Lomiko Metals Inc. (Lomiko) (TSX-V: LMR, OTC: LMRMF, FSE:
DH8C) ("Lomiko Metals” or “Lomiko" or the "Corporation” or “The
Company”) is pleased to announce a new leadership team and the
appointment of an independent director to the board effective
October 25, 2021. With the appointment of Belinda Labatte as Chief
Executive Officer and Director, Vince Osbourne as Chief Financial
Officer and Gordana Slepcev as Chief Operating Officer, Lomiko is
poised to develop its current critical minerals projects in Quebec
and pursue a new growth strategy for the acquisition and
development of new critical minerals assets to add to the Company’s
portfolio. The Board of Directors has determined it is in the best
interests of all its stakeholders to appoint a dedicated and
committed new leadership team at this time which will establish the
Company and it’s base of operations in Quebec. Lomiko is setting
the stage to become a leader and responsible supplier of critical
minerals in the North American market. The new leadership will
continue to develop the Company’s high potential La Loutre graphite
project into the Pre-Feasibility Stage (“PFS”) stage with the view
of taking it into full production, along with plans for the
advancement of its lithium exploration project, Bourier located
near Nemaska Lithium and Critical Elements south-east of the Eeyou
Istchee James Bay territory in Quebec.
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Lomiko Metals TSXV: LMR, OTC: LMRMF
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Belinda Labatte replaces A. Paul Gill, who will remain Executive
Chair of the Board; she also joins as Director of Board. Mr. Gill
will continue to be involved in advancing the current portfolio of
assets with additional new directors to be appointed at the annual
general meeting of shareholders. He will also continue to oversee
the final stages of completing the ECOLOGO third party
certification process, which reinforces Lomiko’s commitment to
ethical practices as endorsed by the Quebec Mineral Exploration
Association (QMEA). Vince Osbourne replaces Jacqueline Michael as
Chief Financial Officer and Director, who will resign her position
as CFO and Director and continue in the role of Controller for
Lomiko, reporting to Vince Osbourne. Also resigning as director is
Mike Petrina who will remain with Lomiko in an operational
capacity, as Project Manager for the La Loutre project.
“I am proud to welcome our new management team and new directors
to Lomiko,” said Paul Gill, Executive Chair of the Board. “The
opportunity to build a new company with a wider scope and long-term
vision is now. Lomiko is in a perfect position to benefit
shareholders and contribute to developing new businesses in Quebec
that will create jobs and prosperity while being committed to
environmental and community stewardship. Our team is dedicated to
meeting these challenges and to working to build a better future
for all Canadians."
In addition, Eric Levy is appointed as independent director. Mr.
Levy is senior partner at the law firm of Osler, Hoskin &
Harcourt LLP and is recognized as a leading Canadian lawyer in
corporate M&A transactions and securities law. Mr. Levy will
lead the board renewal process with Mr. Paul Gill to ensure a
highly diverse board that shares in the vision of building a new
energy company.
Ms. Labatte, Mr. Osbourne, and Ms. Slepcev are highly regarded
professionals in their field and represent a team of leaders
committing to a new vision and new strategy for the Company
starting in Quebec where community engagement is a priority.
Critical minerals of interest include graphite, lithium, REE, PGMs
and others that are deemed essential and under-supplied for our new
energy and technology future. Lomiko is looking to play a
significant role in Canada’s decarbonization path and the need to
secure the entire North American electric vehicle supply chain with
critical minerals and processing technology, which will enable 2º
Celsius reduction in Greenhouse Gas Emissions (GHG) emission by
2040 and net-zero by 2050.
Belinda Labatte, Chief Executive Officer, said: “I thank Paul
Gill, his team and the Board of Directors for the opportunity to
build Lomiko into a high growth, dynamic and modern critical
minerals company with an experienced, energetic and motivated team.
