# VMM: Goldman Sachs Rare Earth Day Presentation Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03143258 Publisher: asx Original announcement: 2026-09-23T23:31:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-24T00:22:58.793Z Atlas analysis updated: 2026-09-24T00:22:58.793Z - Company: Viridis Mining and Minerals Ltd - Ticker: VMM - Exchange: ASX - Region: Poços de Caldas Alkaline Complex - Primary commodity: Rare earths - Secondary commodities: Praseodymium oxide, Neodymium oxide, Terbium oxide, Dysprosium oxide - Document categories: Resource update, Metallurgy, Capital raise - Extracted: 2026-09-24 00:22:59 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Viridis Mining and Minerals presented a comprehensive update on its Colossus Rare Earth Project, showcasing a 473 Mt Mineral Resource and a 200.1 Mt Ore Reserve, both JORC compliant. The project demonstrates strong economics with a US$1.87 billion pre-tax NPV and a low C1 cost of US$9.84/kg REO, supported by 79.9% MREO recovery from continuous demonstration plant operations. The company has secured US$154 million in equity funding and is progressing towards a Q4 2026 Final Investment Decision, targeting first production in Q4 2028. Reasoning: The presentation highlights significant progress across all key project development areas, including a large, high-grade resource and reserve, validated metallurgy, strong economics, secured funding, and advanced permitting and execution, positioning the Colossus project as a tier-one rare earth asset. - Positive factor: High-confidence ore reserve underpins production - Positive factor: Demonstrated metallurgy with high MREO recovery validated by continuous demonstration plant operations - Positive factor: Globally lowest-cost rare earth production position - Positive factor: Equity fully funded with clear pathway to project debt - Positive factor: Advanced permitting process with Preliminary Licence granted and Installation Licence submitted - Positive factor: Strategic partnership with Solvay provides commercial validation and advanced commercial framework - Positive factor: Execution underway with DFS complete, EPCM contract awarded, and critical long-lead procurement advanced Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 85 ## Classification and evidence **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource estimate includes a 'Measured' category of 31 Mt at 2,858 ppm TREO. Evidence · table > Measured Context: 31 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource estimate includes an 'Indicated' category totaling 274 Mt at 2,707 ppm TREO. Evidence · table > Indicated Context: 274 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate includes an 'Inferred' category totaling 168 Mt at 2,108 ppm TREO. Evidence · table > Inferred Context: 168 **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The ore reserve estimate includes a 'Proved' category of 27.4 Mt at 2,867 ppm TREO. Evidence · table > Proved Context: 27.4 **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The ore reserve estimate includes a 'Probable' category totaling 172.7 Mt at 2,899 ppm TREO. Evidence · table > Probable Context: 172.7 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The document states that information is extracted from ASX market announcements reported in accordance with the 2012 JORC Code. Evidence · text > reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” \(2012 JORC Code\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The compliance statement confirms that the Competent Person’s findings are presented and have not been materially modified. Evidence · text > 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. **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The project reports a 473Mt Resource and a 200Mt Ore Reserve, indicating significant scale. Evidence · text > 473Mt Resource @ 2,505ppm TREO **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents an 'Updated Mineral Resource Estimate' and 'Ore Reserve Estimate, August 2026'. Evidence · table > Colossus Updated Mineral Resource Estimate **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The demonstration plant achieved 79.9% median MREO recovery, exceeding DFS assumptions. Evidence · text > 79.9% JULY MEDIAN MREO RECOVERY >76NC –78SC% DFS BASIS **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: Continuous Demonstration Plant operations have validated the commercial flowsheet. Evidence · text > Continuous Demonstration Plant operations validate the commercial flowsheet and DFS recovery assumptions. **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: Continuous Demonstration Plant performance has consistently validated and exceeded the ANSTO-derived recovery assumptions. Evidence · text > Continuous Demonstration Plant performance has consistently validated and exceeded the ANSTO-derived recovery assumptions underpinning the DFS financial model ## Extracted facts Stored fact records: 85. Some facts used in scoring do not have a stored record. ## Resource Estimates (84) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-0) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:41d06493ec6931e29fc7 - Deposit or zone: Northern Concessions #### Resource Data - Category: measured - Tonnes: 31000000 - Grade: 2858 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Measured resource in the Northern Concessions represents a high-confidence, high-grade portion of the overall resource, indicating strong geological understanding. - Positive factor: High confidence Measured category - Positive factor: High grade for rare earths Evidence · table > 2,858 Context: 31 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-1) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:41d06493ec6931e29fc7 - Deposit or zone: Northern Concessions #### Resource Data - Category: measured - Tonnes: 31000000 - Grade: 175 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Measured resource includes a substantial grade of praseodymium oxide, a critical magnetic rare earth element, adding to the project's value. - Positive factor: High confidence Measured category - Positive factor: Significant grade for a key magnetic rare earth element Evidence · table > 175 Context: 31 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-2) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:41d06493ec6931e29fc7 - Deposit or zone: Northern