Ms. Belinda Labatte reports

LOMIKO METALS ANNOUNCES PRIVATE PLACEMENT UPDATE

Lomiko Metals Inc. has closed off its private placement and was successful in raising $401,000 through the issuance of 13,366,666 units at three cents. Each unit consists of one common share and one warrant, exercisable at five cents for 60 months.

Finders' fees comprised $2,550 cash, the issuance of 416,667 common shares and a warrant for the right to acquire 85,000 common shares exercisable for five years at five cents.

The proceeds from the private placement will be used to incur expenses on its graphite and lithium properties. The major categories applied to the gross proceeds as required by TSX Venture Exchange policy, in addition to working capital requirements are as follows:

• 12 per cent on anode material studies;
• 5 per cent on metallurgical studies;
• 10 per cent on environmental, social and indigenous studies;
• Not more than 10 per cent on investor relations and strategic advisory work.

The balance will be applied to working capital, finders' fees and other project expenses.

The company will not be proceeding with a second tranche at this time.

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).

The property is underlain by rocks from 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.

Lomiko Metals published an April 13, 2023, updated mineral resource estimate (MRE), which estimated 64.7 million tonnes of indicated mineral resources averaging 4.59 per cent Cg (graphitic carbon) per tonne for 3.0 million tonnes of graphite, a tonnage increase of 184 per cent. 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 downdip and within marble units resulted in the addition of 17.5 million tonnes of inferred mineral resources averaging 3.51 per cent Cg per tonne for 650,000 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.

In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corp. toward earning its 49-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 kilometres), in Canada's lithium triangle near the James Bay region of Quebec, which has historically housed lithium deposits and mineralization trends.

We seek Safe Harbor.