Independent proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis have recommended that Lomiko Metals Inc. shareholders vote in favour of the proposed all-cash acquisition of the company by Global Battery Materials.

The advisory recommendations alter the practical voting landscape for Lomiko as it moves toward its upcoming securityholder meeting. Institutional Shareholder Services highlighted the certainty of value, immediate liquidity, and the connected bridge loan financing that supports near-term operations. Glass Lewis similarly pointed to the immediate cash value at a substantial premium, noting that the arrangement eliminates the financing, dilution, and project execution risks of continuing to develop the La Loutre graphite project independently.

Both recommendations align with the unanimous stance of the Lomiko board of directors, which has urged securityholders to support the transaction.

In parallel with the merger preparations, all government and legal pre-clearance requirements for the company grants and contribution agreement have been completed without objections, removing another procedural hurdle ahead of the vote.

Lomiko previously filed an independent technical report supporting a pre-feasibility study for the La Loutre project, outlining an after-tax net present value of CAD$617.4 million and an after-tax internal rate of return of 24.7%.

Securityholders will vote on the proposed arrangement at a special meeting scheduled for September 23, 2026, in Vancouver. Completed proxies must be submitted to the transfer agent by September 21, 2026. Implementation of the transaction remains conditional on receiving the required securityholder approval, a final court order, and other customary closing conditions.

Read the full announcement: Lomiko Metals Announces ISS and Glass Lewis Recommend Shareholders Vote FOR Proposed Arrangement and Corporate Update