Export Development Canada (EDC) has extended its letter of interest for potential financing support of up to C$100 million (AU$107 million) for Green Technology Metals Ltd (ASX:GT1, OTC:GTMLF)’ Seymour Lithium Project in Ontario, keeping the indicative backing on the table through December 2026 while due diligence and internal approvals continue.
EDC is Canada’s official export credit agency and has completed more than 540 transactions across sectors including mining and energy, totalling more than US$41 billion (AU$61 billion).
Managing director Cameron Henry said the extension provides time for both parties to progress due diligence and approvals, pointing to “improving lithium market conditions” and describing 2026 as a key year for Seymour milestones.
“We’re very pleased to receive this extended Letter of Interest from EDC, which demonstrates their continued interest in the Seymour Project. The extension provides both parties with the time needed to complete their respective due diligence and approvals for a transaction of this significance," Henry said.
"We believe this is an optimal time to develop a project in Canada, with improving lithium market conditions reinforcing the strategic rationale for advancing Seymour. The current market environment positions us well to progress the project, and we anticipate 2026 will be a significant year for the company as we continue to achieve key milestones.
"It’s exciting to see continued momentum from the Canadian and Ontario governments, with policy changes and funding initiatives designed to accelerate critical mineral projects. Of particular note is the government’s readiness to support early-stage critical mineral development reinforces confidence in the jurisdiction where we are building the Seymour Project."
The renewed LOI anticipates a co-lending approach alongside other export credit agencies and/or commercial lenders, a structure that could broaden Seymour’s financing options.
Policy momentum
Canada and Ontario are moving to speed up critical minerals development by cutting permitting timelines, streamlining approvals and removing duplicative processes that have historically slowed projects. Ontario’s One Project, One Processbill, introduced in 2025, is designed to consolidate permitting submissions and reduce approval times for new mining developments by 50%, bringing projects to construction sooner.
On the federal side, initiatives highlighted include a C$2 billion Critical Minerals Sovereign Fund—set up in the 2025 budget to provide strategic support via equity investments, loan guarantees and offtake agreements, with operations flagged for 2026–27—and a First and Last Mile Fund of C$372 million over four years from 2026–27, which would absorb the existing CMIF and provide up to C$1.5 billion in support through 2029–30 focused on upstream and midstream supply chain development.
Taken together, the measures point to a shift from planning to implementation through policy reform, targeted funding and financial instruments that could help advance projects such as Seymour more efficiently.
Green Technology Metals reported a global mineral resource estimate of 30.4Mt at 1.17% Li₂O, with the Seymour Project component listed at 10.3Mt at 1.07% Li₂O.
More about EDC
In 2024, EDC facilitated C$8.9 billion in mining-related business and supported more than 250 Canadian companies, highlighting its expanding role in Canada’s critical minerals strategy and appetite to take strategic risk in the sector.
EDC’s increasing involvement in critical minerals financing—alongside its established co-lending relationships with international export credit agencies and commercial lenders—could strengthen the Seymour Project’s prospects for a diversified and competitive funding package.