Lomiko Metals Announces Receipt of Interim Court Order and Mailing of Management Information Circular Relating to Arrangement With Global Battery Materials
An interim court order keeps Lomiko’s C$0.13 per share buyout on track for a fourth quarter close.
Lomiko Metals Inc. (LMR) has received an interim order from the Supreme Court of British Columbia authorizing a special meeting of shareholders and warrant holders, marking a procedural milestone in the all-cash plan of arrangement under which Global Battery Materials Corp. (GBM) will acquire all outstanding Lomiko shares for C$0.13 per share. The company originally announced the transaction on July 28, 2026.
The management information circular has been filed and is currently being mailed to investors in preparation for the special meeting scheduled for September 23, 2026. The board and special committee of independent directors have unanimously recommended that securityholders vote in favor of the arrangement. The release confirms the voting requirements for the plan: a 66⅔% majority of shareholder votes, a 66⅔% majority of securityholders voting together as a single class, and a simple majority excluding interested parties under National Instrument 61-101.
Additionally, Lomiko stated that it has initiated government and legal preclearance requirements related to its grants and contribution agreement, noting that progress is “well and as expected.” The release clarified that this communication does not contain earnings or new financial results; prior-period financial data included in the circular serves only as context and was not disclosed in today’s release.
Lomiko Metals Inc. (LMR) announced an expected follow-up to its July 28, 2026 arrangement, which included an interim court order, circular mailing, meeting scheduling, and a board recommendation. These steps were standard provisions outlined in the original agreement, and the unanimous recommendation by the board and special committee was already embedded in the July 28 commitment, offering no new information. The release disclosed no changes to the C$0.13 per share consideration, no new superior proposals, no new financing, and no new operational results.
The key incremental detail is that government and legal preclearance related to grants and contribution agreements has been initiated and is reportedly on track, though completion has not yet occurred. Against the backdrop of Lomiko’s going-concern warning and working-capital deficit, the market is not treating the C$0.13 deal as fully certain. The stock trades at C$0.12, representing a roughly 7–8% spread below the offer, which reflects closing risk rather than euphoria.
Lomiko Metals Inc. is a Canadian junior critical minerals exploration and development company. Its flagship asset is the La Loutre Graphite Project, a 100%-owned property located in southern Québec, approximately 180 km northwest of Montreal within Kitigan Zibi Anishinabeg territory. The project comprises 76 mineral exploration rights covering 4,528 hectares.
A March 2026 Pre-Feasibility Study for La Loutre outlined the following economic parameters:
- After-tax NPV (8% discount): C$617.4 million
- Pre-tax NPV (8% discount): C$797.5 million
- After-tax IRR: 24.7%; Pre-tax IRR: 30.3%
- After-tax payback: 3.2 years; Pre-tax payback: 3.1 years
- Initial capital: C$504.6 million
- Mine life: 28 years
- Probable mineral reserves: 46.8 Mt at 4.79% Cg, containing about 2.24 Mt graphite
- Average life-of-mine recovery: 93%
- Projected concentrate: 97,000 t/yr for the first 20 years, then 39,000 t/yr
In addition to La Loutre, the company holds early-stage graphite projects in Québec, including Ruisseau, Tremblant, Meloche, Boyd, Dieppe, North Low, and Carmin. Lomiko also holds an option on the Yellow Fox property in Newfoundland, an early-stage antimony–gold–silver–REE exploration property. Historic grab samples from Yellow Fox included up to 59.43 g/t Au and 11.10% Sb, and recent soil work identified rare-earth anomalies.