Viridis has raised AU$25 million to accelerate development activities at its Colossus rare earth project in Brazil as it races towards a final investment decision (FID) in the third quarter of 2026.
Viridis issued 13,157,895 new shares at AU$1.90 per share to investors. Proceeds from the placement will be used towards advancing critical development activities for Colossus, including the procurement of long-lead items and awarding the engineering, procurement and construction management contract.
Upon settlement of the placement, Viridis will emerge with cash of up to AU$76 million, comprising AU$15 million in cash, US$25 million (AU$36 million) remaining in the investment from Ore Investments and Regia Capital and AU$25 million from the placement.
Rafael Moreno, Managing Director of Viridis, said the strong support for the placement represents the importance of the Colossus project.
“With this financing, Viridis is exceptionally well positioned from a capital perspective. Combined with our existing strategic investment agreement and the project debt framework established with leading export credit agencies, we have significantly strengthened our balance sheet and are well funded to accelerate development activities and continue de-risking the pathway to production.
“This additional capital enables Viridis to bring forward execution activities earlier and further de-risk the critical path toward first production.”
The capital raising comes as Viridis enters what it calls a catalyst-rich six-month period as it accelerates towards FID in September.
Proceeds from the placement will allow the company to fast-track essential technical and permitting workstreams, enabling Veridis to finalise off-take and financing discussions with a clear pathway for early project activities in the third quarter.