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.
What it means for a shareholder
6.4m new shares at $1.25 to raise about $8.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
First bulk leach tests across four Colossus concessions (37 holes, 91 samples) showed average Nd+Pr recoveries of 59-67% and Dy+Tb of 49-65% under unoptimised conditions. This follows the ANSTO single-hole result; metre-by-metre testing with ANSTO is next.
Sixth Colossus assay batch: Tamoyo hole TM-DDH-005 returned 15m at 6,153ppm TREO with a peak of 27,087ppm, the highest grade in the complex. Two new discoveries (Tamoyo, Centro Sul) were reported; Cupim South hole CS-RC-095 hit 81m at 2,236ppm.
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.
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.
Half-year to 31 Dec 2023: net loss $3.75m (including $2.55m share-based payments), cash $1.56m, net assets $9.02m, capitalised exploration $9.3m. Also recaps the A$2.2m placement at $0.25 and A$3.09m at $0.95. Largely confirms known figures.
Fifth Colossus assay batch: auger hole CS-AG-002 returned 10m at 11,850ppm TREO, peaking at 24,894ppm, and CDP-DDH-010 peaked at 25,075ppm, the highest single sample at Colossus. Over 110 holes still await assays; results feed the maiden resource.
6 Mar 2024asset acquisition disposition▲ GoodMajor
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.
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.
Jose Carlos Guedes Rosado, former Serra Verde COO and ex-Lynas executive, joins as independent non-executive director. He is to receive 200,000 options at $2.00 over two years, subject to shareholder approval.
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.
Re-release of the 1 February assay announcement adding Figures 2 and 3. The company confirms there are no other changes, so there is no new information.
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.
What it means for a shareholder
3.9m new shares at $1.15 to raise about $4.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Conference presentation repeating known Colossus results. It shows 49.1m shares, a $1.14 share price, $55.97m market cap, cash of $1.57m and no debt as at 31 January 2024.
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.
24 Jan 2024asset acquisition disposition▲ GoodMajor
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.
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.
Escrow release notice: 4,188,891 shares and about 9.7m options at $0.30 come free of ASX escrow from 24 January 2024. This closes the escrow-release thread; the text does not say whether holders intend to sell.
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.
Further Smoky assays lift halloysite results to 13m at 86.1% from 4m in VS23-06, with a peak of 95.1% over 1m. VS23-07 gave 9m at 79.2%. This builds on October's results; samples above and below are still awaiting assays.
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.
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.
24 Nov 2023director officer appointment▲ GoodMajor
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.
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.
Voluntary trading suspension at Viridis's request, pending release of Colossus drill assay results, expected on or before 20 November 2023. Procedural step ahead of the first assays flagged for November.
10 Nov 2023asset acquisition disposition▲ GoodMajor
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.
26 Oct 2023capital raising announcement▲ GoodMajor
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%.
What it means for a shareholder
3.3m new shares at $0.950 to raise about $3.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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.
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.
