Earnings release
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1 ASX: VMM MARKET ANNOUNCEMENT Viridis Mining and Minerals Limited | ACN: 121 969 819 Level 50, 108 St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 Email: info@viridismining.com.au www.viridismining.com.au.com.au QUARTERLY ACTIVITY REPORT – 31 March 2025 ASX Release: 30 April 2025 Please find enclosed the Quarterly Activities Report and Appendix 5B for the three -month period ended 31 March 2025. Highlights During the quarter to 31 March 2025: Delivered a 140 % increase to the JORC Mineral Resource Estimate (‘MRE’) at the Colossus Project, now standing at 493Mt @ 2,508ppm Total Rare Earth Oxide (‘TREO’) A and 601ppm Magnetic Rare Earth Oxide (‘MREO’)B, including 329Mt @ 2,680ppm TREO and 659ppm MREO in the Measured and Indicated category, establishing Colossus as the largest and highest -grade MREO resource globally across ionic adsorption clay (‘IAC’) style deposits1. Released a comprehensive Scoping Study confirming Colossus as a world -leading rare earth development, with simple and environmentally friendly processing, the global lowest-known cost producer , and a long - life mine plan underpinned by premium MREO grades and high recoveries 2. The outcome from th e Scoping Study is that the Project demonstrates outstanding economics based on a 20-year Life of Mine (‘LoM’), at long-term average forecast price of US $90/kg NdPr (‘Base Case’) and financial robustness , capable of withstanding fluctuations in the rare earth market at cyclical lows of US $60/kg NdPr: • Pre-tax NPV8 of approximately US $1.43 billion (AUD $2.26 billion) | Based on a conservative long-term average forecast price assumption of US $90/kg NdPr for its Base Case. • Annual EBITDA of approximately US $191 million (AUD $301 million) at spot price of $90/kg NdPr. • Pre-tax NPV 8 of approximately US $719 million (AUD $1.13 billion) | Based on a spot price of $60/kg NdPr for its Current Spot Case. • Annual EBITDA of approximately US $114 million (AUD $180 million) at spot price of $60/kg NdPr. Achieved major environmental and regulatory milestones, including submission of the Environmental Impact Assessment (‘EIA’) and Relatório de Impacto Ambiental (‘RIMA’) , as part of its application for a Preliminary Licence (‘PL’) to the Environmental Agency of Minas Gerais (‘FEAM’) . It also received the Certificate of Regularity for Land Use and Occupation from the Municipality of Po ços De Caldas, a critical pre-requisite required for the approval of the PL as legislatively mandated in State Decree No. 47,383/2018, Article 18, §1. Raised $3.5 million through a placement to institutional and sophisticated investors at $0.33 per share to support the Company’s transition into the next development phase, including the Definitive Feasibility Study and demonstration plant4. Subsequent to quarter-end, China’s Ministry of Commerce placed tightened control over global rare earth supply by the introduction of new export restrictions on seven medium and heavy rare earths set to disrupt industries dependent on critical rare earth elements (‘ REEs’), reaffirming the strategic importance of Colossus as a secure source of globally critical rare earths 5. A Total Rare Earth Oxides (‘TREO’): La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3+ Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O B Magnetic Rare Earth Oxides (‘MREO’): Dy2O3, Gd2O3, Ho2O3, Nd2O3, Pr6O11, Sm2O3, Tb4O7 For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 2 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au During the quarter, the Company successfully achieved all planned milestones and activities, demonstrating strong operational execution and a clear focus on critical path items. Apart from the completion of the updated MRE, the release of the Scoping Study , and submission of the EIA / RIMA, other key accomplishments included significant advancement of the Pre -Feasibility Study (‘PFS’), meaningful progress on the next phase of the environmental approvals (Construction License) and constructive engagement on offtake and project financing discussions. These core deliverables position the Company well for future development phases. Importantly, all activities were undertaken with strict capital discipline, ensuring the efficient use of funds and alignment with our commitment to prudent financial management. Overview Viridis Mining and Minerals Limited (ACN 121 969 819) (ASX: VMM, ‘Viridis’ or the ‘Company’) is pleased to provide an update for the quarter ending 31 March 2025. Colossus IAC Rare Earth Project JORC Mineral Resource Upgrade: 493Mt @ 2,508ppm TREO and 601ppm MREO During the quarter, Viridis announced the largest and highest -grade Mineral Resource Estimate ever