MONTREAL–(Business Wire/AETOSWire)–Lumico Metals (OTC:) Inc. (TSX-V: LMR) (Lomiko or the Company) is pleased to announce grants to management, IR and board compensation. As part of the annual short- and long-term incentive program as determined by the Board of Directors, Lumico announces the grant of stock options to management and the Investor Relations Advisor, restricted stock units (RSUs) of management and RSUs and deferred stock units (DSUs) to the Board of Directors pursuant to the comprehensive stock incentive plan. For the year 2024 approved for the company.
Based on the recommendation of the Compensation, Corporate Governance and Nominations Committee (CCGNC), the Board of Directors approved the award of a total of 644,446 RSUs and 844,403 RSUs to the Company's directors. Management including the CEO were granted a total of 370,370 RSUs and 375,000 stock options were issued. The Company is pleased to announce that it has appointed A. Paul Gill to provide investor relations services in accordance with the policies of the TSX Venture Exchange. The agreement is valid for a period of six months, renewable. Mr. Gill has been granted an option to purchase up to 110,000 common shares, exercisable for a period of three years at a price of $0.135, subject to vesting provisions and in accordance with the Company's comprehensive equity plan.
Mr. Gill reported that he currently owns a total of 596,000 common shares and 325,000 warrants/options of Lomiko Metals Inc., directly and indirectly. The above-mentioned transaction is subject to the approval of regulatory authorities. This is a business deal.
The goal of the 2024 Comprehensive Stock Incentive Plan is to create an incentive compensation program that is aligned with the company's long-term goals. Stock options, DSUs, RSUs and PSUs are granted in accordance with Policy 4.4 “Security-Based Compensation” of the TSX Venture Exchange (the Exchange), the terms and conditions of the 2024 Comprehensive Stock Incentive Plan and the terms of the Grant Agreement establishing such stock security of compensation.
RSUs: Each RSU vested may be exchanged for a fully paid, non-assessable common share of Lumico issued by Treasury. The RSUs will vest by January 24, 2026. The number of RSUs granted was calculated based on the compensation to be paid to the director, as recommended by the CCGNC and approved by the Board of Directors, and was calculated using a price of $0.135 per common share.
DSUs: Each DSU vested can be redeemed for one fully paid, non-assessable ordinary share of Lomiko issued by Treasury. For Directors, DSUs vest on January 24, 2026, and are settled upon a Director's retirement from the Board. The number of DSUs granted was calculated based on the compensation to be paid to the Director, in accordance with the recommendation of the CCGNC and approval of the Board of Directors, and was calculated using a price of $0.135 per common share.
Stock Options: Management stock options have a term of 5 years from the date of grant. The vesting schedule is as follows: equal installments of one-third (1/3) on the grant date, in the first year, the first anniversary of the grant date and in the third year, the third anniversary of the grant date. Exercise is $0.135 per option.
About Lomeco Metals
The company owns mineral interests in the La Loutre graphite project in southern Quebec. The La Loutre project site is located within the territory of Kitigan Zibi Anishinabeg (KZA) First Nation. The KZA First Nation is part of the Algonquin Nation, and KZA traditional lands lie within the Outaouais and Laurentides regions. The property is located 180 kilometers northwest of Montreal and consists of a large continuous block containing 76 mineral claims totaling 4,528 hectares (45.3 km2).
The La Loutre property lies beneath rocks from the Grenville Province of the Precambrian Canadian Shield. Grenville was formed under conditions that were highly favorable for the development of coarse-grained graphite mineralization from organic-rich materials during high-temperature metamorphism.
