Viridis Mining's Agreement with Brazilian Asset Managers Strengthens "In-Country Institutional Backing", Euroz Hartleys Says

MT Newswires Live
08/04

Viridis Mining and Minerals' (ASX:VMM) binding memorandum of understanding with Brazilian asset managers ORE Investments and Régia Capital represents the consortium's first investment of such significance within the rare earth elements sector and strengthens Viridis' in-country institutional backing, enhancing access to local financing and permitting channels, Euroz Hartleys said in a note on Monday.

The funding arrangement provides Viridis with a "line of sight" to AU$46 million in discretionary private equity funding ahead of a final investment decision for its Colossus rare earth elements project in Brazil.

The firm expects Viridis to receive government-backed around $900 million in a critical minerals funding program, under which Viridis is expected to receive a blend of non-dilutive grants and concessional debt.

Environmental permitting, offtake agreement progression, and uplift in rare earth elements sentiment are also catalysts for the firm, per the note.

The investment firm kept the rating unchanged at Speculative Buy, but upgraded the price target to AU$2.40 from the previous AU$1.48.

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