delivered for an IAC -style deposit, with the Colossus Project’s total resource increasing by 140% to 493Mt @ 2,508ppm TREO and 601ppm MREO (cut-off grade of 1,000ppm). Of this, 329Mt @ 2,680ppm TREO and 659ppm MREO was classified as Measured and Indicated, reflecting strong geological continuity and increasing confidence in near-term mine planning. Table 1: Updated MRE for Colossus Project using 1,000ppm TREO Cut-Off Grade. The resource model excludes leached/soil clays, transitional horizon under 330ppm MAG_REO*, and regolith material under 300ppm MAG_REO*. The measured and indicated resources consist solely of regolith, while the inferred resource includes transitional and regolith. The upgraded resource was underpinned by drilling campaigns across the Northern Concessions and Southern Complex, with extensive reverse circulation (‘RC’) and auger intercepts delivering long, high -grade intervals of rare earth mineralisation. Notably, the premium portion of the deposit includes 106Mt @ >4,000ppm TREO and >1,000ppm MREO — some of the highest-grade ionic rare earth mineralisation recorded globally. For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 3 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au Figure 1: Colossus REE Project Grade Vs Tonnage Sensitivity Curve at different Cut -Offs, Dual Line Chart with Tonnage interpolated at 106Mt for grades at 4,000ppm Grade. The resource remains open in all directions, with only 11% of the Colossus landholding tested to date, highlighting enormous growth potential. The Southern Complex has shown to be the highest Measured & Indicated deposit within the Colossus landholding, sitting at 158Mt @ 2,947ppm TREO (708ppm MREO). It was formed by modelling ~78% of the overall Southern Complex, as shown in Figure 1, and has exceptional expansion potential. Viridis has made substantial discoveries outside the current resource, which gives the Company confidence to expand its resource base in future resource estimates . For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 4 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au Figure 2: Colossus REE Project tenements, with all drill holes overlain and Maiden Resource Concessions highlighted. Scoping Study: World-Class Economics and Metallurgical Simplicity A detailed Scoping Study was completed and released during the quarter, confirming Colossus as one of the premier rare earth projects globally. The Study is based on the updated Mineral Resource Estimate, announced by Viridis on 22 January 2025, and assesses the development of an initial 5Mtpa rare earth production facility with a 20 -year mine life . It draws on the Measured and Indicated mineral resources identified from only the Northern Concessions and the Cupim South section of the Southern Complex, whi ch make up less than 13% of the total tenement package held by Viridis and only 20% of the global JORC resource of 493Mt . For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 5 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au The Scoping Study confirms that the C olossus Project has the potential to be one of the highest -margin and lowest-cost rare earth producers globally , capable of delivering outstanding economic returns through commodity cycles. Key drivers of the Project’s competitive cost structure include: • Largest and Highest MREO grade Measured and Indicated resource globally1, which supports a 20-year feed profile of MREO greater than 936ppm MREO. • Designing the pits and mine scheduling with a focus on MREO contents and MREO:TREO ratio rather than prioritising the highest TREO grades, leading to an outstanding 28% MREO:TREO ratio across the LoM feed – which is the key ratio in determining the basket sale value and operational margins. • A truly unique ionic absorption REE mineralisation, which has repeatedly shown to improve recoveries while using a more neutral pH solution – enabling industry-leading recoveries through cheaper, simple, low-cost ammonia sulphate (‘AMSUL’) processing flowsheet with fewer impurities in the final mixed rare earth carbonate (‘MREC’) product. • Low-cost and environmentally friendly flowsheet, leveraging 100% renewable grid power, skilled local labour, and existing infrastructure access. Based on these factors, the Scoping Study estimates a highly competitive all in sustaining costs (‘ AISC’) of US $8.8/kg TREO over the 20-year LoM evaluation period. Figure 3 illustrates the projected cost positioning of the Colossus Project within the 2025 rare earth industry cost curve for MREC and highlights that it is anticipated to be the lowest-known cost producer globally. Figure 3: Rare Earth Industry Cost Curve for 2025 (source: Project Blue Consulting) highlights Colossus as one of