Global Battery Materials Acquires Lomiko Metals in C$11M Graphite Deal

Global Battery Materials has agreed to buy Lomiko Metals, the TSX Venture Exchange-listed developer of the La Loutre graphite project in Quebec, in an all-cash deal that values Lomiko at about C$11 million.

La Loutre sits 180 km northwest of Montreal in southern Quebec, within the territory of the Kitigan Zibi Anishinabeg First Nation, and covers 4,528 hectares across 76 exclusive exploration rights. The agreement also covers Lomiko’s Yellow Fox property near Glenwood in Newfoundland and seven early-stage Quebec projects spanning another 18,622 hectares.

Global Battery Materials is building a supply chain from natural graphite through to active anode material. The company says its anode processing technology has been validated at a pilot plant in South Korea. It already supplies anode materials from its Korean operations, and its graphite lab in Mont Laurier, Quebec, is producing purified graphite concentrate samples for qualifying customers. Lomiko’s assets would join that platform as long-term strategic feedstock.

“The transaction provides immediate value to our shareholders while placing the La Loutre Graphite Project within an organization that combines Canadian graphite resources with advanced anode processing technology,” said Gordana Slepcev, Lomiko’s Chief Executive Officer.

“This acquisition marks another decisive step in our strategy to consolidate the fragmented battery supply chain and build a fully integrated graphite platform spanning mine to anode,” said Eric Miller, Global Battery Materials’ Chief Executive Officer.

Source: Lomiko Metals