What have been the key highlights and developments for Green Technology Metals in 2024?

It has been a challenging year, especially with lithium prices dropping, but we have managed to advance key projects, notably Seymour. We have made significant progress in permitting and studies for Seymour, and a major highlight was securing a framework agreement and strategic investment with EcoPro, a large Korean battery materials company. This partnership is crucial to developing an integrated supply chain for lithium chemicals in Ontario. We have also advanced drilling and resource expansion at our Seymour and Root projects and will soon begin drilling at the Junior lithium project.

What is your strategy for raising funds amid the challenging financing environment for lithium developers?

Financing has been tough with lithium prices down, but we have crafted a strategy to minimize risk. Seymour is our first project, and the goal is to get it into production efficiently with a low-cost approach. We are engaging with government export credit agencies and infrastructure banks, particularly in Korea, and we see strong interest in critical minerals projects. Our partnership with EcoPro gives them the right to purchase up to 35% of Seymour and Root, providing a cornerstone for funding. We are also working on a PFS for a lithium Conversion facility, with a potential JV with EcoPro, sharing a 60/40 split in their favor. These efforts are supported by discussions on syndicated debt with government agencies and commercial banks.

Has Canada’s restrictive stance on foreign investments, particularly from China, impacted your financing efforts?

Canada’s restrictive stance on Chinese financing has made things easier for us. Canada has been actively strengthening relationships with South Korea and Japan, particularly in critical minerals and infrastructure development. 

Has the Canadian government’s support of critical minerals continued into 2024?

The momentum from both federal and provincial governments is still very strong. We recently secured nearly C$6 million in conditional funding from Ontario’s Critical Minerals Infrastructure Fund (CMIF) to upgrade infrastructure for the Seymour project. We have been in close contact with agencies like Natural Resources Canada and the Strategic Innovation Fund, which are eager to support upstream development. While much of the initial funding has gone toward midstream and EV manufacturing, we are seeing a shift in focus to mining production, especially in northwestern Ontario, which holds incredible mineral potential. 

What impact will China's dominance in EV manufacturing have on the global lithium market, particularly for emerging producers in Canada?

As Chinese companies capture more market share, Western automakers in Korea, Japan, and the U.S. are increasingly concerned. To counter this trend, I anticipate greater support for North American supply chains. For example, Ontario is investing over C$40 billion in midstream and downstream EV development, but sourcing lithium hydroxide locally remains a challenge, as it is still imported from China and other regions. 

Do you foresee challenges in supplying the future lithium conversion plant in Thunder Bay?

I do not view feeding the conversion plant in Thunder Bay as a challenge. However, building and operating chemical facilities is complex, necessitating a highly experienced team and robust financial support; without these elements, many projects may fail to materialize. If we engage the right partners—particularly those with the required expertise—I believe the Thunder Bay facility will have sufficient feedstock. 

Can you discuss the significance of scaling chemical facilities and EcoPro's role in this process?

Scaling chemical facilities effectively is essential, requiring discipline to start with manageable capacities before expanding. Some companies in Western Australia have rushed into large-scale capacities, which has led to challenges. At GT1, we are considering a staged development approach for our projects, and EcoPro is an excellent partner in this regard. They have multiple chemical trains and facilities successfully operating in Korea, having scaled at a steady and appropriate pace. EcoPro's expertise is invaluable; they are among the few integrated battery chemical suppliers of their size globally, handling everything from lithium hydroxide production to battery recycling and wastewater treatment. 

What are your goals for 2025?

Green Technology Metals is focusing on expanding mineral resources at the Eastern and Western Hubs, with significant growth expected over the next year. We are also working on securing funding from export credit agencies and government bodies to prepare to read a positive FID by mid-2025.