the lowest- cost MREC producers worldwide. The total capital expenditure for the initial processing facility and mining fleet is estimated at approximately US $287 million (excluding contingency), representing a low capital intensity relative to peer rare earth projects worldwide. The results in Table 2 reinforce the Colossus Project’s potential to become a leading high-margin and low-cost rare earth producer, with strong financial metrics supporting its advancement toward development. Viridis will continue progressing the Project through further technical studies and permitting activities while engaging with potential strategic partners and financiers. For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 6 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au Production Metrics Unit Life of Mine (LoM) Mining - Northern Concessions and Cupim South (Measured and Indicated Only) Life of Mine Years 20 Production Facility Nameplate (Dry) Mtpa 5 Mineral Resource Mined Mt 98.5 Strip Ratio waste: resource 0.2 Average TREO Feed Grade ppm 3,383 Average MREO Feed Grade ppm 936 Average MREO:TREO Feed Ratio % 28 Metallurgy TREO Recovery % 57 MREO Recovery % 76 Production Annual Production (REO) t 9,452 Total Production (REO) t 189,045 Annual Production (MREO: Nd, Pr, Dy, Tb) t 3,522 Total Production (MREO: Nd, Pr, Dy, Tb) t 70,440 NdPr % in TREO Concentrate % 36 Capital and Operating Cost Unit Life of Mine (LoM) CAPEX (inclusive of 30% contingency) US $M 373 Annual Operating C1 Cost US $M 57 Annual Operating C1 Cost per kg TREO US $/kg TREO 6.0 Annual AISC (Spot Case) US $M 83 Annual AISC per kg TREO (Spot Case) US $/kg TREO 8.8 Project Financial Summary Unit Life of Mine (LoM) Current Spot Case Base Case Upside Case Average NdPr Price US $/kg NdPr 60 90 111 Average Basket Price TREO US $/kg TREO 30 43 53 Payability % 70 70 70 Annual Revenue US $M 197 282 353 Total Revenue US $M 3,939 5,643 7,050 Annual EBITDA US $M 114 191 255 AUD $M 180 301 402 Total EBITDA US $M 2,283 3,820 5,090 Annual Post-Tax Cashflow (excluding CAPEX) US $M 78 129 171 Total Post-Tax Cashflow (excluding CAPEX) US $M 1,564 2,578 3,416 Pre-tax NPV8 US $M 719 1,433 2,024 AUD $M 1,132 2,257 3,188 Pre-tax IRR % 28% 43% 54% After-tax NPV8 US $M 388 859 1,249 After-tax IRR % 20% 31% 40% Payback Period Years 3.2 2.0 1.5 Table 2: Colossus Project key Production, Costs and Financial Summary For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 7 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au Environmental and Regulatory Milestones Achieved The Company made material progress on permitting during the quarter. Viridis submitted the full EIA and RIMA, as part of its application for a Preliminary Licence (PL) to FEAM, the state regulator for Minas Gerais , covering the tenements that make up its Northern Concessions in the Municipality of Poços De Caldas. Viridis strategically selected the Municipality of Poços De Caldas due to its strong support of the project and its commitment to ensuring the shortest pathway to production. Hence, the EIA / RIMA is focused on the production facility and initial mine plan, which are based on the Northern Concessions, which are located within the Poços De Caldas jurisdiction. The municipal endorsement has been received via issuing the Certificate of Regularity for Land Use and Occupation from the Municipality of Poços De Caldas (‘Certificate’). This Certificate enables the development of the Colossus Rare Earth Project, covering the National Mining Agency ( ‘ANM’) processes N. 009.031/1966, N. 830.113/2006, N. 007.737/1959, and N. 830.927/2016, the four tenements which form the Northern Concessions. The Certificate is a mandatory requirement for the approval of the PL as legislatively mandated in State Decree No. 47,383/2018, Article 18, §1. As the PL must demonstrate full compliance with municipal legislation and align with the urban planning framework of Poços de Caldas, this Certificate is the most important document required for the licensing process. It certifies the environmental feasibility and credentials of the Colossus Project. The Company also confirmed that all near -term development (including the demonstration plant) will focus on the Northern Concessions , where permitting timelines are most advanced. Public consultation processes are expected to commence in Q2 2025. Subsequent to the End of the Quarter On 9 April 2025, the Company noted the introduction of Chinese export controls on a range of strategic rare earth elements, including Dysprosium and Terbium, which are heavily concentrated within the Colossus resource. These restrictions are expected to si gnificantly disrupt global supply chains, reinforcing Colossus’ position as a critical, non-Chinese source of