Lomiko Metals Inc (LMRMF)

[carlos61]

May 16, 2024 – Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce that it has been awarded a Department of Defense (“DoD”) Technology Investment Agreement (“TIA”) grant of US$8.35 million (approximately CA$11.4 million) where Lomiko will match the funding over a period of 5 years, for a total agreement with the DoD of US$16.7 million. The grant falls under Title III of the Defense Production Act and is funded through the Inflation Reduction Act to ensure energy security in North America. This grant funding is to strengthen and expand the industrial base for natural flake graphite in North America. This is one of the first agreements the Department of Defence (“DOD”) is granting in TIA funding to a Canadian management team and asset, at this stage of development. In addition, and concurrent to the grant awarded by the DoD, the Company has also been approved for funding of CA$4.9 million in a non-repayable contribution agreement from the Critical Mineral Research, Development and Demonstration (CMRDD) program administered by Natural Resources Canada with the total project cost being CA$6.6 million. The objective of the program is to pilot the proposed graphite upgrading process and convert La Loutre natural flake graphite into battery-grade anode material.