can still market 100% of Colossus product.

joint venture update

First ANSTO leach test on Cupim South hole CS-DDH-001 recovered 80% of Nd-Pr and 66% of Dy-Tb over 11.9m, with very low uranium and thorium. This resolves the first part of the ANSTO testing thread; bulk sample results due late April/early May.

well test result

Viridis signed a binding agreement for a further 9.98km2 of licences (3 mining licences, 1 mining request) next to Cupim South, linking it with Centro Sul into a 15.75km2 corridor. Total Poços de Caldas landholding would reach 239km2 on settlement. Price not stated in the text shown.

asset acquisition disposition

Viridis signed non-binding MoUs with the Minas Gerais state body Invest Minas and the Poços de Caldas municipality to support faster approvals and infrastructure for Colossus. Being non-binding, they do not guarantee permits.

material agreement

Hatch was awarded the Colossus Scoping Study and engineering support contract. The formal study starts March 2024, focused first on the Northern concessions, covering processing, capex, opex and schedule. Contract value is not stated in the text shown.

contract award

Viridis raised about A$4.5m through a placement of roughly 3.9m shares at $1.15, to speed up Colossus drilling, metallurgy and the maiden resource. Directors subscribed $1.24m, including $1.0m from the Chairman; $1,057,500 of that needs shareholder approval.

capital raising announcement

Fourth Colossus assay batch: FZ-RC-29 returned 5.5m at 14,896ppm TREO, peaking at 23,556ppm at 1-2m depth, which the company calls the highest surface grade in the complex. A new Ribeirão discovery was also reported; over 100 holes still await assays.

drilling result

Viridis signed two binding agreements for a further 101km2 of licences (Tamoyo and Bandeira prospects), lifting Colossus landholding to 228.63km2, a 44% increase. Tamoyo comprises three granted mining licences; Bandeira has four exploration licences and two applications. Deal price not stated in the text shown.

asset acquisition disposition

Phase I and II drilling nearly done; hole CS-DDH-007 hit 103m of clay at Cupim South. BNA Mining Solutions was contracted to prepare the maiden JORC resource, with completion anticipated in Q2 2024. Samples have gone to ANSTO for testing.

drilling progress report

Third Colossus batch finds higher grades in a new western area, Capão da Onça: auger hole CDO-AG-071 7m at 8,277ppm TREO. Fazenda diamond hole FZ-DDH-006 returned 33.5m at 3,091ppm. Over 100 auger, 34 RC and 19 diamond holes still await assays.

drilling result

Second Colossus assay batch confirms more thick clay: CJ-DDH-001 21.5m at 3,195ppm TREO, FZ-DDH-004 15m at 3,559ppm, CT-DDH-001 40m at 2,352ppm. Carijo, Central and Caminho Das Pedras are new discoveries; over 140 holes still await assays.

drilling result

ANSTO engaged for Phase I metallurgical testing of ionic desorption at Colossus, on about 50 composite samples from two prospects. This follows up the earlier surface-sample recoveries. Second assay batch still expected December 2023; over 260 holes drilled.

contract award

Rafael Moreno appointed Chief Executive Officer from 15 January 2024, on A$331,500 a year plus 650,000 performance rights tied to share price and resource milestones. He is currently a COO at lithium projects in Argentina and Nevada.

director officer appointment

First Colossus assays confirm thick, high-grade clay: CS-DDH-003 returned 46m at 3,285ppm TREO, and CS-DDH-001 24m at 4,573ppm. Diamond holes average 26m thick at 3,086ppm. This resolves the awaited-assays thread; over 170 holes remain pending.

drilling result

Viridis signed a binding option over a further 53.88km2 of Poços de Caldas licences, lifting Colossus to 144.57km2. It pays US$25,000 now, then US$1,000-1,200/ha on exercise within 6 months, plus 2.5m performance shares to vendors.

asset acquisition disposition

Viridis raised about A$3.09m through a placement of 3,250,000 shares at $0.95, a 12% discount to the last close, with Sixty Two Capital cornering A$1.0m. Funds go to Colossus drilling, metallurgy and a maiden resource. Lead manager fee is 6%.

capital raising announcement

First Colossus diamond holes hit thick clay: 87m at Cupim South, about 50m at Carijo and 47m at Fazenda. These are geology intercepts, not assays; 120 holes are done and rare earth grades are awaited. Clay thickness is a positive sign for the planned maiden resource.

drilling result

Fuller Smoky assays show thicker halloysite: 8m at 74.6% from 10m in VS23-06 and 7m at 78.7% from 3m in VS23-07. This extends the earlier 63% over 4m result. More samples are still awaiting analysis.

drilling result

Maiden drilling has started at Colossus, with three auger rigs run by HIDROEX working all four Phase I prospects at once. First holes go into Carijo. This follows the 4 September contract and the 13 September completion of the acquisition.

drilling spud

Colossus acquisition completed after shareholders approved all resolutions on 12 September 2023. The A$2.2m placement, cornerstoned by Ionic Rare Earths with A$600k, is reported complete and funds the maiden exploration program.

farm in farm out completion

Surface grab samples at Colossus show rare earths can be recovered by a simple ammonium sulfate wash, averaging 46% for neodymium. Best sample PC-10 graded 2,753ppm TREO. These are only three leached samples, not drilling.

