Lomiko Appoints New Management Team and Director and Initiates a New Vision and Strategy in Quebec
Lomiko Appoints New Management Team and Director and Initiates a New
Vision and Strategy in Quebec
MONTREAL--(BUSINESS WIRE)--October 26, 2021--Lomiko Metals Inc. (Lomiko) (TSX-
V: LMR, OTC: LMRMF, FSE: DH8C) ("Lomiko Metals” or “Lomiko" or the "Corporation”
or “The Company”) is pleased to announce a new leadership team and the appointment of an
independent director to the board effective October 25, 2021. With the appointment of Belinda
Labatte as Chief Executive Officer and Director, Vince Osbourne as Chief Financial Officer and
Gordana Slepcev as Chief Operating Officer, Lomiko is poised to develop its current critical
minerals projects in Quebec and pursue a new growth strategy for the acquisition and
development of new critical minerals assets to add to the Company’s portfolio. The Board of
Directors has determined it is in the best interests of all its stakeholders to appoint a dedicated
and committed new leadership team at this time which will establish the Company and it’s base
of operations in Quebec. Lomiko is setting the stage to become a leader and responsible supplier
of critical minerals in the North American market. The new leadership will continue to develop
the Company’s high potential La Loutre graphite project into the Pre-Feasibility Stage (“PFS”)
stage with the view of taking it into full production, along with plans for the advancement of its
lithium exploration project, Bourier located near Nemaska Lithium and Critical Elements south-
east of the Eeyou Istchee James Bay territory in Quebec.
Belinda Labatte replaces A. Paul Gill, who will remain Executive Chair of the Board; she also
joins as Director of Board. Mr. Gill will continue to be involved in advancing the current
portfolio of assets with additional new directors to be appointed at the annual general meeting of
shareholders. He will also continue to oversee the final stages of completing the ECOLOGO
third party certification process, which reinforces Lomiko’s commitment to ethical practices as
endorsed by the Quebec Mineral Exploration Association (QMEA). Vince Osbourne replaces
Jacqueline Michael as Chief Financial Officer and Director, who will resign her position as CFO
and Director and continue in the role of Controller for Lomiko, reporting to Vince Osbourne.
Also resigning as director is Mike Petrina who will remain with Lomiko in an operational
capacity, as Project Manager for the La Loutre project.
“I am proud to welcome our new management team and new directors to Lomiko,” said Paul
Gill, Executive Chair of the Board. “The opportunity to build a new company with a wider scope
and long-term vision is now. Lomiko is in a perfect position to benefit shareholders and
contribute to developing new businesses in Quebec that will create jobs and prosperity while
being committed to environmental and community stewardship. Our team is dedicated to
meeting these challenges and to working to build a better future for all Canadians."
In addition, Eric Levy is appointed as independent director. Mr. Levy is senior partner at the law
firm of Osler, Hoskin & Harcourt LLP and is recognized as a leading Canadian lawyer in
corporate M&A transactions and securities law. Mr. Levy will lead the board renewal process
with Mr. Paul Gill to ensure a highly diverse board that shares in the vision of building a new
energy company.
Ms. Labatte, Mr. Osbourne, and Ms. Slepcev are highly regarded professionals in their field and
represent a team of leaders committing to a new vision and new strategy for the Company
starting in Quebec where community engagement is a priority. Critical minerals of interest
include graphite, lithium, REE, PGMs and others that are deemed essential and under-supplied
for our new energy and technology future. Lomiko is looking to play a significant role in
Canada’s decarbonization path and the need to secure the entire North American electric vehicle
supply chain with critical minerals and processing technology, which will enable 2º Celsius
reduction in Greenhouse Gas Emissions (GHG) emission by 2040 and net-zero by 2050.
