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 – 30 September 2025 ASX Release: 29 October 2025 Please find enclosed the Quarterly Activities Report and Appendix 5B for the three -month period ended 30 September 2025. Highlights During the quarter to 30 September 2025: Pre-Feasibility Study displaying world-class project economics1: Viridis successfully completed a detailed Pre-Feasibility Study (‘PFS’) for its flagship Colossus Rare Earth Project, confirming its potential to deliver tier-one global economics based on a conservative 20 -year Life of Mine (‘LOM’), at a cyclical low price of US $63/kg NdPr and long-term average forecast price (‘Base Case’): • Pre-tax NPV 8 of approximately US $1.41 billion (AU $2.14 billion) A | Based on a conservative long - term average forecast price assumption of US $90/kg NdPr for its Base Case. • Pre-tax NPV8 of approximately US $773 million (AU $1.17 billion) | Based on a cyclical low price of US $63/kg NdPr for its Current Spot Case. • Average Annual Operating Cash Flow of approximately US $128 million (AU $194 million) at a cyclical low price of US $63/kg NdPr and rising to US $197 million (AU $298 million) at base case pricing. Managing Director appointed 2: Mr Rafael Moreno, the Company’s Chief Executive Officer (‘CEO’), was appointed to the role of Managing Director (‘MD’), effective 14 July 2025. This leadership enhancement reflects the Board’s confidence in Mr Moreno’s proven ability to execute and lead as the Company advances its flagship Colossus Rare Earth Project through development and into production. BNDES / FINEP Joint Support Plan (‘PSC’) selection3: Viridis, together with its joint venture Viridion, has been selected by BNDES and FINEP to progress under the PSC, a key milestone in securing strategic funding for the Colossus Project. Following advancement through Stage 2 of the selection process, the companies are now in active negotiations to finalise a bespoke funding package. This is expected to include a mix of non-dilutive grants, debt facilities, and potential equity participation. Strategic partnership and cornerstone investment 4: Viridis signed a landmark binding Memorandum of Understanding (‘MoU’) with two of Brazil’s leading asset managers , ORE Investments Ltda. (‘ORE’) and Régia Capital Ltda. (‘Regia’), securing a staged funding pathway of up to US $30 million (AU $46 million) via non-brokered private placements. This strategic partnership provides critical capital support to drive the Colossus Rare Earth Project through Final Investment Decision (‘FID’) and into early-stage execution. AU $11.5M Placement to further strengthen balance sheet5: the Company secured firm commitments to raise AU $11.5 million at AU $0.91 per share, being a 13% premium to the 10 -day VWAP (‘Placement’) , including a cornerstone AU $5 million commitment from JGP Asset Management (‘JGP’). Viridis held a cash balance of approximately AU $10M as of 30 September 2025. Maiden JORC Reserve7: Viridis delivered its Maiden JORC Reserve of 201Mt at 2,640ppm total rare earth oxide (‘TREO’B) and an exceptional 740ppm magnetic rare earth oxide (‘MREO’ C), firmly establishing the Colossus Project as a leading global IAC REE Project. Significant additional mining rights secured 6 via an addendum to the initial Colossus acquisition binding agreement to secure significant additional mining rights, with the majority directly adjacent to its existing licenses in the Municipality of Poços De Caldas, Minas Gerais, Brazil. This transformational expansion covers an additional 2,503.6 hectares (~25km²), lifting Viridis’ total landholding in this extraordinary province of Ionic Adsorption Clay (‘IAC’) Rare Earth Elements (‘REE’) to 23,468 hectares (~235 km²). A FX AUD/USD = 0.66 as of 3 July 2025 B Total Rare Earth Oxides (‘TREO’): La 2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 C Magnetic Rare Earth Oxides (‘MREO’): Dy2O3 + Nd2O3 +Pr6O11 + Tb4O7 For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 Strategic land acquisition8: Viridion Rare Earth Technologies Ltda. (‘Viridion Brazil’), a subsidiary of Viridion Pty Ltd (‘Viridion’), secured a key strategic land parcel in Poços de Caldas, Minas Gerais, marking a major step forward in the development of Latin America’s first rare earth refining and recycling hub. The 2,071m² industrial site, officially granted by the local municipality within the Poços de Caldas Industrial District, will house the Centre for Rare Earths Innovation, Technology and Recycling (‘CRITR’). Change of Chief Financial Officer9: Viridis announced the appointment of Mr John Tasovac as Chief Financial Officer. Mr Tasovac is a Chartered Accountant and brings more than 30 years of financial leadership across the global mining industry, with a strong track record in advancing resourc e projects from development through to successful production. His