Green Technology Metals lands C$5.5m Canadian infrastructure funding for Seymour

Green Technology Metals secures C$5.47m in Canadian government infrastructure funding for its Seymour lithium project
Funds will be used to upgrade two roads and replace three single-lane bridges to increase truck capacity
This will support road traffic associated with the project along with forestry and critical mineral exploration activities

Special Report: Green Technology Metals is the beneficiary of Canada’s push to unlock its rich critical minerals bounty with the receipt of C$5.47m (A$5.9m) in government funding for its Seymour lithium project.

It has received conditional funding approval from Natural Resources Canada (NRCan) for the funds under the C$1.5bn Critical Minerals Infrastructure Fund (CMIF) for the Jackfish and Armstrong bypass road upgrade project.

This funding, which is subject to completion of due diligence and the execution of a written agreement with NRCan, will be used to upgrade the roads totalling 56km, and replace three single-lane bridges to support increased truck capacity for the Seymour lithium mine.

Importantly for Green Technology Metals (ASX:GT1), the road upgrades will make the roads safer and reduce traffic through the local town of Armstrong.

This will ensure efficiency and suitability for:

Increased road traffic associated with the Seymour Project
On-going forestry and critical mineral exploration activities; and
Continued and improved access for use of the land by Indigenous communities.

“I would like to take this opportunity to thank NRCan for the conditional approval and strong support of key infrastructure for the Seymour lithium project,” GT1 managing director Cameron Henry said.

“This road and bridge upgrade project is essential for advancing the mine’s development and will bring significant benefits to the local community, such as improving road safety and reducing traffic through town.

“Mining projects are always challenging to get off the ground, so we greatly appreciate the Federal Government’s support for this critical infrastructure.”

Critical minerals funding

Canada has been handing out funding to projects across Ontario under its CIMF program to seize the economic opportunity the low-carbon economy presents and to capitalise on its mineral resources.

The CMIF is aimed at addressing infrastructure gaps, enabling critical minerals production and connecting resources to markets by funding roads, power lines and clean electricity technology.

“The funding from the Critical Minerals Infrastructure Fund (CMIF) for clean energy and transportation projects is vital for enabling the sustainable development and expansion of Canada’s critical minerals sector,” Henry noted.

“The development of the Seymour project is a priority for Green Technology Metals, as it will play a key role in unlocking the full potential of the Canadian battery supply chain. We look forward to continuing to work with the NRCan team to complete the remaining due diligence and finalise the necessary agreements for this important project.”

Canadian Minister for Energy and Natural Resources Jonathan Wilkinson added that developments funded by the CMIF helped mines get built faster and were a key element in seizing the generational opportunity to position Canada as the reliable supplier of critical minerals for the world.

“These investments are needed to support critical minerals development in the region, improve community access and safety, and create good mining jobs in Ontario,” he said.

Seymour project

GT1 is currently working on a definitive feasibility study that will enable the Seymour project to reach a final investment decision early next year.

Work is also underway for permitting and approvals for the project, which has a resource of 10.1Mt at 1.03% Li2O.

Concentrate produced from Seymour will be transported ~320km via road to Thunder Bay where the company intends to construct its lithium conversion facility with EcoPro Innovation.

This facility will also be the recipient of Canadian government funding with substantial funding packages committed that could potentially cover up to 50% of the Capex.

This article was developed in collaboration with Green Technology Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.