Viridis Mining Advances Colossus Rare Earth Project with Installation Licence Submission and Strategic Solvay Partnership

Installation Licence Submission Propels Colossus Toward Construction Phase

Viridis Mining submitted its Installation Licence application for the Colossus Rare Earth Project during the quarter, marking a significant regulatory milestone in progressing toward site development and construction. This submission follows the Preliminary Licence approval announced on 22 December 2025 and represents the second stage in Brazil's three-step environmental licensing process: Preliminary Licence, Installation Licence, and Operating Licence. The application was filed with the State Environmental Agency of Minas Gerais (FEAM) and includes the completed Definitive Feasibility Study engineering, Environmental Control Plan, and extensive environmental, technical, and social studies. Obtaining the Installation Licence is critical for advancing to the Final Investment Decision, with project execution targeted upon regulatory approval.

The company has largely completed all major pre-execution activities ahead of Final Investment Decision, including delivering the largest Mixed Rare Earth Carbonate demonstration plant outside China, completing key infill drilling to support measured resources for early production years, and advancing the Definitive Feasibility Study. The Installation Licence application integrates detailed engineering from the feasibility phase and positions Viridis to move from permitting to project execution. This regulatory progress aligns with the company’s goal of commencing production in H1 2028.

Demonstration Plant Produces Mixed Rare Earth Carbonate and Surpasses PFS Recovery Targets

During the quarter, Viridis achieved a major technical milestone by successfully producing Mixed Rare Earth Carbonate (MREC) from its advanced Demonstration Plant at the Rare Earth Research and Processing Centre (CPTR) in Poços de Caldas. This facility is among the largest semi-industrial, continuous-operation ionic clay rare earth processing plants outside China and has been vital in validating the processing flowsheet, advancing product qualification, and supporting financing and strategic partnerships ahead of Final Investment Decision. Operating continuously, the plant generates comprehensive process validation and technical data to guide production planning and commercial agreements.

Post-quarter, Viridis announced that the Demonstration Plant achieved Magnetic Rare Earth Oxides (MREO) recoveries exceeding 80% in July 2026, surpassing Pre-Feasibility Study projections. This enhanced recovery validates the company’s processing technology and strengthens technical support for project financing and commercial negotiations. The recovery rates outperform original feasibility estimates and reduce execution risks. The Demonstration Plant’s success establishes proof-of-concept for the planned commercial plant at Colossus and bolsters Viridis’ technical credibility with potential offtake partners and financiers.

Strategic Solvay S.A. Partnership Validates Technology and Secures Offtake Pathway

Viridis signed a Letter of Intent with Solvay S.A., a global leader in rare earth separation, establishing a framework for long-term Mixed Rare Earth Carbonate offtake and technical collaboration. This partnership advances Viridis’ strategy to maximise industrialisation capabilities in Brazil and provides robust third-party validation of Colossus Project’s technical approach. It supports strategic financing by demonstrating committed off-taker interest and accelerates product qualification with a major international separation specialist. The Letter of Intent sets the stage for binding commercial agreements to secure downstream processing capacity for Colossus production.

The Solvay partnership offers significant commercial validation from an established global rare earth processor, supporting multiple development workstreams. It confirms the technical merit of Viridis’ processing method, enhances product qualification narratives for financiers, and advances the integrated Brazilian rare earth value chain strategy. This collaboration indicates that major international processors view Colossus as a strategically important source of mixed rare earth carbonate feedstock. Progressing toward binding agreements with Solvay is expected to facilitate project financing and mitigate commercial execution risks for investors.

Upgraded Mineral Resource Estimate Highlights Industry-Leading Grade and Enhanced Geological Confidence

Viridis completed exploration and geotechnical programs culminating in an upgraded Mineral Resource Estimate announced after the quarter, boosting geological confidence in the Colossus deposit. The updated estimate totals 473 million tonnes at 2,505 ppm total rare earth oxides (TREO) and 592 ppm magnetic rare earth oxides (MREO). The targeted infill drilling significantly improved the Measured and Indicated Mineral Resource to 305 million tonnes at 2,723 ppm TREO and 659 ppm MREO, showcasing industry-leading grades for ionic adsorption clay rare earth deposits. This upgrade reflects stronger confidence in deposit geometry and grade supporting early production.

The infill drilling is a key de-risking milestone for financing, mine planning, and Final Investment Decision progression. Achieving top-tier grades in the Measured and Indicated category strengthens the economic case and provides high-confidence resource estimates for initial production. The improved classification reassures banks and financiers about the ore body's characteristics underpinning production forecasts. The estimate incorporates metallurgical recoveries demonstrated by Viridis’ semi-industrial Demonstration Plant, linking resource estimates with proven processing performance.