appointment bolsters Viridis’ executive capability at a pivotal time as the Company accelerates towards FID and into project execution. After the end of the quarter: • Secured strategic site and executed contracts for Rare Earth Research and Processing Centre (‘CPTR’)10: Viridis finalised the appointment of its engineering and construction contractor, placed all major purchase orders, and secured an exceptional site for its CPTR. The facility will serve as a cornerstone for validating Viridis’ processing technology, de -risking future scale -up, and supporting operator training, thereby strengthening Viridis’ position as an emerging producer of strategic rare earth materials. • Positive progress on Environmental Permitting: o Viridis has continued to advance the environmental licensing process for the Colossus Project following the submission of its EIA/RIMA on 28 January 2025 16 to the State Environmental Foundation (‘FEAM’). o On 10 October 2025 , FEAM concluded its technical review of the Project’s EIA/RIMA and issued a favourable Technical Opinion (No. 67/FEAM/GST/2025) recommending the granting of the Preliminary License (‘LP’)17, a significant step forward for the Project. o Following this positive recommendation, Colossus was included on the 24 October 2025 agenda of the Chamber of Mining Activities ( ‘CMI’) of COPAM (State Environmental Policy Council of Minas Gerais). COPAM includes 12 council members who meet monthly to approve environmental licenses by a simple majority vote of the council members present. o During the COPAM meeting, four of the twelve council members exercised their right to request an additional 30 days to review all projects on the agenda (not just Colossus), a standard and legally established procedure under Article 40 of COPAM’s Internal Rules (Deliberação Normativa COPAM nº 247/2022). As a result, the project will return to the agenda at the next meeting in late November 2025. o If an additional review period is requested by any of the Council members, no further requests for additional review periods are allowed per regulatory law; thus, the vote will need to proceed at the November meeting. 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 30 September 2025. This quarter marked significant progress across the Company’s flagship Colossus Rare Earth Project in Brazil. Colossus Ionic Adsorption Clay Rare Earth Project Pre-Feasibility Study During the quarter, Viridis completed a detailed PFS for its flagship Colossus Project (‘Colossus’ or ‘Project’) and delivered global benchmark economics based on a conservative 20 -year LOM, at both cyclical low price of US $63 NdPr and long-term average forecast price (‘Base Case’): • Pre-tax NPV 8 of approximately US $1.41 billion (AU $2.14 billion) | Based on a conservative long -term average forecast price assumption of US $90/kg NdPr for its Base Case. • Pre-tax NPV8 of approximately US $773 million (AU $1.17 billion) | Based on a cyclical low price of US $63/kg NdPr for its Current Spot Case. For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 • Average Annual Operating Cash Flow of approximately US $128 million (AU $194 million) at cyclical low price of US $63/kg NdPr and rising to US $197 million (AU $298 million) at base case forecast pricing. Colossus is now the first rare earth project in South America to deliver a PFS, marking a major development milestone. With environmental permitting progressing rapidly and strong project economics confirmed, Colossus stands out as the most advanced and financially robust rare earth development in the region. The Base Case NdPr price assumption of $90/kg NdPr remains well below long -term forecasts from leading independent rare earth pricing agencies (e.g. Project Blue Consulting) and those adopted by industry peers, highlighting the strength and conservatism of Colossus economics. Colossus demonstrates financial resilience, maintaining a strong pre -tax NPV8 of ~US $773 million even at the cyclical low price of US $63/kg NdPr, underscoring its ability to generate substantial value across commodity cycles and remain profitable in challenging market conditions. Table 1: Colossus Project Key Financial Summary across Various NdPr Pricing Scenarios1 Project Financial Summary Unit Life of Mine (LOM) Current Spot Case Base Case Upside Case Average NdPr Price US $/kg NdPr 63 90 111 Average Basket Price TREO US $/kg TREO 31 43 53 MREC Payability % 70 70 70 Total Revenue US $M 4,128 5,643 7,050 Annual Operating Cashflow (excl-CAPEX) US $M 128 197 260 Total Operating Cashflow (excl-CAPEX) US $M 2,568 3,935 5,205 Pre-tax NPV8 US $M 773 1,406 1,997 AUD $M 1,171 2,130 3,026 Pre-tax IRR % 30% 43% 55% After-tax NPV8 US $M 481 899 1,289 After-tax IRR % 24% 34% 43% Payback Period Years 3.0 2.0 1.5 Selected by BNDES / FINEP to Progress Joint Support Plan Viridis announced selection