Viridis Mining and Minerals (ASX:VMM) achieves exceptional results with maiden mixed rare earth carbonate product

Viridis Mining and Minerals Limited (ASX:VMM) has reported exceptional results from its maiden mixed rare earth carbonate (MREC) metallurgical test work campaign. The company achieved the highest recoveries of Total Rare Earth Oxide (TREO) and Magnetic Rare Earth Oxide (MREO) in an MREC product, using a low-cost flowsheet as the basis for the test work.

Executive Commentary on Maiden Mixed Rare Earth Carbonate Product

This is by far the most important result the Company has achieved to date and re-emphasises the remarkable asset we have on our hands. As the industry grapples with depressed rare earth prices, the combination of superior basket value, exceptional recoveries, and its low-cost flowsheet sets Colossus apart from its rare earth peers. Having a high concentration of MREOs in your feed ore is one thing; another thing is to extract it efficiently and cheaply. Achieving best-in-class NdPr recoveries of 76% and DyTb of 68% with a flow sheet designed based on low cost, benign pH and readily available reagents, atmospheric temperature, and pressure, is unheard of in the rare earth space, and highlights the disruptive nature of true ionic clays and why Colossus has the potential to re-set the cost curve.

Summary of Maiden Mixed Rare Earth Carbonate Product Announcement

Viridis Mining and Minerals Limited (ASX:VMM) has achieved exceptional results with its maiden mixed rare earth carbonate (MREC) product, positioning Colossus as a world-leading Ionic Adsorption Clay ('IAC') Project. The MREC production campaign has delivered the highest known recoveries for all the valuable Magnetic Rare Earth Oxides (MREO) in an MREC product, using a low-cost ammonia-based flowsheet. The MREC product achieved unprecedented concentration of 60% Total Rare Earth Oxide (TREO) with the highest known MREO/TREO ratio of 39% for an IAC Project globally. The superior proportion of MREOs in the MREC product delivers a premium and high-quality basket value, with MREOs accounting for 93% of the overall value in the MREC. The exceptional results position Colossus to deliver a premium MREC product compared to peers and rank it amongst the leading rare earth projects globally in multiple aspects. The company's ongoing offtake discussions and plans for pre-feasibility study, updated mineral resource estimate, and environmental permitting updates indicate a positive outlook for the company's future endeavors.