Viridis Mining's Cupim South Drilling Yields Exceptional Results - 30 July 2024

Drilling Results and Resource Potential

Viridis Mining's step-out auger drilling at the Cupim South Deposit has revealed a continuous high-grade zone with total rare earth oxides (TREO) exceeding 4,000ppm. The drilling, which extended into adjoining licenses, uncovered significant near-surface Dy-Tb mineralization, redefining the initial high-grade mining feed potential for the Colossus Project.

Key drill results include:

• CS-AG-0173: 9m @ 6,551ppm TREO from surface, ending in mineralization of 4,003ppm TREO, including 2m @ 221ppm Dy & Tb Oxide.
• CS-AG-0279: 16m @ 5,953ppm TREO from surface, ending in mineralization of 3,372ppm TREO, including 6m @ 105ppm Dy & Tb Oxide.
• CS-AG-0197: 10m @ 5,172ppm TREO from 2m, ending in mineralization of 4,740ppm TREO, with the last 4m @ 93ppm Dy & Tb Oxide.

Resource Upgrade and Future Plans

The latest results are expected to significantly enhance the high-grade feed at Colossus and improve the Cupim South Resource. Current interpolated high-grade feed at Colossus indicates a resource base of 47Mt @ 4,000ppm TREO, which now has scope to increase substantially in size and grade.

Infill RC and diamond drilling at Northern Concessions and Cupim South have outlined numerous higher-grade zones than previously modeled. Notable results include:

• FZ-RC-0193: 26m @ 5,270ppm TREO from 4m, including 6m @ 10,375ppm TREO [41% MREO], with 14m @ 91ppm Dy & Tb Oxide.
• FZ-RC-0220: 16m @ 5,090ppm TREO from 2m, including 6m @ 7,529ppm TREO [48% MREO], with 6m @ 146ppm Dy & Tb Oxide.
• FZ-RC-0402: 12m @ 6,393ppm TREO from 8m, including 6m @ 9,059ppm TREO [38% MREO], with 6m @ 104ppm Dy & Tb Oxide.

The results define a potential long-life and high-grade (>4,000ppm) feed, elevated in shallow Dy & Tb mineralization and basket value. All auger holes end in mineralization, with a follow-up RC program planned to provide additional tonnage for future resource upgrades.

CEO's Statement

Chief Executive Officer Rafael Moreno commented on the results, stating, 'Another outstanding set of results reaffirms the remarkable resource we are dealing with at Colossus. The very high-grade core identified at our Cupim South Extension supports our development strategy to focus on exceptionally high areas of TREO/MREO in our Northern Concessions and Cupim South Extension.'

Moreno added, 'With the RC infill drilling at our Northern Concessions revealing a significant improvement in grade and mineralization depth compared to our existing resource block model, we are excited to showcase the enormous potential of our resource upgrade at the end of this year.'