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Viridis Mining and Minerals Upgrades Brazil Project Resource Estimate

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Viridis Mining and Minerals (ASX:VMM) upgraded the mineral resource estimate (MRE) for its Colossus project in Brazil to 305 million tonnes at 2,723 parts per million total rare earth oxide (TREO) and 659 parts per million magnet rare earth oxide (MREO), according to a Thursday Australian bourse filing.

The total Colossus mineral resource stands at 473 million tonnes at 2,505 parts per million TREO and 592 parts per million MREO, the filing added.

The company said the program also defined a measured mineral resource of 31 million tonnes at 2,858 parts per million TREO and 758 parts per million MREO, providing the high-confidence resource foundation for the highest-value years of planned production and supporting strong early cash flows and rapid capital payback.

High-value magnet rare earths comprising neodymium, praseodymium, dysprosium, and terbium continue to account for about 24% of TREO within the measured and indicated resource, the filing added.

The substantial measured mineral resource supports the anticipated conversion of the initial production schedule to proven ore reserves as part of the definitive feasibility study, satisfying a key technical requirement for project debt financing and representing a major milestone toward a final investment decision in the second half of 2026, it added.

The company's shares rose nearly 1% in recent Thursday trade.

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