The Company, Lomiko Metals Inc., has filed on SEDAR+ an independent technical report prepared under NI 43-101 standards that supports the previously released pre-feasibility study for the La Loutre Graphite Project in Quebec. The PFS was completed by DRA Americas Inc., and the Report carries an effective date of March 24, 2026. The economics reported in the PFS were publicly disclosed in the Company’s news release dated March 24, 2026, and the filed technical report contains no material changes from those disclosed results.
The study presents a strong economic case: a pre-tax NPV (8%) of CA$797.5 M and an after-tax NPV (8%) of CA$617.4 M, at a long-term weighted-average graphite price of US$1,524/t Cg concentrate. The base-case assumptions use an exchange rate of CA$1.00 = US$0.70, and the market study inputs were prepared by Lone Star Tech Minerals – USA. These figures underpin a pre-tax IRR of 30.3% and an after-tax IRR of 24.7%, with payback periods of approximately 3.1 and 3.2 years respectively.
Table of Contents:
Reserves, resources and production profile
The PFS reports probable mineral reserves estimated in accordance with NI 43-101 using a 1.50% Cg cut-off grade. These reserves total 46.8 Mt at an average grade of 4.79% Cg, which equates to a contained in-situ graphite quantity of approximately 2.24 Mt. Over the life of mine, the operation plans to process 46,803 kt of mill feed to produce 2,149 kt of graphite concentrate grading 97.0% Cg.
Operational metrics and recovery
The PFS assumes a life of mine (LOM) processing period of 28 years with an average mill head grade of 4.79% Cg and an average mill recovery of 93.0% Cg. The study estimates a LOM stripping ratio of 2.4:1 (waste:ore) with total waste of 40.0 M bcm, including 2.2 M bcm of overburden. Initial capital expenditures are estimated at CA$504.6 M, and the project economics reflect these development costs alongside projected operating metrics.
Resource classification and alternative cut-off results
At a base-case cut-off grade of 0.95% Cg, the Report details the following resource classifications: a measured resource of 215 kt at 4.47% Cg for approximately 9.7 kt of graphite; an indicated resource of 69,741 kt at 4.41% Cg for roughly 3,075 kt of graphite; and an inferred resource of 20,279 kt at 3.53% Cg for about 716 kt of graphite. These classifications provide a staged view of geological confidence across the deposit footprint.
Technical team, review and recommended advancement
The PFS and technical report were coordinated by DRA Americas Inc., which led process plant design, surface infrastructure costing and recovery method evaluation. Norda Stelo Inc. handled geology, mineral resources, reserves and open-pit design as well as water management and permitting scopes. Knight Piésold Ltd. provided geotechnical design for waste disposal facilities, pit slope and groundwater inflow estimates, and geochemical assessments of filtered tailings and waste rock. Metpro Management Inc. interpreted metallurgical testing originally conducted by SGS Canada Inc..
Qualified persons and validation
The Report authors are Qualified Persons under NI 43-101 and are independent of Lomiko. The technical content has been reviewed and approved by key QPs including Colin Fyfe, Danielle Demers, David Sims, Denys Vermette, Georgi Doundarov, Jessica Breault, Jordan Zampini, Kerrine Azougarh, Marina Iund, Oliver Peters, and independent consultant Mike Petrina, P.Eng.. The authors conclude that the PFS results are sufficiently reliable to advance the project into the next development phase.
Next steps
The recommended path forward includes initiating a Feasibility Study and progressing toward completion of an Environmental Impact Study, alongside additional fieldwork, metallurgical testwork and trade-off analyses to refine design and costing. The PFS identifies technical risks to be addressed and datasets required to support a feasibility-level evaluation.
Community engagement, funding support and forward-looking information
Lomiko confirms ongoing collaboration with stakeholders in the MRC of Papineau, local municipalities and the surrounding Kitigan Zibi First Nation. The Company will continue engagement with provincial, federal and U.S. authorities to advance permitting and financing. Management highlights that La Loutre could create hundreds of jobs, deliver significant contracting opportunities for regional and Indigenous businesses, and produce more than $4.7 billion in revenue over its life.
Work on the PFS and baseline studies received financial support through an award under Title III of the U.S. Defense Production Act (DPA Title III) announced in May 2026, with a total of US$8.35M allocated to complete Phases 1, 2 and 3; Phase 1 covered the PFS and baseline data collection. Readers should note the Report and press materials contain forward-looking information and assumptions that are subject to risks and uncertainties. For full disclosures, technical reports and contact details visit www.sedarplus.ca and www.lomiko.com, or contact Gordana Slepcev at the Company.
