07:14 AM EST, 12/18/2024 (MT Newswires) -- Verde AgriTech ( VNPKF ) , trading near 52 week lows, on Wednesday announced a maiden mineral resource estimate of 1.35 billion tons at 3,437 parts per million (ppm) of Total Rare Earth Oxides (TREO) and with 793 ppm of Magnet Rare Earth Oxides (MREO) for the Man of War Rare Earths Project.

A statement noted this estimate includes three of Man of War's targets: Nau de Guerra, Balsamo and Alto da Serra located in Sao Gotardo, Brazil. It said the compliant resource estimate establishes Man of War as one of the world's largest rare earths projects.

"The discovery of such a significant rare earth resource in Brazil has the potential to redefine the global supply chain for critical minerals like praseodymium, neodymium, terbium, and dysprosium. The Man of War Project is poised to become a key contributor to the technologies that drive our modern economy," said Cristiano Veloso, Verde's Founder and CEO.

Verde was down $0.01 at $0.59 yesterday, near a 52 week low of $0.57.