LMR.V · 2026-03-24 12:00:00

Lomiko Metals Inc. Delivers PosiƟve Preliminary Feasibility Study For La Loutre Graphite Project

Economic Studies

Lomiko Metals Inc. Delivers PosiƟve Preliminary Feasibility Study For

La Loutre Graphite Project

MONTREAL (March 24th, 2026) Lomiko Metals Inc. (Lomiko) (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) (“Lomiko" or “The

Company”) is pleased to announce posiƟve results from the Preliminary Feasibility Study (“PFS”) on its 100%-owned La Loutre

Project in south-eastern Quebec. The PFS was completed by DRA Global (“DRA”) in accordance with NaƟonal Instrument 43-101

(“NI 43-101”).

Lomiko Metals Inc. has delivered a PosiƟve Preliminary Feasibility Study for La Loutre Graphite Project with a pre-tax NPV of

CAD$797.5M with 30.3% IRR; aŌer-tax NPV of CAD$617.4M with 24.7% IRR at US$1,524/t Cg.

The project has probable mineral reserves prepared in accordance with NI43-101 using a 1.50% Cg cut-oﬀ grade of 46.8 Mt at an

average grade of 4.79%Cg for a contained in-situ graphite quanƟty of 2.24 Mt.

Highlights of the PFS (all ﬁgures are stated in Canadian dollars unless otherwise stated):

 Pre-tax NPV (8%) of CAD$797.5M

 AŌer-tax NPV (8%) of CAD$617.4M

 Pre-tax IRR of 30.3 %

 AŌer-tax IRR of 24.7 %

 Pre-tax payback period of 3.1 years

 AŌer-tax payback period 3.2 years

 IniƟal capital costs (“CAPEX”) of CAD$504.6M

 Life of mine processing period (“LOM”) of 28 years

 Average LOM strip raƟo (Waste: Ore) of 2.4:1

 Mined ore of 46.8 Mt at 4.79% Cg with 1.5% cutoﬀ grade and waste of 40.0 M bcm (bank cubic meters), including 2.2 M

bcm of overburden.

 LOM plant producƟon of 46,803 Kilotons (kt=1,000 metric tonnes) of mill feed yielding 2,149 kt of graphite concentrate

grading 97.0% Cg.

 LOM Average graphite mill head grade of 4.79 % Cg

 Average LOM mill recovery of 93.0% Cg.

 At the base case cut-oﬀ grade of 0.95% Cg, a measured resource of 215 kt at a 4.47 % Cg grade for 9,7 kt of graphite, an

indicated resource of 69,741 kt at a 4.41 % Cg grade for 3,075 kt of graphite, and an inferred resource of 20,297 kt at a

3.53 % Cg grade for 716 kt of graphite.

 Long-term Weighted-Average Graphite Price US$1,524/t Cg conc. (graphiƟc carbon concentrate). The projecƟon was

completed for the purposes of the PFS Market Study Report by Lone Star Tech Minerals - USA

 Exchange rate: CAD$1.00 = US$0.70. A projecƟon was completed for the purposes of the PFS Market Study Report by

Lone Star Tech Minerals - USA

Gordana Slepcev, CEO and director, Lomiko commented: “We are pleased to announce a significant milestone for the Company

and a positive Pre-Feasibility Study at our La Loutre natural flake graphite Project that reinforces its position as a large and robust

North American undeveloped graphite project in Canada and North America. Since the original PEA was published in 2021, we

have completed significant engineering work to better define the project footprint and resource base, resulting in the updated

resources, declaration of reserves, development of project infrastructure, and design plans for the project with the aim of

minimizing the footprint and creating a compact, environmentally responsible, and sustainable project. At the same time, this

study demonstrates the strong economic leverage the Project possesses, and clearly demonstrates the potential for La Loutre to

be a large economic driver in southern Quebec and Canada with the mine life spanning for 28 years delivering hundreds of jobs

and careers in the region, significant contracting opportunities for regional and Indigenous businesses and more than $4.7 billion

in revenue, as well as generational opportunities for local residents and the Indigenous community in the area.

