Viridis’ Binding US$30M Agreement Raises Stakes Ahead of Critical Permitting Milestones

Strategic Funding Milestone

Viridis Mining and Minerals Limited has formalised a binding agreement with Brazilian asset managers Régia Capital Ltda. and ORE Investments Ltda., securing a US$30 million (AU$46 million) strategic equity funding commitment. This partnership marks a significant step forward for Viridis, providing the financial runway necessary to progress its flagship Colossus rare earth project towards Final Investment Decision (FID).

The agreement follows months of rigorous due diligence by Régia and ORE, who were appointed by Vale and the Brazilian Development Bank (BNDES) to manage the sovereign-backed Brazilian Strategic Mineral Fund. Their endorsement not only validates the technical and economic fundamentals of the Colossus Project but also brings deep capital pools and sector expertise to the table.

Funding Structure and Immediate Impact

The US$30 million commitment is structured across four tranches, with the first tranche of US$5 million already received. This initial capital injection strengthens Viridis’ balance sheet and supports ongoing development workstreams. The staged funding approach allows for disciplined capital deployment aligned with key project milestones, while minimising dilution to existing shareholders.

Régia and ORE’s involvement also grants them rights to nominate up to two directors on Viridis’ board, depending on their ownership stake, ensuring strategic alignment and governance input as the project advances.

Advancing Critical Project Workstreams

With funding secured, Viridis is accelerating several critical activities. Environmental permitting remains a top priority, with the company anticipating approval of the Preliminary Licence soon following the submission of its Environmental Impact Assessment earlier this year. Concurrently, infill and exploration drilling programs are underway to upgrade resource classifications and expand the project’s footprint.

Viridis is also progressing the construction of its Rare Earth Research and Processing Centre, aiming to commission a mixed rare earth carbonate demonstration plant by the end of Q1 2026. The Definitive Feasibility Study, being developed with Hatch, is on track for completion by mid-2026, setting the stage for FID targeted in Q3 2026.

Strategic Importance and Market Positioning

The Colossus Project hosts the highest-grade and largest known resource of key magnetic rare earths, particularly heavy rare earths like Dysprosium and Terbium, among Western projects. This positions Viridis as a critical player in securing supply chains for these strategically important minerals.

Support from leading export credit agencies, including Export Development Canada, Bpifrance, and BNDES, underscores the project’s geopolitical and economic significance. The Régia/ORE partnership, backed by sovereign institutions, provides Viridis with a transformative platform to de-risk and accelerate project execution.