secure, high-purity MREOs. Following shareholder approval at the Company’s general meeting held on 24 April 2025 (‘EGM’), final placement funds for Director subscriptions totalling approximately $320,000 will be received by the Company as soon as practicable. South Kitikmeot Project The area comprises four properties (Gold Bug, Esker, Bling, and Uist) covering 7,148 hectares within the Back River – Contwoyto Gold Belt of Western Nunavut, Canada. High-grade gold intercepts from the Esker Lake diamond drilling campaign, as assayed by ALS Laboratory in Yellowknife, Northwest Territories, are encouraging and have provided the exploration team with further understanding of the controls for gold mineralisation at the project. During the quarter, no further activity was undertaken at the South Kitikmeot Gold Project . Poochera Project The Poochera Project comprises a 100% owned exploration licence (EL6733) covering an area of 329km² on the Eyre Peninsula in South Australia. The project is located adjacent to major halloysite -kaolin deposits, including the Great White Kaolin Project, but it has never been systematically explored for kaolin-halloysite. In mid -2024, the South Australian Department of Energy and Mining accepted the Poochera EL6733 Annual Technical report and associated documents for April 2024. This keeps the tenement in good standing and provides Viridis with flexibility on executing additional exploration activity. For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 8 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au Smoky Halloysite Project The Smoky Project comprises a single exploration license (EL8944) covering 6km 2 in the upper Hunter Valley region of New South Wales. The exploration license contains a historic halloysite quarry and potentially covers more than a 3km strike length of a known and unique kaolin‐halloysite bearing sequence. During the December 2023 quarter, assays and subsequent quality control confirmed the following intersections7: • VS23-06: 13m of 86% halloysite (<45um fraction) from 4m. This includes eight separate 1m samples with over 90% halloysite (<45um fraction) • VS23-06: Highest reported halloysite concentration is 95.1% (<45um fraction) over 1m from 4m • VS23-07: 9m of 79.2% halloysite (<45um fraction) from 1m depth. The halloysite and kaolinite proportions of the <45um material were exceptionally high. Additional samples for quality control, from above and below the measured target halloysite layer , have continued to be sent for analysis. During the drilling program, all drill holes were sealed and successfully rehabilitated, and no safety or environmental issues were encountered. A short visit was undertaken during the June 2024 quarter to confirm there are no environmental issues and collect near-surface samples to map the halloysite in preparation for larger samples for product end -use trails. Results will be released when available. Boddington West Project The Boddington West Project consists of one Exploration Licence Application (E70/5453) covering an area of 26km2, located 1km west of the Boddington Gold mine. No further activity was undertaken at the Boddington West Project during the quarter. Bindoon Project The Bindoon Project consists of tenements E70/5606 (Bindoon North), E70/5428 (Bindoon Central) and E60/5616 (Bindoon South). Subject to the granting of all respective tenements, an initial campaign of shallow drilling to follow up on previous results and verify the interpreted lithologies is proposed. This work will be scheduled once all relevant permits are gained from the Department of Mines, Industry Regulation and Safety, and access to the ground is negotiated with local landowners. No further activity was undertaken at the Bindoon Project during the quarter. Corporate and Financial Position Corporate In February 2025, Viridis announced a capital raise of $3.5 million via a placement to institutional and sophisticated investors at an issue price of $.033 per share, with 9,638,749 shares issued on 10 February 2025 and the remaining 967,312 shares to be issued as soon as practicable to Directors following shareholder approval at the Company’s EGM, where all resolutions were passed. The use of funds for the placement include: • Finalisation of the Colossus Scoping Study • Continued permitting (EIA, PL) and early site access • Commencement of demonstration plant design and long-lead engineering • General working capital For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 9 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au The following securities were issued during the quarter: • 1,500,000 shares on the exercise of Company options; and • 600,000 performance rights pursuant to the Company’s incentive plan. A total