Lomiko looks forward to working with its partners in the MRC of Papineau region, including the local municipaliƟes as well as the

surrounding First NaƟons community of KiƟgan Zibi First NaƟon. We will also conƟnue to work closely with the Quebec, Federal

and U.S. governments to advance the La Loutre Project.”

Overview

The La Loutre Graphite Project is located in the Nominingue-Chénéville DeformaƟon Zone in south-central Quebec. The Property

consists of one large conƟguous block of 42 mineral claims totaling 4,528 hectares (45.3 km2) and is located approximately 117

km northwest of Montréal in southern Québec, 230 km southwest of the Nouveau Monde Matawinie Project and 100 km

southeast of the Imerys Graphite & Carbon Lac-des-îles mine.

The responsibilities of the engineering consultants are as follows:

 DRA Global was commissioned by Lomiko to manage and coordinate the work related to the N.I. 43-101. DRA Global also

developed the PFS level design and cost estimating of the process plant, surface infrastructure, and was responsible for

the compilation of the PFS Report.

 Norda Stelo Inc. (Norda Stelo), was engaged to complete the geology and mineral resources scope, mineral reserves and

mine design for the open pit, conduct water management and environmental studies, planning, assessment, licensing,

and permitting.

 Knight Piésold Ltd. (KP) completed the following related to mining and infrastructure development:

o Geotechnical design of the Waste Disposal Facilities (WDFs), noise bunds around the pit perimeters, backfilled

open pits, and associated water management measures

o Open pit slope geometry recommendations

o Open pit groundwater inflow estimates

o Geochemical characterization of the filtered tailings from the metallurgical process and the waste rock from open

pit development.

 Metpro Management Inc. (Metpro) was engaged to interpret metallurgical testing completed by SGS Canada Inc.

Financial Analysis

The size distribuƟon was derived from the lock cycle tesƟng (LCT) on the master composite by SGS Canada Inc. and conﬁrmed as

part of the PFS process design work. Lone Star Tech Minerals - USA (Lone Star) provided pricing informaƟon based on Mesh Size

as part of the detailed markeƟng study Lone Star performed for the purposes of the PFS. As part of the markeƟng study report,

Lone Star also provided the long-term exchange rate projecƟons unƟl 2030 at US$1.00 = CAD$1.42.

Table 1: Graphite Price Forecast

Mesh Size % Distribution Weighted-Average Price (US$/t)

+80 24 1,795

-80 +200 45 1,616

-200 31 1,179

Average 100 1,524

DescripƟon of Economic ValuaƟon

The economic analysis was performed assuming an 8% discount rate. This analysis shows a projected pre-tax NPV of CAD$797.5

M, an internal rate of return IRR is 30.3 % and a payback period of 3.1 years. On an aŌer-tax basis, an NPV of CAD$ 617.4 M, an

IRR of 24.7 %, and a payback period of 3.2 years is expected.

Table 2: Summary of Project

Economic Evaluation

Economics General LOM Total / Avg.

Graphite Price (US$/tonne) $1,524

Exchange Rate ($US:$C) 1.42

Mine Life (years) 28

Total Waste Tonnes Mined (kt) (including pre-stripping) 112,127

Total Mill Feed Tonnes (kt) 46,803

LOM Operating Strip Ratio (W:O) 2.4

LOM Gross Revenue ($M) $4,686

Pre-tax LOM NPV @ 8% Discount Rate ($M) $797.5

Pre-tax LOM IRR (%) 30.3%

After-tax LOM NPV @ 8% Discount Rate ($M) $617.4

Economic Evaluation

After-tax LOM IRR (%) 24.7%

Production LOM Total / Avg.

Mill Head Grade (% Cg) 4.79%

Mill Recovery Rate (%) 93.0%

Concentrate Grade (% Cg) 97.0%

Total Graphite Concentrate Recovered (kt) 2,149

Total LOM Average Annual Concentrate Production (kt) 79.6

Operating Costs LOM Total / Avg.