Concessions #### Resource Data - Category: measured - Tonnes: 31000000 - Grade: 546 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Measured resource includes a substantial grade of neodymium oxide, a critical magnetic rare earth element, adding to the project's value. - Positive factor: High confidence Measured category - Positive factor: Significant grade for a key magnetic rare earth element Evidence · table > 546 Context: 31 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-3) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:41d06493ec6931e29fc7 - Deposit or zone: Northern Concessions #### Resource Data - Category: measured - Tonnes: 31000000 - Grade: 6 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Measured resource includes terbium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: High confidence Measured category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 6 Context: 31 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-4) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:41d06493ec6931e29fc7 - Deposit or zone: Northern Concessions #### Resource Data - Category: measured - Tonnes: 31000000 - Grade: 31 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Measured resource includes dysprosium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: High confidence Measured category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 31 Context: 31 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-5) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:41d06493ec6931e29fc7 - Deposit or zone: Northern Concessions #### Resource Data - Category: measured - Tonnes: 31000000 - Grade: 758 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Measured resource in the Northern Concessions shows a high grade of magnetic rare earth oxides, which are critical for high-tech applications. - Positive factor: High confidence Measured category - Positive factor: High grade for magnetic rare earth oxides Evidence · table > 758 Context: 31 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-6) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:132c675cdbd5cfaf971e - Deposit or zone: Northern Concessions #### Resource Data - Category: indicated - Tonnes: 110000000 - Grade: 2371 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in the Northern Concessions adds significant tonnage and grade to the overall resource, increasing confidence in the project. - Positive factor: Large tonnage in Indicated category - Positive factor: Good grade for rare earths Evidence · table > 2,371 Context: 110 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-7) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:132c675cdbd5cfaf971e - Deposit or zone: Northern Concessions #### Resource Data - Category: indicated - Tonnes: 110000000 - Grade: 133 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource includes a good grade of praseodymium oxide, a critical magnetic rare earth element, contributing to the project's value. - Positive factor: Large tonnage in Indicated category - Positive factor: Presence of a key magnetic rare earth element Evidence · table > 133 Context: 110 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-8) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:132c675cdbd5cfaf971e - Deposit or zone: Northern Concessions #### Resource Data - Category: indicated - Tonnes: 110000000 - Grade: 405 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource includes a good grade of neodymium oxide, a critical magnetic rare earth element, contributing to the project's value. - Positive factor: Large tonnage in Indicated category - Positive factor: Presence of a key magnetic rare earth element Evidence · table > 405 Context: 110 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-9) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:132c675cdbd5cfaf971e - Deposit or zone: Northern Concessions #### Resource Data - Category: indicated - Tonnes: 110000000 - Grade: 5 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource includes terbium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Large tonnage in Indicated category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 5 Context: 110 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-10) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:132c675cdbd5cfaf971e - Deposit or zone: Northern Concessions #### Resource Data - Category: indicated - Tonnes: 110000000 - Grade: 24 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource includes dysprosium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Large tonnage in Indicated category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 24 Context: 110 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-11) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:132c675cdbd5cfaf971e - Deposit or zone: Northern Concessions #### Resource Data - Category: indicated - Tonnes: 110000000 - Grade: 566 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in the Northern Concessions shows a good grade of magnetic rare earth oxides, which are critical for high-tech applications. - Positive factor: Large tonnage in Indicated category - Positive factor: Good grade for magnetic rare earth oxides Evidence · table > 566 Context: 110 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-12) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:63d55de0c063666a44c2 - Deposit or zone: Southern Complex #### Resource Data - Category: indicated - Tonnes: 157000000 - Grade: 2947 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in the Southern Complex is a very large, high-grade component, significantly contributing to the project's overall scale and confidence. - Positive factor: Very large tonnage in Indicated category - Positive factor: High grade for rare earths Evidence · table > 2,947 Context: 157 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-13) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:63d55de0c063666a44c2 - Deposit or zone: Southern Complex #### Resource Data - Category: indicated - Tonnes: 157000000 - Grade: 169 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in the Southern Complex includes a substantial grade of praseodymium oxide, a critical magnetic rare earth element, adding to the project's value. - Positive factor: Very large tonnage in Indicated category - Positive factor: Significant grade for a key magnetic rare earth element Evidence · table > 169 Context: 