Company Interview / Viridis wins support for Brazil rare earth project

Key Points:

Viridis Mining & Minerals secures international financing support for Colossus project in Brazil Focus on ionic clay resource seen as cost-effective and environmentally sound Timeline for complete funding package anticipated in Q1 Other projects in Canada and Australia remain on hold as all efforts target Colossus

Viridis Mining & Minerals, a small cap in the mining sector, is attracting significant international attention following new commitments for its Colossus Rare Earth project in Brazil. Rafael Moreno states that the company recently received a letter of interest from Export Development Canada for up to $100 million in debt financing, as well as support from Bbifrance Assurance Export, the French credit export agency, highlighting a wave of confidence from export credit agencies.

Moreno points out the unique value proposition of the Colossus project, noting its rare earth resources are hosted in ionic clay, rather than the more common hard rock deposits seen in companies such as Lynas (ASX:LYC) and MP Materials (NYSE:MP). Moreno claims this geology provides Viridis Mining with an efficient and environmentally friendly extraction process, giving the company a competitive cost advantage. The project is described as being among the largest rare earth resources globally, with substantial milestones reached in engineering studies and feasibility work.

Looking ahead, Moreno says that Viridis Mining aims to finalise both debt and equity funding arrangements by Q1, aiming to leverage global demand through strategic offtake agreements in Europe and North America. While the company holds assets in Canada and Australia, all resources and effort are currently centred on advancing the Colossus rare earth project in Brazil.