Belinda Labatte, Chief Executive Officer, said: “I thank Paul Gill, his team and the Board of
Directors for the opportunity to build Lomiko into a high growth, dynamic and modern critical
minerals company with an experienced, energetic and motivated team. We start with an excellent
platform that Mr. Gill and his team have built as we move forward with our plans for a people-
first approach to the development of critical minerals. We are taking steps to increase value and
de-risk of the La Loutre graphite project and evolving from a high potential Preliminary
Economic Assessment (“PEA”) project to an expanded project in the PFS stage. Our plans for La
Loutre include a carbon-neutral mine plan, enhanced drilling in high potential zones, and a
metallurgical testing program, among other priorities. We also plan to follow up on a very
encouraging geophysical survey program at our lithium exploration project, Bourier, in Quebec,
that was conducted mid-2021. We will begin to drill test the anomalies as part of a renewed
exploration focus at Bourier.”
Ms. Labatte continued, “We are also actively reviewing other opportunities for portfolio growth
in Quebec and North America where community engagement will be a priority. Our shared
values of respect, personal performance, integrity and ingenuity are at the forefront. Our team
has extensive experience in growing businesses large and small, in mine construction and
operations, and a deep understanding and respect for long-term relationship building and
entrepreneurial support needed in the communities where we operate. We are excited to build the
profile of the critical minerals supply chain in Canada, share knowledge and be a part of the new
energy transition employment opportunities ahead by applying action oriented Environment,
Social and Governance (“ESG”) practices in all areas of the business.”
Profile of new leadership team
Incoming CEO Belinda Labatte, CFA, MBA, ICD.D, has more than 15 years of senior
management experience in mining and the extractive industry, and 20 years of capital markets
experience, including a decade of strategic development, capital markets investment banking
experience, stakeholder engagement, and asset acquisition and disposition processes. Her most
recent position was Chief Development Officer of Mandalay Resources Corp. Prior to that, Ms.
Labatte was the founder and President of her own Company, The Capital Lab Inc., a leading
Toronto-based consulting firm. Ms. Labatte is fluent in French, Spanish and German and
graduated from the Rotman School of Management with an MBA. She holds the ICD.D
designation and is CFA charterholder.
Incoming COO Gordana Slepcev, M.Sc.P. Eng, is a Professional Mining Engineer with more
than 25 years of global mining experience in developing, building and leading safe mining
operations. Ms. Slepcev’s extensive experience spans multiple commodities, including gold, base
metals, coal and industrial minerals. She brings considerable experience in mineral exploration,
permitting, corporate and regulatory/First Nations/ Indigenous relations, and project financing to
Lomiko. Before joining the Company, Ms. Slepcev held the position of COO for BMSI, a
privately held company, where she was responsible for restarting the barite reprocessing facility,
mitigating historical environmental impacts and overseeing EPCM contractors. She also
formerly held the role of COO of Anaconda Mining, where she was responsible for the
company’s operations and development of the Goldboro project. Ms. Slepcev graduated from the
University of Belgrade with a M.Sc.
Incoming CFO Vince Osbourne, CMA, CBV, is a senior finance and valuation professional with
over 19 years of experience in all areas of financial management and business partnering within
the retail industry. In his former position, he held the role of Real Estate finance business partner
for Sobeys, contributing to significant value creation through the Real Estate portfolio and
strategic partnerships. Vince Osbourne graduated from York University with a BA in
Economics.
Independent director Eric Levy has over 20 years of experience advising on complex issues
concerning securities and governance matters. He is Head of Osler’s Montreal Corporate Group
and also serves on the Osler, Hoskin & Harcourt Partnership Board.
In addition, Lomiko is forming an advisory board to management to assist with the growth of the
company. Normand Champigny, CEO and Director of Quebec Precious Metals Corporation has
been appointed to this group.
The Company will grant 3,850,000 stock options to the newly appointed leadership team and
independent director. These stock options have an exercise price of $0.12 per share, are
exercisable over five years, and are subject to vesting requirements. Incoming CEO Belinda
Labatte receives 1,400,000 stock options; 800,000 stock options for incoming COO Gordana
Slepcev and 800,000 stock options for incoming CFO Vince Osbourne. Newly appointed
independent director Eric Levy will receive 500,000 stock options and newly appointed advisor
Normand Champigny will receive 350,000 stock options. Stock options have been granted in
accordance with the Company’s current stock option plan.
