Mr. Sheldon Inwentash reports

INWENTASH ACQUIRES SECURITIES OF LOMIKO METALS INC.

Sheldon Inwentash, on Jan. 24, 2011, has acquired ownership of two million common shares and one million common share purchase warrants of Lomiko Metals Inc. Each warrant entitles the holder thereof to acquire one additional common share at a price of 10 cents until Jan. 24, 2012. In the event that the warrants are fully exercised, these holdings represent approximately 6.6 per cent of the total issued and outstanding common shares of Lomiko as of Jan. 24, 2011, calculated on a partially diluted basis assuming the exercise of the warrants. As a result of this transaction, Mr. Inwentash and his joint actors collectively held, as at Jan. 24, 2011, an aggregate of 9,582,999 common shares of Lomiko, including the common shares and rights to acquire an additional 4,083,332 common shares of Lomiko upon the exercise of convertible securities, including the warrants. Of these totals, Mr. Inwentash owns 6,203,333 common shares, including the common shares, and rights to acquire an additional two million common shares upon exercise of certain convertible securities, including the warrants, directly. In the event that the convertible securities are fully exercised, the holdings of Mr. Inwentash and his joint actors represents a total of 13,666,331 common shares of Lomiko, or approximately 28.3 per cent of all issued and outstanding common shares as at Jan. 24, 2011, calculated on a partially diluted basis assuming the exercise of the convertible securities only. In the event that the Inwentash convertible securities are fully exercised, the direct holdings of Mr. Inwentash represent a total of 8,203,333 common shares of Lomiko, or approximately 17.7 per cent of all issued and outstanding common shares as at Jan. 24, 2011, calculated on a partially diluted basis assuming the exercise of the Inwentash convertible securities only.

These transactions were made for investment purposes, and Mr. Inwentash and his the joint actors could increase or decrease their respective investments in Lomiko depending on market conditions or any other relevant factor.