by BNDES and FINEP D for the Company and Viridion to progress with a PSC in line with the proposal submitted by the Company on 30 April 2025. Following official selection by BNDES and FINEP in June 2025 to progress to the next phase of the strategic minerals funding initiative11 and high-level meetings with both agencies, Viridis is pleased to confirm its inclusion in a PSC, positioning the Company to potentially receive significant funding to fast-track the development of its Colossus Project and integrated downstream refining and recycling operations. The following financial instruments have been nominated as potentially available for Viridis and Viridion to progress, provided that the requirements of each instrument are duly met. • BNDES Programs/Credit Lines • BNDES Equity Investment • Non-reimbursable Resources from FINEP The joint BNDES / FINEP initiative will inject BRL $5 billion (~US $903 million) into Brazil’s most promising strategic mineral projects. Having now progressed past the second stage and received a PSC, Viridis and Viridion have entered negotiations to finalise a tailored funding package, expected to include a combination of non - dilutive grants, debt financing, and potential equity participation, to accelerate development of the Colossus Project and its downstream operations. Strategic Partnership to Fund FID Pathway / Project Execution Viridis has signed a landmark binding MoU with leading Brazilian asset managers ORE and Régia, securing a staged funding pathway of up to US $30 million (A U $46 million) via non -brokered private placements. This D Brazilian National Bank for Economic and Social Development, Federal Agency for Funding Authority for Studies and Projects in Brazil For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 milestone partnership provides critical capital to support the Colossus Project through FID and into early project execution, while reinforcing strong in-country institutional backing. ORE brings deep mining -sector expertise and long -term capital, while Régia , a JV between JGP and Banco do Brasil’s asset management arm, adds ESG-aligned investment strength and strategic influence. This partnership enhances Viridis’ access to local financing, permitting channels, and key stakeholders, significantly strengthening its platform as it advances toward near-term production. Key highlights of the investment framework: • Up to US $30 million in equity funding secured through a staged investment, designed to be delivered across four tranches over a maximum of 36 months, to support Viridis through key project milestones. • The binding MoU terms provide potential funding to FID and into early project execution, subject to the fulfilment of standard Precedent Conditions. • Initial US $5 million tranche to be committed upon execution of Definitive Agreements, triggering immediate capital injection upon meeting the agreed conditions. • Follow-on tranches of US $5M, US $10M, and US $10M are scheduled at 12-month intervals, designed to offer predictable long -term support aligned with project development timelines. The provision of these follow-on tranches is at the election of ORE and Régia. • The agreement provides built -in flexibility, allowing potential tranche acceleration upon milestone achievement or in the event of third-party capital raises. • Viridis retains the freedom to pursue other financing opportunities at any stage, ensuring maximum optionality and strategic agility. A$11.5M Placement Further Strengthens Balance Sheet to FID Viridis secured firm commitments to raise AU $11.5 million at AU $0.91 per share, being a 13% premium to the 10-day VWAP, with 12,362,637 ordinary shares issued ( ‘Shares’) at $ 0.91 per Share during the quarter . The heavily oversubscribed Placement attracted both new and existing high-quality institutional investors, including a cornerstone A U $5 million commitment from JGP, one of Brazil’s most respected and experienced asset managers. This marks a clear endorsement of Viridis’ strategy and the long -term potential of the Colossus Project. The quarter saw Viridis attain institutional funding, government support, and strategic capital partnerships , placing the Company in a commanding position to fast -track the development of the Colossus Project and establish one of the Western world’s only vertically integrated rare earths supply chains. Viridis Bolsters Strategic Position and Enhances Project Scale Viridis executed an addendum to the Colossus binding agreement to secure significant additional mining rights, with the majority directly adjacent to its existing licenses in the Municipality of Poços De Caldas, Minas Gerais, Brazil. This transformational expansion covers an additional 2,503.6 hectares (~25km²) , lifting Viridis’ total landholding in this extraordinary province to 23,468 hectares (~235 km²) as shown in