Lomiko Metals Inc. is pleased to announce that in connection with its previously announced amended option agreement (the “Option Agreement”) with Critical Elements Lithium Corporation (“CELC”) on the Bourier project (see news release dated January 25, 2022 for more details) and the successful earn in of 49% announced on December 20, 2023, the parties have agreed to amend the terms of the second option under the Option Agreement (the “Second Option”). The Bourier project site is located near Nemaska Lithium and Critical Elements south-east of the Eeyou Istchee James Bay territory in Quebec, which consists of 203 claims for a total ground position of 10,252.20 hectares (102.52 km2).
The amendment is as follows: CELC grants to Lomiko, until December 31, 2025, the exclusive right and option to increase its undivided interest in and to the Bourier project from 49% to 70% by making an additional cash payment to CELC in an amount of two hundred fifty thousand dollars ($250,000), by issuing to CELC an aggregate of two million five hundred thousand (2,500,000) common shares of Lomiko (the “Cash and Shares Commitment”), by incurring or funding additional exploration expenditures for an amount of two million dollars ($2,000,000) (the “Expenditures Commitment”) and by delivering a NI 43-101 compliant resource on the Property (the “Resource Estimate”) prepared by a qualified person independent of Lomiko and CELC as follows (noting that the financial commitments of Lomiko and Resource Estimate deliverable under the original Option Agreement remain unchanged):
• no later than March 31st, 2024, completing the Cash and Shares Commitment;
• on or before December 31, 2025, incurring or funding the Expenditures Commitment; and
• on or before December 31, 2025, delivering the Resource Estimate.
Investor Events
February 1, 2024: Battery and Precious Metals Virtual Investor Conference
Belinda Labatte, CEO and Interim Chair of the Board, will present live at the Battery and Precious Metals Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on February 1st, 2024 at 11am. Link: https://bit.ly/3O92vPo. Interested investors can meet with management February 1, 2, 5 and 6. This will be a live, interactive online event and it is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.