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Amendment to the Bourier option agreement with CELC
Lomiko and CELC entered into a Property Option Agreement dated April 24, 2021, pursuant to which Lomiko was granted an option to acquire a 70% undivided interest in the Bourier Property. CELC grants Lomiko the exclusive right and option to acquire, no later than December 31, 2022, an initial 49% interest (the “First Option”) in the Bourier Property by issuing to CELC an aggregate of 5,000,000 shares of Lomiko common stock, paying CELC a cash payment totaling $50,000, and incurring or financing exploration expenditures totaling $1,300,000, of which $550,000 is to be incurred or financed at no later than December 31, 2021. As of that date, Lomiko had incurred or funded claim fees, management fees and exploration expenses in the amount of $298,228, an amount CELC hereby acknowledges as forming part of Lomiko’s exploration commitment under the first option. The parties have agreed that the exploration shortfall of $251,772 will be carried forward and added to the exploration expenditures that Lomiko is required to incur or fund under the first option no later than December 31, 2022. parties have also agreed that Lomiko will advance exploration expenditures upon receipt by Lomiko of an exploration program approved by CELC within 60 days of the date of such approval.
About Lomiko Metals Inc.
Lomiko Metals has a new vision and a new strategy in new energies. Lomiko represents a company with a purpose: a people-driven company where we can manifest a world of abundant renewable energy with essential Canadian and Quebec minerals for a solution in North America. Our goal is to create a new energy future in Canada where we will develop the critical minerals workforce, become a valued partner and neighbor of the communities in which we operate, and provide a secure and responsible supply of critical minerals.
The Company holds a 100% interest in its La Loutre graphite development in southern Quebec. The La Loutre project site is located on the territory of the Kitigan Zibi Anishinabeg First Nations (KZA). The KZA First Nations are part of the Algonquin Nation and the KZA territory is located in the Outaouais and Laurentides regions. Located 180 kilometers northwest of Montreal, the property consists of 1 large continuous block with 48 claims mines totaling 2,867 hectares (28.7 km 2 ). Lomiko Metals released a Preliminary Economic Assessment (“PEA”) on September 10, 2021 which indicated that the project had a 15-year lifespan producing 100,000 tonnes per year of 95% Cg graphite concentrate or a total of 1, 5 Mt of graphite concentrate. This report was prepared as the 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 authors of the report.
Lomiko is working with Critical Elements Lithium Corporation to earn its 70% interest in the Bourier lithium project, under an option agreement announced on April 27, 2021. The Bourier project site is located near Nemaska Lithium and Critical Elements in Southeast Eeyou Istchee Territory of James Bay in Quebec which comprises 203 claims, for a total ground position of 10,252.20 hectares (102.52 km2), in the lithium triangle of Canada near the region James Bay in Quebec which has historically hosted lithium deposits and mineralization trends.
About Critical Elements Lithium Corporation
Critical Elements aspires to be a responsible, leading supplier of lithium to the burgeoning electric vehicle and energy storage system industries. To that end, Critical Elements is advancing the wholly-owned Rose high-purity lithium project in Quebec. Rose is the Company’s first lithium project to be advanced in a land portfolio of more than 700 square kilometers. In 2017, the Company completed a feasibility study on Rose for the production of spodumene concentrate. The project’s internal rate of return is estimated at 34.9% after tax, with an estimated net present value of C$726 million at an 8% discount rate. According to the Corporation, Quebec is strategically well positioned for the American and European markets and has good infrastructure, including a low-cost, low-carbon electricity grid, which is 93% hydroelectric. The project received approval from the federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government ; The Company is working to obtain similar approval through Quebec’s environmental assessment process. The Company also maintains a good formal relationship with the Cree Nation.
Mr. Mike Petrina, Project Manager, a Qualified Person under National Instrument 43-101 – Disclosure Standards for Mining Projects, has reviewed and approved the technical disclosure in this press release.
For more information about Lomiko Metals, visit the website at www.lomiko.com, contact Belinda Labatte at 647-402-8379 or email: [email protected]
For more information on Critical Elements, visit the website at www.cecorp.ca, contact Patrick Laperrière at 514-817-1119 or email: [email protected] or Jean-Sébastien Lavallée at 819-354-5146 or by email: [email protected] cecorp.ca .
Caution Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws that is based on expectations, estimates, projections and interpretations as of the date of this press release. The information contained in this press release about the Company; and any other information included herein that is not 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 “expects”, “plans”, “continues”, “estimates”, “expects to”, “may”, “will”, “project”, “predict”, “propose”, “potential”, “target”, “implement”, “planned”, “intend”, “might” , “could”, “should”, “believes” and similar words or phrases. FLI in this new release includes, but is not limited to: the Company’s goal to become a responsible supplier of critical minerals, exploration of the Company’s projects, including anticipated exploration costs and the timeline for reaching certain milestones, including the timing of completion of exploration programs; the Company’s ability to successfully fund or remain fully financed for the implementation of its commercial strategy and for the exploration of one of its projects (including on the capital markets) ; any anticipated impact of COVID-19 on the Company’s business objectives or plans, the Company’s financial condition 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 Company’s current views on future events and, while considered reasonable by the Company at this time, is inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. The assumptions upon which such an FLI is based include, but are not limited to: the current market for critical minerals; current technology 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 the results and timing thereof; the ability to operate safely and efficiently; uncertainties related to obtaining and maintaining exploration, environmental and other permits or approvals in Quebec; any unforeseen impact of COVID-19; the impact of increasing competition in the mineral exploration industry, including the Company’s competitive position in the industry; general economic conditions, including with respect to exchange controls and interest rate fluctuations.
The FLIs contained in this press release are expressly qualified in their entirety by this cautionary, “Forward-Looking Statements” section contained in the Company’s most recent MD&A, which is available on SEDAR at www. sedar. com , and on the investor presentation on its website. All FLIs in this press release are made as of the date of this press 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 forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as 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 press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.
On behalf of the Council,
CEO and Director, Lomiko Metals Inc.
For investor inquiries, please contact:
Investor Relations, Lomiko Metals Inc.