of 6,500,000 Company options expired in January 2025. Expenditure As outlined in the attached Appendix 5B, exploration expenditure for the reporting period was $1,563k. Related Parties As outlined in Section 6 of the attached Appendix 5B, during the June quarter approximately $151k in payments were made to related parties and/or their associates as executive remuneration and non-executive director fees. All payments were made in the ordinary course of business. For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 10 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au Tenements In accordance with Listing Rule 5.3.3, the Company holds the following tenements. Project Location Tenement Reference Nature of Interest % Interest Bindoon North Western Australia E70/5606 Granted 100% Bindoon Central Western Australia E70/5428 Pending 100% Bindoon South Western Australia E70/5616 Pending 100% Boddington West Western Australia E70/5453 Pending 100% Poochera South Australia EL6733 Granted 100% Smoky New South Wales EL8944 Granted 100% Esker Lake Nunavut, Canada EL 1 (100230) Suspended 51%(1) Nunavut, Canada EL 02 (102662) Active 51%(1) Gold Bugs Nunavut, Canada MIG 6 (100165) Suspended 51%(1) Nunavut, Canada MIG 8 (101106) Active 51%(1) Nunavut, Canada GOLD BUGS 01 (102658) Active 51%(1) Nunavut, Canada GOLD BUGS 02 (102665) Active 51%(1) Nunavut, Canada GOLD BUGS 03 (102666) Active 51%(1) Bling Nunavut, Canada TL 1 (100119) Suspended 51%(1) Qannituq Nunavut, Canada QAH 1 (101734) Suspended 51%(1) Nunavut, Canada QAH 3 (101735) Suspended 51%(1) Uist Nunavut, Canada UIST 1 (100869) Suspended 51%(1) Nunavut, Canada UIST 2 (100870) Suspended 51%(1) Nunavut, Canada UIST 3 (102098) Suspended 51%(1) Nunavut, Canada UIST 4 (102102) Suspended 51%(1) Colossus Minas Gerais, Brazil 007737/1959 Mining Permit 100%(2) Minas Gerais, Brazil 009031/1966 Mining Permit 100%(2) Minas Gerais, Brazil 820037/2000 Mining Requirement 100%(2) Minas Gerais, Brazil 820039/2000 Mining Requirement 100%(2) Minas Gerais, Brazil 820173/1998 Mining Requirement 100%(2) Minas Gerais, Brazil 820197/2022 Research License 100%(2) Minas Gerais, Brazil 820659/1997 Research License 100%(2) Minas Gerais, Brazil 821075/1999 Mining Requirement 100%(2) Minas Gerais, Brazil 821419/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 821421/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 830090/2011 Research Request 100%(2) Minas Gerais, Brazil 830113/2006 Mining Requirement 100%(2) Minas Gerais, Brazil 830148/2004 Research Request 100%(2) Minas Gerais, Brazil 830419/2019 Research License 100%(2) Minas Gerais, Brazil 830442/2018 Research License 100%(2) Minas Gerais, Brazil 830518/2022 Research License 100%(2) Minas Gerais, Brazil 830518/2023 Research License 100%(2) Minas Gerais, Brazil 830519/2022 Research License 100%(2) Minas Gerais, Brazil 830519/2023 Research License 100%(2) For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 11 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au Project Location Tenement Reference Nature of Interest % Interest Minas Gerais, Brazil 830529/2023 Research Request 100%(2) Minas Gerais, Brazil 830539/1985 Research License 100%(2) Minas Gerais, Brazil 830747/2023 Research License 100%(2) Minas Gerais, Brazil 830927/2016 Research License 100%(2) Minas Gerais, Brazil 830993/2000 Mining Requirement 100%(2) Minas Gerais, Brazil 831057/2000 Mining Requirement 100%(2) Minas Gerais, Brazil 831101/2022 Research License 100%(2) Minas Gerais, Brazil 831129/2023 Research License 100%(2) Minas Gerais, Brazil 831169/1997 Mining Requirement 100%(2) Minas Gerais, Brazil 831170/1997 Mining Requirement 100%(2) Minas Gerais, Brazil 831205/2023 Research Request 100%(2) Minas Gerais, Brazil 831206/2023 Research Request 100%(2) Minas Gerais, Brazil 831207/2023 Research License 100%(2) Minas Gerais, Brazil 831209/2023 Research License 100%(2) Minas Gerais, Brazil 831210/2023 Research License 100%(2) Minas Gerais, Brazil 831496/2002 Mining Requirement 100%(2) Minas Gerais, Brazil 831514/2013 Research License 100%(2) Minas Gerais, Brazil 831619/2023 Research License 100%(2) Minas Gerais, Brazil 831620/2023 Research Request 100%(2) Minas Gerais, Brazil 832025/2009 Research License 100%(2) Minas Gerais, Brazil 832399/2008 Research Request 100%(2) Minas Gerais, Brazil 832502/2023 Research License 100%(2) Minas Gerais, Brazil 832920/2013 Research Request 100%(2) Minas Gerais, Brazil 833531/1996 Right to Request Mining 100%(2) Minas Gerais, Brazil 833551/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 833558/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 833560/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 833606/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 833610/1996 Right to Request