FEAM Recommends License for Viridis’ Colossus; COPAM Vote Delayed to December

Regulatory Progress and Procedural Pause

Viridis Mining and Minerals Limited has reported significant progress in the environmental licensing process for its Colossus Rare Earth Project in Minas Gerais, Brazil. The Minas Gerais State Environmental Foundation (FEAM) completed a technical review of the project's Environmental Impact Assessment and issued a favorable recommendation for the granting of a Preliminary Environmental License. This milestone marks a critical step forward in the project's development.

However, during the State Environmental Policy Council (COPAM) meeting on 28 November 2025, the Colossus Project was temporarily withdrawn from the voting agenda. This procedural move was requested by FEAM to allow time to respond comprehensively to recommendations issued by the public prosecutors' office (MPF) just days earlier. The withdrawal is a standard regulatory practice and does not indicate any change in FEAM's positive technical stance.

Addressing Public Prosecutor Concerns

The MPF's recommendations raised several technical and environmental issues, including hydrogeological interpretations, potential cumulative regional impacts, vegetation suppression thresholds, proximity to residential areas and airports, and the classification of processed clay residue. Viridis has responded by emphasizing that these concerns largely stem from outdated or incorrect assumptions and have already been addressed through extensive studies, public hearings, and multiple submissions to FEAM.

Key points from Viridis’ technical evaluation include the limited impact on local water springs, only three out of ninety-eight identified springs are expected to be affected, and the classification of clay residue as non-hazardous, which aligns with international best practices and negates the need for tailings dams. The company also notes that the project does not trigger federal or state thresholds requiring additional environmental review by IBAMA, Brazil’s federal environmental agency.

Confidence in Environmental Integrity and Licensing Pathway

Viridis remains confident in the robustness of its environmental studies and the integrity of the licensing process. FEAM’s favorable technical assessment remains valid and unchanged despite the temporary withdrawal. The company anticipates the Colossus Project will be resubmitted for deliberation at the next COPAM meeting scheduled for 19 December 2025.

Managing Director Rafael Moreno highlighted the strong support the project continues to receive across Brazilian government levels and reaffirmed the company’s commitment to transparent engagement with regulatory authorities. He also pointed to recent sovereign-backed funding support from Export Development Canada, Bpifrance, and Brazil’s BNDES, which positions Viridis well as it advances discussions with strategic equity, debt, and offtake partners.

Looking Ahead

While the temporary procedural pause introduces a short-term delay, the overall trajectory for the Colossus Project remains positive. The company’s proactive approach to addressing regulatory feedback and its strong technical foundation suggest a clear pathway to securing the Preliminary Environmental License. Investors and stakeholders will be watching closely for the outcome of the December COPAM meeting and any further regulatory developments that could influence project timelines or conditions.