Torngat Metals secures $165 million in financing from Export Development Canada and Canada Infrastructure Bank

MONTREAL, June 17, 2025 /CNW/ - Torngat Metals Ltd., a Quebec-based rare earth development company, is pleased to announce the signing of a CA$110 million bridge loan facility agreement with Export Development Canada ("EDC"), and a loan commitment of up to CA$55 million from the Canada Infrastructure Bank ("CIB"), to support the next phase of its Strange Lake project.

The Strange Lake project is unique due to its significant quantities of light and heavy rare earths, particularly dysprosium and terbium, which are essential to permanent magnets and low-carbon solutions. This CA$165 million of combined financing will enable Torngat Metals to carry out key pre-construction activities, including engineering and environmental studies, which are required to submit permit applications for project infrastructure in Quebec and Labrador.

"I would like to thank EDC and the CIB for their confidence in our vision and for recognizing the strategic importance of Torngat Metals' rare earth project, which aims to establish a responsible rare earth supply chain in Canada, essential to the global energy transition," said Yves Leduc, Chief Executive Officer of Torngat Metals. "This financing comes at a critical juncture, as the Chinese monopoly of heavy rare earths drives the global permanent magnet shortage. Our partnership with these two renowned Canadian institutions will help us achieve key project milestones towards unlocking the largest supply by far of dysprosium and terbium outside China."

"EDC is proud to be a financing partner to Torngat Metals as they advance the next phase of the Strange Lake mining project. It's a reflection of our commitment to supporting the development of Canadian rare earth minerals, a national strategic priority," says Alison Nankivell, EDC's President and CEO. "This early-stage bridge loan facility is a first for EDC and the financing will be used by Torngat Metals to undertake essential pre-construction work. We look forward to building on this partnership as part of our broader support to the Canadian mining and mining supply sector."

"We are proud to partner with Torngat Metals to advance the Strange Lake project – our first in the critical minerals sector," says Ehren Cory, CEO, Canada Infrastructure Bank. "Collaboration with the private sector to catalyze investment in rare earth mineral deposits and advance nationally significant projects will strengthen Canada's position in the global export markets."

Funds from both the EDC and CIB will be released in phases, aligned with specific project milestones that involve detailed engineering and environmental compliance. Additionally, Torngat Metals intends to launch a limited recourse project financing later in 2025, with the intention of completing the Project Financing before the end of next year.

Rothschild & Co acted as financial advisor to Torngat Metals, with Sullivan & Cromwell LLP and Stikeman Elliott LLP acted as legal counsel with respect to bridge financing. These advisors continue to advise Torngat on the Project Financing.

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. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.

About the Canada Infrastructure Bank
The Canada Infrastructure Bank (CIB) invests in revenue-generating infrastructure which benefits Canadians and attracts private capital. The CIB is a catalyst for private investment in projects that support economic growth. The CIB is working on investment opportunities, from coast to coast to coast, which reflect our priority sectors for investment – green infrastructure, clean power, public transit, trade and transportation and broadband infrastructure www.cib-bic.ca.

About Torngat Metals Ltd.
Torngat Metals is a private company based in Canada working to develop the Strange Lake Rare Earth Project to responsibly supply rare earth elements required for high-tech and low-carbon solutions. With development activities in Quebec, Newfoundland, and Labrador, the company aims to be a globally recognized supplier of light rare earths and a global leader in solving the heavy rare earth supply crisis for dysprosium and terbium. Leveraging robust partnerships with Indigenous peoples and local communities, new approaches to minimizing environmental impacts, and cutting-edge engineering, Torngat Metals looks forward to playing a pivotal role in the global transition to clean energy. Learn more at www.torngatmetals.com.

SOURCE Torngat Metals -Métaux Torngat

Media Contacts: Torngat Metals, 514-605-3416, [email protected]; Export Development Canada: 1-888-222-4065, [email protected]; Canada Infrastructure Bank, [email protected]