What Do Viridis Mining (ASX:VMM), Neometals (ASX:NMT), and West Cobar Metals (ASX:WC1) Bring to the Critical Minerals Space on the ASX?

Sonal Goyal

05 November 2026 06:37 PM AEDT

What Do Viridis Mining (ASX:VMM), Neometals (ASX:NMT), and West Cobar Metals (ASX:WC1) Bring to the Critical Minerals Space on the ASX?

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Key Highlights

• Viridis Mining and Minerals (ASX:VMM) secured a binding long-term offtake agreement with Solvay for mixed rare earth carbonate from its Colossus Project, with first production targeted for 2028.

• Neometals (ASX:NMT) updated the Ironclad Gold Mineral Resource Estimate to approximately 250,000 tonnes at 3.9g/t for 31,000 ounces, more than doubling total ounces and grade.

• West Cobar Metals (ASX:WC1) completed 91 aircore holes for 2,941m at its 100%-owned Salazar scandium project in Western Australia, marking its first dedicated scandium drilling campaign.

• All three announcements were released on 5 November 2026, spanning rare earths, gold, and scandium — key commodities in the critical minerals landscape.

The critical minerals sector on the ASX encompasses companies exploring and developing deposits of rare earth elements, scandium, gold, and other strategically important commodities. On 5 November 2026, Viridis Mining and Minerals(ASX:VMM), Neometals(ASX:NMT), and West Cobar Metals(ASX:WC1) each released updates that underscore the diversity of projects and commodities being pursued by Australian-listed resource companies.

VMM Secures Landmark Rare Earth Offtake with Solvay

Viridis Mining and Minerals(ASX:VMM) announced on 5 November 2026 that it has executed a binding long-term offtake agreement with Rhodia Operations SAS, a member of the Solvay S.A. group, for mixed rare earth carbonate (MREC) production from its Colossus Rare Earth Project in Brazil. The agreement has an initial term commencing with first production, targeted for 2028, and ending on 31 December 2034. Binding take-or-pay commitments begin on the earlier of the Commercial Operations Date or 1 January 2029. The agreement includes commitments across seven payable rare earth elements in the supplied MREC: neodymium, praseodymium, dysprosium, terbium, samarium, yttrium, and additional elements. A further five-year renewal period is contemplated. The company described the agreement as a landmark development that secures long-term contracted demand, supports the finalisation of project financing, and enables development of rare earth separation capability in Brazil.

NMT Doubles Ironclad Gold Resource

Neometals(ASX:NMT) released an updated Mineral Resource Estimate for the Ironclad deposit at its 100%-owned Barrambie Gold and Copper Project on 5 November 2026. The Indicated and Inferred Mineral Resource is now estimated at approximately 250,000 tonnes at 3.9g/t gold for 31,000 ounces. This represents more than a doubling of total ounces and grade compared to the prior estimate. Neometals noted that Ironclad has a capital-efficient development pathway through the Mining Services Joint Venture Agreement with mining contractor BML Ventures Pty Ltd, with final approval documents expected in the near term. The updated resource positions the Ironclad deposit as a potential near-term production opportunity within Neometals' broader portfolio, which spans lithium, titanium, and vanadium Assets alongside gold and copper.

WC1 Completes First Scandium Drilling at Salazar

West Cobar Metals(ASX:WC1) announced on 5 November 2026 the completion of its first dedicated scandium drilling campaign at the 100%-owned Salazar Project in Western Australia. The program comprised 91 aircore holes for a total of 2,941 metres, targeting potentially higher-grade scandium mineralised zones in shallow saprolite and extensions to known mineralisation. Scandium is a critical mineral used in aluminium-scandium alloys for aerospace, defence, and advanced Manufacturing applications. The drilling campaign represents an early-stage but potentially significant step in defining the scandium potential of the Salazar project, with assay results expected to inform future resource estimation work.

Sector Context

The critical minerals sector is attracting increasing attention from governments and industry globally, driven by Demand for materials essential to clean energy technologies, defence applications, and advanced manufacturing. Viridis's offtake with Solvay, a major European chemical group, demonstrates that Downstream demand for rare earth products is translating into binding commercial agreements. Neometals' gold resource growth at Ironclad adds a near-term Revenue potential to a diversified metals portfolio. West Cobar Metals' scandium exploration, while early-stage, targets a niche Commodity with limited global Supply outside of China and Russia.

The Takeaway

Viridis Mining and Minerals, Neometals, and West Cobar Metals are each pursuing distinct commodities — rare earths, gold, and scandium — but share a common thread in the critical minerals narrative. VMM's binding offtake marks a commercial de-risking milestone, NMT's resource update positions Ironclad for potential development, and WC1's completed drilling campaign may lay the groundwork for a new scandium resource in Western Australia. The progression of these projects will be shaped by commodity prices, permitting timelines, and the evolving global policy environment around critical mineral supply chains.

FAQs

Q: Who is the offtake partner for Viridis Mining's Colossus Project?

A: Viridis has secured a binding long-term offtake agreement with Rhodia Operations SAS, part of the Solvay S.A. group, for mixed rare earth carbonate from its Colossus Rare Earth Project in Brazil.

Q: What is the updated Ironclad gold resource for Neometals?

A: The Ironclad deposit is now estimated at approximately 250,000 tonnes at 3.9g/t gold for 31,000 ounces, more than doubling the previous estimate in both total ounces and grade.

Q: What commodity is West Cobar Metals targeting at Salazar?

A: West Cobar Metals is targeting scandium at its Salazar Project in Western Australia, completing 91 aircore holes in its first dedicated scandium drilling campaign.

Q: When does Viridis expect first production from the Colossus Project?

A: Viridis is targeting first production from the Colossus Rare Earth Project in 2028, with binding take-or-pay commitments commencing on the earlier of the Commercial Operations Date or 1 January 2029.

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