Ms. Belinda Labatte reports

LOMIKO ANNOUNCES AN UPDATE ON THE CLOSING OF THE FLOW-THROUGH UNIT OFFERING

Lomiko Metals Inc. will apply to the TSX Venture Exchange to close its previously announced flow-through unit offering pursuant to which the company will issue 17.7 million flow-through (FT) 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 (a "FT Warrant"), with each whole Warrant being exercisable at a price of $0.06 per share for a period of 24 months.

The FT 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 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 $26,550 and 885,000 warrants exercisable for two years at $0.06.

Flow-Through Offering Use of Proceeds

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 Bourier Lithium property exploration program, which will be incurred on or before December 31, 2024, and renounced with an effective date no later than December 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);

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

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 kilometers northwest of Montreal, the property consists of one large, continuous block with 76 mineral claims totaling 4,528 hectares (45.3 km2).

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

Lomiko Metals published April 13, 2023 Updated Mineral Resource Estimate (MRE) which estimated 64.7 million tonnes of Indicated Mineral Resources averaging 4.59% Cg per tonne for 3.0 million tonnes of graphite, a tonnage increase of 184%. Indicated Mineral Resources increased by 41.5 million tonnes as a result of the 2022 drilling campaign, from 17.5 million tonnes in 2021 MRE with additional Mineral resources reported down-dip and within marble units resulted in the addition of 17.5 million tonnes of Inferred Mineral Resources averaging 3.51% Cg per tonne for 0.65 million 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 US$1,098.07 per tonne graphite price and a cut-off grade of 1.50%Cg (graphitic carbon).

In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corporation towards earning its 49% stake in the Bourier Project as per the option agreement announced on April 27th, 2021. The Bourier project site is located near Nemaska Lithium and Critical Elements south-east 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 km2), in Canada's lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

We seek Safe Harbor.