157 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-14) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:63d55de0c063666a44c2 - Deposit or zone: Southern Complex #### Resource Data - Category: indicated - Tonnes: 157000000 - Grade: 502 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in the Southern Complex includes a substantial grade of neodymium oxide, a critical magnetic rare earth element, adding to the project's value. - Positive factor: Very large tonnage in Indicated category - Positive factor: Significant grade for a key magnetic rare earth element Evidence · table > 502 Context: 157 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-15) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:63d55de0c063666a44c2 - Deposit or zone: Southern Complex #### Resource Data - Category: indicated - Tonnes: 157000000 - Grade: 6 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource includes terbium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Very large tonnage in Indicated category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 6 Context: 157 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-16) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:63d55de0c063666a44c2 - Deposit or zone: Southern Complex #### Resource Data - Category: indicated - Tonnes: 157000000 - Grade: 30 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource includes dysprosium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Very large tonnage in Indicated category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 30 Context: 157 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-17) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:63d55de0c063666a44c2 - Deposit or zone: Southern Complex #### Resource Data - Category: indicated - Tonnes: 157000000 - Grade: 708 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in the Southern Complex shows a high grade of magnetic rare earth oxides, which are critical for high-tech applications. - Positive factor: Very large tonnage in Indicated category - Positive factor: High grade for magnetic rare earth oxides Evidence · table > 708 Context: 157 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-18) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0824b19b881386d5913f - Deposit or zone: Capão da Onça #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 2481 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in Capão da Onça contributes to the overall resource with good rare earth grades. - Positive factor: Good grade for rare earths in Indicated category Evidence · table > 2,481 Context: 2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-19) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0824b19b881386d5913f - Deposit or zone: Capão da Onça #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 152 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in Capão da Onça includes praseodymium oxide, a critical magnetic rare earth element. - Positive factor: Presence of a key magnetic rare earth element in Indicated category Evidence · table > 152 Context: 2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-20) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0824b19b881386d5913f - Deposit or zone: Capão da Onça #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 414 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in Capão da Onça includes neodymium oxide, a critical magnetic rare earth element. - Positive factor: Presence of a key magnetic rare earth element in Indicated category Evidence · table > 414 Context: 2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-21) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0824b19b881386d5913f - Deposit or zone: Capão da Onça #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 4 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource includes terbium oxide, a high-value heavy rare earth element. - Positive factor: Presence of a high-value heavy rare earth element in Indicated category Evidence · table > 4 Context: 2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-22) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0824b19b881386d5913f - Deposit or zone: Capão da Onça #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 22 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource includes dysprosium oxide, a high-value heavy rare earth element. - Positive factor: Presence of a high-value heavy rare earth element in Indicated category Evidence · table > 22 Context: 2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-23) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:0824b19b881386d5913f - Deposit or zone: Capão da Onça #### Resource Data - Category: indicated - Tonnes: 2000000 - Grade: 592 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in Capão da Onça shows a good grade of magnetic rare earth oxides. - Positive factor: Good grade for magnetic rare earth oxides in Indicated category Evidence · table > 592 Context: 2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-24) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7bbcd1776599aa41cf86 - Deposit or zone: Tamoyo #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 2625 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in Tamoyo contributes to the overall resource with good rare earth grades. - Positive factor: Good grade for rare earths in Indicated category Evidence · table > 2,625 Context: 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-25) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7bbcd1776599aa41cf86 - Deposit or zone: Tamoyo #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 142 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in Tamoyo includes praseodymium oxide, a critical magnetic rare earth element. - Positive factor: Presence of a key magnetic rare earth element in Indicated category Evidence · table > 142 Context: 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-26) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7bbcd1776599aa41cf86 - Deposit or zone: Tamoyo #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 411 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in Tamoyo includes neodymium oxide, a critical magnetic rare earth element. - Positive factor: Presence of a key magnetic rare earth element in Indicated category Evidence · table > 411 Context: 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-27) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7bbcd1776599aa41cf86 - Deposit or zone: Tamoyo #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 4 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource includes terbium oxide, a high-value heavy rare earth element. - Positive factor: Presence of a high-value heavy rare earth element in Indicated category Evidence · table > 4 Context: 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-28) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7bbcd1776599aa41cf86 - Deposit or zone: Tamoyo #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 23 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource includes dysprosium oxide, a high-value heavy rare earth element. - Positive factor: Presence of a high-value heavy rare earth element in Indicated category Evidence · table > 23 Context: 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-29) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:7bbcd1776599aa41cf86 - Deposit or zone: Tamoyo #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 580 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated resource in Tamoyo shows a good grade of magnetic rare earth oxides. - Positive factor: Good grade for magnetic rare earth oxides in Indicated category Evidence · table > 580 Context: 5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-30) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c9915539d78300a78277 - Deposit or zone: Northern Concessions #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 1892 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource in the Northern Concessions adds significant tonnage, but with lower geological confidence. - Positive factor: Significant tonnage in Inferred category - Negative factor: Lower confidence Inferred category Evidence · table > 1,892 Context: 60 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-31) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c9915539d78300a78277 - Deposit or zone: Northern Concessions #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 103 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes praseodymium oxide, a critical magnetic rare earth element, but with lower geological confidence. - Positive factor: Presence of a key magnetic rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 103 Context: 60 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-32) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c9915539d78300a78277 - Deposit or zone: Northern Concessions #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 328 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes neodymium oxide, a critical magnetic rare earth element, but with lower geological confidence. - Positive factor: Presence of a key magnetic rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 328 Context: 60 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-33) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c9915539d78300a78277 - Deposit or zone: Northern Concessions #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 4 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes terbium oxide, a high-value heavy rare earth element, but with lower geological confidence. - Positive factor: Presence of a high-value heavy rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 4 Context: 60 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-34) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c9915539d78300a78277 - Deposit or zone: Northern Concessions #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 20 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes dysprosium oxide, a high-value heavy rare earth element, but with lower geological confidence. - Positive factor: Presence of a high-value heavy rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 20 Context: 60 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-35) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:c9915539d78300a78277 - Deposit or zone: Northern Concessions #### Resource Data - Category: inferred - Tonnes: 60000000 - Grade: 455 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource in the Northern Concessions shows significant tonnage of magnetic rare earth oxides, but with lower geological confidence. - Positive factor: Significant tonnage of magnetic rare earth oxides - Negative factor: Lower confidence Inferred category Evidence · table > 455 Context: 60 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-36) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8d7a70ba151e7230785b - Deposit or zone: Southern Complex #### Resource Data - Category: inferred - Tonnes: 77000000 - Grade: 2122 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource in the Southern Complex adds significant tonnage, but with lower geological confidence. - Positive factor: Significant tonnage in Inferred category - Negative factor: Lower confidence Inferred category Evidence · table > 2,122 Context: 77 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-37) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8d7a70ba151e7230785b - Deposit or zone: Southern Complex #### Resource Data - Category: inferred - Tonnes: 77000000 - Grade: 104 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes praseodymium oxide, a critical magnetic rare earth element, but with lower geological confidence. - Positive factor: Presence of a key magnetic rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 104 Context: 77 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-38) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8d7a70ba151e7230785b - Deposit or zone: Southern Complex #### Resource Data - Category: inferred - Tonnes: 77000000 - Grade: 295 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes neodymium oxide, a critical magnetic rare earth element, but with lower geological confidence. - Positive factor: Presence of a key magnetic rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 295 Context: 77 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-39) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8d7a70ba151e7230785b - Deposit or zone: Southern Complex #### Resource Data - Category: inferred - Tonnes: 77000000 - Grade: 4 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes terbium oxide, a high-value heavy rare earth element, but with lower geological confidence. - Positive factor: Presence of a high-value heavy rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 