Vancouver, B.C., Jan. 12, 2021 (GLOBE NEWSWIRE) — Lomiko Metals Inc. (“Lomiko”) (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) is focused on the exploration and development of flake graphite in Quebec for the new green economy. Lomiko has been monitoring emerging legislation aimed at reducing North American dependence on Chinese supply of graphite and other electric vehicle battery materials. The US Geological Society 2020 report indicates that 100% of graphite anodes are currently imported to the United States as there are no domestic graphite mines able to produce the material used in Electric Vehicles.
Nomination of Jennifer Granholm as Secretary of Energy
Jennifer Granholm born in Vancouver, B.C., is Joe Biden’s nominee to head the US Department of Energy (DOE). The DOE is responsible for developing and implement clean technologies needed to reach Biden’s fossil fuel reduction targets. Ms. Granholm is passionately committed to decarbonizing the economy. Combined with a large budget economic plan, there is a clear indication that change to clean energy is the order of the day.
Biden aims to hit net-zero emissions by 2050 which is a goal shared by the Trudeau federal government in Canada and builds upon the Canada-US supply strategy agreement. Biden is well-regarded by the Canadian government on issues of mining and green energy. In January 2020, Canada and the U.S. announced they have finalized the Canada–U.S. Joint Action Plan on Critical Minerals Collaboration, advancing mutual interest in securing supply chains for the critical minerals needed for important manufacturing sectors, including communication, aerospace, defense, and clean technology.
Key Elements of Biden-Harris Platform on Clean Energy
The Biden administration will make a historic investment in clean energy and innovation, developing rigorous new fuel economy standards aimed at ensuring 100% of new sales for light- and medium-duty vehicles will be zero emissions and annual improvements for heavy-duty vehicles;
Biden will invest $400 billion over ten years, as one part of a broad mobilization of public investment, in clean energy and innovation and aims to create 10 million jobs in the process. The funds will accelerate the deployment of clean technology throughout the US. Biden also sets a target of reducing the carbon footprint of the U.S. building stock by 50% by 2035, creating incentives for deep retrofits that combine appliance electrification, efficiency, and on-site clean power generation. The new government will work with governors and mayors to support the deployment of more than 500,000 new public charging outlets by the end of 2030.
Further, the Biden campaign has privately told US miners it would support boosting domestic production of metals used to make electric vehicles, solar panels, and other products crucial to his climate plan, according to three sources familiar with the matter. The President-elect also supports bipartisan efforts to foster a domestic supply chain for graphite, lithium, copper, rare earths, nickel, and other strategic materials that the United States imports from China and other countries, the sources said.
Lomiko’s Opportunity in the Supply Chain
Graphite demand is expected to increase exponentially for natural graphite material, which is used in the production of spherical graphite for graphite anodes for Electric Vehicle Lithium-ion batteries.
With a completion of $ 750,000 financing October 23, 2020, and a further $985,000 completed December 22, 2020, Lomiko plans to work on its near-term goals of the company are as follows:
1) Complete 100% Acquisition of the La Loutre Property, currently 80% owned by Lomiko Metals.
2) Complete metallurgy and graphite characterization to confirm li-ion anode grade material.
3) Complete a Technical Report to confirm the extent of the mineralization equals or surpasses the nearby Imerys Mine, owned by an international mining conglomerate.
A “technical report” means a report prepared and filed in accordance with this Instrument and Form 43-101F1 Technical Report, and includes, in summary, form, all material scientific and technical information in respect of the subject property as of the effective date of the technical report;
4) Complete Preliminary Economic Assessment (PEA)
A PEA means a study, other than a pre-feasibility or feasibility study, that includes an economic analysis of the potential viability of mineral resources.
The company diligently posts updates through videos from the official Lomiko Youtube channel.
On Behalf of the Board
“A. Paul Gill”
Chief Executive Officer
We seek safe harbor.
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