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 effect, 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 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; 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 reflect 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240814358948/en/
Contact us at 1-833-4-LOMIKO or e-mail: info@lomiko.com.
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