4 Context: 77 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-40) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8d7a70ba151e7230785b - Deposit or zone: Southern Complex #### Resource Data - Category: inferred - Tonnes: 77000000 - Grade: 21 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes dysprosium oxide, a high-value heavy rare earth element, but with lower geological confidence. - Positive factor: Presence of a high-value heavy rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 21 Context: 77 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-41) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8d7a70ba151e7230785b - Deposit or zone: Southern Complex #### Resource Data - Category: inferred - Tonnes: 77000000 - Grade: 424 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource in the Southern Complex shows significant tonnage of magnetic rare earth oxides, but with lower geological confidence. - Positive factor: Significant tonnage of magnetic rare earth oxides - Negative factor: Lower confidence Inferred category Evidence · table > 424 Context: 77 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-42) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:645f987fb58b5bd88a5c - Deposit or zone: Capão da Onça #### Resource Data - Category: inferred - Tonnes: 5000000 - Grade: 2393 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource in Capão da Onça contributes to the overall resource with good rare earth grades, but with lower geological confidence. - Positive factor: Good grade for rare earths in Inferred category - Negative factor: Lower confidence Inferred category Evidence · table > 2,393 Context: 5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-43) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:645f987fb58b5bd88a5c - Deposit or zone: Capão da Onça #### Resource Data - Category: inferred - Tonnes: 5000000 - Grade: 132 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes praseodymium oxide, a critical magnetic rare earth element, but with lower geological confidence. - Positive factor: Presence of a key magnetic rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 132 Context: 5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-44) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:645f987fb58b5bd88a5c - Deposit or zone: Capão da Onça #### Resource Data - Category: inferred - Tonnes: 5000000 - Grade: 358 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes neodymium oxide, a critical magnetic rare earth element, but with lower geological confidence. - Positive factor: Presence of a key magnetic rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 358 Context: 5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-45) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:645f987fb58b5bd88a5c - Deposit or zone: Capão da Onça #### Resource Data - Category: inferred - Tonnes: 5000000 - Grade: 4 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes terbium oxide, a high-value heavy rare earth element, but with lower geological confidence. - Positive factor: Presence of a high-value heavy rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 4 Context: 5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-46) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:645f987fb58b5bd88a5c - Deposit or zone: Capão da Onça #### Resource Data - Category: inferred - Tonnes: 5000000 - Grade: 22 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes dysprosium oxide, a high-value heavy rare earth element, but with lower geological confidence. - Positive factor: Presence of a high-value heavy rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 22 Context: 5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-47) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:645f987fb58b5bd88a5c - Deposit or zone: Capão da Onça #### Resource Data - Category: inferred - Tonnes: 5000000 - Grade: 517 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource in Capão da Onça shows a good grade of magnetic rare earth oxides, but with lower geological confidence. - Positive factor: Good grade of magnetic rare earth oxides - Negative factor: Lower confidence Inferred category Evidence · table > 517 Context: 5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-48) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ed1063c1d7e8429deb2b - Deposit or zone: Tamoyo #### Resource Data - Category: inferred - Tonnes: 7000000 - Grade: 2400 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource in Tamoyo contributes to the overall resource with good rare earth grades, but with lower geological confidence. - Positive factor: Good grade for rare earths in Inferred category - Negative factor: Lower confidence Inferred category Evidence · table > 2,400 Context: 7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-49) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ed1063c1d7e8429deb2b - Deposit or zone: Tamoyo #### Resource Data - Category: inferred - Tonnes: 7000000 - Grade: 142 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes praseodymium oxide, a critical magnetic rare earth element, but with lower geological confidence. - Positive factor: Presence of a key magnetic rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 142 Context: 7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-50) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ed1063c1d7e8429deb2b - Deposit or zone: Tamoyo #### Resource Data - Category: inferred - Tonnes: 7000000 - Grade: 421 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes neodymium oxide, a critical magnetic rare earth element, but with lower geological confidence. - Positive factor: Presence of a key magnetic rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 421 Context: 7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-51) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ed1063c1d7e8429deb2b - Deposit or zone: Tamoyo #### Resource Data - Category: inferred - Tonnes: 7000000 - Grade: 5 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes terbium oxide, a high-value heavy rare earth element, but with lower geological confidence. - Positive factor: Presence of a high-value heavy rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 5 Context: 7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-52) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ed1063c1d7e8429deb2b - Deposit or zone: Tamoyo #### Resource Data - Category: inferred - Tonnes: 7000000 - Grade: 25 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes dysprosium oxide, a high-value heavy rare earth element, but with lower geological confidence. - Positive factor: Presence of a high-value heavy rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 25 Context: 7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-53) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:ed1063c1d7e8429deb2b - Deposit or zone: Tamoyo #### Resource Data - Category: inferred - Tonnes: 7000000 - Grade: 592 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource in Tamoyo shows a good grade of magnetic rare earth oxides, but with lower geological confidence. - Positive factor: Good grade of magnetic rare earth oxides - Negative factor: Lower confidence Inferred category Evidence · table > 592 Context: 7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-54) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:531ad2640e60d597c1c8 - Deposit or zone: Ribeirão #### Resource Data - Category: inferred - Tonnes: 19000000 - Grade: 2544 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource in Ribeirão adds significant tonnage and good rare earth grades, but with lower geological confidence. - Positive factor: Significant tonnage in Inferred category - Positive factor: Good grade for rare earths - Negative factor: Lower confidence Inferred category Evidence · table > 2,544 Context: 19 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-55) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:531ad2640e60d597c1c8 - Deposit or zone: Ribeirão #### Resource Data - Category: inferred - Tonnes: 19000000 - Grade: 159 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes praseodymium oxide, a critical magnetic rare earth element, but with lower geological confidence. - Positive factor: Presence of a key magnetic rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 159 Context: 19 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-56) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:531ad2640e60d597c1c8 - Deposit or zone: Ribeirão #### Resource Data - Category: inferred - Tonnes: 19000000 - Grade: 455 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes neodymium oxide, a critical magnetic rare earth element, but with lower geological confidence. - Positive factor: Presence of a key magnetic rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 455 Context: 19 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-57) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:531ad2640e60d597c1c8 - Deposit or zone: Ribeirão #### Resource Data - Category: inferred - Tonnes: 19000000 - Grade: 4 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes terbium oxide, a high-value heavy rare earth element, but with lower geological confidence. - Positive factor: Presence of a high-value heavy rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 4 Context: 19 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-58) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:531ad2640e60d597c1c8 - Deposit or zone: Ribeirão #### Resource Data - Category: inferred - Tonnes: 19000000 - Grade: 24 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource includes dysprosium oxide, a high-value heavy rare earth element, but with lower geological confidence. - Positive factor: Presence of a high-value heavy rare earth element - Negative factor: Lower confidence Inferred category Evidence · table > 24 Context: 19 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-59) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:531ad2640e60d597c1c8 - Deposit or zone: Ribeirão #### Resource Data - Category: inferred - Tonnes: 19000000 - Grade: 642 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-07-09 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred resource in Ribeirão shows a good grade of magnetic rare earth oxides, but with lower geological confidence. - Positive factor: Good grade of magnetic rare earth oxides - Negative factor: Lower confidence Inferred category Evidence · table > 642 Context: 19 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-60) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:d8094ee5ed286a18b889 - Deposit or zone: Northern Total #### Resource Data - Category: proven - Tonnes: 27400000 - Grade: 2867 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Proved Reserve in the Northern Concessions represents the highest confidence and high-grade portion of the project's economic inventory. - Positive factor: Highest confidence Proved Reserve category - Positive factor: High grade for rare earths Evidence · table > 2,867 Context: 27.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-61) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:d8094ee5ed286a18b889 - Deposit or zone: Northern Total #### Resource Data - Category: proven - Tonnes: 27400000 - Grade: 176 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Proved Reserve includes a substantial grade of praseodymium oxide, a critical magnetic rare earth element, adding to the project's economic value. - Positive factor: Highest confidence Proved Reserve category - Positive factor: Significant grade for a key magnetic rare earth element Evidence · table > 176 Context: 27.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-62) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:d8094ee5ed286a18b889 - Deposit or zone: Northern Total #### Resource Data - Category: proven - Tonnes: 27400000 - Grade: 549 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Proved Reserve includes a substantial grade of neodymium oxide, a critical magnetic rare earth element, adding to the project's economic value. - Positive factor: Highest confidence Proved Reserve category - Positive factor: Significant grade for a key magnetic rare earth element Evidence · table > 549 Context: 27.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-63) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:d8094ee5ed286a18b889 - Deposit or zone: Northern Total #### Resource Data - Category: proven - Tonnes: 27400000 - Grade: 6 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Proved Reserve includes terbium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Highest confidence Proved Reserve category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 6 Context: 27.