GT1 Advances Seymour Lithium Project as Prices Surge and Financing Support Extends

• Seymour DFS redesign cuts footprint by 45%, lowers capital costs
• Spodumene prices surpass US$2,200 per tonne, market recovery underway
• EDC extends C$100 million financing Letter of Interest through 2026
• Mine Closure Plan nearing completion, essential for permitting and FID
• Cash on hand tight at A$509k, capital raise underway

Seymour Project Realigns with Market Upswing

Green Technology Metals (ASX:GT1) is positioning its Seymour Lithium Project to capitalize on the lithium market's resurgence, as spodumene concentrate prices broke above US$2,200 per tonne in March 2026 for the first time since late 2023. This price recovery aligns closely with GT1's revised development timeline, potentially enabling the company to become Ontario's first lithium producer at a more favourable point in the cycle.

The company has been refining its project design during the Definitive Feasibility Study (DFS), led by Altris Engineering, which has delivered a 45% reduction in the project footprint to approximately 388 hectares. This was achieved through an optimised water management strategy that eliminated the need for the South Dam and incorporated hybrid underground mining operations, all informed by constructive Indigenous consultation. These changes have materially lowered capital costs and improved the environmental and permitting profile, though they have required some re-sequencing of technical and regulatory workstreams.

GT1's focus on critical workstreams during the quarter included advancing the Mine Closure Plan, a mandatory regulatory prerequisite for permitting approvals in Ontario. The plan integrates the revised project footprint and updated site layout developed in collaboration with government authorities and Indigenous groups. Its imminent submission will clear a major hurdle toward the Final Investment Decision (FID), a key milestone for GT1's progression.

Financing Support Extended Amid Tight Cash Position

Export Development Canada (EDC) has extended its Letter of Interest for potential financing support of up to C$100 million for Seymour through to December 2026. This extension underscores EDC's ongoing commitment while allowing additional time for due diligence and internal approvals. EDC's involvement enhances Seymour's attractiveness to other export credit agencies and commercial lenders, facilitating a diversified financing structure.

Despite this, GT1's cash reserves remain constrained, with just A$509,000 on hand at quarter-end. Operating and exploration expenditures continue to be tightly managed, with a capital raising underway to bolster funding. The company has taken steps to significantly reduce costs and is actively pursuing financing pathways to support advancement toward FID.

Indigenous Partnerships and Government Backing

GT1 continues to engage closely with Indigenous partners, whose collaboration remains fundamental to the project's progress. Discussions on the Impact Benefit Agreement, which will formalise economic participation and benefits-sharing with local communities, are expected to commence in the second half of 2026 following DFS completion.

Government support remains robust, with federal and Ontario provincial initiatives accelerating critical minerals projects. GT1 has secured conditional approval for up to C$5.47 million under the Critical Minerals Infrastructure Fund for road upgrades supporting Seymour mine traffic, improving safety and access for Indigenous communities. Additional funding applications under CMIF Round 2 and Ontario's Critical Minerals Processing Fund are pending.

Broader Market Dynamics and Project Outlook

The lithium market is entering what UBS describes as its third major price supercycle, with forecasts of spodumene prices rising to US$3,131 per tonne in 2026 and lithium carbonate to US$26,000 per tonne. Global lithium demand is projected to double by 2030, driven not only by electric vehicles but increasingly by battery energy storage systems, which UBS expects to account for 42% of total lithium demand by 2035.

GT1’s Seymour project timeline is synchronised with this market upswing, supported by strategic offtake agreements with LG Energy Solution and government financing pathways. The company is advancing the DFS and permitting processes to position for FID and construction as market conditions strengthen. This progress builds on recent developments including the $4.5 million capital raise and the extended C$100 million financing interest from EDC.

Bottom Line?

GT1's Seymour Project is advancing amid a strengthening lithium market and extended financing support, but tight cash reserves and pending approvals mean execution risks remain front of mind.

Questions in the middle?

• Will GT1 secure the necessary financing to reach FID within 2026?
• How will ongoing Indigenous negotiations shape the project's social licence?
• Can the company maintain cost discipline while accelerating development milestones?