Perth-based Viridis Mining and Minerals (ASX: VMM) has announced that Export Finance Australia has issued a non-binding and conditional letter of support for up to US$50 million to support the execution phase of its Colossus Rare Earths Project in Brazil.
The LOS marks the final pillar in Viridis' targeted ECA-led project debt structure, complementing prior backing from Export Development Canada, Bpifrance Assurance Export, and Brazil’s BNDES.
Based on a pre-feasibility study CAPEX of US$286 million (US$356 million including contingency), the support positions Colossus to advance toward full project funding and a final investment decision in the second half of 2026.
The LOS, contingent on Australian services participation and standard due diligence, underscores Colossus' strategic role in global rare earth supply chains and aligns with G7 Critical Minerals priorities.
The announcement follows the recent grant of the Environmental Preliminary License and a US$30 million strategic investment agreement with ORE Investments and Régia Capital, highlighting progress on environmental, technical, and commercial fronts.
Viridis Managing Director Rafael Moreno said the support "materially enhances lender confidence and broadens access to competitive, government-backed project finance," positioning Colossus as a globally significant rare earths development.
At the time of reporting, Viridis Mining and Minerals' share price was $1.28.