VIRIDIS MINING AND MINERALS LIMITED (VMM)
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04/05/2026

1

Speculative Buy

$4.30

20.11%

Bell Potter assesses a strong March quarter for Viridis Mining and Minerals, with continued progress in de-risking the Colossus Rare Earth Project in Brazil.

The analysts note key milestones advanced across the demonstration plant, definitive feasibility study (DFS), permitting and EPCM tendering. Several near-term catalysts are expected to converge ahead of a targeted final investment decision FID in 3QCY26.

Drilling has progressed well, supporting a forthcoming resource and reserve update, according to Bell Potter, while a recent capital raise strengthened the balance sheet and funding runway into early project execution.

The broker retained its Speculative Buy recommendation, citing multiple upcoming catalysts. Unchanged $4.30 target.

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 minus -18.30 cents.

06/07/2026

1

Initiation of coverage with Speculative Buy

$6.30

75.98%

Canaccord Genuity initiates coverage on Viridis Mining and Minerals with a Speculative Buy rating and a $6.30 target price, highlighting the pre-production scale of the Colossus Rare Earth Project in Brazil.

The asset features high concentrations of critical heavy rare earth oxides, positioning it as an essential non-Chinese supply alternative in an environment outstripping ex-China downstream processing capacity additions.

Base-case modelling targets a 5Mtpa operation across a 20-year mine life, generating an average NdPr production of 3.4ktpa with initial commercial outputs projected in FY29.

Strategic expansion options incorporate a potential capacity doubling to 10Mtpa from FY33, heavily expanding the unrisked corporate net asset value calculation.

Canaccord Genuity labels the company a highly compelling corporate takeover candidate ahead of a catalyst-rich calendar period featuring an imminent definitive feasibility study and a final investment decision late in 2026.