Mining Cost (C$ /t Milled) $12.43

Processing Cost (CAD$/t Milled) $12.87

G&A Cost (C$/t Milled) $1.17

Total Operating Costs (C$/t Milled) $26.47

Transport Cost (C$/t Cg conc.) $19.2

Royalty NSR * 1.0 %

Capital Costs LOM Total / Avg.

Initial Capital (C$M) $504.6

Sustaining Capital (C$M) $252.1

Closure Costs (C$M) $35.7

Salvage Costs (C$M) $35.8

Financials – Pre-tax LOM Total / Avg.

NPV (8%) (C$M) $797.5

IRR (%) 30.1%

Payback (years) 3.1

Financials – After-tax LOM Total / Avg.

NPV (8%) (C$M) $617.4

IRR (%) 24.7%

Payback (years) 3.2

SensiƟvity

A sensiƟvity analysis was conducted on the base case pre-tax and aŌer-tax NPV and IRR of the project, using the following

variables: metal price, total capex (iniƟal + sustaining), total operaƟng costs and exchange rate. The tables below provide a

summary of the sensiƟvity analysis.

Table 3: Pre-Tax NPV (8%) SensiƟvity

Graphite Price

(US$/t)

Post-Tax NPV

(8%) (CDN$)

Initial CAPEX OPEX FX

Base Case (-20%) (+20%) (-20%) (+20%) (1.5) (1.3)

$1,400 $650 $742 $558 $732 $568 $744 $510

$1,450 $710 $802 $617 $791 $628 $807 $564

$1,524 $798 $890 $705 $879 $716 $899 $645

$1,550 $828 $921 $736 $910 $747 $932 $673

$1,600 $888 $980 $796 $970 $806 $995 $727

Table 4: Pre-Tax IRR SensiƟvity

Graphite Price

(US$/t)

Post-Tax IRR

(%)

Initial CAPEX OPEX FX

Base Case (-20%) (+20%) (-20%) (+20%) (1.5) (1.3)

$1,400 26.3% 33.6% 21.4% 28.3% 24.2% 28.9% 22.5%

$1,450 27.9% 35.7% 22.8% 30.0% 25.8% 30.6% 23.9%

$1,524 30.3% 38.7% 24.8% 32.4% 28.3% 33.2% 26.1%

$1,550 31.2% 39.8% 25.5% 33.2% 29.1% 34.1% 26.9%

$1,600 32.8% 41.9% 26.8% 34.9% 30.8% 35.9% 28.4%

Table 5: Post-Tax NPV (8%) SensiƟvity

Graphite Price

(US$/t)

Post-Tax NPV

(8%) (CDN$)

Initial CAPEX OPEX FX

Base Case (-20%) (+20%) (-20%) (+20%) (1.5) (1.3)

$1,400 $496 $577 $416 $569 $425 $573 $379

$1,450 $545 $627 $466 $618 $474 $625 $425

$1,524 $617 $702 $538 $693 $546 $704 $491

$1,550 $643 $728 $564 $719 $571 $731 $515

$1,600 $694 $777 $613 $768 $620 $784 $560

Table 6: Post-Tax IRR SensiƟvity

Graphite Price

(US$/t)

Post-Tax IRR

(%)

Initial CAPEX OPEX FX

Base Case (-20%) (+20%) (-20%) (+20%) (1.5) (1.3)

$1,400 21.6% 27.3% 17.7% 23.2% 19.9% 23.6% 18.5%

$1,450 22.8% 28.9% 18.8% 24.5% 21.2% 24.9% 19.7%

$1,524 24.7% 31.3% 20.4% 26.4% 23.1% 26.9% 21.5%

$1,550 25.4% 32.1% 20.9% 27.0% 23.7% 27.6% 22.1%

$1,600 26.7% 33.7% 22.0% 28.3% 25.0% 29.0% 23.2%

Mineral Resource

The mineral resource is esƟmated from a drill hole database containing 190 drill holes consisƟng of 28,243 metres of drilling and

17,343 m of sampled drilled core.

