Western Rare Earth Supply Chains Get Boost As Viridis Secures 100M Financing Deal

Viridis secures EDC LoI for $100m Colossus rare earths project financing, marking a significant milestone in the development of one of the most ambitious rare earth projects in recent years.

The endorsement from Export Development Canada (EDC) underscores the Colossus project’s strategic importance in diversifying and fortifying Western rare earth supply chains. With this non-binding letter of interest (LoI), Viridis Mining and Minerals has secured a direct lending debt facility of up to $100m (A$153m) to support the execution phase of the Colossus rare earths project in Brazil.

The funding is part of an integrated funding strategy that includes financiers such as EDC, Bpifrance, and Brazil’s BNDES/FINEP, along 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 surrounding Colossus can be attributed to its high-grade magnetic rare earth oxide profile, large-scale resource potential, and 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.

EDC’s recognition of the Colossus project’s strategic importance 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. This endorsement is a significant vote of confidence for the project and its role in diversifying and securing Western rare earth supply chains.

Viridis managing director Rafael Moreno stated that securing a letter of interest from EDC marks another major milestone for Viridis and further validates the Colossus Rare Earth Project’s global strategic significance. The 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.

The eligibility for financing through EDC’s framework adds a third international finance pillar to Viridis’ funding strategy, significantly enhancing lender confidence and expanding access to competitive project finance solutions. This prospective support further demonstrates the robustness of the 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, Viridis advances into the next stages of due diligence and credit assessment while continuing to drive its broader financing and offtake strategy toward FID. The company expects to advance final structuring discussions with its financing partners over the coming months as it prepares to achieve full funding readiness.

The Colossus project’s development is expected to enhance supply chain resilience for Western nations and partners, with all its rare earth element concentrate (REEC) under a life-of-mine offtake agreement with Energy Fuels. Production is scheduled to begin as early as the second half of 2027, contingent upon obtaining project financing and a favorable final investment decision (FID) for the project.

The project’s first phase is expected to yield an average of 7,200 tonnes per annum (tpa) of REEC, including both light and critically important heavy rare earths. The annual outputs of up to 1,000 tonnes (t) of neodymium-praseodymium (NdPr) oxides, 92t of dysprosium (Dy) oxide, and 16t of terbium (Tb) oxides are projected to meet a significant portion of US demand for Dy and Tb, which is essential for clean energy, defense, and advanced manufacturing sectors.

The provision of financing by EDC is contingent upon the agency’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.

The 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.

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.

With this significant milestone achieved, Viridis continues to drive its broader financing and offtake strategy toward FID. The company’s efforts to finance Colossus have generated interest from export credit agencies, institutional investors, and industry groups spanning North America, Europe, Brazil, and Australia.

Astron, a joint venture (JV) between Energy Fuels and Astron, has also secured a conditional and non-binding letter of support from Export Finance Australia (EFA) for senior debt project financing of up to A$80m. The total funding requirement for the rare earth and mineral sands project is estimated to be around A$520m.

The EFA’s letter is contingent upon satisfactory due diligence outcomes and regulatory approvals. Astron continues to work with export credit agencies and senior lenders to establish the financing syndicate.

Energy Fuels, a joint venture partner of Astron, intends to invest up to A$183m in equity, divided into A$45m before the FID and A$138m after the FID. Additional post-FID contributions totaling A$122m will be distributed proportionally among the partners.

The project’s development is expected to enhance supply chain resilience for Western nations and partners, with all its rare earth element concentrate (REEC) under a life-of-mine offtake agreement with Energy Fuels. Production is scheduled to begin as early as the second half of 2027, contingent upon obtaining project financing and a favorable final investment decision (FID) for the project.

The provision of financing by EDC and Astron’s potential A$80m contribution marks a significant milestone in the development of one of Australia’s most important rare earth projects. The project promises to be a major contributor to the global supply chain of rare earth elements (REEs), with its production directed towards Energy Fuels’ processing facility in the US.

The 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.

The Colossus project’s development is expected to enhance supply chain resilience for Western nations and partners, with all its rare earth element concentrate (REEC) under a life-of-mine offtake agreement with Energy Fuels. Production is scheduled to begin as early as the second half of 2027, contingent upon obtaining project financing and a favorable final investment decision (FID) for the project.