Mining 100%(2) Minas Gerais, Brazil 833615/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 833618/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 833619/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 833621/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 833641/1996 Right to Request Mining 100%(2) Minas Gerais, Brazil 833642/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 833643/1996 Mining Requirement 100%(2) Minas Gerais, Brazil 833648/1996 Research License 100%(2) Minas Gerais, Brazil 834738/1995 Mining Requirement 100%(2) Minas Gerais, Brazil 836123/1994 Mining Requirement 100%(2) Minas Gerais, Brazil 830058/2023 Research License 100%(3) For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 12 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au Project Location Tenement Reference Nature of Interest % Interest Minas Gerais, Brazil 830060/2023 Research License 100%(3) Minas Gerais, Brazil 830420/2011 Research License 100%(3) Minas Gerais, Brazil 830711/2006 Research License 100%(3) Minas Gerais, Brazil 832359/2023 Research License 100%(3) Minas Gerais, Brazil 832360/2023 Research License 100%(3) Minas Gerais, Brazil 832364/2023 Research License 100%(3) Minas Gerais, Brazil 832427/2023 Research License 100%(3) Minas Gerais, Brazil 832428/2023 Research License 100%(3) Minas Gerais, Brazil 832429/2023 Research License 100%(3) Minas Gerais, Brazil 832662/2023 Research Request 100%(3) Minas Gerais, Brazil 832663/2023 Research Request 100%(3) Minas Gerais, Brazil 832759/2023 Research License 100%(3) Minas Gerais, Brazil 831230/2024 Research License 100%(3) Minas Gerais, Brazil 831231/2024 Research License 100%(3) Minas Gerais, Brazil 005460/1954 Mining Permit 100%(4) Minas Gerais, Brazil 802917/1978 Mining Permit 100%(4) Minas Gerais, Brazil 804675/1975 Mining Permit 100%(4) Minas Gerais, Brazil 806604/1973 Mining Permit 100%(5) Minas Gerais, Brazil 806605/1973 Mining Permit 100%(5) Minas Gerais, Brazil 830340/1979 Mining Permit 100%(5) Minas Gerais, Brazil 830464/1982 Mining Requirement 100%(5) Minas Gerais, Brazil 820221/2024 Research License 100%(6) Minas Gerais, Brazil 820222/2024 Research License 100%(6) Minas Gerais, Brazil 830024/2024 Research Request 100%(6) Minas Gerais, Brazil 830025/2024 Research Request 100%(6) Minas Gerais, Brazil 830026/2024 Research Request 100%(6) Minas Gerais, Brazil 830148/2024 Research License 100%(6) Minas Gerais, Brazil 830149/2024 Research License 100%(6) Minas Gerais, Brazil 830162/2024 Research Request 100%(6) Minas Gerais, Brazil 830165/2024 Research Request 100%(6) Minas Gerais, Brazil 830277/2024 Research License 100%(6) Minas Gerais, Brazil 830278/2024 Research License 100%(6) Minas Gerais, Brazil 830850/2024 Research License 100%(6) Minas Gerais, Brazil 830912/2024 Research Request 100%(6) Minas Gerais, Brazil 831144/2024 Research Request 100%(6) Minas Gerais, Brazil 833504/2023 Research License 100%(6) Minas Gerais, Brazil 831696/2024 Research Request 100%(6) Minas Gerais, Brazil 831028/2024 Research License 100%(7) Minas Gerais, Brazil 831026/2024 Research License 100%(7) Minas Gerais, Brazil 833232/2023 Research License 100%(7) Minas Gerais, Brazil 833231/2023 Research License 100%(7) For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 13 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au Project Location Tenement Reference Nature of Interest % Interest Minas Gerais, Brazil 833230/2023 Research License 100%(7) Minas Gerais, Brazil 833228/2023 Research License 100%(7) Minas Gerais, Brazil 832351/2023 Research License 100%(7) Minas Gerais, Brazil 832350/2023 Research License 100%(7) Minas Gerais, Brazil 832491/2024 Research License 100%(8) 1) Viridis may earn up to a 100% interest under Silver Range Resources Limited acquisition JV agreement. 2) Viridis has acquired the REE rights for the Colossus Project tenements, with ownership held by Alumina s Minerios Em Geral Ltda, Fertimax Fertilizantes Organicos Ltda, Minas Rio Mineradora Ltda, MineraçãoSanta Carolina Ltda, Mining Santa Carolina Ltda, Reynaldo G uazzelli Filho, Varginha Mineração Ltda. 3) Viridis has acquired the R EE rights for the Colossus Project tenements, with ownership held by Irmaos Martins Servicos e Comercio Eireli and Rafael da Cruz Oliveira. 4) Viridis has acquired the REE rights for the Colossus Project tenements, which Frigorifico Tamoyos LTDA owns. 5) Viridis has acquired the full Mining Rights for the Colossus Project tenements, which are owned by Mineração São Domingos Minerdom LTDA. 6) Viridis has requested by itself. 