Mr. Vincent Osbourne reports

LOMIKO ANNOUNCES AN UPDATE TO THE CLOSING OF THE FIRST TRANCHE OF THE HARD DOLLAR PRIVATE PLACEMENT, GRANT PROCEEDS AND THE FLOW-THROUGH UNIT OFFERING

Lomiko Metals Inc. will apply to the TSX Venture Exchange to close a first tranche of its previously announced private placement pursuant to which it will issue 13,366,666 units at three cents per unit for gross proceeds of $401,000. Each unit consists of one common share and one common share purchase warrant (hard warrant). Each hard warrant entitles the holder to acquire one common share at a price of five cents for a period of 60 months. In addition, the company secured a grant of approximately $500,000 from federal and provincial agencies to continue advancing prefeasibility-level battery trials with its La Loutre natural flake graphite concentrate. Lomiko will provide further detail on this grant in the coming weeks.

The units will be subject to a four-month hold period commencing on the closing date pursuant to National Instrument 45-102 -- Resale of Securities and Regulation 45-102 respecting resale of securities (Quebec) and the certificates or DRS (direct registration system) advice representing such securities will bear a legend to that effect. The offering remains subject to the final approval of the TSX Venture Exchange.

On closing and subject to TSX Venture Exchange approval, the company anticipates paying finders' fees totalling $2,550, issuing 416,667 common shares and 85,000 warrants exercisable for five years at five cents.

Private placement use of proceeds

The net proceeds from the sale of the units will be used by the company for general corporate and working capital purposes. It should be noted that the prefeasibility metallurgical test work achieved excellent results and demonstrated that an optimized flotation plant flow sheet can achieve 94.7-per-cent graphite recovery and average 98.7-per-cent graphitic carbon purity at the La Loutre natural flake graphite project. Therefore, the company will use part of the proceeds to continue metallurgical testing, value-added testing and battery trials and has initiated discussions with battery manufacturers and OEMs (original equipment manufacturers).

The company confirms there is no material fact or material change related to the company which has yet to be generally disclosed.

Flow-through unit revised pricing and upsize

The company is also announcing an upsize and pricing revision for the previously announced flow-through offering. Under the revised flow-through offering, the company may issue up to 17.7 million flow-through units at a price of three cents per FT unit for a total of $531,000. Each FT unit consists of one common share that will qualify as a flow-through share within the meaning of the Income Tax Act (Canada) and one common share purchase warrant, with each whole warrant being exercisable at a price of six cents per share for a period of two years following the closing.

The company intends to use the gross proceeds of the flow-through offering to incur Canadian exploration expenses and flow-through critical mineral mining expenditures as defined in the Income Tax Act (Canada) on the company's recently acquired Carmin graphite project, Laurentides regional graphite exploration program and the Bourier lithium property exploration program, which will be incurred on or before Dec. 31, 2024, and renounced with an effective date no later than Dec. 31, 2023, to the initial purchasers of FT units in an aggregate amount not less than the gross proceeds from the sale of the FT units. For subscribers that are residents of Quebec at all relevant times, the expenses shall be i) expenses which qualify for inclusion in the exploration base relating to certain Quebec exploration expenses within the meaning of Section 726.4.10 of the Taxation Act (Quebec); and ii) expenses qualifying for inclusion in the exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses within the meaning of Section 726.4.17.2 of the Taxation Act (Quebec).

Finder fees and commissions may be paid in accordance with the TSX Venture Exchange policies.

Pursuant to applicable Canadian securities laws, all securities issued under this private placement are subject to a hold period of four months and one day. The private placement remains subject to the final approval of the TSX Venture Exchange.

Closing is subject to several prescribed conditions, including, without limitations, approval of the TSX Venture Exchange. All the securities issued under the offering are subject to resale restrictions under applicable securities legislation.

About Lomiko Metals Inc.

The company holds mineral interests in its La Loutre graphite development in Southern Quebec. The La Loutre project site is within the Kitigan Zibi Anishinabeg (KZA) First Nation's 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 kilometres).

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