{
  "id": 27075,
  "title": "GBM agrees to buy Lomiko Metals to add Quebec graphite project",
  "url": "https://urgent.news/2026/07/29/gbm-agrees-to-buy-lomiko-metals-to-add-quebec-graphite-project",
  "topic": "tech",
  "section": "Tech",
  "published": "2026-07-29T22:00:00.000Z",
  "source": {
    "name": "Mining.com",
    "slug": "mining-com",
    "url": "https://www.mining.com/gbm-agrees-to-buy-lomiko-to-add-quebec-graphite-project/"
  },
  "original_language": "en",
  "account": "Global Battery Materials (GBM) has reached an agreement to acquire Lomiko Metals, a developer focused on the acquisition of Quebec's La Loutre graphite project. The deal is valued at approximately $7.9 million (C$11 million), offering GBM control of the valuable graphite resources located in the region. Lomiko's shares surged following the announcement, as the acquisition is expected to provide GBM with a strong foothold in the North American graphite market.\n\nThe transaction requires shareholder approval, court approval, and meeting customary regulatory requirements before it can be finalized. The closing of the acquisition is anticipated to take place in the fourth quarter. GBM's strategy aims to consolidate the fragmented battery supply chain and establish a fully integrated graphite platform, spanning from mine to anode. CEO Eric Miller expressed enthusiasm about the acquisition, stating that it aligns with GBM's objectives and brings Lomiko's portfolio of natural graphite assets to the table, strengthening their North American presence and enabling them to capitalise on the growing demand for battery materials.\n\nThe La Loutre graphite project, Lomiko's main asset, is one of the largest flake graphite deposits in North America. A preliminary economic assessment (PEA) conducted in March estimated the project's after-tax net present value at C$617.4 million, with a 24.7% internal rate of return and a 3.2-year payback period based on average graphite prices of $1,524 per tonne. The project is situated around 30 kilometers from the city of Mont-Tremblant and has faced opposition from local communities due to pollution concerns.\n\nGBM plans to engage local rights holders and stakeholders in a structured review of La Loutre to determine the subsequent steps for project development upon acquisition. Beyond La Loutre, Lomiko also controls a portfolio of early-stage graphite exploration properties in Quebec, including the Ruisseau project. Recent field programs at this site have identified multiple graphite-bearing trends that remain open for further drilling. Lomiko's board unanimously recommends that shareholders vote in favor of the transaction, with support coming from security holders holding approximately 18% of the company's equity, including all Lomiko directors.\n\nGBM has agreed to provide Lomiko with a loan of up to $800,000 to help meet working capital requirements until the acquisition is finalized. In the event of the deal falling through, the maximum loan amount would increase to $1.2 million, bearing interest at a rate of 8% per year and maturing within 18 months following the initial advance.",
  "summary": "Global Battery Materials will acquire Lomiko Metals in an $11M all-share deal, gaining Quebec’s La Loutre graphite project as shares surge.",
  "key_points": [
    "GBM acquires Lomiko Metals for $7.9 million to gain Quebec graphite project",
    "La Loutre graphite project, Lomiko's main asset, is largest flake graphite deposit in North America",
    "GBM aims to consolidate battery supply chain and establish integrated graphite platform"
  ],
  "editors_take": null,
  "illustration": "https://urgent.news/ill/27075.png",
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}