Born into a prosperous London merchant family, Michael Lok developed extensive international trading experience, traveling widely across Europe, the Levant, and North Africa. He was an agent for the Muscovy Company and engaged in various commercial enterprises, which allowed him to accumulate substantial capital and knowledge of global geography.
Lok became the chief financier and ardent promoter of Martin Frobisher's three expeditions to the Arctic, undertaken in 1576, 1577, and 1578. He invested a considerable portion of his personal wealth and successfully garnered investments from prominent figures, including Queen Elizabeth I and members of her court. The expeditions, while failing to discover the Northwest Passage, returned with large quantities of what was believed to be gold ore from the lands now known as Baffin Island. Lok fervently believed this ore would bring immense wealth to England and vigorously championed its potential.
However, the supposed gold ore was eventually determined to be iron pyrite, or "fool's gold," rendering it worthless. This discovery led to the catastrophic financial collapse of the venture and Lok's personal ruin. He lost his entire fortune, faced imprisonment for debt, and spent many of his later years attempting to recover his losses and clear his name.
Despite his financial calamities, Lok made notable contributions to geographical understanding. He was an avid student of cosmography, a collector of maps, and a correspondent with leading geographers of his time. His efforts were instrumental in disseminating information about the Frobisher voyages, even in the aftermath of their disastrous financial outcome. Though personally ruinous, Lok's endeavors underscored England's persistent ambition to find a passage to the East and exploit resources from newly explored territories.