EU Commissioner Visit and G7 Forum Highlight Strategic Role in Western Rare Earth Supply Diversification

On 20 June 2026, European Union Commissioner for International Partnerships Jozef Síkela visited Viridis’ Colossus Rare Earth Project in Minas Gerais, Brazil, as part of the EU delegation’s official mission ahead of the EU-Brazil Investment Forum in Brasília. The visit advanced talks on financing, investment, and policy support to accelerate Colossus development and enhance supply chain resilience. This high-level engagement underscores the project’s strategic importance in diversifying Western rare earth supply chains independent of traditional sources and may facilitate development financing discussions.

Viridis also participated in the G7 Critical Minerals Investment Forum during the quarter, reflecting Colossus Project’s strategic value in supporting diversified Western rare earth supply chains. Engagement in these forums signals growing international recognition of the project’s role in addressing rare earth supply vulnerabilities. Government-level involvement from the EU and G7 suggests potential policy support and financing pathways. This visibility enhances Viridis’ profile among strategic investors and government-backed development finance institutions interested in Western rare earth supply diversification.

Grid Connection Contract Secures Essential Infrastructure and Mitigates Power Supply Risks

Viridis executed its first major project delivery contract, securing dedicated grid connection and power infrastructure for the Colossus Project. This agreement mitigates a critical execution risk by reserving grid capacity from December 2027, supporting the targeted first production in H1 2028. Securing power infrastructure is a significant de-risking achievement, as reliable power is vital for rare earth processing operations. By reserving grid capacity ahead of construction, Viridis eliminates a major project execution risk and demonstrates progress toward binding commercial agreements for essential services.

The grid connection contract sets a clear timeline for power readiness, aligning reserved capacity availability from December 2027 with the production start target in H1 2028. This milestone marks the transition from feasibility to commercial contract execution and advances progress toward Final Investment Decision. Securing power infrastructure showcases management’s capability to finalize binding agreements with key service providers, supporting project financing by reducing operational dependencies.

Definitive Feasibility Study Progress Integrates Proven Metallurgical Data

Viridis continues to advance its Definitive Feasibility Study, incorporating metallurgical recoveries demonstrated by its semi-industrial, continuous Demonstration Plant. Completion is targeted for August 2026 following finalisation of the updated Mineral Resource Estimate. The study will provide the definitive technical foundation for the Engineering, Procurement and Construction Management (EPCM) contract and underpin economic assessments for project financing. Integrating proven metallurgical data enhances the credibility of production and cost forecasts critical to financing models.

Completing the Definitive Feasibility Study is essential for the Final Investment Decision and forms the technical basis for EPCM contract negotiations and financing closure. The study reflects processing recoveries exceeding Pre-Feasibility Study estimates, improving project economics and boosting financier confidence. The August 2026 timeline aligns with Viridis’ pathway to Final Investment Decision, supporting project execution planning and commercial financing agreements.

Robust Pro Forma Cash Position and Binding Investment Agreement Fully Fund Development Through Final Investment Decision

Viridis maintains a strong pro forma cash position of up to A$56 million, including A$20.4 million as of 30 June 2026 and US$25 million (approximately A$36 million) available under a binding investment agreement with ORE Investments and Régia Capital. This consolidated funding fully supports accelerated development through Final Investment Decision and early project execution without requiring additional capital raises or equity dilution. The committed US$25 million funding provides certainty for immediate development phases.

The combination of cash on hand and committed funding ensures financial capacity to complete pre-execution activities, finalise project financing, and initiate early execution without capital constraints. The binding investment agreement offers contractual certainty, enhancing confidence among financing institutions regarding project funding sufficiency. This strong cash position enables Viridis to maintain momentum and complete Final Investment Decision independently of equity markets or external funding.

Board Enhancement and Brazilian Government Financing Support Strengthen Strategic Position

Viridis appointed Geoff Bedford as Non-Executive Director effective 1 May 2026, succeeding Tim Harrison. Mr Bedford brings over two decades of global rare earth leadership, including CEO roles at Neo Performance Materials and Molycorp. His experience spans mining, separation, magnetics, and downstream processing, including key roles in developing and restructuring strategic rare earth assets like Mountain Pass in the US. His appointment enhances board expertise in rare earth industry development and large-scale project execution.

Viridis progressed negotiations on a Joint Support Plan with the Brazilian National Bank for Economic and Social Development (BNDES) and the Federal Agency for Funding Authority for Studies and Projects (FINEP), advancing concessional, long-term project debt discussions under Brazil’s BRL5 billion (US$903 million) strategic minerals initiative. Execution of this government funding package is targeted for Q3 2026, potentially providing favourable development finance aligned with Brazil’s strategic minerals policies. Viridion Pty Ltd, Viridis’ downstream refining and recycling joint venture, has advanced strategic funding and industry partnerships through a consortium application under Brazil’s FINEP Critical Minerals program and continued participation in the MagBrás initiative supporting an integrated Brazilian rare earth value chain.