We start with an excellent platform that Mr. Gill and his team have
built as we move forward with our plans for a people-first approach
to the development of critical minerals. We are taking steps to
increase value and de-risk of the La Loutre graphite project and
evolving from a high potential Preliminary Economic Assessment
(“PEA”) project to an expanded project in the PFS stage. Our plans
for La Loutre include a carbon-neutral mine plan, enhanced drilling
in high potential zones, and a metallurgical testing program, among
other priorities. We also plan to follow up on a very encouraging
geophysical survey program at our lithium exploration project,
Bourier, in Quebec, that was conducted mid-2021. We will begin to
drill test the anomalies as part of a renewed exploration focus at
Bourier.”
Ms. Labatte continued, “We are also actively reviewing other
opportunities for portfolio growth in Quebec and North America
where community engagement will be a priority. Our shared values of
respect, personal performance, integrity and ingenuity are at the
forefront. Our team has extensive experience in growing businesses
large and small, in mine construction and operations, and a deep
understanding and respect for long-term relationship building and
entrepreneurial support needed in the communities where we operate.
We are excited to build the profile of the critical minerals supply
chain in Canada, share knowledge and be a part of the new energy
transition employment opportunities ahead by applying action
oriented Environment, Social and Governance (“ESG”) practices in
all areas of the business.”
Profile of new leadership team
Incoming CEO Belinda Labatte, CFA, MBA, ICD.D, has more than 15
years of senior management experience in mining and the extractive
industry, and 20 years of capital markets experience, including a
decade of strategic development, capital markets investment banking
experience, stakeholder engagement, and asset acquisition and
disposition processes. Her most recent position was Chief
Development Officer of Mandalay Resources Corp. Prior to that, Ms.
Labatte was the founder and President of her own Company, The
Capital Lab Inc., a leading Toronto-based consulting firm. Ms.
Labatte is fluent in French, Spanish and German and graduated from
the Rotman School of Management with an MBA. She holds the ICD.D
designation and is CFA charterholder.
Incoming COO Gordana Slepcev, M.Sc.P. Eng, is a Professional
Mining Engineer with more than 25 years of global mining experience
in developing, building and leading safe mining operations. Ms.
Slepcev’s extensive experience spans multiple commodities,
including gold, base metals, coal and industrial minerals. She
brings considerable experience in mineral exploration, permitting,
corporate and regulatory/First Nations/ Indigenous relations, and
project financing to Lomiko. Before joining the Company, Ms.
Slepcev held the position of COO for BMSI, a privately held
company, where she was responsible for restarting the barite
reprocessing facility, mitigating historical environmental impacts
and overseeing EPCM contractors. She also formerly held the role of
COO of Anaconda Mining, where she was responsible for the company’s
operations and development of the Goldboro project. Ms. Slepcev
graduated from the University of Belgrade with a M.Sc.
Incoming CFO Vince Osbourne, CMA, CBV, is a senior finance and
valuation professional with over 19 years of experience in all
areas of financial management and business partnering within the
retail industry. In his former position, he held the role of Real
Estate finance business partner for Sobeys, contributing to
significant value creation through the Real Estate portfolio and
strategic partnerships. Vince Osbourne graduated from York
University with a BA in Economics.
Independent director Eric Levy has over 20 years of experience
advising on complex issues concerning securities and governance
matters. He is Head of Osler’s Montreal Corporate Group and also
serves on the Osler, Hoskin & Harcourt Partnership Board.
In addition, Lomiko is forming an advisory board to management
to assist with the growth of the company. Normand Champigny, CEO
and Director of Quebec Precious Metals Corporation has been
appointed to this group.
The Company will grant 3,850,000 stock options to the newly
appointed leadership team and independent director. These stock
options have an exercise price of $0.12 per share, are exercisable
over five years, and are subject to vesting requirements. Incoming
CEO Belinda Labatte receives 1,400,000 stock options; 800,000 stock
options for incoming COO Gordana Slepcev and 800,000 stock options
for incoming CFO Vince Osbourne. Newly appointed independent
director Eric Levy will receive 500,000 stock options and newly
appointed advisor Normand Champigny will receive 350,000 stock
options. Stock options have been granted in accordance with the
Company’s current stock option plan.