Lomiko published an updated Mineral Resource Estimate (MRE) in Technical Report NI 43-101 and Updated Mineral Resource Estimate for the La Loutre Project, Quebec, Canada, prepared by InnovExplo on May 11, 2023, which is estimated at 64.7 million tonnes of indicated mineral resources at an average 4.59% SGD per tonne for 3.0 million tons of graphite, tonnage increase of 184%. Indicated mineral resources increased by 41.5 million tons as a result of the 2022 drilling campaign, from 17.5 million tons in 2021. MRE combined with additional mineral resources reported on the decline and within the marble units added 17.5 million tons of inferred mineral resources. An average of 3.51% Cg per ton for 0.65 million tons of graphite contained; An additional 13,107 meters of drilling in 79 holes in 2022 combined with improved sediment and structural modeling added the majority of the inferred mineral resources to the Indicated Mineral Resource category, compared to the 2021 Mineral Resource Estimate. MRE assumes a price of $1,098.07 US per ton of graphite and cut grade of 1.50% Cg (Graphite Carbon).
In addition to La Loutre, Lomiko acquired its 49% interest in the Bourier Project from Critical Elements Lithium Corporation pursuant to an option agreement announced on April 27, 2021. The Bourier Project is located adjacent to Nemaska Lithium and Critical Elements south-east Eeyou Istchee James Bay area In Quebec, which consists of 203 land claims totaling 10,252.20 hectares (102.52 km2). Square), in Canada's Lithium Triangle near the James Bay area of Quebec that has historically included lithium deposits and mineralization trends.
The company also has an interest in seven early stage projects in southern Quebec including Ruisseau, Tremblant, Meloche, Boyd, Dieppe, North Low and Carmin covering 328 claims in total in 7 early stage projects covering 18,622 hectares in and within the Laurentian region of Quebec. . KZA Region.
On behalf of the Council,
Jordana Slipsafe
CEO, President and Director, Lomiko Metals Inc.
For more information about Lomiko Metals, check out the website at www.lomiko.com.
Contact us at 1-833-4-LOMIKO or email: info@lomiko.com
Cautionary note regarding forward-looking information
This news release contains forward-looking information within the meaning of applicable Canadian securities legislation which is based on expectations, estimates, forecasts and interpretations as of the date of this news release. Information contained in this press release about the Company; Any other information contained herein that does not represent 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 anticipates, plans, continues, estimates, expects, may, will, projects, predicts, proposes, likely, targets, implements, intends, intends, Could, might, should, believe, and similar words or expressions. The FLI in this new release includes, but is not limited to: the expected timing of completion of closing conditions in connection with the Acquisition and the closing of the Acquisition, the expected costs of exploration and timing for achieving certain milestones, and the timing of completion of exploration programs; The Company's ability to successfully finance, or continue to fully finance, the implementation of its business strategy and exploration of any of its projects (including from the capital markets). FLI involves known and unknown risks, assumptions and other factors that could cause actual results or performance to differ materially. The Flow Index reflects the Company's current views of future events and, although considered reasonable by the Company at this time, is inherently subject to significant uncertainties and contingencies. Accordingly, there can be no assurance that they will accurately reflect actual results. The assumptions on which this financing is based include, but are not limited to: the Company's ability to meet the closing conditions of the acquisition, including regulatory approval, and complete the transaction within the expected timing; the ability to implement its business strategy and finance, explore, develop and develop each of its projects, including their results and timing; uncertainties relating to the receipt and maintenance of exploration permits, environmental and other permits or approvals in Quebec; the impact of increased competition in the mineral exploration business, including the Company's competitive position in the industry; General economic conditions, including with respect to currency controls and interest rate fluctuations.
The FLI contained in this press release is expressly qualified in its entirety by this cautionary statement, the forward-looking statements section contained in the Company's most recent Management Discussion and Analysis (MD&A), which is available on SEDAR+ at www.sedarplus.ca, and on the investor presentation on its website. All FLIs in this press release are made as of the date of this press release. Such statements cannot be guaranteed 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 undertakes no obligation to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be 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 the information contained herein.
View source version on Businesswire.com: https://www.businesswire.com/news/home/20250124322502/en/
Contact us at 1-833-4-LOMIKO or email: info@lomiko.com
Source: Lomeco Metals