The total Mineral Resource EsƟmate (MRE) is summarized in Table 7, with the base case cut-oﬀ of 0.95% graphite highlighted. The

requirement of ‘reasonable prospects for eventual economic extracƟon’ has been met by having resources constrained by

opƟmized pit-shell designs and by applying a cut-oﬀ grade based on reasonable inputs amenable to potenƟal in-pit extracƟon

scenarios. The cut-oﬀ grade is based on a processing cost of CDN$16.2/tonne, and General and AdministraƟve Costs of

CDN$4.11/tonne and a USD:CAD exchange rate of 1.35 as summarized in the notes below.

These mineral resource esƟmates include inferred mineral resources that are considered too speculaƟve geologically to have

economic consideraƟons applied to them that would enable them to be categorized as mineral reserves. Mineral Resources that

are not Mineral Reserves do not have demonstrated economic viability.

Table 7: Mineral Resource EsƟmate (eﬀecƟve date February 19, 2026)

Deposit

Cut-

off

(%)

Measured resource Indicated resource M + I resource Inferred resource

Tonnage

(kt)

Graphite

(%)

Graphite

(kt)

Tonnage

(kt)

Graphite

(%)

Graphite

(kt)

Tonnage

(kt)

Graphite

(%)

Graphite

(kt)

Tonnage

(kt)

Graphite

(%)

Graphite

(kt)

EV 0.95 215 4.47 9,6 27,114 5.43 1,473 27,329 5.42 1,483 4,021 3.93 158

Battery 0.95 0 - 0 42,627 3.76 1,602 42,627 3.76 1,601 16,258 3.43 558

TOTAL 215 4.47 9,6 69,741 4.41 3,075 69,956 4.41 3,084 20,279 3.53 716

Notes to accompany the Mineral Resource Estimate:

1. The independent and qualified persons for the mineral resource estimate, as defined by NI 43-101, are Marina Iund, P.Geo. (Norda Stelo), Kerrine Azougarh,

P.Eng. (Norda Stelo) and Oliver Peters, P.Eng. (DRA). The effective date of the estimate is February 19, 2026.

2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The mineral resource estimate follows current CIM

Definitions (2014) and CIM MRMR Best Practice Guidelines (2019).

3. The estimate encompasses two mineralized deposits (EV and Battery) using the grade of the adjacent material when assayed or a value of zero when not

assayed.

4. No capping was applied on 1.5-m composites.

5. The estimate was completed using a sub-block model in Leapfrog Edge 2025.3 with a user block size of 5m x 5m x 5m and a minimum block size of 2.5m

x 2.5m x 2.5m. Grades interpolation was obtained by ID2 using hard boundaries.

6. Bulk density values were applied by lithology (g/cm3): mineralized domain = 2.82; paragneiss = 2.8; quartzite = 2.73; pegmatite = 2.63; marble = 2.75; and

overburden (“OB”) = 2.0.

7. The mineral resource estimate is classified as measured, indicated and inferred where reasonable geological and grade continuity have been demonstrated.

The Measured mineral resource category is defined with a minimum of three (3) drill holes in areas where the drill spacing is less than 55 m and within a 25

m wide buffer surrounding bulk samples. The Indicated mineral resource category is defined with a minimum of three (3) drill holes in areas where the drill

spacing is less than 55 m. The Inferred category is defined with a minimum of two (2) drill holes in areas where the drill spacing is less than 100 m. Clipping

boundaries were used for classification based on those criteria.

8. The mineral resource estimate is pit-constrained with a variable bedrock slope angle and an overburden slope angle of 30°. It is reported at a graphite cut-

off grade of 0.95%. The cut-off grade was calculated using the following parameters: processing cost = C$16.20/t; mining cost (rock) = C$3.31/t; mining cost

(OB) = C$2.59/t; graphite conc 97% price = US$1,524/t of graphite; Royalties = 1.5%; G&A = C$4.11/t; USD:CAD exchange rate = 1.35; graphite recovery

to concentrate product = 93.5%. The cut-off grade should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining

costs etc.).

