Vancouver, B.C., Feb. 26, 2021 (GLOBE NEWSWIRE) -- Lomiko Metals Inc. (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) (Lomiko or the “Company) is pleased to report that US President Joe Biden issued an executive order Wednesday, February 24th, 2021 directing a review of U.S. supply chains with a special focus on key sectors affecting the U.S. auto industry, including semiconductor manufacturing, high-capacity batteries used in electric vehicles and rare earth minerals. Although not singled-out, China is both a major competitor and supplier for the U.S. auto industry, which is racing with automakers in Europe and Asia to develop and controls 65% of anode production, a key component of the lithium-ion battery made with graphite.
“Nouveau Monde Graphite, our nearest neighbour, was recently provided a mining permit which bodes well for other groups in Quebec such as Lomiko.”, stated A. Paul Gill, CEO of Lomiko Metals, “Although we are only starting our development process, it is good to know there has been a nearby success story.”
Natural Flake Graphite Markets
Natural graphite is used in refractories, casting, and foundries. In 2019, this application accounted for about 45% of the natural graphite market. In addition, the batteries segment is expected to be the fastest-growing application over the next five years, and it is expected to the largest application by 2024.
The increasing demand for graphite, for its usage in lithium-ion batteries used in electric vehicles, consumer electronics, and other electricity storage applications, is expected to increase the demand for natural graphite. The manufacturing capacity of the global lithium-ion battery market is expected to increase by four times, over its 2019 level, to reach around 1200 GWh in 2024.
Furthermore, natural graphite is a low-cost alternative to synthetic graphite. This is further expected to increase the demand for natural graphite. However, the supply of natural graphite is scarce. Thus, the price of natural graphite is expected to rise during the forecast period. All these factors are expected to increase the demand for natural graphite, during the forecast period
For more information on Lomiko Metals, review the website at www.lomiko.com, contact A. Paul Gill at 604-729-5312 or email: info@lomiko.com.
On Behalf of the Board,
“A. Paul Gill”
Chief Executive Officer
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
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