ASX-listed Viridis Mining and Minerals has received a conditional letter of support from Australia’s export credit agency Export Finance Australia (EFA) to provide up to $50-million, or A$77-million, towards the anticipated debt financing package for the Colossus rare earths project, in Brazil.

The project is located in Brazil’s Poços de Caldas Alkaline Complex, where Viridis has consolidated control over a 220 km2 land package with a 200-million-ton ore reserve.

According to Viridis, the project boasts the highest-grade magnet rare earth oxide ionic adsorption clay resource globally.

The EFA letter complements prior support indications received from Export Development Canada, Bpifrance Assurance Export and Brazilian National Bank for Economic and Social Development.

Viridis has determined a capital requirement of $286-million to progress the project to production, with the EFA’s support completing Viridis’ targeted project debt framework.

The company can now advance toward full project funding and final investment decision status.

“Securing multiple letters of support has provided visibility on aggregate debt capacity, enabling us to finalise the appointment of a mandated lead arranger to lead lender coordination, due diligence and customary project finance processes,” Viridis confirms.

It adds that securing a letter of support from the EFA represents the final cornerstone in Viridis’ debt financing strategy for Colossus, with support from one of the world’s most respected export credit agencies having strengthened the project as a globally strategic rare earth development.

The EFA’s support is, however, conditional on service supply opportunities during the Colossus project’s execution phase as many organisations are focused on diversifying global rare earth supply chains.

Simultaneously, Viridis is progressing permitting for the project, including through negotiations with strategic equity and offtake partners.

The company has already executed a $30-million definitive strategic investment agreement with Brazilian companies ORE Investments and Régia Capital, on the back of extensive technical, environmental and commercial due diligence undertaken by leading global rare earth specialists.

Colossus is considered the highest-grade and largest known Western resource of the four key magnetic rare earths, including dysprosium and terbium, which underpins the project’s robust economics across commodity cycles.

“Viridis’ coordinated capital strategy, uniting leading financiers with strategic equity partners ORE and Régia, now provides depth, certainty and execution momentum as the company advances final pre-execution milestones and targets a final investment decision in the second half of 2026,” says MD Rafael Moreno.