About Lomiko Metals Inc.
Lomiko Metals holds a 100% interest in its La Loutre graphite development in southern Quebec.
Located 180 kilometres northwest of Montreal, the property consists of 1 large, continuous block
with 42 minerals claims totaling 2,509 hectares (25.1km2). Lomiko published a Preliminary
Economic Assessment (“PEA”) on September 10, 2021 which indicated the project had a 15 year
mine life, US$406/tonne cost, average graphite mill head grade of 7.44% Cg for the first eight
years; Life of Mine (LOM) average graphite mill head grade of 6.67% Cg, average LOM
recovery of 93.5% Cg, measured and indicated resource at the base case cut-off grade of 1.5%
Cg of 23,165 kt at a 4.51% Cg grade for 1.04 Mt of graphite, inferred resource at the base case
cut-off grade of 1.5% Cg of 46,821 kt at a 4.01% Cg grade for 1.89Mt of graphite. This report
was prepared as National Instrument 43-101 Technical Report for Lomiko Metals Inc. by
Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical
Services, and Metpro Management Inc., collectively the Report Authors.
The company also has an interest in the Bourier project which consists of 203 claims, for a total
ground 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.
Mr. Mike Petrina, Project Manager, a Qualified Person under National Instrument 43-101 –
Standards of Disclosure for Mineral Projects, has reviewed and approved the technical
disclosure in this news release.
For more information on Lomiko Metals, review the website at www.lomiko.com, contact
Belinda Labatte at 647-402-8379 or email: [email protected].
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
Corporation; 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 Corporation’s
objective to become a responsible supplier of critical minerals, exploration of the Corporation’s
projects, including expected costs of exploration and timing to achieve certain milestones,
including timing for completion of exploration programs; the Corporation’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 Corporation’s business objectives or projects, the Corporation's financial
position or operations, and the expected timing of announcements in this regard. FLI involves
known and unknown risks, assumptions and other factors that may cause actual results or
performance to differ materially. This FLI reflects the Corporation’s current views about future
events, and while considered reasonable by the Corporation 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 Corporation 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 permits or approvals
in Quebec; any unforeseen impacts of COVID-19; impact of increasing competition in the
mineral exploration business, including the Corporation’s competitive position in the industry;
general economic conditions, including in relation to currency controls and interest rate
fluctuations;
The Corporation’s actual results, programs and financial position could differ materially from
those anticipated in such FLI as a result of numerous factors, risks and uncertainties, many of
which are beyond the Corporation’s control. These include, but are not limited to: the market for
critical minerals; the evolution of supply and demand for critical minerals; the Corporation’s
projects may not be explored or developed as planned; uncertainty relating to possible cost-
overruns in implementing its business strategy and developing its projects; market prices
affecting development of the projects; the availability and ability to secure adequate financing
and on favourable terms; inability to obtain required governmental permits; any limitations on
operations imposed by governments in the jurisdictions where we operate; technology risk;
inability to achieve and manage expected growth; political risk associated with foreign
operations; changes in government regulations, including currency controls; changes in
environmental requirements; failure to obtain or maintain necessary licenses, permits or
approvals; risks associated with COVID-19; insurance risk; litigation risk; receipt and security of
mineral property titles and mineral tenure risk; changes in project parameters; uncertainties
associated with estimating mineral resources and mineral reserves in the future, including
uncertainties regarding assumptions underlying such estimates; whether mineral resources (if
any) will ever be converted into mineral reserves; opposition to exploration and/or development
of the projects; surface access risk; geological, technical, drilling or processing problems; health
and safety risks; unanticipated results; unpredictable weather; unanticipated delays; reduction in
demand for minerals; intellectual property risks; dependency on key personnel; workforce and
equipment availability; currency and interest rate fluctuations; and volatility in general market
and industry conditions.
Although the Corporation has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking information, there may be
other factors that cause results not to be as anticipated, estimated or intended. 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 Corporation 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 secruties 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.
On Behalf of the Board,
“Belinda Labatte”
Chief Executive Officer and Director
Contacts
Belinda Labatte
647-402-8379