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MONTREAL - Lomiko Metals Inc. (TSX.V:LMR), a junior mining company with a market capitalization of $4.83 million, announced Monday it has received regulatory authorization to extract a 250-tonne bulk sample from its La Loutre Graphite deposit in Quebec. The company’s stock, currently trading at $0.09, has moved between $0.07 and $0.29 over the past 52 weeks. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value assessment. The permit, known as Autorisation pour travaux d’exploration à impacts, will allow the company to proceed with sampling work this fall, after local holiday and hunting seasons conclude.
The bulk sample is intended to support scaling up and confirming processes for producing anode material for batteries. Some non-invasive work and mapping will begin during the summer months. InvestingPro data shows the company maintains a healthy current ratio of 2.42, suggesting adequate liquidity to fund its near-term operations. Subscribers can access 12+ additional ProTips about Lomiko’s financial position.
"The bulk sample will be used to start the work on the scaling up of the anode testing work and demonstrate on a larger scale the results already achieved in the lab-scale testing," said Gordana Slepcev, CEO, President, and Director of Lomiko Metals.
The company is also in the permitting phase for geotechnical site investigations with Québec’s Ministry of Natural Resources and Forests. Lomiko previously announced it has retained primarily Southern Quebec-based consulting and contractor teams for its Pre-Feasibility Studies.
The La Loutre project is located 180 kilometers northwest of Montreal within Kitigan Zibi Anishinabeg First Nation territory. According to a May 2023 Mineral Resource Estimate, the deposit contains 64.7 million tonnes of Indicated Mineral Resources averaging 4.59% graphitic carbon, representing approximately 3.0 million tonnes of graphite.
The company also holds interests in seven early-stage exploration projects in southern Quebec and a property in Newfoundland.
Lomiko stated it will not seek approval from the TSX Venture Exchange for a second extension to close a second flow-through financing tranche, which closes June 30, 2025. With a price-to-book ratio of 0.47 and an overall Financial Health Score rated as "FAIR" by InvestingPro, investors seeking detailed analysis can access comprehensive financial metrics and expert insights through the platform.
This article is based on information from a company press release.
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