Figure 1. With a 493Mt Mineral Resource already defined12 over 3,269 hectares, the newly acquired 2,503 hectares across the Poços de Caldas Alkaline Complex provides a substantial runway for further Resource growth. Viridis strengthened its position to deliver on its development strategy by consolidating its dominant landholding in the Municipality of Poços de Caldas, located in the northern sector of the alkaline complex and the hub of its development strategy. Viridis’ expansion of strategic Concessions in the Municipality of Poços de Caldas includes: • Northern Concessions – 46% Expansion: The land area hosting the Colossus Production Facility and initial mining operations will increase substantially. The eastern boundary has already returned Dy-Tb oxide values exceeding 500ppm13, the highest ever recorded in the alkaline complex. • Tamoyo Prospect – 144% Expansion: The Tamoyo concession, which contains the highest -grade deposit in the Colossus JORC Resource with 770ppm MREO, will expand meaningfully, strengthening Viridis’ control over the northern area of the alkaline complex. • Mine Plan Optionality: With an existing resource base of 215Mt at the Northern Concessions and 18Mt at Tamoyo, Viridis already had the flexibility to keep its mine plan entirely within Poços de Caldas and this significant increase in landholdings at both concessions further strengthens that optionality. For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 The addendum to the agreement is structured on attractive terms, with total consideration of US $3.0 million spread across three years beginning in 2026, payable as an advanced royalty on future production. In addition, Viridis will issue 5,000,000 ordinary s hares to the vendors subject to shareholder approval, with the vendors agreeing to voluntary escrow for a period of 12 to 36 months from the date of issue, further aligning their interests with those of shareholders. Viridis has established an innovative partnership with the vendors to further explore opportunities to acquire additional exploration and mining licenses prospective for IAC Rare Earths in the Poços de Caldas Complex, as part of a long-term vision to scale the Colossus Project to a world-class asset. Figure 1: Colossus REE Project tenements with the newly acquired tenements (Addendum to Colossus Agreement). Adding ~2,503.6 ha (~25km²) of tenements across the Poços de Caldas Alkaline Complex, predominantly within the Municipality of Poços de Caldas. For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 Colossus Delivered 201Mt Maiden Ore Reserve Viridis delivered its Maiden JORC Reserve of 201Mt at 2,640ppm TREO and an exceptional 740ppm MREO, firmly establishing the Colossus Project as a leading global IAC REE Project. The maiden Reserve summary incorporates data from the Northern Concessions, Southern Complex, and Capão da Onça deposits, converting 61% of the current Measured & Indicated Resource. The Reserve is derived exclusively from the Measured & Indicated Mineral Resource only; Inferred Resource has been treated as waste. The area contributing to the maiden reserve represents only a small fra ction (12%) of the broader Colossus landholding, signalling significant untapped potential. High-grade zones such as the Tamoyo Prospect (with the highest MREO content to date at 770ppm) remain outside the reserve, providing clear upside for future growth. The mine pits supporting the Reserve align with the ultra-high-grade feed that formed the backbone of the PFS, validating the Colossus Project as the most economically robust rare earth project globally. Viridion Secures Site for REE Refining and Recycling Hub Viridis, through its joint venture Viridion Brazil, has secured a strategic 2,071m² industrial site in Poços de Caldas, Minas Gerais, to establish Latin America’s first rare earth refining and recycling hub. The site will host the Centre for Rare Earths In novation, Technology and Recycling ( ‘CRITR’), a flagship facility focused on processing high - purity Nd, Pr, Dy, and Tb oxides. The project received unanimous approval from the local City Council, reinforcing strong government backing and the project’s strategic importance to the region. Scheduled to commence operations in H2 2026, CRITR will be South America’s first demonstration -scale plant for rare earth oxide refining and recycling. The facility will process mixed rare earth carbonate (‘ MREC’) from Viridis’ Colossus Project and recycled magnets sourced from Brazil’s industrial and e -waste streams, leveraging proprietary separation and recycling technology from JV partner Ionic Rare Earths Ltd (ASX: IXR). This milestone marks a major step in establishing a vertically integrated, sovereign rare earth supply chain in Brazil. Change of Chief Financial Officer Viridis announced the appointment of Mr John Tasovac as Chief Financial