Viridis secures EDC LoI for $100m Colossus rare earths project financing

Viridis Mining and Minerals has secured a non-binding missive of involvement (LoI) from Export Development Canada (EDC) for a nonstop lending indebtedness installation of up to $100m (A$153m).

The backing volition enactment the execution signifier of the Colossus uncommon earths task successful Brazil.

The institution said its efforts to concern Colossus person generated involvement from export recognition agencies, organization investors, and manufacture groups spanning North America, Europe, Brazil and Australia.

Viridis’ integrated backing strategy includes financiers specified arsenic EDC, Bpifrance and Brazil’s BNDES/FINEP, unneurotic with strategical organization partners ORE Investments and Régia Capital.

This cohesive superior model is designed to enactment Viridis arsenic it advances done its last backing and targets a last concern determination (FID) successful the 3rd 4th of 2026.

The planetary attraction is attributed to Colossus’ high-grade magnetic uncommon world oxide profile, its large-scale assets imaginable and a low-cost flowsheet.

These factors alteration the task to present returns crossed each marketplace cycles without depending connected artificial oregon unsustainable level prices, according to the company.

The proviso of financing is contingent upon EDC’s modular owed diligence, interior approvals and customary task concern conditions. The LoI volition stay effectual until 17 November 2026.

In summation to EDC’s LoI, Viridis has besides secured a missive of enactment from Bpifrance Assurance Export, the French export recognition agency.

Bpifrance has confirmed that the Colossus task qualifies for strategical projects financing, for either the minimum of the stock of French offtake applied to the full elder semipermanent indebtedness oregon 50% of the elder semipermanent indebtedness amount.

Endorsement from EDC underscores the Colossus project’s strategical value successful diversifying and fortifying Western uncommon world proviso chains.

This designation aligns with the precedence initiatives announced astatine the caller G7 acme successful Toronto, Canada, further establishing Colossus arsenic a cardinal contributor to the semipermanent information of captious mineral supplies.

With the pre-feasibility survey estimating superior expenditure to beryllium $286m ($356m including a 25% contingency), Viridis is nearing completion of its task indebtedness framework.

The institution expects to beforehand last structuring discussions with its financing partners implicit the coming months arsenic it prepares to execute afloat backing readiness.

Viridis managing manager Rafael Moreno said: “Securing a missive of involvement from Export Development Canada marks different large milestone for Viridis and further validates the Colossus Rare Earth Project’s planetary strategical significance.