Lomiko Metals provides corporate update
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Lomiko Metals provides corporate update
August 14, 2024 – Montreal, Québec: Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or
the “Company”) is pleased to announce the following updates.
Management will present or participate at the following conferences and continue to lead
discussions regarding the responsible development of graphite in Quebec, Canada, to meet the
long-term demand for this critical mineral in North America.
• EY2024 Americas Metals and Mining Forum, EY’s annual flagship industry event,
September 12, 2024 (virtual event).
• Energy and Mines Toronto, The Decarbonized Mine, taking place on November 12- 13 at
the Marriott Downtown, Toronto, Ontario.
• Benchmark World Tour 2024, September 24th, 2024, taking place at Fasken, in Montreal,
Quebec.
• 6th annual Energy Transition and Emission Reduction Conference for the Metals and
Mining Industry, January 15-16, 2025, in Toronto, Ontario.
North American customers of graphite are almost entirely dependent on China for the supply of
graphite and anode material. Lomiko’s key priorities in current market conditions are to develop
collaborative efforts, partnerships and strategic investment opportunities for the Company, as well
as direct community engagement . Lomiko is the recipient of a Department of Defense (“DoD”)
Technology Investment Agreement (“TIA”) grant of US$8.35 million (approximately CA$11.4
million) where Lomiko will match the funding over a period of 5 years, for a total agreement with
the DoD of US$16.7 million. The grant falls under Title III of the Defense Production Act and is
funded through the Inflation Reduction Act to ensure energy security in North America. The
Company has also been approved for funding of CA$4.9 million in a non- repayable contribution
agreement from the Critical Mineral Research, Development and Demonstration (CMRDD)
program administered by Natural Resources Canada , with the total project cost being CA$6.6
million.
Local community engagement will continue with presentations and information exchange in small
groups and focus on education and information regarding upcoming works on La Loutre and
regional claims. To this effec t, Lomiko has agreed with Cindy Valence, Chief Sustainability
Officer, to transition to strategic advisory work effective August 16th.
Lomiko will provide further updates on its exploration program and regional strategy for the
responsible development of graphite in Southern Quebec.
Management and Board 2024 Omnibus Equity Incentive Plan Grants
As part of the annual short and long-term incentive program as determined by the Board, Lomiko
is announcing the grant of Restricted Share Units ( “RSUs”) to management and RSUs and
Deferred Share Units (“DSUs”) to the Board in accordance with the Company’s 2024 Omnibus
Equity Incentive Plan.
On the recommendation of the Compensation, Corporate Governance, and Nominating Committee
(“CCGNC”), the Board has approved the grant of an aggregate of 53,332 RSUs and 71,112 DSUs
to the Company's directors. Management has been granted an aggregate of 284,444 RSUs.
The 2024 Omnibus Equity Incentive Plan’s objective is to create an incentive compensation
program that is aligned with the Company’s long-term objectives. Stock options, DSUs, RSUs and
PSUs are granted in accordance with Policy 4.4 – Security Based Compensation of the TSX
Venture Exchange (the “Exchange”), the terms and conditions of the 2024 Omnibus Equity
Incentive Plan and the terms of the award agreement evidencing such equity compensation
security.
• RSUs: Each vested RSU can be redeemed for one fully paid and non -assessable common
share of Lomiko issued from treasury. RSUs are vested by August 15, 2025. The number
of RSUs granted was calculated based on the compensation to be paid to the director, as
recommended by CCGNC and approved by the Board, and was calculated using a price of
$0.27 per common share.
• DSUs: Each vested DSU can be redeemed for one fully paid and non- assessable common
share of Lomiko issued from treasury. For directors, the DSUs granted vest on August 15,
2025, and are settled on a director’s retirement from the board. The number of DSUs
granted was calculated based on the compensation to be paid to the director, as
recommended by CCGNC and approved by the Board, and was calculated using a price of
$0.27 per common share.
Update on Private Placement
Further to the news release issued on July 15, 2024, which provided an update on the flow-through
offering and first tranche of the private placement, the Company has now closed its private
placement. The details of the first tranche closed have not changed, and no additional tranches of
the private placement will be closed.
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 struc tural 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).
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 27 th, 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 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.
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 us at 1-833-4-LOMIKO or e-mail: [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 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 total
amount of funds available to the Company ; 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); the Company’s ability to complete the Private Placement and the Consolidation,
, 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.
The FLI in this news release 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 r eflect actual results.
Assumptions upon which such FLI is based include, without limitation: the Company’s , ability to
implement its overall business strategy and to fund, explore, advance and develop each of its projects,
including results therefrom and timing thereof , the impact of increasing competition in the mineral
exploration business, including the Company’s competitive position in the industry, and general economic
conditions, including in relation to currency 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.sedarplus.ca. 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 such forward-looking
information. The Company does not undertake to update or revise any 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.