VIRIDIS MINING AND MINERALS LIMITED (VMM)
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06/11/2026

1

Speculative Buy

$6.05

87.89%

Viridis Mining and Minerals has signed a binding offtake agreement with Solvay subsidiary Rhodia Operations for rare earth carbonate from its Colossus project in Brazil, Bell Potter notes.

The agreement covers supply from first production in 2028 through to 2034, with take-or-pay provisions from 2029.

Solvay has committed to a minimum 70% of forecast production, with price floors on Nd, Pr, Dy and Tb underpinning around US$915m in revenue over six years, subject to contracted volumes being delivered.

The analyst estimates minimum annual revenue of US$152.5m, covering forecast all-in sustaining costs of US$130m pa over the first five years.

Speculative Buy retained, and target price unchanged at $6.05.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.20 cents.
Bell Potter forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -0.40 cents.

05/10/2026

1

Speculative Buy

$6.50

101.86%

Canaccord Genuity maintains a Speculative Buy rating for Viridis Mining and Minerals with an unchanged $6.50 target price following Lynas Rare Earths announcing a binding agreement to acquire Meteoric Resources ((MEI)) via a scheme of arrangement.

The analyst views the transaction as highlighting strong strategic interest amongst major western producers seeking to expand downstream separation capacity to include heavy rare earth oxides sourced from advanced ionic clay deposits.

Canaccord Genuity calculates a read-through valuation of $5.61 per share for the similarly advanced Colossus project by applying the implied enterprise value of $232,500 per tonne of annual production derived from the deal, representing a 46% uplift from recent trading levels.

Canaccord expects the business to secure binding offtake agreements before the end of 2026, noting a non-binding letter of intent is already in place with Solvay to supply its La Rochelle separation plant in France.

Given recent capital raising investments from One Investment Management across the wider magnet supply chain, the analyst believes an outright acquisition of the company remains a distinct possibility to secure near-term feedstock.