How did Viridis Mining secure funding for the Colossus project?
Viridis Mining And Minerals Limited
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How did Viridis Mining secure funding for the Colossus project?

Viridis Secures A$4. 5 Million to Fast-Track Colossus Project Development

In a significant move to accelerate the development of its Colossus work program, Viridis Mining and Minerals Limited has successfully secured A$4. 5 million through a placement that was heavily oversubscribed. This funding will bolster the company's aggressive exploration and development timeline, marking a pivotal phase in advancing the Colossus Ionic Adsorption Clay Rare Earth Elements (REE) Project located in the Poços de Caldas Alkaline complex, Brazil.

Summary of Key Developments

Heavily Oversubscribed Placement: Viridis announces a successful A$4. 5 million placement, issuing approximately 3. 9 million shares at A$1.

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15 each to institutional and sophisticated investors.

Leadership Investment: The placement saw significant contributions from the Board and Management, including a cornerstone investment of A$1. 0 million from the Executive Chairman, Mr. Agha Shahzad Pervez.

Accelerated Work Program: The funding will be used to expedite the Colossus work program, focusing on expanding exploration, conducting comprehensive metallurgical studies, and completing the maiden mineral resource estimate (MRE).

Utilization of Funds:

The newly acquired funds are earmarked for a series of strategic initiatives aimed at propelling the Colossus project forward. Key areas of focus include:

Expansion of the exploration program to cover new areas and depths.
Intensive metallurgical testing to optimize desorption mechanics and flowsheet development.

Completion of a maiden JORC Mineral Resource Estimate, leveraging the significant data collected from ongoing exploration efforts.

Exploration and Development Milestones

Viridis has reported extraordinary exploration results, including the highest surface grade intercept recorded in the Poços de Caldas Alkaline Complex. Initial assays have revealed exceptionally high concentrations of Total Rare Earth Oxides (TREO) and Magnet Rare Earth Oxides (MREO), underpinning the project's potential for high-grade and heavy rare earth mineralization at surface.

The company has already initiated an aggressive drilling campaign, transitioning from auger to deep Reverse Circulation (RC) and Diamond drilling to produce thicker intercepts and extend the exploration depth. With over 100 drill holes still pending assays, Viridis maintains a robust pipeline of exploration activities aimed at uncovering the full potential of the Colossus project.

Strategic Importance of the Colossus Project

The Colossus project represents a strategic asset in the global rare earth elements market, particularly due to its potential for high-grade and heavy rare earth mineralization. The project's location within the Poços de Caldas Alkaline Complex offers a unique geological setting favorable for significant REE deposits. With the recent placement, Viridis is well-positioned to accelerate its work program, advancing towards the development of a world-class REE project.

Leadership and Operational Excellence

Under the leadership of CEO Rafael Moreno and with the support of a strengthened executive team, Viridis has demonstrated a commitment to aggressive project development and operational excellence. The company's strategic vision, combined with its technical and operational capabilities, positions it to unlock substantial value from the Colossus project and deliver long-term shareholder value.

As Viridis embarks on this accelerated development phase, the investment community's overwhelming support underscores the market's confidence in the Colossus project's potential. With a clear focus on expanding exploration activities, advancing metallurgical studies, and finalizing the maiden MRE, Viridis is poised to make significant strides in establishing the Colossus project as a key player in the global REE market.

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