drilling result

Viridis added 12 more licences (34.5km2) to Colossus at no extra consideration, a 61% increase in land and taking its Poços de Caldas holding to 90.69km2. One licence adjoins Meteoric's Dona Maria 1 resource (94Mt @ 2,320ppm TREO).

asset acquisition disposition

Viridis agreed to buy 100% of the rare earth rights to the Colossus project in Brazil (41 licences, 56km2) for US$2.0m, US$1m upfront, plus performance rights. It will raise A$2.2m at $0.25, with Ionic Rare Earths cornerstoning A$600k. Adds a new rare earths focus.

asset acquisition disposition

Viridis has met the A$1.5m Stage 1 spend and now holds 51% of the South Kitikmeot gold project, ahead of the 31 Dec 2024 deadline. Stage 2 needs a further A$2m by 31 Dec 2027 to lift its interest to 66%.

farm in farm out completion

First Smoky drilling assays confirm halloysite: 4m at 63% from 7m in VS23-07 (including 1m at 85.3%) and 2m at 85.4% in VS23-06. Only ten selected samples tested so far. Follows March surface results.

drilling result

First Esker Lake assays confirm gold, best 13.02m at 3.14g/t from 79m and 9.00m at 2.24g/t from 69m (EL-23-005). Supports the historic intercepts; resolves the awaited assay thread, though only some holes' results are highlighted.

drilling result

Viridis staked 842 claims covering about 211km2 in Newfoundland and Labrador, Canada, for rare earths (Ytterby, ~107km2) and rare earths/uranium (Star Lake, 104km2). Cost about A$60,000. Adds a critical-minerals direction beyond gold and kaolin; surveys planned second half 2023.

asset acquisition disposition

Further Poochera assays confirm halloysite, including 11.4% over 16m from 25m (VM22-039) and 6.3% over 12m (VM22-017), adding to March results. More results await lab capacity; Stage 2 drilling is expected later in 2023.

drilling result

Maiden diamond drilling began at Esker Lake, South Kitikmeot: up to 12 holes and 1,000m to test historic gold intercepts (e.g. 3m at 11.7g/t). Geophysics also planned on the other six properties. Follows the March approvals.

drilling spud

Surface rock samples at Smoky returned halloysite, peaking at 36.6% in raw material (VK-094), the first confirmation at the site since 1980s quarrying. Drill samples are now at the James Hutton Institute for assay; this is surface sampling, not drilling.

drilling result

First halloysite confirmed at Poochera: 7.3% over 15m from 7m (VM22-019) and 8.9% over 14m (VM22-036), with local peaks to 18.9% over 2m. Also 90.4% kaolin over 31m. Resolves the earlier open question of halloysite; 39 more samples pending.

drilling result

All approvals received for the maiden Esker Lake drilling at South Kitikmeot, up to 12 holes and 1,000m; camp construction began 5 March. Resolves the long-running permitting thread. Also reports first-stage Smoky drilling done: seven holes, 278m.

regulatory community update

Scottish lab tests on 13 Poochera samples averaged 92% kaolinite and brightness 89 in the fine fraction; hole VM22-022 gave over 38m of mostly >90% kaolinite. No halloysite was detected in these samples. Confirms the visual logging; Stage 2 (~2,000m) still planned early 2023.

drilling result

Stage 1 Poochera drilling (55 holes, 1,686m) intersected kaolin over 30m thick in multiple holes at the newly named Philips Kaolin Deposit. Based on visual logging, not lab assays; 13 samples sent to Scotland to check for halloysite. Stage 2 (about 2,000m) planned early 2023; Smoky drilling slips to early 2023.

drilling result

Maiden aircore drilling has started at the 100%-owned Poochera kaolin-halloysite project, planned at up to 60 holes for 3,000m, averaging 50m deep, taking about two weeks. This is the company's first drilling of its kaolin projects; assays to follow.

drilling spud

Jim McLeod Drilling is appointed for a 3,000m maiden aircore program at Poochera, expected in the September quarter subject to environmental approval. Smoky drilling follows straight after, subject to NSW approval. First drilling for the kaolin projects.

drilling scheduled

A ground magnetic survey (349 line-km) at Esker Lake, South Kitikmeot, suggests the gold-hosting iron formation may extend north-west, with a drill target identified. Drill planning has begun. The cited intercepts (3m @ 11.7g/t Au) are historic, not new. This delivers the Esker Lake work planned for May.

drilling result

Executive Director Hugh Callaghan resigned on 1 May 2022. Chair Agha Shahzad Pervez becomes Executive Chairman, keeping his $54,000 a year director fee plus $1,500 a day consulting (about 9 days a month expected). Either party can end the agreement on 3 months' notice.

director officer appointment

Exploration licence EL6733 for the 100%-owned Poochera kaolin-halloysite project (329km2, South Australia) is granted for an initial 6 years. This resolves the 'awaiting grant' thread; aircore drilling can follow once environmental approval is lodged and granted.

regulatory community update

Viridis was admitted to the ASX official list on 20 January 2022, with shares quoted from 24 January. Its IPO raised $5,000,000 by issuing 25,000,000 shares at $0.20, leaving 31,208,998 quoted shares.

other

Pre-listing confirmation that the $5.0m IPO (25m shares at $0.20) closed and acquisitions completed: 2,125,000 shares issued to the AHD vendors and $25,000 paid to Silver Range Resources for the option over up to 100% of South Kitikmeot. 11m options issued; 35,397,889 shares on issue.

asset acquisition disposition