Viridis’ Colossus Project Gains Eligibility for Strategic $30M Financing

Strategic Endorsement from Bpifrance

Viridis Mining and Minerals Limited has reached a significant financing milestone with its Colossus Rare Earths Project in Brazil, receiving a non-binding Letter of Support from Bpifrance Assurance Export. This French export credit agency’s endorsement confirms the project’s eligibility for the Garantie de Prêt Stratégique (GPS) program, designed to support strategic projects with sovereign-backed financing guarantees.

The LOS highlights the global strategic importance of the Colossus Project in diversifying and securing Western critical minerals supply chains. It also signals confidence from international financial institutions, positioning Viridis to advance through the final stages of due diligence and credit assessment.

Financing Framework and Conditions

The GPS program will cover a tranche of senior bank debt, subject to conditions including pari-passu ranking with other senior lenders and limits tied to French offtake commitments or 50% of senior long-term debt. This structure provides Viridis with a sovereign-backed credit guarantee, enhancing lender confidence and enabling access to more competitive financing terms.

Viridis has already secured strategic partnerships and private placements totaling US$30 million, ensuring the Colossus Project is fully funded through to the Final Investment Decision (FID) and early development activities. The company aims to reach FID by Q3 2026, supported by coordinated government-backed financing from Bpifrance and Brazil’s BNDES and FINEP.

Progress on Project Development

Alongside financing advances, Viridis is actively progressing critical project components. Environmental permitting remains a top priority, with the Preliminary Licence expected soon following the submission of the Environmental Impact Assessment earlier this year. Exploration drilling programs are underway to upgrade resource classifications, while construction of the Rare Earth Research and Processing Centre is on track for commissioning by the end of Q1 2026.

The Definitive Feasibility Study, being developed with Hatch, is scheduled for completion by June 2026, providing further technical and financial clarity. Meanwhile, ongoing discussions with potential offtake partners continue to shape the project’s commercial foundation.

Looking Ahead

Viridis’ Managing Director Rafael Moreno emphasized the significance of the Bpifrance support as a validation of the project’s fundamentals and strategic value. The company’s multi-pronged approach, aligning government-backed financing, institutional investors, and strategic partnerships, positions Colossus to navigate the complex path to full project financing and execution.

While the Letter of Support is non-binding and subject to further approvals and due diligence, it marks a critical step forward. The coming months will be pivotal as Viridis advances environmental approvals, finalises financing arrangements, and moves closer to unlocking the potential of one of the Western world’s emerging rare earths projects.