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    GBM to buy Lomiko Metals: La Loutre graphite project economics for mine planners

    July 30, 2026|

    Reviewed by Tom Sullivan

    GBM to buy Lomiko Metals: La Loutre graphite project economics for mine planners

    First reported on MINING.com

    30 Second Briefing

    Global Battery Materials will acquire Lomiko Metals in an all-share deal worth about US$7.9 million (C$11 million), gaining the La Loutre flake graphite project in Quebec, which has a March 2026 PFS showing an after-tax NPV of C$617.4 million, 24.7% IRR, 3.2-year payback and C$504.6 million initial capex. GBM, which aims to restart the Kearney graphite mine in Ontario by late 2027, plans a “structured review” of La Loutre with local rights holders amid existing pollution concerns. Lomiko shares jumped 60% to C$0.12, with the offer at a 71% premium to the 20-day VWAP and 18% of shareholders already backing the deal.

    Technical Brief

    • La Loutre PFS economics assume an average realised graphite price of US$1,524 per tonne.
    • The project sits about 30 km from Mont-Tremblant, implying road-accessible infrastructure and short haul distances.
    • Kearney graphite mine PEA values the restart at US$183 million, with future cash flow 9× initial capex.
    • GBM’s acquisition requires Lomiko shareholder approval, court sign-off and standard regulatory clearances before Q4 closing.
    • GBM will conduct a “structured review” of La Loutre with local rights holders due to pollution concerns.
    • Lomiko also holds early-stage Quebec graphite assets, including Ruisseau, where multiple graphite-bearing trends remain open along strike.
    • GBM has provided Lomiko with a working-capital loan facility up to US$800,000 at 8% interest, extendable to US$1.2 million if the deal collapses.
    • Security holders owning 14.6 million Lomiko shares (c.18% equity) have pre-committed support, including all directors.

    Our Take

    With La Loutre in Quebec and the Kearney graphite mine in Ontario, Global Battery Materials is building a two-asset natural graphite platform in Canada, which in our database is unusual among junior graphite players that typically advance a single flagship project.

    Most graphite pieces in our recent coverage involve standalone developers in Quebec or Ontario; GBM’s M&A-led approach to consolidate Lomiko Metals and the Kearney asset signals a move toward regional scale that could matter for negotiating offtake in North American battery supply chains.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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