The province held a splashy media event on Tuesday morning to announce a light-rail line for Mississauga and Brampton. And as the pot dwindles, no announcements are planned for Hamilton.

But Mayor Fred Eisenberger says he's not giving up hope yet.

Hamilton has long wanted LRT, asking the province for the full capital costs of a 13-kilometre line from McMaster University to Eastgate Square. Those costs were estimated at about $1 billion in 2014.

But on Tuesday, the province announced $1.6 billion for a Hurontario LRT line running 23 kilometres between the Port Credit and Brampton GO stations. Construction crews are already building an LRT line in Kitchener-Waterloo.

Eisenberger estimates that Tuesday's announcement leaves about $1.4 billion in the rapid transit pot, and he's not giving up.

"I don't begrudge that," he said of the Hurontario announcement.

It means we're probably not going to get the money in this round of funding, and this round of funding is the only round of funding we have. - Ryan McGreal, LRT advocate

"I'm not worried, but I remain hopeful that Hamilton is in line for a visionary transit impact."

Ryan McGreal, a Hamilton LRT advocate and editor of Raise the Hammer, is less hopeful. At this point, he said, LRT in Hamilton is "a long shot."

The province's recent $15-billion investment into transit in the Greater Toronto-Hamilton Area (GTHA) is a rare opportunity. It won't happen again for at least 10 years, he said. And there's not much money left.

"It means we're probably not going to get the money in this round of funding," he said. "And this round of funding is the only round of funding we have."

McGreal blames it on a lack of political will in Hamilton. While city council unanimously voted for a plan that advocates for LRT, several councillors have had doubts.

Contrast is 'obvious and painful'

If the provincial budget Thursday doesn't include LRT for Hamilton, McGreal said, city council has blown the chance.

He read about Tuesday's Hurontario LRT announcement with a heavy heart.

I haven't heard anything today, so that keeps us on edge, but I'm still cautiously optimistic. - Mayor Fred Eisenberger

"My thought was 'This is what it looks like when municipalities advocate successfully for provincial investment,' and then the contrast with Hamilton was obvious and painful."

Eisenberger has a lighter take. He met with Premier Kathleen Wynne earlier this year and says the premier pledged full capital funding for LRT. When Wynne met with the media afterward, she said "rapid transit" and not LRT.

Eisenberger still hopes to see LRT for Hamilton in Thursday's provincial budget. He met with Wynne on Monday, he said, as part of a new large urban mayors caucus. They discussed transit and affordable housing, but not a specific LRT commitment for Hamilton.

"I haven't heard anything today, so that keeps us on edge, but I'm still cautiously optimistic," he said.

'Remains to be seen'

As for whether another city has gotten money that could have gone to Hamilton, "we've been wondering that for quite some time," he said.

"It remains to be seen."

The province's commitment to rapid transit in Hamilton isn't going anywhere, said Transportation Minister Steven Del Duca in a statement to CBC Hamilton, although he didn't specify if he meant LRT.

"Our commitment to full capital funding for rapid transit in Hamilton is steadfast and unwavering, and in the coming weeks, I look forward to being in a position to share more details about how our plan will help build all of Ontario — including Hamilton — up," he said.

City council has had a handful of contentious LRT-related votes this year. In January, councillors narrowly voted to get rid of a two-kilometre transit lane through Hamilton's downtown, a project considered to be a precursor to LRT.

Then they narrowly voted to include another $300 million in their transit ask, but for non-LRT investments, including $200 million for a maintenance facility on Hamilton Mountain.

They also voted to strike a citizens panel — one of Eisenberger's election promises — to look at LRT, as well as whether transit should be area rated.

samantha.craggs@cbc.ca | @SamCraggsCBC