Lomiko Metals Inc. reports developments tied to its Quebec critical-minerals portfolio, including technical study work for the La Loutre Graphite Project, exploration activity at the Bourier lithium property, and financing actions used to advance graphite and lithium projects.
Company news also covers governance matters, annual and special shareholder meetings, management changes, year-end financial releases, and corporate updates related to Lomiko's focus on critical minerals in Quebec.
Lomiko Metals Inc. (TSX-V: LMR, OTC: LMRMF) has announced the extension of closing for the sale of its subsidiary, Lomiko Technologies Inc., to Promethieus Technologies Inc. This follows a management circular dated November 4, 2021. The original Share Purchase Agreement was entered on July 31, 2019, and amended multiple times. The transaction has not closed due to Brexit and COVID-19 impacts. The company is also focused on advancing its La Loutre graphite project and Bourier lithium project while providing year-end financials for July 31, 2021.
Lomiko Metals Inc. (TSX-V: LMR, OTC: LMRMF) will hold its Annual General Special Meeting on December 6, 2021, at 11:00 a.m. Eastern Time. The meeting will be virtual due to COVID-19 concerns, ensuring safety for stakeholders. Shareholders can register until December 3, 2021, and must log in by 10:45 a.m. on the meeting day. The company nominated four new independent directors, enhancing board diversity with a majority being female. Lomiko aims to strengthen its position as a critical minerals company, focusing on community partnerships and responsible sourcing.
Lomiko Metals Inc. announces a new leadership team effective October 25, 2021, with Belinda Labatte as CEO, Vince Osbourne as CFO, and Gordana Slepcev as COO. This strategic move aims to enhance operations in Quebec and pursue critical minerals projects, including the La Loutre graphite project, now progressing towards the Pre-Feasibility Stage. The company intends to strengthen its market position and support sustainable practices in the critical minerals sector. Alongside, Eric Levy is appointed as an independent director, contributing to the board's renewal process.
Lomiko Metals Inc. has announced the sale of its 100% interest in Lomiko Technologies Inc. to Promethieus Technologies for $1,236,625, along with reimbursement of $152,857 for expenses. The transaction, subject to shareholder and regulatory approval, aims to advance Lomiko’s strategy by retaining a 20% interest in Promethieus, which is set to raise $10 million via a new entity listing on the Dutch Caribbean Securities Exchange. Promethieus will also acquire an 80% stake in Graphene ESD through this deal.
Lomiko Metals Inc. (TSX-V: LMR, OTC: LMRMF) has partnered with Critical Elements Lithium Corporation and GoldSpot Discoveries Corp. to explore lithium potential at the Bourier claims in the Nemiscau belt. Utilizing AI technology, 15 lithium targets were identified, including five new sectors of spodumene-rich pegmatites. This collaboration aims to leverage geological expertise to enhance exploration outcomes. Lomiko's La Loutre Project also remains promising, with significant developments expected as the company continues its exploration efforts in Quebec.
Lomiko Metals announced the launch of its new bilingual website to highlight positive results from the Pre-Economic Assessment (PEA) on its La Loutre Project in Quebec. The PEA indicates a pre-tax NPV of C$314M with an IRR of 28.3%, showcasing robust economics for a potential graphite mine. Plans include initiating a Preliminary Feasibility Study and Environmental Baseline Study to advance towards production. Lomiko aims to capitalize on North America’s critical minerals strategy while collaborating with local communities.
Lomiko Metals Inc. (TSX-V: LMR, OTC: LMRMF) has engaged Hemmera, a subsidiary of Ausenco, for environmental consultancy on the La Loutre Graphite Project. The company aims to minimize environmental impacts by assessing handling methods for mineralized material and exploring alternatives that reduce project footprint. Baseline studies, initiated in August 2021, will analyze wetlands, fish habitats, and water quality. Community consultations are set for late September 2021 to inform stakeholders about project stages and benefits.
Lomiko Metals announced positive outcomes from its Preliminary Economic Assessment (PEA) on the La Loutre Project in Quebec. The assessment, completed by Ausenco, indicates a pre-tax NPV of C$313.6M, an after-tax NPV of C$185.6M, and an after-tax IRR of 21.5%. The project has an estimated mine life of 14.7 years with an average annual graphite concentrate production of 97.4 kt. Lomiko plans to advance to a Preliminary Feasibility Study while continuing aggressive drilling to enhance resource estimation and production potential.
Lomiko Metals (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) announced that its investment in SHD Smart Home Devices Ltd. has received a patent (#11063396) for its new IoT Power Hub wall-mounted receptacle, published on July 15, 2021. Lomiko owns 18.15% of SHD and 40% of Graphene Energy Storage Devices, enhancing its market position. Additionally, Lomiko plans to sell its stake in Lomiko Technologies Inc. for $1,236,625, retaining a 20% interest in the new entity. The extended timeframe for this transaction will be discussed in the upcoming AGM.
Lomiko Metals Inc. is set to present at the Emerging Growth Conference on May 26, 2021, focusing on advancements in the Battery Materials market and the La Loutre Graphite Project. CEO A. Paul Gill will offer insights for 30 minutes at 12 noon EST. The event allows shareholders and investors to engage directly with management. Lomiko holds a significant interest in the La Loutre project and has optioned the Bourier lithium development, expanding its footprint in an emerging sector.