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-64) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:d8094ee5ed286a18b889 - Deposit or zone: Northern Total #### Resource Data - Category: proven - Tonnes: 27400000 - Grade: 31 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Proved Reserve includes dysprosium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Highest confidence Proved Reserve category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 31 Context: 27.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-65) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:d8094ee5ed286a18b889 - Deposit or zone: Northern Total #### Resource Data - Category: proven - Tonnes: 27400000 - Grade: 762 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Proved Reserve in the Northern Concessions shows a high grade of magnetic rare earth oxides, which are critical for high-tech applications and economic viability. - Positive factor: Highest confidence Proved Reserve category - Positive factor: High grade for magnetic rare earth oxides Evidence · table > 762 Context: 27.4 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-66) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:458ec101e17c564b9278 - Deposit or zone: Northern Total #### Resource Data - Category: probable - Tonnes: 59100000 - Grade: 2457 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve in the Northern Concessions adds significant economic tonnage and good rare earth grades, increasing the project's overall viability. - Positive factor: Large tonnage in Probable Reserve category - Positive factor: Good grade for rare earths Evidence · table > 2,457 Context: 59.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-67) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:458ec101e17c564b9278 - Deposit or zone: Northern Total #### Resource Data - Category: probable - Tonnes: 59100000 - Grade: 140 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve includes a good grade of praseodymium oxide, a critical magnetic rare earth element, adding to the project's economic value. - Positive factor: Large tonnage in Probable Reserve category - Positive factor: Presence of a key magnetic rare earth element Evidence · table > 140 Context: 59.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-68) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:458ec101e17c564b9278 - Deposit or zone: Northern Total #### Resource Data - Category: probable - Tonnes: 59100000 - Grade: 426 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve includes a good grade of neodymium oxide, a critical magnetic rare earth element, adding to the project's economic value. - Positive factor: Large tonnage in Probable Reserve category - Positive factor: Presence of a key magnetic rare earth element Evidence · table > 426 Context: 59.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-69) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:458ec101e17c564b9278 - Deposit or zone: Northern Total #### Resource Data - Category: probable - Tonnes: 59100000 - Grade: 5 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve includes terbium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Large tonnage in Probable Reserve category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 5 Context: 59.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-70) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:458ec101e17c564b9278 - Deposit or zone: Northern Total #### Resource Data - Category: probable - Tonnes: 59100000 - Grade: 25 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve includes dysprosium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Large tonnage in Probable Reserve category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 25 Context: 59.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-71) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:458ec101e17c564b9278 - Deposit or zone: Northern Total #### Resource Data - Category: probable - Tonnes: 59100000 - Grade: 596 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve in the Northern Concessions shows a good grade of magnetic rare earth oxides, which are critical for high-tech applications and economic viability. - Positive factor: Large tonnage in Probable Reserve category - Positive factor: Good grade for magnetic rare earth oxides Evidence · table > 596 Context: 59.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-72) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9267b6332a706099e1c3 - Deposit or zone: Southern Complex #### Resource Data - Category: probable - Tonnes: 113600000 - Grade: 3129 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve in the Southern Complex is a very large, high-grade component, significantly contributing to the project's overall economic viability. - Positive factor: Very large tonnage in Probable Reserve category - Positive factor: High grade for rare earths Evidence · table > 3,129 Context: 113.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-73) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9267b6332a706099e1c3 - Deposit or zone: Southern Complex #### Resource Data - Category: probable - Tonnes: 113600000 - Grade: 184 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve includes a substantial grade of praseodymium oxide, a critical magnetic rare earth element, adding to the project's economic value. - Positive factor: Very large tonnage in Probable Reserve category - Positive factor: Significant grade for a key magnetic rare earth element Evidence · table > 184 Context: 113.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-74) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9267b6332a706099e1c3 - Deposit or zone: Southern Complex #### Resource Data - Category: probable - Tonnes: 113600000 - Grade: 544 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve includes a substantial grade of neodymium oxide, a critical magnetic rare earth element, adding to the project's economic value. - Positive factor: Very large tonnage in Probable Reserve category - Positive factor: Significant grade for a key magnetic rare earth element Evidence · table > 544 Context: 113.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-75) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9267b6332a706099e1c3 - Deposit or zone: Southern Complex #### Resource Data - Category: probable - Tonnes: 113600000 - Grade: 6 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve includes terbium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Very large tonnage in Probable Reserve category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 6 Context: 113.