Key Highlights

  • In 2019, Lomiko Metals Inc. (“company”, “Lomiko”, “LMR”) completed a 21 hole / 2,985 m drill program at the Refractory zone on its La Loutre graphite property in Quebec.
  • The program intercepted a few high-grade intercepts (over 10% Cg) over long intervals. The program also indicated a strike length of 900 m for the Refractory zone.
  • LMR is currently preparing a maiden resource estimate on the Refractory zone, which is one of the three known zones on the property. The other two zones have a resource estimate of 18.4 Mt at 3.19% indicated, and 16.7 Mt at 3.75% inferred with a cut-off grade of 1.5% Cg. The resource is 4.1 Mt at 6.5% indicated, and 6.2 Mt at 6.1% inferred with a cut-off grade of 3% Cg.
  • The company is currently in the process of selling its technology assets to a related party for $1.24 million plus $0.19 million for reimbursement of certain expenses. Management decided to divest these assets to fully focus on La Loutre.
  • On an Enterprise Value to Resource basis, we estimate that the company’s shares are trading at $4.2/tonne (“t”) versus the comparables’ average of $7.5/t. Note that the average was $17.9/t as of our previous report in April 2018, reflecting the significant weakness in market sentiment towards graphite juniors.

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