9. The number of metric tons was rounded to the nearest thousand, following the recommendations in NI 43-101, and any discrepancies in the totals are due

to rounding effects.

10. The authors are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issue

not reported in the Technical Report that could materially affect the Mineral Resource Estimate.

Mining

The mine plan includes 46.8 Mt of mill feed and 112.1 Mt of waste over the 28-year project life. Mine planning is based on

convenƟonal open pit methods suited for the project locaƟon and local site requirements. Owner-operated open pit mining is

planned to commence prior to mill start-up, and conƟnue for 28 years to pit exhausƟon, with low-grade stockpile supplemenƟng

mill feed forward the end of mine life.

Mining operaƟons are scheduled over a ten-month operaƟng year, with a planned two-month shutdown during the summer

season.

The subset of Mineral Resources contained within the designed open pits, summarized in Table 8 at a 1.5% Cg cut-oﬀ grade, forms

the basis of the mine plan and producƟon schedule.

Table 8: PFS Mine Plan ProducƟon Summary

Mine Plan Production Description Mine Plan Production Summary Values

PFS Mill Feed 46,803 kt

Average Graphite Mill Head Grade (incl. dilution) 4.79% Cg

Waste Overburden and Rock 112,127 kt

LOM Strip Ratio (W:O) 2.4

Mill Feed Graphite Grade 4.79 % Cg

Strip Ratio 2.4

The economic pit limits are determined using Minesight™ Lerchs-Grossmann algorithm. La Loutre deposit comprises the BaƩery

(BAT) zone and the Electric Vehicle (EV) zone. The La Loutre deposit comprises the BaƩery (BAT) and Electric Vehicle (EV) zones,

each planned as a single open pit with ﬁve mining phases. Pit designs are based on varied pit slope recommendaƟons from KP for

10 metre bench heights, in a single or double-bench conﬁguraƟon, with bench face angles between 60° and 75°, and with berm

widths between 7 and 11 metres. Pit-constrained resources used for mine scheduling are summarized in Table 9.

Table 9: PFS Mine Plan Pit Sequencing

Pit ROM Tonnage (kt) Cg Grade (%) Waste (k bcm)

EV PH 1 2,156 7.23 644

EV PH 2 3,605 4.94 2,177

EV PH 3 2,143 5.05 2,403

EV PH 4 7,988 5.41 9,017

EV PH 5 3,004 6.57 4,805

BAT PH 1 1,882 8.53 5,580

BAT PH 2 5,546 5.04 4,261

BAT PH 3 7,898 3.30 3,862

BAT PH 4 8,674 3.53 5,157

BAT PH 5 3,907 3.13 2,112

Total 46,803 4.79 40,017

Mining will commence in the EV pit, with development of the BaƩery pit beginning in Year 5. EV pit Phases 1 to 3 are fully mined

by Year 4, allowing BaƩery pit waste to be used for backﬁlling starƟng in Year 5. Mining in the EV and BaƩery pits then proceeds in

parallel unƟl Year 23, aŌer which mining conƟnues solely in the BaƩery pit, with waste disposed into the exhausted EV pit

through the end of the 28-year mine life. Final reclamaƟon includes rehandling waste rock and ﬁltered tailings from the northeast

(NE) and east (E) waste disposal faciliƟes (WDFs) back into the pits.

The processing plant will be supplied at an average rate of 1,733 ktpa (4,750 tpd). Cut-oﬀ grade opƟmizaƟon is applied during the

ﬁrst ﬁve years, with low-grade ore (1.5–2.99% Cg) stockpiled between the two pits near the haul road, while ore grading above

3.0% Cg is delivered directly to the mill or to a small stockpile near the crusher. These stockpiles provide operaƟonal ﬂexibility and

help maintain consistent mill feed throughout most of the mine life.

Waste rock and ﬁltered tailings will be managed through a combinaƟon of surface storage and in-pit backﬁlling. A waste rock and

co-disposal facility is located north of the EV pit within the NE WDF, with overburden stockpiled between the EV pit and the

NE WDF. BaƩery pit waste will be parƟally backﬁlled into the EV pit, with remaining waste co-disposed in the E WDF and

overburden hauled to the overburden stockpile north of the EV pit. All faciliƟes will be reclaimed into the excavated pits as part of

the closure plan.

