VIRIDIS MINING AND MINERALS LIMITED (VMM)
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24/08/2026

1

Speculative Buy

$6.05

64.85%

Bell Potter maintains its Speculative Buy recommendation for Viridis Mining and Minerals with its valuation increased to $6.05 from $4.30 following the release of a definitive feasibility study and updated ore reserve estimate for the Colossus ionic adsorption clay project in Brazil.

The definitive feasibility study outlines a 25-year mine life processing 123.5Mt at 3,061ppm total rare earth oxides, delivering a post-tax NPV8 of US$1,196m ($1,709m) and a 36.4% post-tax IRR based on an upgraded refining circuit that produces a higher-value mixed rare earth carbonate product.

Pre-production capital is estimated at US$405m excluding contingencies, or US$449m including a US$44m contingency.

Alongside the study, the company has secured up to approximately US$120m in new equity via a placement at $3.79, which covers the equity component of a proposed 70/30 debt and equity funding structure.

The analyst notes that the project is well-positioned ahead of targeted construction licensing and final investment decision milestones in the fourth quarter of 2026.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.90 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.

24/08/2026

1

Speculative Buy

$6.30

71.66%

Canaccord Genuity maintains its Speculative Buy recommendation for Viridis Mining and Minerals with its target price unchanged at $6.30 following the release of a Definitive Feasibility Study for its 100%-owned Colossus ionic clay rare earth deposit in Brazil.

The study outlines a 25-year production target of 124Mt at 3,061ppm total rare earth oxides at 5Mtpa throughput, producing approximately 3ktpa of mixed rare earth oxides.

Capital expenditure increased to -US$449m from -US$358m in the pre-feasibility study due to the incorporation of an additional mixed rare earth oxide refinement circuit that removes low-value lanthanum and drives a material increase in payable basket pricing to US$76.50/kg.

The company secured commitments for up to US$120m in strategic equity funding, leaving a US$295m funding gap expected to be filled with debt financing on a target 70/30 debt-to-equity split.

The broker highlights upcoming permitting milestones, binding offtake agreements, project financing, and a final investment decision targeted for the first half of calendar year 2027 as key catalysts.