7) Viridis has acquired the full Mining Rights for the Colossus Project tenements, which I.r.s Minerals Extração de Minerais Eireli owns. 8) Viridis has acquired a tenement at the ANM ('National Mining Agency') auction. This announcement has been authorised for release by the Board. Contacts For more information, please visit our website www.viridismining.com.au or contact: Carly Terzanidis Company Secretary Tel: + 61 3 9071 1847 Email: cosec@viridismining.com.au Rafael Moreno Chief Executive Officer Tel: + 61 3 9071 1847 Email: Rafael.moreno@viridismining.com.au About Viridis Mining and Minerals Viridis Mining and Minerals Limited is a resource exploration and development company with assets in Canada and Australia. The Company’s Projects comprise of: • the Colossus Project, which the Company considers to be prospective for Rare Earth Elements; • the South Kitikmeot Project, which the Company considers to be prospective for gold; • the Boddington West Project, which the Company considers to be prospective for gold; • the Bindoon Project, which the Company considers to be prospective for nickel, copper and platinum group elements; and • the Poochera and Smoky Projects, which the Company considers to be prospective for kaolin-halloysite. Competent Persons Statements The information in this document that relates to the Colossus Project has been compiled and the technical information evaluated by Dr José Marques Braga Júnior PhD., the in -country Executive Director of Vir idis’ Brazilian subsidiary (Viridis Mining and Minerals Brazil Ltda), who is a member of the Australian Institute of Geoscientists (AIG) (MAusIMM: 336416), accepted to report in accordance with ASX Listing Rules. Dr Braga has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Regulation, Exploration Results, Mineral Resources, and Ore Reserves. Dr Braga consents to the inclusion in the report of the matters based on information in the form and context in which it a ppears. The information in this document that relates to the Smoky and Poochera projects has been prepared with information compiled by Mr Steven Cooper, FAusIMM. Mr Cooper is the principle of Orogenic Exploration Pty Ltd appointed by the Company. Mr Cooper has su fficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 14 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au Mineral Resources and Ore Reserves’. Mr Cooper consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. In preparing the quarterly report for the period ended 31 March 2025 and to date, the Company has relied on the following ASX announcements. This report contains information extracted from ASX releases and reports cited herein. These are available to view on the Company’s website (www.viridismining.com.au). In relying on the following ASX announcements and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is unaware of any further new information or data that materially affects the information included in the following announcements, and in the case of estimates of Mineral Resources, Production Targets and forecast financial information that all material assumptions and technical parameters underpinning the estimates in the relevant referenced market announcements continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. 24/02/2025 Results of Meeting 09/04/2025 New RE Restrictions Reaffirm Colossus' Strategic Importance 25/03/2025 Notice of General Meeting/Proxy Form 13/03/2025 Half Yearly Report and Accounts 25/02/2025 Investor Webinar on Colossus Scoping Study Results 25/02/2025 Colossus Scoping Study Highlights Outstanding Economics 21/02/2025 Trading Halt 13/02/2025 Unearthed Natural Resources Conference Presentation 12/02/2025 Cleansing Notice 12/02/2025 Application for quotation of securities - VMM 11/02/2025 Cleansing Notice 11/02/2025 Application for quotation of securities - VMM 10/02/2025 Notification regarding unquoted securities - VMM 10/02/2025 Cleansing Notice 10/02/2025 Application for quotation of securities - VMM 04/02/2025 Reinstatement to Quotation 04/02/2025 Proposed issue of securities - VMM 04/02/2025 Proposed issue of securities - VMM 04/02/2025 VMM Secures Placement Funding to Progress Key Developments 03/02/2025 Suspension from Quotation 30/01/2025 Trading Halt 29/01/2025 Quarterly Activities/Appendix 5B Cash Flow Report 29/01/2025 Company Update and CEO Remuneration 28/01/2025 Viridis Achieves Key Environmental & Regulatory Milestones 22/01/2025 Investor Webinar on Updated Mineral Resource Estimate 22/01/2025 Colossus Hits Largest M&I and Highest-Grade MREO Resource 20/01/2025 Trading Halt 17/01/2025 Change of Director's Interest Notice - ASP, CGe 17/01/2025 Notification of cessation of securities - VMM 16/01/2025 Application for quotation of securities - VMM 12/12/2024 Maiden MREC Product from Southern Complex 20/12/2023 Smoky Project Returns Up To 95.1% Halloysite For personal use only