Mining operaƟons are scheduled for 303 operaƟng days per year with two 12-hour shiŌs per day, including a planned shutdown

during July and August. During this period, stockpile reclaim will supply the crusher, allowing the mill to conƟnue operaƟng at full

producƟon.

The mining ﬂeet includes diesel-powered producƟon and grade-control drills, a 12 m³ hydraulic excavator, a 13 m³ wheel loader,

and 100-t rigid-frame haul trucks, supported by ancillary equipment. In-pit dewatering systems will manage groundwater, surface

water, and precipitaƟon, with rouƟne maintenance conducted in the ﬁeld and major repairs completed at workshops near the

processing plant.

The total Mineral Reserves are summarized in Table 10 and are reported at a base-case cut-oﬀ grade of 1.50% Cg. All Mineral

Reserves are classiﬁed as Probable and are derived from Indicated Mineral Resources following the applicaƟon of appropriate

modifying factors.

Table 10: Mineral Reserves Statement (eﬀecƟve date February 19, 2026)

Deposit Cut-off Grade, Cg (%) Probable Reserves

Tonnage

(kt)

Graphite

(%)

Graphite

(kt)

EV 1.50 18,894 5.66 1,070

Battery 1.50 27,906 4.20 1,171

Total 1.50 46,804 4.79 2,241

Notes to accompany the Mineral Reserves:

1. The independent and qualified person for the Mineral Reserves, as defined by NI 43-101, is Kerrine Azougarh, P.Eng. (Norda Stelo). The effective date of

the Mineral Reserve estimate is February 19, 2026.

2. All Mineral Reserves are classified as Probable and are derived from Indicated Mineral Resources following the application of modifying factors, including:

a. The mineral reserve estimate is pit-constrained with a variable bedrock slope angle and an overburden slope angle of 30°.

b. The cut-off grade was calculated using the following parameters: processing cost = C$16.20/t; mining cost (rock) = C$3.31/t; mining cost

(overburden) = C$2.59/t; graphite concentrate (97% Cg) price = US$1,048/t; royalties = 1.5%; G&A = C$4.11/t; USD:CAD exchange rate = 1.35;

and graphite recovery to concentrate product = 93.5%.

3. The pit solids containing the Mineral Reserves were based on the resource block model with parent blocks of 5mx 5m x 5m and sub-blocks of 2.5m x 2.5m

x 2.5m. No dilution was applied as there is internal dilution within the MineSight™ reported reserves.

4. The number of metric tonnes was rounded to the nearest thousand in accordance with the recommendations of NI 43-101, and any discrepancies in the

totals are due to rounding effects.

5. The author is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issue

not reported in the Technical Report that could materially affect the Mineral Reserve Estimate.

Milling and Processing

The La Loutre Process Plant employs standard ﬂotaƟon technology to produce graphite concentrates. The plant includes crushing,

grinding, classiﬁcaƟon, ﬂotaƟon, tailings thickening and ﬁltraƟon, graphite concentrate ﬁltraƟon, drying and screening separaƟon

into the product sizes and placement of graphite concentrate into 1 tonne bags for shipment and sale.

The plant is expected to treat 1.73 Mt of feed per year at an average throughput of 4,750 t/d. The mill design availability is 8,059

hours per year or 92%, with an operaƟng throughput of 215.1 t/h.

The plant has been designed to realize an average recovery of 93.0% of the graphite at a concentrate grade of 97% Cg over the life

of the project based on metallurgical test work completed by SGS Lakeﬁeld in 2021 and the process design work as part of the

PFS. Graphite product split is esƟmated to be 24% plus 80 mesh (177 microns), 45% minus 80 mesh (177 microns) plus 200 mesh

(74 microns), and 31% minus 200 mesh (74 microns).

