Lomiko announces amendment to the Bourier lithium project and upcoming investor events
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Lomiko announces amendment to the Bourier lithium project and
upcoming investor events
Montreal, Quebec - January 25, 2024 - Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or
the “Company”) is pleased to announce that in connection with its previously announced amended
option agreement (the “Option Agreement”) with Critical Elements Lithium Corporation
(“CELC”) on the Bourier project (see news release dated January 25, 2022 for more details) and
the successful earn in of 49% announced on December 20, 2023, the parties have agreed to amend
the terms of the second option under the Option Agreement (the “Second Option”). The Bourier
project site is located near Nemaska Lithium and Critical Elements south-east of the Eeyou Istchee
James Bay territory in Quebec, which consists of 203 claims for a total ground position of
10,252.20 hectares (102.52 km2).
The amendment is as follows: CELC grants to Lomiko, until December 31, 2025, the exclusive
right and option to increase its undivided interest in and to the Bourier project from 49% to 70%
by making an additional cash payment to CELC in an amount of two hundred fifty thousand dollars
($250,000), by issuing to CELC an aggregate of two million five hundred thousand (2,500,000)
common shares of Lomiko (the “Cash and Shares Commitment”) , by incurring or funding
additional exploration expenditures for an amount of two million dollars ($2,000,000) (the
“Expenditures Commitment”) and by delivering a NI 43 -101 compliant resource on the Property
(the “Resource Estimate”) prepared by a qualified person independent of Lomiko and C ELC as
follows (noting that the financial commitments of Lomiko and Resource Estimate deliverable
under the original Option Agreement remain unchanged):
(a) no later than March 31st, 2024, completing the Cash and Shares Commitment;
(b) on or before December 31, 2025, incurring or funding the Expenditures Commitment; and
(c) on or before December 31, 2025, delivering the Resource Estimate.
Investor Events
February 1, 2024: Battery and Precious Metals Virtual Investor Conference
Belinda Labatte, CEO and Interim Chair of the Board, will present live at the Battery and Precious
Metals Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on February 1st,
2024 at 11am. Link: https://bit.ly/3O92vPo. Interested investors can meet with management
February 1, 2, 5 and 6. This will be a live, interactive online event and it is recommended that
online investors pre-register and run the online system check to expedite participation and receive
event updates. For more details: www.virtualinvestorconferences.com.
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March 3 to 6, 2024: PDAC, Toronto
Please visit us at the booth #2547 in the South Building, 800 Level
Belinda Labatte, CEO and Interim Chair of the Board, will present live at Québec: Unique Mining
Ecosystem on March 5, 2024
About Lomiko Metals Inc.
The Company holds mineral interests in its La Loutre graphite development in southern Quebec.
The La Loutre project site is within the Kitigan Zibi Anishinabeg (KZA) First Nation’s territory.
The KZA First Nation is part of the Algonquin Nation, and the KZA traditional territory is situated
within the Outaouais and Laurentides regions. Located 180 kilometers northwest of Montreal, the
property consists of one large, continuous block with 76 mineral claims totaling 4,528 hectares
(45.3 km2).
The Property is underlain by rocks from the Grenville Province of the Precambrian Canadian
Shield. The Grenville was formed under conditions that were very favorable for the development
of coarse -grained, flake -type graphite mineralization from organic -rich material during high-
temperature metamorphism.
Lomiko Metals published April 13, 2023 Updated Mineral Resource Estimate (MRE) which
estimated 64.7 million tonnes of Indicated Mineral Resources averaging 4.59% Cg per tonne for
3.0 million tonnes of graphite, a tonnage increase of 184%. Indicated Mineral Resources increased
by 41.5 million tonnes as a result of the 2022 drilling campaign, from 17.5 million tonnes in 2021
MRE, with additional Mineral resources reported down-dip and within marble units resulted in the
addition of 17.5 million tonnes of Inferred Mineral Resources averaging 3.51% Cg per tonne for
0.65 million tonnes of contained graphite; and the additional 13,107 metres of infill drilling in 79
holes completed in 2022 combined with the refinement of the deposit and structural models
contributed to the addition of most of the Inferred Mineral Resources to the Indicated Mineral
Resource category, relative to the 2021 Mineral Resource Estimate. The MRE assumes a
US$1,098.07 per tonne graphite price and a cut-off grade of 1.50% Cg (graphitic carbon).
On behalf of the Board,
Belinda Labatte
CEO and Director, Lomiko Metals Inc.
For more information on Lomiko Metals, review the website at www.lomiko.com
Contact Gordana Slepcev or Belinda Labatte at 1-833-456-6456 or 1-833-4-LOMIKO
or email: [email protected].
For media and community enquiries: communauté@lomiko.com
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Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable Canadian
securities legislation that is based on expectations, estimates, projections and interpretations as at the date
of this news release. The information in this news release about the Company; and any other information
herein that is not a historical fact may be "forward-looking information" (“FLI”). All statements, other than
statements of historical fact, are FLI and can be identified by the use of statements that include words such
as "anticipates", "plans", "continues", "estimates", "expects", "may", "will", "projects", "predicts",
“proposes”, "potential", "target", "implement", “scheduled”, "intends", "could", "might", "should",
"believe" and similar words or expressions. FLI in this new release includes, but is not limited to: the
Company’s objective to become a responsible supplier of critical minerals, exploration of the Company’s
projects, including expected costs of exploration, and timing to achieve certain milestones, including timing
for completion of exploration programs; the Company’s ability to successfully fund, or remain fully funded
for the implementation of its business strategy and for exploration of any of its projects (including from the
capital markets); any anticipated impacts of COVID-19 on the Company’s business objectives or projects,
the Company's financial position or operations, and the expected timing of announcements in this regard.
FLI involves known and unknown risks, assumption s, and other factors that may cause actual results or
performance to differ materially, and statements relating to the intended use of proceeds of the Offering
and the receipt of final acceptance of the TSX Venture Exchange. This FLI reflects the Company’s current
views about future events, and while considered reasonable by the Company at this time, are inherently
subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will
accurately reflect actual results. Assumptions upon which such FLI is based include, without limitation:
current market for critical minerals; current technological trends; the business relationship between the
Company and its business partners; ability to implement its business strategy and to fund, explore, advance
and develop each of its projects, including results therefrom and timing thereof; the ability to operate in a
safe and effective manner; uncertainties related to receiving and maintaining exploration, environmental
and other pe rmits or approvals in Quebec; any unforeseen impacts of COVID -19; impact of increasing
competition in the mineral exploration business, including the Company’s competitive position in the
industry; general economic conditions, including in relation to curr ency controls and interest rate
fluctuations.
The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement,
the “Forward -Looking Statements” section contained in the Company’s most recent management’s
discussion and analysis (MD&A), which is available o n SEDAR at www.sedar.com, and on the investor
presentation on its website. All FLI in this news release are made as of the date of this news release. There
can be no assurance that such statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not undertake to update or revise any such
forward-looking statements or forward- looking information contained herein to reflect new events or
circumstances, except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.