TSX-listed Giyani Metals Corp., developer of the K.Hill Battery-Grade Manganese Project in Botswana, has received a non-binding letter of interest (LOI) from the Export-Import Bank of the United States (EXIM) for up to US$225 million in financing to support the construction of the Project.
Highlights:
Following several months of engagement with EXIM, Giyani has received a non-binding LOI dated 6 June 2025 from US EXIM for up to US$225 million long-term debt with a repayment period of up to 15 years for construction of the Project.
The potential funding from EXIM falls under the Supply Chain Resilience Initiative (SCRI) the aim of which is to reduce US dependence on critical mineral supply chains controlled by the People's Republic of China.
US EXIM is the official Export Credit Agency (ECA) to the US Government.
A key requirement to unlock the funding from EXIM is to secure offtake contracts with US companies, which is a fundamental component of Giyani’s strategy.
The LOI from EXIM is not a binding commitment to provide financing; rather, it marks an initial step in the formal application process. Any potential debt financing remains contingent upon the successful completion of due diligence, agreement on final terms, and execution of definitive documentation, namely a Definitive Feasibility Study (DFS). Giyani has a DFS underway which is forecast to be completed in Q1 2026.
Charles FitzRoy, CEO of the Company, commented:
“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 Manganese Project. Giyani has held numerous discussions with EXIM which have culminated in the issuance of the LOI. Whilst 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 maximize value for our stakeholders through the development of this vital critical minerals project. ECA funding is an important part of financing critical minerals projects, as it offers the potential to secure lower cost loans than traditional debt, with longer repayment periods. These types of structures can enable groups like Giyani to maximize value for shareholders by securing more attractive annual repayments for project financing.”