About Lomiko Metals Inc.
Lomiko Metals holds a 100% interest in its La Loutre graphite
development in southern Quebec. Located 180 kilometres northwest of
Montreal, the property consists of 1 large, continuous block with
42 minerals claims totaling 2,509 hectares (25.1km2). Lomiko
published a Preliminary Economic Assessment (“PEA”) on September
10, 2021 which indicated the project had a 15 year mine life,
US$406/tonne cost, average graphite mill head grade of 7.44% Cg for
the first eight years; Life of Mine (LOM) average graphite mill
head grade of 6.67% Cg, average LOM recovery of 93.5% Cg, measured
and indicated resource at the base case cut-off grade of 1.5% Cg of
23,165 kt at a 4.51% Cg grade for 1.04 Mt of graphite, inferred
resource at the base case cut-off grade of 1.5% Cg of 46,821 kt at
a 4.01% Cg grade for 1.89Mt of graphite. This report was prepared
as National Instrument 43-101 Technical Report for Lomiko Metals
Inc. by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc.,
Moose Mountain Technical Services, and Metpro Management Inc.,
collectively the Report Authors.
The company also has an interest in the Bourier project 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.
Mr. Mike Petrina, Project Manager, a Qualified Person under
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects, has reviewed and approved the technical disclosure in
this news release.
For more information on Lomiko Metals, review the website at
www.lomiko.com, contact Belinda Labatte at 647-402-8379 or email:
info@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 Corporation; 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 Corporation’s objective to
become a responsible supplier of critical minerals, exploration of
the Corporation’s projects, including expected costs of exploration
and timing to achieve certain milestones, including timing for
completion of exploration programs; the Corporation’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 Corporation’s business objectives or projects, the
Corporation'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. This FLI reflects the
Corporation’s current views about future events, and while
considered reasonable by the Corporation 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
Corporation 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 Corporation’s competitive
position in the industry; general economic conditions, including in
relation to currency controls and interest rate fluctuations;
The Corporation’s actual results, programs and financial
position could differ materially from those anticipated in such FLI
as a result of numerous factors, risks and uncertainties, many of
which are beyond the Corporation’s control. These include, but are
not limited to: the market for critical minerals; the evolution of
supply and demand for critical minerals; the Corporation’s projects
may not be explored or developed as planned; uncertainty relating
to possible cost-overruns in implementing its business strategy and
developing its projects; market prices affecting development of the
projects; the availability and ability to secure adequate financing
and on favourable terms; inability to obtain required governmental
permits; any limitations on operations imposed by governments in
the jurisdictions where we operate; technology risk; inability to
achieve and manage expected growth; political risk associated with
foreign operations; changes in government regulations, including
currency controls; changes in environmental requirements; failure
to obtain or maintain necessary licenses, permits or approvals;
risks associated with COVID-19; insurance risk; litigation risk;
receipt and security of mineral property titles and mineral tenure
risk; changes in project parameters; uncertainties associated with
estimating mineral resources and mineral reserves in the future,
including uncertainties regarding assumptions underlying such
estimates; whether mineral resources (if any) will ever be
converted into mineral reserves; opposition to exploration and/or
development of the projects; surface access risk; geological,
technical, drilling or processing problems; health and safety
risks; unanticipated results; unpredictable weather; unanticipated
delays; reduction in demand for minerals; intellectual property
risks; dependency on key personnel; workforce and equipment
availability; currency and interest rate fluctuations; and
volatility in general market and industry conditions.
Although the Corporation has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. 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 Corporation 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 secruties 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.
On Behalf of the Board,
“Belinda Labatte” Chief Executive Officer and Director
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version on businesswire.com: https://www.businesswire.com/news/home/20211026005467/en/
Belinda Labatte 647-402-8379 info@lomiko.com
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