The provision of financing by EDC and Astron’s potential A$80m contribution marks a significant milestone in the development of one of Australia’s most important rare earth projects. The project promises to be a major contributor to the global supply chain of rare earth elements (REEs), with its production directed towards Energy Fuels’ processing facility in the US.

The international attention surrounding Colossus can be attributed to its high-grade magnetic rare earth oxide profile, large-scale resource potential, and 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.

EDC’s recognition of the Colossus project’s strategic importance 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. This endorsement is a significant vote of confidence for the project and its role in diversifying and securing Western rare earth supply chains.

Viridis managing director Rafael Moreno stated that securing a letter of interest from EDC marks another major milestone for Viridis and further validates the Colossus Rare Earth Project’s global strategic significance. The 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.

The eligibility for financing through EDC’s framework adds a third international finance pillar to Viridis’ funding strategy, significantly enhancing lender confidence and expanding access to competitive project finance solutions. This prospective support further demonstrates the robustness of the 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, Viridis advances into the next stages of due diligence and credit assessment while continuing to drive its broader financing and offtake strategy toward FID. The company expects to advance final structuring discussions with its financing partners over the coming months as it prepares to achieve full funding readiness.

The provision of financing by EDC and Astron’s potential A$80m contribution marks a significant milestone in the development of one of Australia’s most important rare earth projects. The project promises to be a major contributor to the global supply chain of rare earth elements (REEs), with its production directed towards Energy Fuels’ processing facility in the US.

The Colossus project’s development is expected to enhance supply chain resilience for Western nations and partners, with all its rare earth element concentrate (REEC) under a life-of-mine offtake agreement with Energy Fuels. Production is scheduled to begin as early as the second half of 2027, contingent upon obtaining project financing and a favorable final investment decision (FID) for the project.

The international attention surrounding Colossus can be attributed to its high-grade magnetic rare earth oxide profile, large-scale resource potential, and 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.

EDC’s recognition of the Colossus project’s strategic importance 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. This endorsement is a significant vote of confidence for the project and its role in diversifying and securing Western rare earth supply chains.

The provision of financing by EDC and Astron’s potential A$80m contribution marks a significant milestone in the development of one of Australia’s most important rare earth projects. The project promises to be a major contributor to the global supply chain of rare earth elements (REEs), with its production directed towards Energy Fuels’ processing facility in the US.

The Colossus project’s development is expected to enhance supply chain resilience for Western nations and partners, with all its rare earth element concentrate (REEC) under a life-of-mine offtake agreement with Energy Fuels. Production is scheduled to begin as early as the second half of 2027, contingent upon obtaining project financing and a favorable final investment decision (FID) for the project.

The international attention surrounding Colossus can be attributed to its high-grade magnetic rare earth oxide profile, large-scale resource potential, and 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.

EDC’s recognition of the Colossus project’s strategic importance 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. This endorsement is a significant vote of confidence for the project and its role in diversifying and securing Western rare earth supply chains.

The provision of financing by EDC and Astron’s potential A$80m contribution marks a significant milestone in the development of one of Australia’s most important rare earth projects. The project promises to be a major contributor to the global supply chain of rare earth elements (REEs), with its production directed towards Energy Fuels’ processing facility in the US.

The Colossus project’s development is expected to enhance supply chain resilience for Western nations and partners, with all its rare earth element concentrate (REEC) under a life-of-mine offtake agreement with Energy Fuels. Production is scheduled to begin as early as the second half of 2027, contingent upon obtaining project financing and a favorable final investment decision (FID) for the project.

The international attention surrounding Colossus can be attributed to its high-grade magnetic rare earth oxide profile, large-scale resource potential, and 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.

EDC’s recognition of the Colossus project’s strategic importance 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. This endorsement is a significant vote of confidence for the project and its role in diversifying and securing Western rare earth supply chains.

The provision of financing by EDC and Astron’s potential A$80m contribution marks a significant milestone in the development of one of Australia’s most important rare earth projects. The project promises to be a major contributor to