Lomiko Metals awarded US$8.35m grant from
the United States of America Department of Defense (“DoD”) in a
Technology Investment Agreement (“TIA”) and funding of CA$4.9m from
Natural Resources Canada to support further studies at La Loutre
natural flake graphite project in Quebec, Canada
Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce that it has been awarded 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. This grant funding is to strengthen and expand the
industrial base for natural flake graphite in North America. This
is one of the first agreements the Department of Defence (“DOD”) is
granting in TIA funding to a Canadian management team and asset, at
this stage of development. In addition, and concurrent to the grant
awarded by the DoD, 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. The objective of the
program is to pilot the proposed graphite upgrading process and
convert La Loutre natural flake graphite into battery-grade anode
material.
Belinda Labatte, CEO and Interim Chair of the board, stated: “To
achieve these concurrent Canadian and American funding
opportunities is a tremendous and exciting milestone moment for the
Lomiko team and board, investors and partners. It is a win for
Quebec, Canada, and the United States as we approach this next
phase of studies with an exceptional opportunity with the DoD and
the Canadian government to build a collaborative, inclusive
approach to responsible energy transition and supply chain
resilience in North America.”
“Today’s investment in Lomiko Metals, Inc. will help advance
supply chain resilience and create job opportunities in Canada –
all part of our work to build a prosperous and sustainable Canadian
economy that benefits everyone. We will continue to work with
allies and industry to ensure the development of secure resources
for a prosperous net-zero future.” The Honourable Jonathan
Wilkinson, Minister of Energy and Natural Resources.
The TIA is designed specifically to support the science-based
continued research and development of the La Loutre graphite
project in accordance with the vision and values of Lomiko and in
accordance with all Canadian and Quebec regulations and processes.
The TIA agreement entered into with the DoD is to complete three
distinct phases of research and development work with independent
experts and consultants over a 5-year period, as follows:
Phase 1: Completion of a
Pre-Feasibility Study (PFS) and baseline data collection
Phase 2: Completion of metallurgical
studies and bulk sample
Phase 3: Completion of a Definitive
Feasibility Study (DFS)
Both the U.S. grant and the Canadian contribution support
science-based approaches for the responsible development of the La
Loutre natural flake graphite in Quebec. The studies include
integrating a decarbonized mine model and community-centered
studies such as progressive reclamation. The Lomiko vision is to
build a meaningful and inclusive critical minerals company of the
future.
Belinda Labatte: “Our greatest resource in critical minerals
projects will always be the people we work and engage with. We
welcome those who ask questions, as those create the opportunities
to explore and innovate together to find solutions for energy
transition and supply chain resilience. Lomiko looks forward to the
next steps and continuing its responsive approach in Quebec.”
Lomiko will continue to engage with First Nations and with local
communities with a direct presence in the field and with other
communication mechanisms to provide detailed and thorough
information. Lomiko provides detailed and thorough information on
the website and will continue to use its website as the primary
source for accurate information and for media inquiries:
www.lomiko.com.
Critical Minerals Research, Development and Demonstration
Program
The CMRDD funding is in the form of a contribution agreement, in
which Natural Resources Canada will contribute CA$4.9 million over
a three-year period. Lomiko will collaborate with established
Canadian research groups, The objective of this project is to pilot
the proposed graphite upgrading process to confirm technologies and
conditions that are required to convert flake graphite into
battery-grade anode material, achieving high purity levels of
graphitic carbon content and low impurity levels. The project will
demonstrate Canada’s leadership in processing quality graphite,
support the development of Canada’s and Quebec’s domestic battery
supply chain, and support employment opportunities for skilled
trades in Quebec.
Global market conditions
This funding demonstrates the importance of developing supply
chain resilience for natural flake graphite in North America. The
United States is 100% import-dependent on graphite, and graphite is
among the key priority critical minerals in Canada, with key
competitive advantages for graphite specifically in Quebec. In
December 2023, China declared its intention to implement export
permits for certain graphite products to safeguard national
security. It is widely known that graphite supply will be in
shortage starting now, to accommodate the tremendous growth of the
Electric Vehicle (“EV”) market, with the shortfall to increase to
8Mt by 2040, according to Benchmark Mineral Intelligence’s flake
graphite forecast report.
A Responsible developer operating within the Quebec and
Canada Critical Minerals Strategy
Lomiko is a Quebec ECOLOGO-certified responsible graphite
developer working within the Quebec Critical Minerals Strategy
framework, which supports innovation and responsible development of
projects such as Lomiko’s La Loutre natural flake graphite
project.
The La Loutre Indicated Mineral Resources estimate holds 3.0
million tonnes of contained graphite at a grade of 4.59% as
announced in the Company’s Mineral Resources Estimate technical
report of May 29, 2023. This represents a 184% increase in
Indicated Mineral Resources from the last resource estimate
published by the Company in July 2021. The project is located
within proximity to battery plant future production in Quebec and
the United States.
The Quebec Critical Minerals strategy published by the Ministère
de l’Énergie et des Ressources naturelles can be found here:
https://cdn-contenu.quebec.ca/cdn-contenu/ressources-naturelles/Documents/PL_resume_critical_strategic_minerals.pdf.
Lomiko is fully aligned with these goals and this funding directly
promotes research and development to accomplish provincial
mandates.
The Company will continue to actively engage in funding
processes in Quebec and Canada and sees the U.S. grant and Canadian
contribution as a significant catalyst for community-focused energy
transition projects.
Qualified Persons
Ms. Gordana Slepcev a COO of Lomiko Metals Inc., is a Qualified
Person within the meaning of NI 43-101. Ms. Slepcev has reviewed,
approved, and verified the technical information disclosed in this
news release.
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).
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 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
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 as a result of the TIA based on the
requirement for the Company to match the funds allocated under the
TIA, 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); the Company'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.
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 reflect actual results.
Assumptions upon which such FLI is based include, without
limitation: the Company’s ability to raise sufficient capital in
order to match the funds required under the TIA, the current market
for critical minerals, current technological trends, the business
relationship between the Company and its business partners, 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 ability to operate in a safe and
effective manner, uncertainties related to receiving and
maintaining exploration, environmental and other permits or
approvals in Quebec, 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 on 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240516606401/en/
Contact us at 1-833-4-LOMIKO or e-mail: info@lomiko.com.
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