Viridis Mining and Minerals Limited is advancing its strategy to develop a robust, ex-China rare earth supply chain by expanding its joint venture with Ionic Rare Earths. Building on its successful demonstration of Brazilian refining and recycling capabilities, the company is now assessing the establishment of a U.S.-based rare earth refinery. This facility is envisioned to process premium Mixed Rare Earth Carbonate derived from its flagship Colossus Project in Brazil, which is acclaimed for its strong project economics and high purity feedstock. An updated scoping study—targeted for completion in the second half of 2025—will refine the technical and economic feasibility for both the U.S. and Brazilian operations. The proposed U.S. refinery aims to leverage Ionic Technologies’ proprietary separation technology, a system already proven in producing separated magnet rare earth oxides. With a nominal design capacity of around 4,000 tonnes per annum of separated rare earth oxides, the project is strategically timed as U.S. stakeholders intensify efforts to secure non-Chinese sources of critical materials for applications in automotive, defense, and renewable energy sectors. The move is supported by solid Brazilian government backing and participation in major strategic funding programs, which underlines the company’s potential to export proven downstream technology to North America. Viridis is concurrently progressing key initiatives, including finalizing a detailed pre-feasibility study by the end of Q2 2025 and advancing environmental and site licensing requirements. These steps are crucial in de-risking the project and ensuring that both capital expenditure and operational expenditure estimates hold strong amid a shifting global supply chain landscape. The joint venture, established in April 2024, holds exclusive rights (outside Asia and Uganda) to refining and recycling technology, positioning it as a central player in a vertically integrated supply chain outside China. Bullish sentiment stems from the company’s strategic positioning in high-demand sectors and its ability to capitalize on growing U.S. interest in independent rare earth sources. The strong technical fundamentals of the Colossus Project, combined with the proprietary technology of its joint venture partner, suggest promising future returns even in a competitive low-price environment. Conversely, bearish concerns may center on execution risks associated with pioneering new infrastructure in the U.S., potential delays in the updated scoping study and pre-feasibility study outcomes, as well as regulatory hurdles linked to environmental licensing. Overall, the news is viewed as a significant step toward enhancing both geographic and operational diversification in the critical rare earth market.