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QUARTERLY ACTIVITY REPORT – 31 March 2025 Page 15 Viridis Mining and Minerals Limited | ACN: 121 969 819 | Level 50 108, St Georges Terrace, Perth, WA 6000 Telephone: + 61 3 9071 1847 | Email: info@viridismining.com.au | www.viridismining.com.au.com.au Forward Looking Statements This announcement contains ‘forward -looking information’ that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company’s business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this forward -looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this a nnouncement are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward looking information. References 1. VMM ASX announcement dated 22 January 2025 ‘Colossus Hits Largest M&I and Highest -Grade MREO Resource’ 2. VMM ASX announcement dated 25 February 2025 ‘Colossus Scoping Study Highlights Outstanding Economics’ 3. VMM ASX announcement dated 28 January 2025 ‘Viridis Achieves Key Environmental & Regulatory Milestones’ 4. VMM ASX announcement dated 4 February 2025 ‘VMM Secures Placement Funding to Progress Key Developments’ 5. VMM ASX announcement dated 9 April 2025 ‘New RE Restrictions Reaffirm Colossus' Strategic Importance’ 6. VMM ASX announcement dated 12 December 2024 ‘Maiden MREC Product from Southern Complex’ 7. VMM ASX announcement dated 20 December 2023 ‘Smoky Project Returns Up To 95.1% Halloysite’ For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Viridis Mining & Minerals Limited (ASX: VMM) ABN Quarter ended (“current quarter”) 41 121 969 819 31 March 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for - (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs (504) (1,741) 1.3 Dividends received (see note 3) 1.4 Interest received 12 35 1.5 Interest and other costs of finance paid (1) (2) 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) (a) GST & Payroll tax (b) Government Grant 62 228 1.9 Net cash from / (used in) operating activities (431) (1,480) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements - (800) (c) property, plant and equipment (13) (87) (d) exploration & evaluation (1,563) (7,281) (e) investments (f) other non-current assets - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities (1,576) (8,168) 3. Cash flows from financing activities 3,181 7,181 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 450 450 3.4 Transaction costs related to issues of equity securities or convertible debt securities (216) (508) 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) (a) Costs of Listing Monger on the ASX (including repayment of the Loan) 3.10 Net cash from / (used in) financing activities (3,415) (7,123) 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 1,154 5,231 4.2 Net cash from / (used in) operating activities (item 1.9 above) (431) (1,480) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,576) (8,168) For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 4.4 Net cash from / (used in) financing activities (item 3.10 above) 3,415 7,123 4.5 (21) (165) 4.6 Cash and cash equivalents at end of period 2,541 2,541 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 2,541 1,154 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 2,541 1,154 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 120 6.2 Aggregate amount of payments to related parties and their associates included in item 2 31 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities 7.2 Credit standby arrangements 7.3 Other (please specify) 7.4 Total financing facilities 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (431) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,563) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,994) 8.4 Cash and cash equivalents at quarter end (item 4.6) 2,541 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 2,541 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.27 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: As the Company is an exploration / pre-development company and not generating any revenue it is expected that it will continue to have negative operating cash flows for the time being. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: The Company has been able to demonstrate a record of securing funds when required and is confident that it will continue to do so. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: The Company has now completed all drilling required for its resource upgrade and believes that it is able to continue its current operations and business objectives for the reasons outlined in questions 1 and 2. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: ..............30 April 2025...................................... Authorised by: .........Board of Directors........................ (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only