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-76) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9267b6332a706099e1c3 - Deposit or zone: Southern Complex #### Resource Data - Category: probable - Tonnes: 113600000 - Grade: 32 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve includes dysprosium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Very large tonnage in Probable Reserve category - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 32 Context: 113.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-77) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:9267b6332a706099e1c3 - Deposit or zone: Southern Complex #### Resource Data - Category: probable - Tonnes: 113600000 - Grade: 766 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Reserve in the Southern Complex shows a high grade of magnetic rare earth oxides, which are critical for high-tech applications and economic viability. - Positive factor: Very large tonnage in Probable Reserve category - Positive factor: High grade for magnetic rare earth oxides Evidence · table > 766 Context: 113.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 79 [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-78) Colossus Rare Earth Project · treo #### Identity - Project: Colossus Rare Earth Project - Commodity: treo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8a5a930ecdd08d3ddef0 #### Resource Data - Tonnes: 200100000 - Grade: 2894 - Grade Unit: ppm - Contained Metal: 579 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The total Ore Reserve of 200.1 Mt at 2,894 ppm TREO, containing 579 kt TREO, represents a globally significant and economically viable rare earth inventory. - Positive factor: Large total Ore Reserve tonnage - Positive factor: High overall TREO grade - Positive factor: Significant contained TREO Evidence · table > 2,894 Context: 200.1 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 80 [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-79) Colossus Rare Earth Project · praseodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: praseodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8a5a930ecdd08d3ddef0 #### Resource Data - Tonnes: 200100000 - Grade: 170 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The total Ore Reserve includes a substantial grade of praseodymium oxide, a critical magnetic rare earth element, adding to the project's economic value. - Positive factor: Large total Ore Reserve tonnage - Positive factor: Significant grade for a key magnetic rare earth element Evidence · table > 170 Context: 200.1 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 81 [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-80) Colossus Rare Earth Project · neodymium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: neodymium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8a5a930ecdd08d3ddef0 #### Resource Data - Tonnes: 200100000 - Grade: 510 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The total Ore Reserve includes a substantial grade of neodymium oxide, a critical magnetic rare earth element, adding to the project's economic value. - Positive factor: Large total Ore Reserve tonnage - Positive factor: Significant grade for a key magnetic rare earth element Evidence · table > 510 Context: 200.1 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 82 [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-81) Colossus Rare Earth Project · terbium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: terbium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8a5a930ecdd08d3ddef0 #### Resource Data - Tonnes: 200100000 - Grade: 6 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The total Ore Reserve includes terbium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Large total Ore Reserve tonnage - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 6 Context: 200.1 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 83 [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-82) Colossus Rare Earth Project · dysprosium\_oxide #### Identity - Project: Colossus Rare Earth Project - Commodity: dysprosium\_oxide - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8a5a930ecdd08d3ddef0 #### Resource Data - Tonnes: 200100000 - Grade: 30 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The total Ore Reserve includes dysprosium oxide, a high-value heavy rare earth element, contributing to the overall economic potential. - Positive factor: Large total Ore Reserve tonnage - Positive factor: Presence of a high-value heavy rare earth element Evidence · table > 30 Context: 200.1 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 84 [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-resource-facts-83) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:8a5a930ecdd08d3ddef0 #### Resource Data - Tonnes: 200100000 - Grade: 715 - Grade Unit: ppm #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The total Ore Reserve shows a high overall grade of magnetic rare earth oxides, which are critical for high-tech applications and economic viability. - Positive factor: Large total Ore Reserve tonnage - Positive factor: High overall MREO grade Evidence · table > 715 Context: 200.1 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/vmm-goldman-sachs-rare-earth-day-presentation--e06de22e-a8ec-46be-b6b7-666477b39517#fact-metallurgical-facts-84) Colossus Rare Earth Project · mreo #### Identity - Project: Colossus Rare Earth Project - Commodity: mreo - Region: poços de caldas alkaline complex - Reported Region: Poços de Caldas Alkaline Complex - Ticker: VMM #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: Beneficiation → Leaching → Impurity Removal → MREC Precipitation #### Recovery - Recovery: 79.9 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The 79.9% median MREO recovery from continuous demonstration plant operations validates and exceeds DFS assumptions, de-risking the commercial flowsheet and metallurgical performance. - Positive factor: High recovery for MREO - Positive factor: Pilot scale testwork completed - Positive factor: Recovery validated and exceeded DFS assumptions Evidence · text > 79.9% JULY MEDIAN MREO RECOVERY >76NC –78SC% DFS BASIS #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.