Viridis Colossos PFS - great news for IXR

from ASX release

These are just a few extracts.


Colossus PFS Unlocks World-Class Project Economics

Pre-Feasibility Study Highlights Unmatched Rare Earth Potential and Positions Viridis for Global Leadership Role in the Western Market

Chief Executive Officer, Rafael Moreno commented:

“The Pre-Feasibility Study confirms what we’ve believed from day one: Colossus is emerging as one of the most economically robust and strategically significant rare earth projects globally. With its high grade MREO profile, scalable resource base, and simple, low-cost metallurgy, Colossus stands out in a market increasingly defined by quality, security, and supply chain diversification.

At current cyclical lows (US $63/kg NdPr), the Project still delivers an outstanding ~US $128 million in annual operating cash flow. It remains cash-positive even at US $50/kg NdPr, highlighting its first quartile cost position and exceptional downside resilience.

In under two years, Viridis has transformed Colossus from an acquisition to a PFS-stage asset through disciplined drilling, metallurgy, ESG groundwork, and engineering. The result is a de-risked, sustainable operation with strong economics and a globally competitive cost curve.

We now turn our focus to advancing offtake and funding discussions, supported by the strength of the PFS. With a high-quality MREC product and increasing strategic interest, Viridis is well-positioned to become a key player in the Western rare earth supply chain, delivering long-term value for shareholders and supporting critical global industries.”

PROJECT FUNDING STRATEGY
As per the announcement on 13 June 2025, Viridis has been formally selected by BNDES/FINEP, as one of the successful companies to receive significant potential funding to progress the Colossus Project. This initial round of financing from BNDES/FINEP aims to deploy BRL $5 billion (US $903 million) across leading strategic mineral projects in Brazil. Having now been formally selected, Viridis has commenced discussions with BNDES/FINEP to finalise the funding structure, which includes economic grants, debt facility and equity participation.

While these structures and processes remain in preliminary stages and discussions are conceptual at this point, the interest reflects a clear appetite that aligns with Viridis’ strategy to build a western rare earth supply chain, built on strong technical and ESG credentials and outstanding economic fundamentals, which can thrive in any market pricing cycle. Following the completion of the PFS, Viridis expects these preliminary discussions to mature further as the PFS will have de-risked an element of the CAPEX and OPEX escalation.

Multiple Levers Supporting Financing Confidence

• JV-Driven Downstream Exposure: The Viridion Pty Ltd (“Viridion” JV with Ionic Rare Earths (ASX: IXR) provides future optionality in refining, separation, and recycling, differentiating Colossus from many upstream-only projects4

9. Downstream Integration:
Mine-to-Magnet Strategy Through its Viridion JV with IXR, Viridis is pursuing opportunities to integrate mining with:
• Rare earth separation and refining
• End-of-life recycling
• Long-term participation in the circular economy for magnets

This strategy strengthens supply chain security for global partners and enhances Viridis' long-term strategic relevance in the clean energy transition.