Giyani receives LoI from Exim for potential $225m financing
Giyani Metals Corp, the developer of the K.Hill battery-grade manganese project, in Botswana, has received a nonbinding letter of interest (LoI) from the US government's export credit agency the Export-Import Bank of the US (Exim) for up to $225-million in financing to support the construction of the project.
This follows several months of engagement between TSX-V-listed Giyani and Exim and is an initial step in the formal application process for funding under the Supply Chain Resilience Initiative, which aims to reduce US dependence on critical mineral supply chains controlled by China.
Any potential debt financing remains contingent upon the successful completion of due diligence, agreement on final terms and the execution of definitive documentation, namely a definitive feasibility study, which Giyani expects to complete in the first quarter of 2026.
“The receipt of the LoI from Exim marks an important milestone on Giyani’s journey to securing project financing for the construction of the K.Hill project. While this is the first step in the process of securing possible funding, this important milestone validates Giyani as a preferred strategic developer of battery-grade manganese products.
"We look forward to furthering our relationship with Exim and other strategic partners as Giyani continues to diligently work towards its goals and ultimately maximise value for our stakeholders through the development of this vital critical minerals project," Giyani president and CEO Charles FitzRoy says.
He adds that export credit agency funding offers the potential to secure lower-cost loans than traditional debt, with longer repayment periods.
Giyani has developed a proprietary hydrometallurgical process to produce battery-grade manganese – high-purity manganese sulphate monohydrate and high-purity manganese oxide – which serves as a lithium-ion battery cathode precursor material critical for electric vehicles and energy storage systems.
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