11:43 AM EDT, 05/16/2024 (MT Newswires) -- Lomiko Metals ( LMRMF ) shares on Thursday rose 67% on last look after reporting it secured a US$8.35 million ($11.4 million) grant under the US Department of Defense Technology Investment Agreement.

Lomiko will match the funding over five 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 intended to expand the industrial base for natural flake graphite in North America.

In addition, the company has secured approval for funding of C$4.9 million in a non-repayable contribution agreement from the Critical Mineral Research, Development, and Demonstration program administered by Natural Resources Canada with a total project cost of C$6.6 million.

The agreement will focus on the completion of a pre-feasibility study and baseline data collection; the completion of metallurgical studies and bulk sample; and the completion of a definitive feasibility study.

The company's shares were last seen up $0.01 to $0.025 on the TSX Venture Exchange.

Price: 0.03, Change: +0.02, Percent Change: +100.00