Solvay And Viridis Sign Letter Of Intent (LOI) For Rare Earth Materials Sourcing

Solvay and Viridis sign letter of intent (LOI) for rare earth materials sourcing

Strategic partnership aimed at securing critical feedstock to meet global rare earth demand

Brussels, June 1, 2026 - 8:30 CEST

Solvay today announced it has entered into a Letter of Intent (LOI) with Viridis Mining and Minerals to secure a strategic supply of rare earth materials by 2028, reinforcing the resilience and diversification of critical materials supply chains. Both companies will now work toward finalizing a definitive sourcing agreement.

Under the terms of the LOI, Viridis is expected to supply critical rare earth feedstocks from Brazil to Solvay's La Rochelle plant in France. Solvay will provide a recognized rare earth separation expertise and processing technology to accelerate feedstock supply from Brazil. This collaboration would leverage Solvay's advanced processing, separation and formulation capabilities to refine rare earth raw materials into the individual high-purity oxide elements essential for electric vehicle motors, renewable energy, advanced electronics and defense systems.

The feedstock includes key rare earths for permanent magnets, notably neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb), supporting increasing global demand. It contains an important distribution of additional heavy rare earths, such as samarium (Sm), gadolinium (Gd) and yttrium (Y), used in critical advanced technology sectors such as automotive, electronics, medical and aerospace applications.

"This proposed transaction would mark a significant milestone in strengthening and diversifying our upstream supply chain," said An Nuyttens, President of Solvay's Special Chem business. "By partnering with Viridis, we would ensure another reliable source of raw materials that would allow us to maximize our processing capacity and meet the growing global demand for high-purity, sustainably processed rare earth elements. This includes industrial scale separation of dysprosium (Dy) and terbium (Tb) by September 2026 at our La Rochelle site in France. Solvay maintains its target of supplying 30% of the European market for magnet-grade light and heavy rare earths by 2030.”

“Partnering with Solvay would allow us to connect our resource base with one of the most advanced rare earth processing platforms globally,” said Rafael Moreno, Managing Director and CEO at Viridis Mining and Minerals.“Together, we would be advancing a more diversified and responsible supply of critical materials to support rapidly growing global demand.”

Solvay's La Rochelle facility is one of the largest rare earth separation plants outside China and one of the few sites worldwide capable of processing all rare earth elements at industrial scale. The partnership supports Solvay's broader ambition to scale up production capacity and contribute to the development of a more resilient rare earth value chain.

The contemplated transaction remains subject to definitive documentation, compliance with applicable requirements and other customary conditions. Accordingly, there can be no assurance that the transaction will be completed or as to its final terms.

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About Solvay

Solvay, a pioneering chemical company with a legacy rooted in founder Ernest Solvay's pivotal innovations in the soda ash process, is dedicated to delivering essential solutions globally through its workforce of over 8,400 employees. Since 1863, Solvay has harnessed the power of chemistry to create innovative, sustainable solutions that answer the world's most essential needs such as purifying the air we breathe and the water we use, preserving our food supplies, protecting our health and well-being, creating eco-friendly clothing, making the tires of our cars more sustainable and cleaning and protecting our homes. Solvay's unwavering commitment drives the transition to a carbon-neutral future by 2050, underscoring its dedication to sustainability and a fair and just transition. As a world-leading company with €4.3 billion in net sales in 2025, Solvay is listed on Euronext Brussels and Paris (SOLB). For more information about Solvay, please visit solvay or follow Solvay on Linkedin.

About Viridis

Viridis Mining and Minerals Limited is a resource exploration and development company with assets in Brazil, Canada and Australia. The Company's Projects comprise:

• The Colossus Project, with a Mineral Resource Estimate and Ore Reserve Estimate for Rare Earth Elements following completion of a Pre-Feasibility Study;
• The South Kitikmeot Project, where the Company intends to continue gold exploration;
• The Boddington West Project, which the Company considers to be prospective for gold;
• The Bindoon Project, which the Company considers to be prospective for nickel, copper and platinum group elements; and · The Poochera and Smoky Projects, which the Company considers prospective for kaolin-halloysite.

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