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Giyani secures non-binding $225M EXIM LOI for K.Hill development

Giyani Metals Corp has received a non-binding Letter of Interest (LOI) from the U.S. Export-Import Bank (EXIM) for up to US$225 million in debt financing to support construction of its K.Hill Battery-Grade Manganese Project in Botswana.

The LOI, dated June 6, 2025, follows months of constructive engagement between Giyani and EXIM. It outlines the possibility of long-term debt financing with repayment terms of up to 15 years to support the construction of the K.Hill Battery-Grade Manganese Project.

The potential funding from EXIM falls under the Supply Chain Resilience Initiative (SCRI), a strategic programme launched in January 2025 by EXIM to enhance US economic security by reducing dependence on critical mineral supply chains controlled by the People’s Republic of China. SCRI aims to strengthen US manufacturing sectors such as semiconductors, batteries, and electric vehicles by ensuring a stable and diversified supply of critical minerals.

Charles FitzRoy, President and 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.

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“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,” said FitzRoy.

“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 maximise value for shareholders by securing more attractive annual repayments for project financing.”

Next steps:

While the LOI is non-binding and does not represent a finalised financing agreement, it marks an important step in the formal funding process. Final approval is contingent upon a number of conditions, including:

• Completion of a Definitive Feasibility Study (DFS), currently underway and expected by Q1 2026
• Successful due diligence and negotiation of final terms
• Execution of legally binding documentation
• Securing offtake agreements with U.S.-based companies, a core element of Giyani’s commercial strategy