Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) reflects on the news regarding China's announcements to
limit and restrict graphite exports, both natural flake graphite
and synthetic graphite. These restrictions are set to take effect
starting December 1st, 2023. This announcement underlines the
importance of developing Canadian graphite projects, including the
next phase of studies at the La Loutre natural flake graphite
project, to ensure a secure and responsibly sourced supply in North
America. 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.
Belinda Labatte, CEO and Director of Lomiko Metals: “The
announcement from China emphasizes the need to build local and
resilient supply chains in Quebec, Canada, and North America to
meet our supply needs and decrease dependency on China. We are
looking to advance several pre-feasibility level initiatives and
continue partnerships with Universities in Quebec. Advancing
Canadian projects is a North American solution to minimize
geopolitical risks. Lomiko is now focused on Pre-Feasibility
(“PFS”) level metallurgical studies with NRC IRAP and funding from
CRITM, through the Québec Plan for the Development of Critical and
Strategic Minerals from Ministère des Ressources naturelles et des
Forêts (MRNF) (please see Press Release dated September 18, 2023).
These studies involve the research and development of a
technological prototype for graphite processing, comprising several
stages, including flotation testing, micronization, spheronization,
purification, and coating of the flotation concentrate prior to
coin and pouch battery testing. Lomiko’s recent studies have shown
that it has a product amenable to the anode market, as well as
other industry segments.
To build on the Company’s excellent results over the last 18
months, additional PFS studies are required, and the Company is
currently looking at sources of funding, including government
grants. The complete outline and cost of studies are available in
the Preliminary Economic Assessment report on the Company’s
website.”
According to the U.S. Geological Survey, Mineral Commodity
Summaries, January 2023 (Andrew A. Stewart), the market for
graphite used in batteries has grown 250% globally since 2018.
China has declared its intention to implement export permits for
certain graphite products to safeguard national security. This move
is part of China's broader strategy to regulate the supply of
critical minerals in response to challenges to its manufacturing
dominance. The Ministry of Commerce and the General Administration
of Customs clarified that it was not targeting any particular
country with the restrictions stating that the top graphite buyers
from China include the U.S., South Korea, Japan, and India.
Graphite is a material employed in electric vehicle batteries,
as well as in various industries such as semiconductors, aerospace,
chemicals, and steel. China maintains a dominant position in global
graphite production, with the United States 100% dependent on the
importation of graphite and anode materials.
The automakers are actively seeking alternative sources of
graphite outside of China. This is driven by the increasing demand
for electric vehicle batteries, which is surpassing other
applications of the material. The global sales of electric
vehicles, including fully electric and hybrid models, are on the
rise, as reported by the International Energy Agency (“IEA”), 2023.
Sales exceeded 10 million units in the previous year, marking a 55%
increase compared to 2021, and are projected to reach nearly 14
million vehicles this year. In 2022, it was reported by the IEA
that 26 million EVs are on the road, and half of those are in
China.
Corporate Update
The Company’s updated investor presentation is available at
www.lomiko.com. Management will be participating at the following
Fall events:
November 2nd & 3rd
Mining Investment North America, Toronto Gordana Slepcev, COO,
presenter “Lomiko Metals critical minerals portfolio”
November 9th
Critical Minerals, Regulatory Frameworks and Geopolitics: A
Student-Industry Workshop, Faculty of Law of the University of
Calgary Gordana Slepcev, COO, presenter “Lamiko Metals: Lithium and
Graphite Mining for the Green Energy Transition”
November 28, 29th
Pathways to Net Zero Mining - 12th Energy and Mines Toronto
Summit Belinda Labatte, CEO and Director, panelist “What Do
Critical Minerals Miners Need to Build Capacity and Decarbonize?”
Gordana Slepcev, COO, moderator “Accelerating Decarbonization:
Synergizing C-Suite and Operations to Meet Timelines”
AGM
Lomiko announces the Company’s virtual Annual and Special
Meeting will be held on December 20th, 2023.
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 is working with Critical
Elements Lithium Corporation towards earning its 49% stake in the
Bourier Project 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 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); any anticipated impacts of
COVID-19 on the Company’s business objectives or projects, 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, and statements relating to the
intended use of proceeds of the Offering and the receipt of final
acceptance of the TSX Venture Exchange. This FLI 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: current market for critical minerals; current
technological trends; the business relationship between the Company
and its business partners; ability to implement its 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; any unforeseen impacts of
COVID-19; impact of increasing competition in the mineral
exploration business, including the Company’s competitive position
in the industry; 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.sedar.com, and on the investor
presentation on its website. 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 forward-looking information. The Company does not
undertake to update or revise any such forward-looking statements
or 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/20231023061862/en/
Vincent Osbourne at 647-528-1501 or Belinda Labatte at
647-402-8379 or at 1-833-456-6456 or 1-833-4-LOMIKO or email:
info@lomiko.com.
Lomiko Metals (TSXV:LMR)
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