Viridis obtains $120m equity backing for Colossus rare earth project

Viridis obtains $120m equity backing for Colossus rare earth project

Thu, August 20, 2026 at 4:52 PM GMT+3 2 min read

• VMM.AX +3.33%

Viridis Mining and Minerals has secured commitments for up to nearly $120m (A$170m) in strategic equity funding to support the execution of its Colossus rare earth project in the State of Minas Gerais, Brazil.

The funding consists of investments from One Investment Management (OneIM), ORE Investments (ORE), Régia Capital and a group of existing institutional shareholders.

The financial support is set to provide Viridis with more than $150m in identified equity funding, surpassing the company's projected requirement of $135m for the Colossus project under its proposed financing structure.

Colossus covers 228.62km² of licensed areas in and around the Poços De Caldas Alkaline Complex.

Viridis plans to use a 70% senior debt and 30% equity blend to fund the estimated $449m in development capital detailed in its definitive feasibility study (DFS).

OneIM, a global alternative investment manager, has agreed to provide up to $75m in two tranches, becoming a significant institutional investor as the Colossus project moves from feasibility into execution.

Meanwhile, ORE and Régia will expedite a $5m tranche of their ongoing investment previously scheduled for November 2026, leaving $20m still available under the existing arrangement.

An additional commitment of $40m has come from a select group of institutional investors, mainly from Brazil.

This increased domestic ownership reflects local support for Colossus and the project's role in Brazil's rare earths sector.

According to Viridis, the combination of new equity commitments, existing cash and available investment arrangements will enable the company to start major project activities for Colossus.

These include appointing an engineering, procurement and construction management contractor, procuring essential equipment, and progressing environmental and permitting processes.

The funding follows the completion of the DFS for Colossus.

Immediate plans outlined by the company include finalising commercial offtake agreements and securing senior debt financing, with the objective of reaching a final investment decision and beginning construction in the fourth quarter of 2026.

"Viridis obtains $120m equity backing for Colossus rare earth project" was originally created and published by Mining Technology, a GlobalData owned brand.