MONTREAL–(BUSINESS WIRE)–Lomiko Metals (OTC:) Inc. (TSX-V: LMR) (Lomiko or the Company) is pleased to announce grants for management, IR and board compensation. As part of the annual short and long-term incentive program as determined by the Board, Lomiko is announcing the grant of stock options to management and an investor relations advisor, Restricted Share Units (RSUs) to management and RSUs and Deferred Share Units (DSUs) to the Board in accordance with the Company’s approved 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 644,446 RSUs and 844,403 DSUs to the Company’s directors. Management including the Executive Chair has been granted an aggregate of 370,370 RSUs and 375,000 stock options have been issued. The Company is pleased to announce that it has retained A. Paul Gill to provide investor relations services in accordance with TSX Venture Exchange policies. The Agreement is for a six month term, subject to renewability. Mr. Gill has been granted an option to purchase up to 110,000 common shares, exerciseable for three years at $0.135, subject to vesting provisions and in accordance with the Company’s Omnibus Equity Share Plan.
Mr. Gill reports that he currently holds an aggregate of 596,000 common shares and 325,000 warrants/options of Lomiko Metals Inc., directly and indirectly. The above mentioned transaction is subject to the approval of the regulatory authorities. This is an arm’s-length transaction.
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 January 24, 2026. 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 $0.135 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 January 24, 2026, 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 $0.135 per common share.
Stock options: Stock options for management have a 5 year term from the grant date. The vesting Schedule is as follows: equal instalments of one-third (1/3) on grant date, in year 1, the first anniversary of the grant date and in year 3, the third anniversary of the grant date. The exercise is $0.135 per option.
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 totalling 4,528 hectares (45.3 km2).
The La Loutre 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 published an updated Mineral Resource Estimate (MRE) in a NI 43-101 Technical Report and Mineral Resource Estimate Update for the La Loutre Project, Quebec, Canada, prepared by InnovExplo on May 11th, 2023, 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.
The company also holds interest in seven early stage projects in southern Quebec including Ruisseau, Tremblant, Meloche, Boyd, Dieppe, North Low and Carmin covering 328 claims in total on 7 early-stage projects covering 18,622 hectares in the Laurentian region of Quebec and within KZA territory.
On behalf of the Board,
Gordana Slepcev
CEO & President 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: expected timing of completion of the closing conditions in connection with the acquisition and closing of the acquisition, expected costs of exploration and timing to achieve certain milestones, 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). FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially. 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: the ability of the Company to meet the closing conditions of the acquisition, including regulatory approval, and complete the transaction within the anticipated timing; ability to implement its business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof; uncertainties related to receiving and maintaining exploration, environmental and other permits or approvals in Quebec; 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.sedarplus.ca, 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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Contact us at 1-833-4-LOMIKO or e-mail: [email protected]
Source: Lomiko Metals Inc.