- Additional funding advances demonstration work and delays feasibility study timeline
GAZETTE REPORTER
Giyani Metals Corp, the developer of the K.Hill Battery-Grade Manganese Project in Kanye, Botswana, has entered into an addendum to its existing convertible loan facility agreements with the Industrial Development Corporation of South Africa increasing available funding and adjusting project timelines.
Loan Increase
The addendum provides for an increase of ZAR29.9 million to the loan facility extended to Giyani’s wholly owned subsidiary, Giyani Metals South Africa Proprietary Limited. The funds were drawn down on March 9, 2026, and received on March 12, 2026.
Following the amendment, the total loan facility amount has risen to ZAR264,275,000, while the maximum combined loan facility under IDC agreements now stands at ZAR329,900,000.
Plant Operations
According to the company, the additional funding enabled continued operation of its Demonstration Plant in Johannesburg, South Africa. This has resulted in the production of high purity manganese sulphate monohydrate (HPMSM), which is being prepared for analysis by potential offtakers.
“The continued operation of the Demonstration Plant has confirmed demonstration plant scale reagent consumptions and at a large scale, has contributed to our operating knowledge of the crystallizers and purge management,” the company said in a statement.
The company added that the data collected from these operations will be incorporated into its definitive feasibility study (DFS) for the K.Hill project.
Timeline Changes
As a result of the extended plant operations and additional data collection, the DFS is now expected to be completed during the second quarter of 2026. The Demonstration Plant Completion Deadline Date has also been extended to June 30, 2026, although the company indicated it does not intend to recommence plant operations.
Under the revised terms, Giyani has provided not less than ZAR40,000,000 in funding to its subsidiaries to support completion of the DFS. The addendum also grants additional security over certain project assets and information in favour of the IDC.
In addition, subject to applicable securities laws and stock exchange approvals, the IDC may nominate one director to the board of Giyani if it holds more than 10 percent of the company’s issued and outstanding common shares following any loan conversion.
The addendum remains subject to final acceptance from the TSX Venture Exchange.
Nigel Robinson, interim executive chair of the company, said the additional operational work had contributed to the revised timeline. “We would like to thank the IDC for being such a supportive partner of Giyani,” he said.
“We look forward to announcing these results to the market as soon as they become available which will enable Giyani to ramp up towards securing offtake agreements and advance project financing discussions,” he added.
The latest amendment follows an earlier addendum signed on September 1, 2025, which updated project development timelines and funding requirements. That agreement included a provision for the company to raise an additional ZAR38,000,000 by September 30, 2026, to support pre-construction activities. The company said this timeline and funding requirement are currently under discussion and may be revised after completion of the DFS.