Lomiko Metals Secures $16.7 Million Grant from Department of Defense for Graphite Project
23.05.2024 | NewsDirect
Lomiko Metals CEO Belinda Labatte joined Steve Darling from Proactive to announce a significant milestone: the company has been awarded a Department of Defense Technology Investment Agreement (TIA) grant of $8.35 million. Under this agreement, Lomiko will match the funding over a period of five years, resulting in a total agreement value of $16.7 million with the DoD.Labatte explained that the grant falls under Title III of the Defense Production Act and is funded through the Inflation Reduction Act, aimed at ensuring energy security in North America. The funding is specifically designated to strengthen and expand the industrial base for natural flake graphite in the region.
This marks one of the first instances where the Department of Defense has granted TIA funding to a Canadian management team and asset at this stage of development. Additionally, Lomiko has been approved for a non-repayable contribution agreement of CA$4.9 million from the Critical Mineral Research, Development, and Demonstration program administered by Natural Resources Canada, bringing the total project funding to CA$6.6 million.
The primary objective of the program is to pilot the proposed graphite upgrading process and convert La Loutre natural flake graphite into battery-grade anode material. With this funding secured, Lomiko will focus on completing a Pre-Feasibility Study, metallurgical studies and bulk sample, and a Definitive Feasibility Study.
This grant represents a significant boost for Lomiko Metals and underscores its commitment to advancing graphite production and contributing to North America's energy security.
Contact Details
Proactive North America
+1 604-688-8158
na-editorial@proactiveinvestors.com
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