Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) announced that Green Technology Metals, operator of the Seymour Lake Lithium Project in Ontario, received a letter of interest from Export Development Canada for up to C$100 million in potential financing to advance the project's development.

Electric Royalties holds a 1.5% net smelter royalty on the lithium project.

Australian-listed Green Technology Metals that the LOI complements interest from other global commercial lenders, laying the groundwork for a diversified financing structure expected to be finalized in 2025. A feasibility study for the Seymour Lake project is currently underway.

The LOI represents EDC's intent to support the project through a direct lending package, subject to due diligence and standard financing conditions, according to a statement from Electric Royalties.

"The letter of interest from Export Development Canada for up to C$100 million in financing support represents a meaningful step forward for Green Technology Metals' Seymour Lithium Project," said Brendan Yurik, CEO of Electric Royalties.

"This announcement could help accelerate the project's development, reinforcing its trajectory to become Ontario's first lithium producer and solidifying its role in Canada's critical minerals supply chain."

EDC, a Canadian government-owned financial corporation, specializes in financing Canadian exporters and has facilitated over 540 transactions across sectors including renewable energy, mining, and infrastructure.

The potential financing hinges on EDC's environmental and social due diligence under its Environmental and Social Risk Management Framework.