Business
Lomiko Metals Reflects on China's Move to Limit Graphite Exports and Announces Corporate Update, and Annual and Special Meeting of Shareholders on December 20th, 2023
MONTREAL / Oct 23, 2023 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) reflects on the news regarding China's announcement
About this update from Lomiko Metals Inc.
[{"type":"text","content":"MONTREAL / Oct 23, 2023 / Business Wire / 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 Sur...