Giyani Metals has secured additional funding from South Africa’s IDC, extending its demonstration plant operations and delaying the K.Hill feasibility study in Botswana, Newsdesk reports
Giyani Metals Corp has secured additional funding from the Industrial Development Corporation of South Africa, extending operations at its demonstration plant and pushing back the timeline for its definitive feasibility study for the K.Hill Battery Grade Manganese Project in Botswana.
In a statement, the Toronto listed company said it had signed an addendum to its existing convertible loan facility with the IDC, increasing the total facility available to its subsidiary, Giyani Metals South Africa, by 29.9 million rand. The funds were drawn down earlier in March and have already been received.
The fresh financing has allowed Giyani to continue operating its demonstration plant in Johannesburg, where it is producing high purity manganese sulphate monohydrate, a key material used in electric vehicle and energy storage batteries. The additional operational period has provided further technical data, including insights into reagent consumption, crystallisation processes, and system efficiency at scale.
This data will now be incorporated into the company’s definitive feasibility study for the K.Hill project, which is expected to be completed in the second quarter of 2026, slightly later than previously planned.
Under the revised terms of the agreement, the total loan facility has been increased to more than 264 million rand, while the combined facility across IDC funding arrangements now stands at nearly 330 million rand. The deadline for completing the demonstration plant phase has also been extended to June 30, 2026, although the company said it does not plan to restart operations after the current phase concludes.
The agreement also grants the IDC additional security over certain project assets and provides the development finance institution with the option to nominate a director to Giyani’s board if its stake exceeds 10 percent following any conversion of the loan into equity, subject to regulatory approvals.
The addendum remains subject to final approval from the TSX Venture Exchange.
Giyani said it has also met a requirement to provide at least 40 million rand in funding to its subsidiaries to support completion of the feasibility study. Separately, discussions are ongoing with the IDC regarding a previously agreed plan for the company to raise an additional 38 million rand by September 2026 to support pre construction activities, with both the amount and timeline under review.
Interim Executive Chair Nigel Robinson said the continued operation of the demonstration plant has delivered valuable technical insights that will strengthen the feasibility study and support the next phase of the project.
He added that the company is now focused on finalising the study, securing offtake agreements, and advancing financing discussions as it moves closer to development.
The K.Hill project is central to Giyani’s strategy to become a leading supplier of low carbon, battery grade manganese for electric vehicles and energy storage systems. The company has developed a proprietary hydrometallurgical process aimed at producing high purity materials for use in battery cathodes.
The latest funding agreement highlights continued backing from the IDC, one of South Africa’s largest development finance institutions, as Giyani advances what could become one of Africa’s key projects in the global battery materials supply chain.
