Lomiko Announces Update on La Loutre Natural Flake Graphite Studies
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Lomiko Announces Update on La Loutre Natural Flake Graphite Studies
Montreal, Quebec – February 26, 2025 - Lomiko Metals Inc. (TSX-V: LMR) (“Lomiko” or the
“Company”) is pleased to announce an update on the feasibility studies at the La Loutre natural
flake graphite project in Quebec, Canada . In May 2024, Lomiko Metals was awarded US$8.35
million in Defense Production Act Title III funding from the United States of America’s Department
of Defense (“DoD”) via a Technology Investme nt Agreement (“TIA”) and funding of CA$4.9m
from Natural Resources Canada (NRCan) to support further studies and anode material piloting at
La Loutre. The Company has activated the DoD funding and the NRCan funding contribution. The
Company is pleased to report that funds from its la st financings in 2023 were applied to the early
works on the Phase 1&2 studies, including flow -through funding. In addition, Lomiko has been
granted permission by the DoD to transfer the pr eviously awarded funding from Phase 2 works to
Phase 1, which provides further funding for the Pre-Feasibility Studies and enables the Company to
make more efficient use of capital by applying flow-through funding to the early stages of Phase 2
works. With this transfer of funding, there is a redistribution of the cost-sharing, where Lomiko
covers the entire costs of meta llurgical studies (Phase 2), and the DoD covers the cost of the
engineering studies for the Pre- Feasibility study in Phase 1 while still maintaining 50-50 cost
allocations.
Gordana Slepcev, CEO, President and Director, stated: “We are pleased to advance Phases 1&2 of
the pre-feasibility studies and metallurgical testing with anode piloting. This is a unique
demonstration of a partnership that will benefit Quebec and Canada as we further develop the local
critical minerals supply chain. Many contractors and consultants participate in these pre-feasibility
studies, and we are pleased to be working with local contractors in the Laurentides area, as well as
Quebec groups such as P3 Solutions, Corem, SGS, SoftDb and others for the works currently in
progress.”
The Company provides the following updates:
Phase 1: Pre-Feasibility Study (“PFS”) and Baseline Data Collection
Lomiko is in the planning stages of initiating the engineering studies to complete the PFS in 2025,
subject to access to capital and permitting timelines. The PFS studi es to be completed include
geotechnical drilling, engineering and power studies, and decarboni zation studies fo r a Net Zero
project. Community engagement is consider ed throughout the study phases. The Company has
already accomplished approximately 50% of the f easibility studies to date, including an updated
Mineral Resource Estimate in May 2023, which is available on our website at www.lomiko.com.
The Company has also completed PFS-level metallurgical testing and battery studies. The Company
also intends to complete a Preliminary Economic Assessment of downstrea m material processing
for downstream anode material.
Phase 2: Metallurgical studies, battery and bulk testing
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Regarding the bulk sample, Lomiko submitted its application for approval to extract a 200-250mt
bulk sample from the EV Zone in December 2024. It also submitted the required documentation for
ATI-impact-causing work in late January 2025, as required in Quebec. Pending the permit issuance
by the Quebec government, Lomiko aims to start th e work on the bulk sample excavation in the
second half of March/April, with the work taki ng approximately 3 to 4 weeks on site. Lomiko is
following all requirements of the Quebec govern ment and ECOLOGO best practices for the
management of the drilling campa ign, including noise management and community consultations.
The activities for the bulk sample are effectively quarry operations , as the bulk sample will be
processed offsite.
Lomiko is pleased to be creating jobs, working w ith Quebec contractors and operators on all the
bulk sample work and the metallurgical work.
In terms of the Canadian Critical Mineral Re search, Development and Demonstration Program,
administered by NRCan to pilot the integrated gr aphite upgrading proce ss for coated spherical
purified graphite (cSPG) anode grade product, Lomi ko has a 3-year agreemen t for a tota l cost of
CA$6.6m. NRCan will contribute up to $4.9m in funding, and Lomiko will contribute the remaining
$1.7m amount. The Company has already activated this contribution with submissions of spending
by Lomiko and will be progressing to the first stag e of work later in 2025 after completion of the
bulk sample work, which consists of crushing, grinding and flotation of La Loutre graphite.
The Company is also progressing the CRITM gran t, “Le Consortium de recherche et d'innovation
en transformation métallique (“CRITM”) which completes in 2025, for lab testing on a 1,100kg
sample. Final results are expected in April 2025, which will further enhance our knowledge of La
Loutre graphite's rock-to-battery capability.
Corporate Update
Management will present or pa rticipate at the following conf erences and continue to lead
discussions and community meetings regarding the development of graphite in Quebec, Canada, to
meet the long-term demand for this critical mineral.