Water Management

The current water management involves minor diversions during culvert placements for haul roads. LiƩle to no other diversion is

required for other infrastructure due to the placement of the tailings and waste rock outside of permanent ﬂowing stream areas

or water bodies.

The processing involves ﬁltering the tailings to low moisture contents and recycling the water back into the processing circuits.

Commissioning and makeup water, when required, will be sourced from any contact water runoﬀ, and if necessary, surface fresh

water will make up the diﬀerence. Water from the WDFs is expected to be minimal other than rain, snow runoﬀ, and inﬁltraƟon,

ulƟmately collected at the base of the piles and routed through collecƟon ponds for ﬁnal discharge or recirculaƟon.

Contact water will be managed as per the descripƟon in the waste management secƟon, and will involve sedimentaƟon to clarify

the water for ulƟmate discharge or use in process make-up water.

Waste Management

Filtered tailings and waste rock generated during mining will be managed and co-disposed as follows:

 Waste rock will be placed around the pit perimeters to construct noise berms shortly after the start of mining operations in

each pit to reduce noise during mining.

 Filtered tailings and waste rock produced during mining of the EV pit will be hauled by truck and temporarily co-disposed in

the WDFs on surface during the early years of the mine plan.

 Filtered tailings and waste rock produced during mining of the Battery pit will be hauled by truck and permanently co-disposed

in the mined-out EV pit during later years of the mine plan.

 Filtered tailings and waste rock temporarily stored in the WDF areas will be relocated into the Battery Pit and co-disposed

during the Active Closure period following the cessation of mining operations.

Each WDF and porƟons of the backﬁlled pits above original ground will be constructed with a waste rock shell. The inner porƟon

of each WDF and backﬁlled pit will primarily contain ﬁltered tailings. The waste rock will provide erosion protecƟon and dust

control during construcƟon and at closure.

The WDF contact water will be managed to provide Ɵme for sedimentaƟon prior to ulƟmate discharge or use in process make-up

water. Underdrains will be installed at select locaƟons along the foundaƟon to collect and convey any seepage to perimeter

ditches surrounding the WDFs. Perimeter ditches, which will also collect runoﬀ from the WDF slopes and noise bunds, will convey

water by gravity to collecƟon ponds. Water collected in the collecƟon ponds will be pumped to discharge points near natural

waterbodies.

The open pit, noise bunds, and overburden piles will uƟlize a sedimentaƟon pond in the vicinity of the pits before being conveyed

to the lake discharge locaƟons. Monitoring staƟons will ensure quality conƟnues to meet criteria and environmental objecƟves.

Capital and OperaƟng Costs

The total pre-producƟon capital cost for the La Loutre Graphite Project is esƟmated at CAD$504.6M, including allowances for

indirect costs and conƟngencies of CAD$60.2M and CAD$53.5M, respecƟvely. Sustaining capital costs are esƟmated at

CAD$252.1M as shown in Table 11. OperaƟng costs are esƟmated at CAD$26.47 per tonne milled as per Table 12.

Table 11: Capital Costs Cost

Area Description Initial Capital Cost

(CAD$M)

Sustaining Capital Cost

(CAD$M)

Mining $31.6 $132.8

Processing $298.7 $27.4

Infrastructure (and Co-Disposal) $44.1 $91.9

Off-site Infrastructure $16.5

Indirect Costs $60.2

Contingency $53.5

Total $504.6 $252.1

Table 12: OperaƟng Costs

Area Description LOM Cost (CAD$M) Avg. Annual Cost

(CAD$M)

Avg. per tonne milled

(CAD/t)

Mining Costs $582 $21.1 $12.43

Processing Costs $614 $22.3 $12.87

G&A Costs $56 $2.0 $1.17

Total $1,252 $45.4 $26.47

Graphite ProducƟon

Projected graphite concentrate producƟon averages for the ﬁrst 20 years @97,000tpa and then producƟon drops to @39,000tpa

in years 20-28 as BaƩery Zone depletes. The average is 79.6 kt/a per year over the 28-year LOM.

Figure 1. Site Layout

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