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Viridis Mining and Minerals Limited (ASX:VMM)

ALERT: Price-sensitive ASX Announcement for VMM
Current share price for VMM : $3.890 0.34 (9.58%)+
Announcement
Release
4 Jun 2026 8:47AM
Price at Release
$3.550
Full Release
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Summary
Viridis Mining and Minerals Limited announced the execution of their first major project delivery contract with a municipal electricity distributor for the Colossus Rare Earth Project in Brazil. This contract includes the development of dedicated power transmission infrastructure, connecting the project to the Brazilian electricity grid with a 3.2km high-voltage transmission line. The agreement secures vital electrical infrastructure, with a reserved power allocation commencing in December 2027, supporting the targeted first production in the first half of 2028. The project is designed for future expansion, and the contract is valued at approximately BRL3.97 million, providing cost certainty without exposure to cost escalation. This milestone marks a key step in de-risking the project and aligning with Viridis' schedule towards a Final Investment Decision in the second half of 2026.
Key Points
  • Viridis Mining and Minerals Limited executes its first major project delivery contract.
  • The contract is with a municipal electricity distributor (DME) for power transmission infrastructure.
  • The infrastructure connects the Colossus Rare Earth Project to the Brazilian electricity grid.
  • The agreement includes a 3.2km, 138kV high-voltage transmission line and reserved power allocation.
  • Reserved grid capacity aligns with a development schedule aiming for first production in H1 2028.
  • DME provides a turnkey delivery solution reducing execution risks.
  • The infrastructure is designed for future expansion without significant additional investment.
  • The connection works package is valued at approximately BRL3.97 million.
  • DME has commenced procurement activities for critical electrical equipment.
  • This agreement is a significant milestone towards Viridis' Final Investment Decision in H2 2026.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.