Viridis Mining and Minerals has achieved a critical environmental milestone for its Colossus Rare Earth Project in Brazil and secured significant financing commitments, positioning the project for construction in the second half of 2026.
- Preliminary Environmental License granted for Colossus Rare Earth Project
- Non-binding Letters of Support and Interest from major export credit agencies
- US$30 million strategic equity investment from Brazilian asset managers ORE and Régia
- Construction of Rare Earth Research and Processing Centre underway, completion expected Q1 2026
- Appointment of Marcus Silberman strengthens board with global capital markets expertise
Environmental Approval Clears Major Hurdle
Viridis Mining and Minerals Limited has marked a significant step forward for its flagship Colossus Rare Earth Project in Brazil, receiving the Preliminary License (PL) from the State of Minas Gerais in December 2025. This approval follows the successful Environmental Impact Assessment and Report, confirming the project's environmental viability and clearing the way for the next critical permit, the Installation License (IL).
The unanimous endorsement by the State Environmental Policy Council (COPAM) underscores the robustness of Viridis’ technical and environmental, social, and governance (ESG) credentials. This milestone materially de-risks the project timeline and enhances Viridis’ ability to engage with offtake partners, financiers, and strategic investors.
Strategic Financing Milestones Bolster Development
Alongside permitting progress, Viridis secured key financing endorsements during the quarter. The company received a non-binding Letter of Support from Bpifrance Assurance Export, confirming eligibility for strategic project financing under the French Garantie de Prêt Stratégique program. This recognition highlights Colossus’ strategic importance to Western critical minerals supply chains.
Complementing this, Export Development Canada issued a Letter of Interest for up to US$100 million in project debt, and Export Finance Australia followed with a conditional Letter of Support for up to US$50 million. These commitments complete Viridis’ targeted export credit agency-led debt framework, providing clear visibility on aggregate debt capacity relative to the project’s pre-feasibility capital estimates.
Further strengthening the capital base, Viridis executed a binding agreement with Brazilian asset managers ORE Investments Ltda. and Régia Capital Ltda. for a US$30 million strategic equity investment. The staged investment structure aligns capital deployment with key milestones, minimising shareholder dilution while providing a strong funding runway through to the Final Investment Decision (FID).
Advancing Rare Earth Processing Capabilities
Viridis is also progressing its Rare Earth Research and Processing Centre (CPTR) in Poços de Caldas, Brazil. The CPTR will house a demonstration plant designed to validate processing technology and accelerate commercial readiness. Construction is on track for completion by the end of Q1 2026, with full-scale operations expected to commence in Q2.
Notably, the processing technology and equipment are sourced entirely outside China, positioning Viridis as a strategically independent supplier amid recent Chinese export controls on rare earths. This independence enhances Colossus’ appeal as a reliable alternative in Western supply chains.
Board Strengthening and Broader Engagement
In a move to deepen its capital markets and M&A expertise, Viridis appointed Marcus Silberman as a Non-Executive Director. Silberman brings nearly three decades of global investment banking experience, including significant mining sector transactions in Latin America, complementing Viridis’ strategic focus.
Throughout the quarter, Viridis engaged extensively with government stakeholders, investors, and industry leaders across Brazil, France, and the United States, reinforcing the project’s strategic profile and fostering partnerships critical for its development.
Outlook
With environmental permitting secured, financing frameworks established, and processing infrastructure advancing, Viridis is well-positioned to move towards construction commencement in the second half of 2026. The company’s coordinated approach to capital and stakeholder engagement signals strong momentum for the Colossus Rare Earth Project as a key contributor to global critical minerals supply.
Bottom Line?
Viridis’ Colossus Project is rapidly transitioning from development to execution, but final investment decisions and construction hinge on securing the Installation License and completing due diligence.
Questions in the middle?
- When will Viridis secure the Installation License to commence construction?
- How will final project financing terms evolve amid global market conditions?
- What are the prospects for expanding high-grade resource zones adjacent to the Northern Concessions?