VIRIDIS MINING AND MINERALS LIMITED (VMM)
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21/08/2026

1

Speculative Buy

$6.50

79.56%

Ord Minnett maintains its Speculative Buy rating and raises its target for Viridis Mining and Minerals to $6.50 from $6.00 following delivery of the Colossus definitive feasibility study and US$140m of agreed equity funding.

Commentary suggests the funding should cover the equity component of the -US$449m development, while front-loaded production increases near-term earnings and valuation.

Forecasts were revised to reflect the feasibility study. Ord Minnett lines up a binding Solvay offtake, debt funding and permitting as the next catalysts, with construction and financing the main risks.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.

24/08/2026

1

Speculative Buy

$6.30

74.03%

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.