Lomiko Appoints New Management Team and Director and Initiates a
New Vision and Strategy in Quebec
MONTREAL—October
26, 2021 - InvestorsHub NewsWire
-- 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.
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 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
Lomiko Metals (QB) (USOTC:LMRMF)
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