Export Development Canada (EDC) on Tuesday provided up to C$100 million ($70m) in financing to develop the Seymour Lake lithium project in Ontario.
Seen as a key asset, the lithium mine operated by Australia’s Green Technology Metals (ASX: GT1) could become the province’s first lithium producer. On Dec. 23, Green Technology received a letter of interest from EDC. It outlined financial support, pending reviews and due diligence, the company said in a statement Monday. The province wants to build critical mineral supply chains for the energy transition.
“EDC’s support potentially increases sourcing flexibility, allows greater access to low-cost direct lending and is non-dilutive to GT1 shareholders,” GT1 managing director Cameron Henry said in a statement.
EDC, a federal Crown corporation, has closed 540+ deals in renewables, mining, and infrastructure as Canada advances strategic clean energy projects.
“This announcement could accelerate Seymour Lake’s development and reinforce its role in Canada’s critical minerals supply chain,” Brendan Yurik, CEO of Electric Royalties (TSXV: ELEC) said in a statement. Electric Royalties owns a 1.5% net smelter royalty on the project.
[More]