Officer. Mr Tasovac is a Chartered Accountant and brings more than 30 years of financial leadership across the global mining industry, with a strong track record in advancing resource projects from dev elopment through to successful production. His appointment bolsters Viridis’ executive capability at a pivotal time as the Company accelerates towards FID and into project execution. Mr Tasovac also brings significant international experience from his tenure with Xstrata in South America, where he served as General Manager Commercial and oversaw the execution of US $7 billion in major copper developments, including the Antapaccay and Las Bambas projects in Peru. This depth of expertise in large-scale project delivery, corporate governance, and financial strategy , combined with more than a decade of on -the- ground operational experience in South America , positions him to play a pivotal role as Viridis advances the Colossus Project and transitions from a developer into a producer. Stakeholder Engagement Throughout the quarter, the Viridis team continued engaging with municipal, state, and federal governments , key members of the rare earth supply chain and mining industry figures to support the development of the Colossus Rare Earth Project. This included Viridis Managing Director (Rafael Moreno) , Non -Executive Director (Tim Harrison), In-Country Executive Director (Jose Marques Braga Junior) and IXR Business Development Manager (Gabriel Longo) visiting LABFAB / CIT SENAI, to discuss MAGBRAS initiative, with other key stakeholders. Having secured t he site that will host the CRITR in the industrial site in Poços de Caldas, Viridion held its Inauguration Ceremony at the land donated by the Municipality of Poços de Caldas. The attendees included Viridis and IXR management, local and state government officials and key members of the rare earth supply chain. For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 Figure 2: Viridion Management , members of Stellantis and the UK Agency, Invest Minas , visited LABFAB and its management team to discuss the MAGBRAS) initiative and the support Viridion will provide to help commission the first Rare Earth Magnet facility in South America. Figure 3: Viridion management and leading government officials celebrate the inauguration of the Centre for Rare Earths Innovation, Technology and Recycling in the industrial Park of Poços de Caldas. For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 Subsequent to the End of the Quarter Secured Strategic Site and executed contracts for Rare Earth Research and Processing Centre (‘CPTR’): Viridis made major progress in the development of its CPTR, strategically located in the industrial park in Poços de Caldas, Brazil. The facility will host a MREC demonstration plant to drive research, development, and innovation in rare earth processing, accelerating Viridis’ transition towards commercial production of high-purity rare earth products. Viridis has finalised the appointment of its engineering and construction contractor, placed all major purchase orders, and secured an exceptional site for its CPTR. The facility will serve as a cornerstone in validating Viridis’ processing technology, de -risking future scale -up and supporting operator training, strengthening Viridis’ position as an emerging producer of strategic rare earth materials. In close collaboration with Viridis’ engineering contractor, potential offtake partners, and key equipment suppliers, the decision to advance directly to a larger -scale demonstration plant, rather than a pilot, reflects a technically driven strategy to minimise scale-up risk and accelerate commercial readiness. Extensive design work has been undertaken to optimise equipment sizing, process configuration, and vendor selection, ensuring seamless scalability to commercial throughput. Construction and commissioning of the CPTR is expected to be completed by the end of Q1 2026, with full-scale Demonstration Plant operations expected to commence in Q2 2026. Importantly, no component, technology, or equipment within the CPTR or commercial plant design is sourced from China, eliminating exposure to recent Chinese rare earth export controls announced on 9 October 202514. The unprecedented controls, giving China a veto over anything made with even a trace amount of rare earths, position Viridis as a strategically independent contributor to the Western critical minerals supply chain and a potential near-term substitute for disrupted rare earth production. Demonstration Plant Design Highlights: • Feed capacity: 100 kg/h of run-of-mine ore. • Process Flow: Ore preparation, desorption, solid -liquid separation, impurity removal, and rare earth precipitation. • Reagent and Water Recovery: Reagent/water recovery system to reduce OPEX and minimise environmental impact. • Residue management: Dewatered