Announcement • May 11
Lomiko Metals Inc. Files a Positive Preliminary Feasibility Study For La Loutre Graphite Project on SEDAR
Lomiko Metals Inc. had filed on SEDAR+ an independent technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") supporting the results of a Pre-Feasibility Study ("PFS") for the development of its La Loutre Graphite Project in Quebec, Canada. The PFS was completed by DRA Americas Inc. in accordance with NI 43-101, and the results of the PFS were previously reported in the Company's news release dated March 24th, 2026, and there are no material differences in the Report from those results. The effective date of the Report is March 24th, 2026. The Report supporting the PFS for the La Loutre Graphite Project with a pre-tax NPV of CAD 797.5 million with 30.3% IRR; after-tax NPV of CAD 617.4 million with 24.7% IRR at USD 1,524/t Cg can be consulted on the Company’s profile on SEDAR+. The Project has probable mineral reserves prepared in accordance with NI 43-101 using a 1.50% Cg cut-off grade of 46.8 Mt at an average grade of 4.79% Cg for a contained in-situ graphite quantity of 2.24 Mt. Highlights of the PFS (all figures are stated in Canadian dollars unless otherwise stated): Pre-tax NPV (8%) of CAD 797.5 million. After-tax NPV (8%) of CAD 617.4 million. Pre-tax IRR of 30.3%. After-tax IRR of 24.7%. Pre-tax payback period of 3.1 years. After-tax payback period 3.2 years. Initial capital costs of CAD 504.6 million. Life of mine processing period (“LOM”) of 28 years. Average LOM stripping ratio (Waste: Ore) of 2.4:1. Mined ore of 46.8 Mt at 4.79% Cg with 1.5% cut-off grade and waste of 40.0 million bcm (bank cubic metres), including 2.2 million bcm of overburden. LOM plant production of 46,803 kt (kt=1,000 metric tonnes) of mill feed yielding 2,149 kt of graphite concentrate grading 97.0% Cg. LOM Average graphite mill head grade of 4.79% Cg. Average LOM mill recovery of 93.0% Cg. At the base case cut-off grade of 0.95% Cg, a measured resource of 215 kt at a 4.47% Cg grade for 9.7 kt of graphite, an indicated resource of 69,741 kt at a 4.41% Cg grade for 3,075 kt of graphite, and an inferred resource of 20,279 kt at a 3.53% Cg grade for 716 kt of graphite. Long-term Weighted-Average Graphite Price USD 1,524/t Cg conc. (graphitic carbon concentrate). The projection was completed for the purposes of the PFS Market Study Report by Lone Star Tech Minerals – USA. Exchange rate: CAD 1.00 = USD 0.70. A projection was completed for the purposes of the PFS Market Study Report by Lone Star Tech Minerals – USA. The responsibilities of the engineering consultants are as follows: DRA Americas Inc. was commissioned by Lomiko to manage and coordinate the work related to the NI 43-101. DRA also developed the PFS level design and cost estimating of the process plant, surface infrastructure, recovery methods, and was responsible for the compilation of the PFS Report. Norda Stelo Inc. was engaged to complete the geology and mineral resources scope, mineral reserves and mine design for the open pit, conduct water management and environmental studies, planning, assessment, licensing, and permitting. Knight Piésold Ltd. completed the following related to mining and infrastructure development: Geotechnical design of the Waste Disposal Facilities (WDFs), noise boundaries around the pit perimeters, backfilled open pits, and associated water management measures; Open pit slope geometry recommendations; Open pit groundwater inflow estimates; Geochemical characterization of the filtered tailings from the metallurgical process and the waste rock from open pit development. Metpro Management Inc. was engaged to interpret metallurgical testing completed by SGS Canada Inc. The results of the PFS indicate that the proposed Project has technical and financial merit using the base case assumptions. It has also identified additional fieldwork, metallurgical testwork, trade-off studies, and analysis required to support more advanced mining studies. The authors of the Technical Report consider the PFS results sufficiently reliable and recommend that the La Loutre Graphite Project be advanced to the next stage of development through the initiation of a Feasibility Study and working towards completion of an Environmental Impact Study for the Project while continuing to explore the geological potential of the La Loutre property. The work on the PFS and baseline data collection was supported by an award made via Title III of the U.S. Defense Production Act of 1950 (“DPA Title III) and announced in May 2024, with a total of USD 8.35 million awarded to complete Phases 1, 2, and 3. This work on the PFS and baseline data collection completed Phase 1 – PFS and baseline data collection. All technical information, not pertaining to the PFS, in this news release has been reviewed and approved by Mike Petrina, P.Eng., who is a "qualified person" as defined by NI 43-101. He is an independent Consultant working for the Company. The PFS has been prepared by DRA.
