Viridis Mining and Minerals secures $11.5M to accelerate Colossus Project development

Viridis Mining and Minerals (ASX:VMM) has secured firm commitments to raise $11.5 million through a strongly supported share placement at $0.91 per share, representing a 12.8% premium to its 10-day volume-weighted average price.

The placement was oversubscribed, attracting high-quality institutional backing, including a cornerstone $5 million commitment from Brazil’s JGP Asset Management.

The company's chairman has also pledged $250,000, subject to shareholder approval.

This latest capital raise strengthens Viridis' balance sheet to approximately $58.5 million and positions the company to fast-track the development of its flagship Colossus Rare Earth Project in Brazil.

The funding follows a recent memorandum of understanding with Brazilian investment groups ORE Investments and Régia Capital for a staged non-brokered placement of up to US$30 million.

Viridis and its joint venture, Viridion, were also selected to progress under a joint support plan with Brazil’s BNDES and FINEP, potentially unlocking further funding through credit lines, equity investments, and grants.

Proceeds will be directed towards key project milestones, including the development of a demonstration plant, advancement of the definitive feasibility study, further drilling, and regulatory approvals.

These efforts build on the recently released pre-feasibility study, which confirmed Colossus as an economically robust, first-quartile cost rare earth project with a high-grade magnetic rare earth oxide profile.

Managing Director Rafael Moreno said the funding places Viridis in a strong position to progress through the final investment decision and into early execution.

At the time of reporting, Viridis Mining and Minerals' share price was $1.16.