Viridis Mining and Minerals' (ASX:VMM) preliminary environmental license for the Colossus rare earth project in Minas Gerais, Brazil is expected to facilitate the delivery of offtake, financing, and strategic partnering catalysts in the near-term ahead of demonstration plant commissioning in the 2026 March quarter and a targeted final investment decision in the 2026 September quarter, Euroz Hartleys said in a note on Dec. 24.

Viridis secured the final approval of its environmental impact assessment and environmental impact report, granting it the preliminary license required to advance its Colossus project.

The investment thesis for Viridis has strengthened, with the company demonstrating strong appetite for Colossus funding and offtake arrangements with various western counterparties, the report noted.

The investment firm retained its speculative buy rating on Viridis and raised its price target to AU$3.36 from AU$3.

Viridis Mining and Minerals' shares slipped past 1% in recent Monday trade.