filter cake suitable for mine backfilling. Colossus Environmental Process Update: Viridis has continued to advance the environmental licensing process for the Colossus Project following the submission of its EIA/RIMA on 28 January 2025 to FEAM. On 10 October 2025, FEAM concluded its technical review of the Project’s EIA/RIMA and issued a favourable Technical Opinion (No. 67/FEAM/GST/2025) recommending the granting of the LP, a positive step forward for the Colossus Project. Following this positive recommendation from FEAM, Colossus was included on the 24 October 2025 agenda of the CMI of COPAM. The COPAM council is typically made up of twelve council members, who normally meet on the Friday of each month, to approve environmental licenses listed on the agenda by FEAM. The COPAM meeting, is the last step of the process for each discrete environmental license. Approval of the environmental license is achieved by a simple majority vote of the council members present. During the COPAM meeting, four of the twelve council members exercised their right to request an additional 30 days to review all projects on the agenda (not just Colossus), a standard and legally established procedure under Article 40 of COPAM’s Internal Rules (Deliberação Normativa COPAM nº 247/2022). As a result, the Project will return to the agenda at the next meeting in late November 2025. Once the initial 30 -day review period is requested by any of the Council members, no further requests for additional review periods are allowed per regulatory law . Thus, all the council members are obliged to vote at the November meeting. For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 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. 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 intersections15: • 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 comprises tenements E70/5428 (Bindoon Central) and E60/5616 (Bindoon South). Subject to the granting of the 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 For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 permits are gained from the Department of Mines, Industry Regulation and Safety, and access to the ground is negotiated with local landowners. No further activities were undertaken at the Bindoon project during the quarter. Corporate and Financial Position Corporate As part of the Company’s Placement announced on 30 July 2025 and subject to shareholder approval at the Company’s annual general meeting to be held on 24 November 2025 , a further 274,726 Placement Shares will be subscribed for by Viridis’ Chairman. On 29 August 2025, 1,666,667 Shares were issued on the conversion of performance rights. Subsequent to the end of the quarter, 2,000,000 Shares were issued on the conversion of unlisted options. Expenditure As outlined in the attached Appendix 5B, exploration expenditure for the reporting period was $1,067k. Related Parties As outlined in Section 6 of the attached Appendix 5B, during the September quarter approximately $196k 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 – 29 October 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 Tenements In accordance with Listing Rule 5.3.3, the Company holds the following tenements. Project Location Tenement Reference Nature of Interest % Interest 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) 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) For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 Project Location Tenement Reference Nature of Interest % Interest 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 License 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 Mining Requirement 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 Mining Requirement 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) 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 831230/2024 Research License 100%(3) Minas Gerais, Brazil 831231/2024 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) For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 Project Location Tenement Reference Nature of Interest % Interest Minas Gerais, Brazil 832663/2023 Research Request 100%(3) Minas Gerais, Brazil 832759/2023 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 Permit 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 831696/2024 Research Request 100%(6) Minas Gerais, Brazil 833504/2023 Research License 100%(6) Minas Gerais, Brazil 831026/2024 Research License 100%(7) Minas Gerais, Brazil 831028/2024 Research License 100%(7) Minas Gerais, Brazil 832350/2023 Research License 100%(7) Minas Gerais, Brazil 832351/2023 Research License 100%(7) Minas Gerais, Brazil 833228/2023 Research License 100%(7) Minas Gerais, Brazil 833230/2023 Research License 100%(7) Minas Gerais, Brazil 833231/2023 Research License 100%(7) Minas Gerais, Brazil 833232/2023 Research License 100%(7) Minas Gerais, Brazil 