Viridis Mining and Minerals has secured a non-binding letter of interest (LoI) from Export Development Canada (EDC) for a direct lending debt facility of up to $100m (A$153m).
The funding will support the execution phase of the Colossus rare earths project in Brazil.
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The company said its efforts to finance Colossus have generated interest from export credit agencies, institutional investors, and industry groups spanning North America, Europe, Brazil and Australia.
Viridis’ integrated funding strategy includes financiers such as EDC, Bpifrance and Brazil’s BNDES/FINEP, together with strategic institutional partners ORE Investments and Régia Capital.
This cohesive capital framework is designed to support Viridis as it advances through its final funding and targets a final investment decision (FID) in the third quarter of 2026.
The international attention is attributed to Colossus’ high-grade magnetic rare earth oxide profile, its large-scale resource potential and a low-cost flowsheet.
These factors enable the project to deliver returns across all market cycles without depending on artificial or unsustainable floor prices, according to the company.
The provision of financing is contingent upon EDC’s standard due diligence, internal approvals and customary project finance conditions. The LoI will remain effective until 17 November 2026.
In addition to EDC’s LoI, Viridis has also secured a letter of support from Bpifrance Assurance Export, the French export credit agency.
Bpifrance has confirmed that the Colossus project qualifies for strategic projects financing, for either the minimum of the share of French offtake applied to the total senior long-term debt or 50% of the senior long-term debt amount.
Endorsement from EDC underscores the Colossus project’s strategic importance in diversifying and fortifying Western rare earth supply chains.
This recognition aligns with the priority initiatives announced at the recent G7 summit in Toronto, Canada, further establishing Colossus as a key contributor to the long-term security of critical mineral supplies.
With the pre-feasibility study estimating capital expenditure to be $286m ($356m including a 25% contingency), Viridis is nearing completion of its project debt framework.
The company expects to advance final structuring discussions with its financing partners over the coming months as it prepares to achieve full funding readiness.
Viridis managing director Rafael Moreno said: “Securing a letter of interest from Export Development Canada marks another major milestone for Viridis and further validates the Colossus Rare Earth Project’s global strategic significance.
“Endorsement from one of the world’s most respected export credit agencies has the potential to strengthen the project’s role in diversifying and securing Western rare earth supply chains, complementing the recent support received from Bpifrance and BNDES/FINEP.
“Eligibility for financing through EDC’s framework adds a third international finance pillar to our funding strategy, significantly enhancing lender confidence and expanding our access to competitive project finance solutions. This prospective support further demonstrates the robustness of our project fundamentals and the growing confidence that leading international partners are placing in Viridis’ long-term vision.
“With EDC, Bpifrance and BNDES now formally engaged, we advance into the next stages of due diligence and credit assessment while continuing to drive our broader financing and offtake strategy toward FID.”
