Viridis Mining's Maiden Mixed Rare Earth Carbonate Achieves Record Recoveries
VMM (VMM) Share Update October 2024 Thursday 31st
Viridis Mining Reports Breakthrough in Rare Earth Extraction
Viridis Mining and Minerals Limited (ASX: VMM) has released its quarterly activity report, revealing significant advancements in its rare earth extraction processes and strategic land acquisitions.
Instant Summary:
- Produced maiden Mixed Rare Earth Carbonate (MREC) with highest known recoveries.
- Achieved 76% recovery rate for Magnetic Rare Earth Oxides (MREO).
- Acquired 198 hectares of strategic tenements.
- Raised A$4 million through equity placement.
Quarterly Achievements
During the quarter ending 30 September 2024, Viridis Mining and Minerals Limited made significant strides in its rare earth projects. The company produced its maiden Mixed Rare Earth Carbonate (MREC) product, achieving the highest known recoveries for Magnetic Rare Earth Oxides (MREO) using a cost-effective ammonia-based process. This process was developed in collaboration with the Australian Nuclear Science and Technology Organisation (ANSTO).
Record-Breaking Recoveries
The MREC product demonstrated exceptional recovery rates: 77% for Praseodymium, 76% for Neodymium, 67% for Dysprosium, and 71% for Terbium. Overall, the MREC achieved a 76% recovery rate from ore to final product, with a remarkable concentration of 60% Total Rare Earth Oxide (TREO).
Strategic Developments
Viridis continued its drilling programs across its Northern and Southern concessions, uncovering higher-grade zones and expanding its resource base. The company also completed a low-cost acquisition of 198 hectares of strategic tenements, enhancing its landholdings to 1,732 hectares.
Financial and Corporate Updates
In a strategic move to bolster its financial position, Viridis successfully raised A$4 million through an equity placement. This funding will support ongoing exploration and development activities.
The breakthrough in rare earth extraction positions Viridis as a leader in the industry, potentially increasing its market value. The high recovery rates and strategic land acquisitions are likely to attract investor interest and improve the company's competitive edge in the rare earth market.
Investor Reaction:
Analysts are optimistic about Viridis's advancements, noting the high recovery rates as a significant achievement. The company's strategic land acquisitions and successful capital raise further strengthen its position in the market.
Conclusion:
Investors should keep an eye on Viridis's continued exploration efforts and potential resource upgrades. The company's innovative extraction techniques and strategic growth initiatives make it a promising player in the rare earth sector.