- February 27&28 th, 2025, Red Cloud Financials, Toronto – 2025 Pre PDAC Mining
Showcase President, CEO and Director Gordana Slepcev will provide the Corporate update
on February 28th at 9.40 am.
- PDAC: March 2-5th, 2025, Toronto, Metro Convention Center.
o President, CEO and Director Gordana Sl epcev will present on Tuesday, March 4,
2025, at 10.50 am during the session on Electric Materials 1 at Room 801B, Toronto
Convention Center.
o Chair of the Board Belinda Labatte will present on Wednesday, March 5 th, 2025 at
10.00 am in Room 715.
About Lomiko Metals Inc.
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The Company holds mineral interest s in its La Loutre graphite de velopment in southern Quebec.
The La Loutre project site is within the Kitiga n 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. Lo cated 180 kilometers nort hwest of Montreal, the
property consists of one large, continuous bloc k with 76 mineral claims totalling 4,528 hectares
(45.3 km2).
The La Loutre 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 gra phite mineralization from organic-rich material
during high-temperature metamorphism.
Lomiko published an updated Mineral Resource Estimate (“MRE”) in a NI 43-101 Technical Report
and Mineral Resource Estimate Update for the La Loutre Project, Quebec, Canada, prepared by
InnovExplo on May 11th, 2023, which estimated 64.7 million tonnes of In dicated 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 to nnes of Inferred Mineral
Resources averaging 3.51% Cg pe r tonne for 0.65 million tonnes of contained graphite; and the
additional 13,107 metres of infill drilling in 79 holes co mpleted in 2022 comb ined with the
refinement of the deposit and struct ural models contributed to the a ddition of most of the Inferred
Mineral Resources to the Indi cated 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).
In addition to La Loutre, Lomiko has earned-in its 49% stake in the Bourier Project from Critical
Elements Lithium Corporation as per the option agreement announced on April 27th, 2021. The
Bourier project site is located near Nemaska Lithium and Critical Elements south-east of the Eeyou
Istchee James Bay territory in Quebec, which consis ts of 203 claims for a total gr ound position of
10,252.20 hectares (102.52 km2), in Canada’s lithium triangle near the James Bay region of Quebec
that has historically housed lithium deposits and mineralization trends.
The company also holds interest in seven early stage projects in southern Quebec including
Ruisseau, Tremblant, Meloche, Boyd, Dieppe, North Low and Carmin covering 328 claims in total
on 7 early-stage projects covering 18,622 hectares in the Laurentian region of Quebec and within
KZA territory.
On behalf of the Board,
Gordana Slepcev
CEO & President and Director, Lomiko Metals Inc.
For more information on Lomiko Metals, review the website at www.lomiko.com.
Contact us at 1-833-4-LOMIKO or e-mail: [email protected]
Cautionary Note Regarding Forward-Looking Information
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This news release contains “forward-looking info rmation” within the mean ing of the applicable
Canadian securities legislation that is base d on expectations, estim ates, projections and
interpretations as at the date of this news releas e. 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 st atements 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”, “w ill”, “projects”, “predicts”, “p roposes”, “potential”, “target”,
“implement”, “scheduled”, “intends”, “could”, “might”, “should”, “believe” and similar words or
expressions. FLI in this new releas e includes, but is not limited to: expected timing of completion
of the closing conditions in connection with the acquisition and closing of the acquisition, expected
costs of exploration and timing to achieve certain milestones, 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).
FLI involves known and unknown risks, assumptions and other factors that may cause actual results
or performance to differ materially. This FLI re flects the Company’s curr ent views about future
events, and while considered reasonable by the Co mpany at this time, are inherently subject to
significant uncertainties and contingencies. Accord ingly, there can be no certainty that they will
accurately reflect actual results. Assumptions u pon which such FLI is based include, without
limitation: the ability of the Co mpany to meet the closing cond itions of the ac quisition, including
regulatory approval, and complete the transaction within the anticipated timing; ability to implement
its business strategy and to fund, explore, advance and develop each of its projects, including results
therefrom and timing thereof; uncertainties rela ted to receiving and maintaining exploration,
environmental and other permits or approvals in Quebec; 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 currency controls and interest rate fluctuations.
The FLI contained in this news release are expressl y qualified in their enti rety by this cautionary
statement, the “Forward-Looking Statements” section contained in the Company’s most recent
management’s discussion and analysis (M D&A), which is available on SEDAR+ at
www.sedarplus.ca, 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 fr om those anticipated in
such statements. Accordingly, readers should not place undue relian ce 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. No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.