VIRIDIS MINING AND MINERALS LIMITED (VMM)
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24/08/2026

1

Speculative Buy

$6.05

85.58%

Bell Potter maintains its Speculative Buy recommendation for Viridis Mining and Minerals with its valuation increased to $6.05 from $4.30 following the release of a definitive feasibility study and updated ore reserve estimate for the Colossus ionic adsorption clay project in Brazil.

The definitive feasibility study outlines a 25-year mine life processing 123.5Mt at 3,061ppm total rare earth oxides, delivering a post-tax NPV8 of US$1,196m ($1,709m) and a 36.4% post-tax IRR based on an upgraded refining circuit that produces a higher-value mixed rare earth carbonate product.

Pre-production capital is estimated at US$405m excluding contingencies, or US$449m including a US$44m contingency.

Alongside the study, the company has secured up to approximately US$120m in new equity via a placement at $3.79, which covers the equity component of a proposed 70/30 debt and equity funding structure.

The analyst notes that the project is well-positioned ahead of targeted construction licensing and final investment decision milestones in the fourth quarter of 2026.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -3.90 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.

05/10/2026

1

Speculative Buy

$6.50

99.39%

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.