Giyani Metals Corp (TSX-V:EMM, OTC:CATPF) said on Monday it has received a non-binding letter of interest from the Export-Import Bank of the United States (EXIM) for up to $225 million in financing to support the construction of its K.Hill battery-grade manganese project in Botswana.
The potential funding, in the form of long-term debt with a repayment period of up to 15 years, would fall under EXIM’s Supply Chain Resilience Initiative (SCRI), a program launched earlier this year aimed at reducing US reliance on critical mineral supply chains dominated by China.
The letter of interest follows months of engagement between Giyani and the US government’s official export credit agency. While the letter is not a binding commitment, it represents a first step in the formal application process, the company said.
Export credit agency funding can offer more favorable terms than traditional financing, Giyani noted, including lower interest rates and longer repayment periods, helping to maximize shareholder value.
The SCRI program, launched in January 2025, aims to bolster US manufacturing in sectors such as semiconductors, batteries and electric vehicles by ensuring a more secure and diversified supply of critical minerals.
“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,” said CEO Charles FitzRoy, who added that the milestone “validates Giyani as a preferred strategic developer of battery-grade manganese products.”
A key requirement to unlock the funding is securing offtake agreements with US-based companies, which Giyani said is a fundamental part of its strategy. The company is currently advancing a definitive feasibility study for the K.Hill project, expected to be completed in the first quarter of 2026.
Investors cheered the update, sending shares of Giyani up 22% in early trade on Monday.