832491/2024 Research License 100%(8) Minas Gerais, Brazil 000991/1961 Mining Permit 100%(9) Minas Gerais, Brazil 807630/1971 Mining Permit 100%(9) Minas Gerais, Brazil 816060/1973 Mining Permit 100%(9) Minas Gerais, Brazil 830138/2003 Mining Requirement 100%(9) Minas Gerais, Brazil 830392/1979 Mining Requirement 100%(9) Minas Gerais, Brazil 830579/2007 Mining Permit 100%(9) Minas Gerais, Brazil 830582/1987 Mining Requirement 100%(9) Minas Gerais, Brazil 830603/1994 Research License 100%(9) Minas Gerais, Brazil 830753/1998 Research License 100%(9) Minas Gerais, Brazil 830913/2006 Research License 100%(9) Minas Gerais, Brazil 831447/2005 Mining Requirement 100%(9) Minas Gerais, Brazil 831685/2012 Research License 100%(9) Minas Gerais, Brazil 832144/2002 Mining Requirement 100%(9) Minas Gerais, Brazil 832145/2002 Mining Requirement 100%(9) For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 Project Location Tenement Reference Nature of Interest % Interest Minas Gerais, Brazil 832318/2023 Research License 100%(9) Minas Gerais, Brazil 832645/2003 Mining Requirement 100%(9) Minas Gerais, Brazil 833487/1996 Mining Permit 100%(9) Minas Gerais, Brazil 833550/1993 Mining Requirement 100%(9) Minas Gerais, Brazil 834214/1994 Mining Requirement 100%(9) Minas Gerais, Brazil 834452/1993 Mining Requirement 100%(9) Minas Gerais, Brazil 834868/1995 Mining Requirement 100%(9) Minas Gerais, Brazil 835469/1994 Mining Requirement 100%(9) Minas Gerais, Brazil 835959/1994 Mining Requirement 100%(9) 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 Aluminas Minerios Em Geral Ltd a, Fertimax Fertilizantes Organicos Ltda, Minas Rio Mineradora Ltda, MineraçãoSanta Carolina Ltda, Mining Santa Carolina Ltda, Reyn aldo Guazzelli Filho, Varginha Mineração Ltda. 3) Viridis has acquired the REE rights for the Colossus Project tenements, with ownership held by Irmaos Martins Servicos e Come rcio 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 9) Viridis has acquired new tenements, with ownership held by Minas Rio Mineradora Ltda. and Varginha Mineração Ltda. 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 Managing Director 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 Brazil, Canada and Australia. The Company’s Projects comprise of: • the Colossus Project, with an Ore Reserve Estimate for Rare Earth Elements following completion of a • Pre-Feasibility Study; • the South Kitikmeot Project, where the Company intends to continue gold exploration; • 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. For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 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 Mineral Resource Estimate12 Table 2: Updated Mineral Resource Estimate for Colossus REE 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 Indicate d resources consist solely of regolith ore, while the Inferred resource includes both transitional and regolith ore. Ore Reserve7 Table 3: Colossus Maiden Ore Reserve (dry basis) and diluted grades by area. Reserve is 100% Probable; Inferred material excluded and treated as waste. Reported grades include 5% dilution. Mining recovery: 95%; representative marginal cut -off ~1,000 ppm TREO. Competent Persons Statements In preparing the quarterly report for the period ended 30 September 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 and Ore Reserves, 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. Deposit Category Reserve (Mt) TREO (ppm) Pr6O11 (ppm) Nd2O3 (ppm) Tb4O7 (ppm) Dy2O3 (ppm) MREO (ppm) MREO/TREO Proved Probable 97.4 2,405 156 484 5 27 698 29% Proved Probable 82.1 2,879 182 543 6 33 794 28% Proved Probable 16.0 2,740 158 441 4 25 652 24% Proved Probable 4.3 2,928 210 656 8 38 949 32% Proved Probable 0.8 3,154 219 596 5 28 875 28% Total 200.6 2,640 168 509 6 29 740 28% Northern Concessions (NC) Southern Complex - Central (SC_C) Southern Complex - South (SC_S) Southern Complex - North (SC_N) Capão da Onça (CO) For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 2025 Page 16 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 References Reference within Quarterly Report Date Title 24/10/2025 Proposed issue of securities - VMM 24/10/2025 Notice of Annual General Meeting/Proxy Form 22/10/2025 Cleansing Notice 22/10/2025 Application for quotation of securities - VMM 10 20/10/2025 VMM Secures Demonstration Plant Site and Key Contracts 8/10/2025 Annual General Meeting Details 24/09/2025 Appendix 4G 24/09/2025 Corporate Governance Statement 24/09/2025 Annual Report to shareholders - 30 June 2025 9 1/09/2025 Appointment of Chief Financial Officer 29/08/2025 Cleansing Notice 29/08/2025 Application for quotation of securities - VMM 7 27/08/2025 Colossus 200.6Mt Maiden Ore Reserve - Retraction/Amendment 22/08/2025 Proposed issue of securities - VMM 6 22/08/2025 VMM Bolsters Strategic Position & Enhances Project Scale 7 20/08/2025 Colossus