Lomiko Metals Announces ISS and Glass Lewis Recommend Shareholders Vote FOR Proposed Arrangement and Corporate Update
Proxy firms back a $0.13 cash deal, clearing the path for Lomiko’s acquisition.
Leading proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have recommended that shareholders vote in favor of the proposed arrangement to acquire Lomiko Metals Inc. (LMR) by Global Battery Materials Corp. (GBM). All government and legal pre-clearance requirements related to the grants and contribution agreement have been completed with no objections.
A special shareholder meeting is scheduled for September 23, 2026, to vote on the all-cash transaction valued at $0.13 per share. The Board of Directors unanimously recommends voting for the Arrangement, citing certainty of value, immediate liquidity, and the elimination of project execution risks.
Lomiko Metals Inc. (LMR) announced a critical procedural milestone in its merger and acquisition process. Proxy advisory recommendations, combined with the board's unanimous support and the completion of regulatory pre-clearances, typically de-risk shareholder approval.
The stock is trading at $0.12, just below the $0.13 offer price, indicating the market has already priced in the deal's near-certainty. The news removes lingering execution risk and aligns the timeline for a Q4 2026 closing.
While positive, the information is incremental and expected following the definitive agreement announced on July 28, 2026. It serves as a confirmation of the path to closing without altering the fundamental valuation or the transaction terms.
Lomiko Metals Inc. (LMR) is a Canadian critical minerals explorer and developer focused on building a domestic battery supply chain. The company’s flagship asset is the La Loutre Graphite Project in Quebec, where a Pre-Feasibility Study (PFS) completed in March 2026 outlines a 28-year mine life and 46.8 Mt probable reserves. The study indicates strong economics, with an after-tax net present value (NPV) of CAD $617.4M and an internal rate of return (IRR) of 24.7% at US$1,524/t graphite.
In addition to its Quebec operations, Lomiko holds the Yellow Fox property in Newfoundland, which is undergoing early-stage exploration for antimony, gold, silver, and rare earth elements (REEs) and has shown high-grade anomalies. The company also maintains a portfolio of early-stage graphite projects in Quebec's Laurentides region. Strategically, Lomiko is transitioning from exploration to development, with a focus on downstream anode material processing to capture higher margins in the EV battery market.