12:21 PM EST, 02/26/2025 (MT Newswires) -- Lomiko Metals ( LMRMF ) on Wednesday released an update on feasibility studies for the La Loutre natural flake graphite project in Quebec.

In May, 2024, Lomiko Metals ( LMRMF ) was awarded US$8.35 million in Defense Production Act Title III funding from the U.S. Department of Defense (DoD) and $4.9 million from Natural Resources Canada to support further studies and anode material piloting at La Loutre.

The company funds from its last financings in 2023 were applied to the early works on the Phase 1&2 studies, including flow-through funding. In addition, Lomiko has been granted permission by the DoD to transfer the previously awarded funding from Phase 2 works to Phase 1, which provides further funding for the Pre-Feasibility Studies and enables the company to make more efficient use of capital by applying flow-through funding to the early stages of Phase 2 works.

With this transfer of funding, Lomiko will cover the costs of metallurgical studies, and the DoD covers the cost of the engineering studies for the pre-feasibility study in Phase 1 while still maintaining 50/50 cost allocations.

"We are pleased to advance Phases 1&2 of the pre-feasibility studies and metallurgical testing with anode piloting," said chief executive Gordana Slepcev. "Many contractors and consultants participate in these pre-feasibility studies, and we are pleased to be working with local contractors in the Laurentides area, as well as Quebec groups such as P3 Solutions, Corem, SGS, SoftDb and others for the works currently in progress."

The company's shares up $0.03 to $0.19 on the TSX Venture Exchange.

Price: 0.19, Change: +0.03, Percent Change: +18.75