Delivers Outstanding 200.6Mt Maiden Ore Reserve 11/08/2025 Company Presentation - August 2025 8/08/2025 Becoming a substantial holder 7/08/2025 Cleansing Notice 7/08/2025 Application for quotation of securities - VMM 31/07/2025 Quarterly Activities/Appendix 5B Cash Flow Report 5 30/07/2025 A$11.5M Placement Further Strengthens Balance Sheet to FID 30/07/2025 Proposed issue of securities - VMM 30/07/2025 Proposed issue of securities - VMM 28/07/2025 Trading Halt 28/07/2025 Proposed issue of securities - VMM 28/07/2025 Proposed issue of securities - VMM 28/07/2025 Proposed issue of securities - VMM 28/07/2025 Proposed issue of securities - VMM 4 28/07/2025 Strategic Partnership to Fund FID Pathway/Project Execution 3 28/07/2025 VMM Selected by BNDES / FINEP to Progress Joint Support Plan 8 17/07/2025 Viridion Secures Site for REE Refining & Recycling Hub 14/07/2025 Final Director's Interest Notice 14/07/2025 Initial Director's Interest Notice 2 14/07/2025 Viridis Appoints Rafael Moreno as Managing Director 1 09/07/2025 Colossus PFS Unlocks World-Class Project Economics 08/07/2025 Investor Webinar on Colossus Pre-Feasibility Study Results 07/07/2025 Trading Halt 18/06/2025 VMM Targets U.S. Expansion with Rare Earth Refinery 11 13/06/2025 Viridis Selected for BNDES & FINEP Strategic Mineral Funding 09/04/2025 New RE Restrictions Reaffirm Colossus' Strategic Importance 16 28/01/2025 Viridis Achieves Critical Environmental and Regulatory Milestones 12 22/01/2025 Colossus Hits Largest M&I and Highest-Grade MREO Resource 13 06/02/2024 Spectacular Shallow Intercepts up to 23,556ppm TREO - Amended 15 20/12/2023 Smoky Project Returns Up To 95.1% Halloysite Also: Reference 14 - https://www.bloomberg.com/news/articles/2025-10-14/china-flexes-superpower-status-with- grab-for-global-supply-chain Reference 17 - https://sistemas.meioambiente.mg.gov.br/reunioes/uploads/M3NMerdYHoTreNzhizBBTKITaS6Vzm3M.pdf For personal use only
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QUARTERLY ACTIVITY REPORT – 29 October 2025 Page 17 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 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 forwar d-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 announcement 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. 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 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 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 (714) (714) 1.3 Dividends received (see note 3) 1.4 Interest received 37 37 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) (a) GST (b) Government Grant (8) (8) 1.9 Net cash from / (used in) operating activities (685) (685) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (1,067) (1,067) (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 (3 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 (1,067) (1,067) 3. Cash flows from financing activities 11,250 11,250 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 3.4 Transaction costs related to issues of equity securities or convertible debt securities (539) (539) 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) 3.10 Net cash from / (used in) financing activities 10,711 10,711 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 1,150 1,150 4.2 Net cash from / (used in) operating activities (item 1.9 above) (685) (685) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,067) (1,067) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 10,711 10,711 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 (3 months) $A’000 4.5 Effect of movement in exchange rates on cash held (17) (17) 4.6 Cash and cash equivalents at end of period 10,092 10,092 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 10,092 1,150 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) 10,092 1,150 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 1 196 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - 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. 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. 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. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (685) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,067) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,752) 8.4 Cash and cash equivalents at quarter end (item 4.6) 10,092 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 10,092 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 5.76 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: Not Applicable 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: Not Applicable 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: Not Applicable 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 September 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 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. 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