Ms. Belinda Labatte reports

LOMIKO ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE FOR LA LOUTRE NATURAL FLAKE GRAPHITE PROPERTY IN SOUTHERN QUEBEC ACHIEVING 195% INCREASE IN TONNAGE IN THE INDICATED MINERAL RESOURCES CATEGORY

Lomiko Metals Inc. has released an updated mineral resource estimate (MRE) for its La Loutre natural flake graphite property, located approximately 180 kilometres northwest of Montreal in the Laurentian region of Quebec. The La Loutre project is located within the Kitigan Zibi Anishinabeg (KZA) First Nation's territory. The estimate was completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definition standards incorporated by reference in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Highlights of the La Loutre project updated MRE:

• Estimated 68.2 million tonnes (Mt) of indicated mineral resources averaging 4.5 per cent Cg (graphitic carbon) per tonne for 3,072,000 tonnes of graphite, a tonnage increase of 195 per cent. Indicated mineral resources increased 45.01 million tonnes as a result of the 2022 drilling campaign, from 23.2 million tonnes in 2021 MRE;
• Additional mineral resources reported down-dip and within marble units resulted in the addition of 21.8 million tonnes of inferred mineral resources averaging 3.51 per cent Cg per tonne for 765,000 tonnes of contained graphite; and
• The additional 13,107 metres of infill drilling in 79 holes completed in 2022, combined with the refinement of the deposit and structural models, contributed to the addition of most of the inferred mineral resources to the indicated mineral resource category, relative to the 2021 mineral resource estimate.

The MRE assumes a $1,098.07 (U.S.) per tonne graphite price and a cut-off grade of 1.50 per cent Cg.

Belinda Labatte, chief executive officer and director, stated: "We are pleased to see that our 2022 drilling program has further refined the geological model and increased potential of the La Loutre project, resulting in a significant increase of mineral resources within a wide and persistent mineralized system, with good grade distribution indicating continuous mineralization. This MRE has resulted in increasing in situ indicated graphite quantities from 1.05 million tonnes to 3.07 million tonnes (an additional two million in situ tonnes). Potential for further resource expansion appears favourable, noting that EV and Battery deposits are open along strike and at depth, and remain open for further drilling. We believe this to be an important step in validating the geological potential of the deposit and look forward to the next steps, including more fieldwork, and discussions with Kitigan Zibi First Nation and local communities."

The 2021 MRE can be seen on the company's website.

The updated MRE for the La Loutre project used all available validated data, and includes results incorporated into the resource model from the 2014 to 2022 drilling programs for a total of 28,243 metres in 190 diamond drill holes. Drill holes are variably spaced from 30 m to 100 m apart in the core resource area. The deposits were modelled using Leapfrog software to create domains using lithology, structure and alteration type (or assemblage), and intensity, with graphite grade continuity analysis of each domain. The mineralized domain model consists of two main graphite-bearing domains that include five high-grade envelopes. The high- and low-grade envelopes were used to better guide interpolation process using dynamic anisotropy to adjust the search ellipsoids to fit each domain's mean orientation (azimuth and dip).

The estimate was prepared using a block model approach (five m by five m by five m block dimensions with subblocking down to 2.5 m) employing inverse distance squared (ID2) interpolation constrained by 3-D wireframes using hard domain boundaries. A Whittle mine planning software was run on the block model to constrain the resource and to support the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) requirement that mineral resources have reasonable prospects for eventual economic extraction. Pit slopes in rock were assumed at 45 degrees and at 30 degrees in overburden, and the mineral resource estimate assumes a long-term price of $1,098.07 (U.S.) per tonne of graphite. Graphite recoveries are assumed at 94.7 per cent as indicated by metallurgical testwork completed to date. Only mineralization contained within the optimized pit shell has been included in the resource estimate. The resource estimate was completed by InnovExplo with an effective date of March 31, 2023, and is reported at a 1.50 per cent Cg cut-off grade.

The final report will be issued in the 45 days following this press release.

Qualified person for mineral resource estimate at La Loutre project

The MRE was prepared by Marina Iund, PGeo, Martin Perron, PEng, and Simon Boudreau, PEng, from InnovExplo Inc., and Pierre Roy, PEng, from Soutex. Ms. Iund, Mr. Perron, Mr. Boudreau and Mr. Roy have reviewed and approved the technical contents of this news release as it relates to the MRE.

About Lomiko Metals Inc.

The company holds mineral interests in its La Loutre project in Southern Quebec. The La Loutre project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nation territory. The KZA First Nation is part of the Algonquin Nation, and the KZA traditional territory is situated within the Outaouais and Laurentides regions. Located 180 kilometres northwest of Montreal, the property consists of one large, continuous block with 76 mineral claims totalling 4,528 hectares (45.3 square km).

The property is underlain by rocks belonging to the Grenville province of the Precambrian Canadian Shield. The Grenville was formed under conditions that were very favourable for the development of coarse-grained, flake-type graphite mineralization from organic-rich material during high-temperature metamorphism.

In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corp. toward earning its 70-per-cent stake in the Bourier project, as per the option agreement announced on April 27, 2021. The Bourier project site is located near Nemaska Lithium and Critical Elements, southeast of the Eeyou Istchee James Bay territory in Quebec, which consists of 203 claims for a total ground position of 10,252.20 hectares (102.52 square km), in Canada's Lithium Triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

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