Lomiko Metals Securityholders Approve Arrangement With Global Battery Materials

Lomiko Metals Inc. (LMR) reported that its special meeting of shareholders and warrant holders held on September 23, 2026, successfully passed the Arrangement Resolution approving the plan of arrangement with Global Battery Materials Corp. (GBM). The approval levels cleared all required thresholds, with 88.13% of votes cast by shareholders, 87.81% of votes cast by securityholders (shares and warrants voting together as a single class), and 86.34% of votes cast by shareholders excluding interested parties under MI 61-101 Section 8.1(2).

The deal terms remain unchanged from the arrangement agreement dated July 27, 2026, which outlines an all-cash acquisition of all outstanding Lomiko shares at C$0.13 per share. The remaining condition is the final order of the Supreme Court of British Columbia. Lomiko intends to seek that order, which is expected to be heard the week of September 28, 2026, at 800 Smithe Street, Vancouver. Assuming all other closing conditions are satisfied, the Arrangement is expected to complete shortly thereafter.

The company’s release included a thank-you quote from Belinda Labatte, Executive Chair of the Board, though Gordana Slepcev remains the named contact for the company. The full-body release contained no new financial, operational, or technical disclosure. The "About" section provided a description of Lomiko’s assets, including the La Loutre graphite project, which comprises 76 mineral exploration rights covering 4,528 hectares approximately 180 km northwest of Montreal within Kitigan Zibi Anishinabeg territory. The company also holds seven early-stage Quebec graphite projects—Ruisseau, Tremblant, Meloche, Boyd, Dieppe, North Low, and Carmin—encompassing 328 rights and 18,622 hectares, as well as the optioned Yellow Fox precious metals, antimony, and rare earth element property located approximately 10 km southwest of Glenwood, Newfoundland and Labrador.

Lomiko Metals Inc. (LMR) received procedural confirmation of a transaction the market has been aware of since July 28, 2026. The outcome was further telegraphed on September 8, 2026, when both ISS and Glass Lewis recommended voting in favor of the proposal, and the company confirmed that all government and legal pre-clearance work on its grants and contribution agreement was complete with no objections.

The vote outcome was effectively pre-loaded, with approximately 22.9% of issued and outstanding shares already locked up through voting and support agreements, including all directors and officers. The required thresholds were two-thirds of votes cast plus a majority of the minority, a bar considered low given the board's unanimous recommendation and the independent fairness opinion from Evans & Evans.

The news represents a genuine de-risking step by eliminating the securityholder-approval condition, leaving essentially only the court order and customary closing mechanics. This moves the transaction from "agreed" to "approved."

The release does not advance the fundamental story of the underlying business. For shareholders, this is a liquidity event rather than a growth announcement, with no new resource, economics, funding, or partner introduced.

Market reaction evidence from the provided price series is consistent with a fully anticipated event. The stock has sat at C$0.12 from July 28, 2026, through September 22, 2026, printing C$0.13 only twice (September 16 and September 17, 2026) before settling back to C$0.12. There was no visible repricing around the September 23, 2026 vote.

The spread remains the key metric: at C$0.12 versus a C$0.13 cash offer, the stock trades at roughly a 7.7% discount to the deal price, which is the market's residual pricing of the time to close and the small but non-zero chance the deal does not complete.

Lomiko Metals Inc. (LMR) is a small-cap Canadian critical minerals explorer and developer listed on the TSX Venture Exchange (LMR), OTC (LMRMF), and Frankfurt (DH8C). The company is currently pre-revenue and pre-production, with its flagship asset being the 100%-owned La Loutre Graphite Project in southern Quebec. Located in the Grenville Geological Province approximately 180 km northwest of Montreal, the property sits within Kitigan Zibi Anishinabeg (KZA) First Nation territory. It comprises a single continuous block of 76 mineral exclusive exploration rights totaling 4,528 hectares (45.3 km2).

According to the Pre-Feasibility Study (PFS) released on 2026-03-24 and filed on SEDAR on 2026-05-08, the project demonstrates a pre-tax NPV (8%) of C$797.5 million and an after-tax NPV of C$617.4 million. The study outlines a pre-tax internal rate of return (IRR) of 30.3% and an after-tax IRR of 24.7%, with a payback period of approximately 3.1 to 3.2 years based on a long-term graphite price of US$1,524/t Cg. The PFS scope includes probable mineral reserves of 46.8 Mt at 4.79% Cg, containing 2.24 Mt of in-situ graphite. The project features a 28-year mine life, with a life-of-mine (LOM) plant production of 2,149 kt of concentrate at 97.0% Cg. Key operational metrics include an average LOM mill recovery of 93.0%, an average strip ratio of 2.4:1, initial capital of C$504.6 million, sustaining capital of C$252.1 million, and operating costs of C$26.47 per tonne milled.

Production profiles disclosed by the company indicate approximately 97,000 tonnes per year of concentrate for the first 20 years, dropping to roughly 39,000 t/yr thereafter, with projected LOM revenue of roughly C$4.7 billion. The company has secured non-dilutive support, including a US Defense Production Act (DPA Title III) award of US$8.35 million for Phases 1-3 and a Canadian CMRDD contribution of C$4.9 million as per the MD&A. Management describes these funds as covering a meaningful share of project costs, though they are study and pilot-stage awards rather than mine construction capital.

Lomiko is pursuing downstream ambitions through an engagement with Dorfner Anzaplan, announced on 2026-02-19, to conduct anode material testwork and prepare an NI 43-101 compliant PEA for a value-add anode plant (CSPG) in Quebec. This facility would convert La Loutre concentrate via caustic bake, chemical leach purification, micronization, spheroidization, and pitch coating. Additionally, the company holds seven early-stage Quebec graphite projects—Ruisseau, Tremblant, Meloche, Boyd, Dieppe, North Low, and Carmin—spanning 328 rights over 18,622 ha, with Ruisseau reported at grades up to 27.9% Cg. It also holds an optioned Yellow Fox property in central Newfoundland, featuring antimony-gold-silver deposits with newly identified REE anomalies, acquired via option from Metals Creek.

Processing work is underway on a 200-tonne (193 t per the presentation) bulk sample from La Loutre. This material was extracted and processed with Corem Research Center in Quebec City beginning in January 2026 for pilot-scale flotation, micronization, spheroidization, purification, and coating. The strategic rationale behind recent developments involves vertical integration; GBM CEO Eric Miller states the company is consolidating the graphite supply chain from mine to anode, with La Loutre intended as feedstock for its anode materials platform. No analyst coverage, price targets, consensus estimates, or Street ratings appear in the provided materials, and no transcripts or investor presentations beyond the March 2026 corporate deck are available.