Canada Nickel announces support from Export Development Canada

Canada Nickel Company Inc. has announced receipt of a Letter of Interest (“LOI”) from Export Development Canada (“EDC”), signed on August 30, 2024, stating its interest in providing long term debt financing of up to US$500 million of project debt, as Mandated Lead Arranger, for development of the Crawford Nickel Sulphide Project in Timmins, Ontario. EDC could consider a debt tenor of up to eighteen years, subject to certain conditions. EDC’s participation in the Project financing is subject to the successful completion of its rigorous due diligence process.

Mark Selby, CEO of Canada Nickel, said, “We are very pleased with the LOI as it marks an important milestone towards securing a full financing package for Crawford. We look forward to working closely with EDC to complete the due diligence and negotiation process to secure this funding. The LOI, along with the refundable critical minerals and carbon capture & storage tax credits in excess of US$600 million that the Company expects to qualify for the initial phase of Crawford’s development, demonstrates the significant commitment of the federal government to support this critical project as a high priority. Additionally, we continue to make good progress with our financial advisors Deutsche Bank, Scotiabank and Cutfield Freeman to secure the remaining project funding required to begin construction when permits are received, which we expect to be by mid 2025.”

About EDC

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.

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