Ms. Belinda Labatte reports

LOMIKO ANNOUNCES PRIVATE PLACEMENT OF UNITS AND RETIREMENT OF EXECUTIVE CHAIR

Lomiko Metals Inc. has arranged a private placement to support the company's progress with its graphite and lithium projects in Quebec, Canada. The private placement will consist of hard dollar units for gross proceeds of up to $500,000.

Belinda Labatte, chief executive officer and director of Lomiko Metals, said: "Lomiko has accomplished many milestones in the last 18 months, including an updated mineral resource estimate for La Loutre, environmental baseline studies and advancing the metallurgical studies. With this financing and committed investors, we will advance prefeasibility-level initiatives, and continue to advance the important discussions with communities, partners and first nation Kitigan Zibi."

Private placement units

As described above, the private placement will consist of hard dollar units for gross proceeds of up to $500,000. Pursuant to the offering, the company may issue up to 16,666,666 units of the company at a price of three cents per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant shall entitle the holder to acquire one common share at a price of five cents for a period of 60 months.

The net proceeds of the offering will be used to incur expenses on its graphite and lithium properties. Below is a summary of the major categories applied to the gross proceeds, as required by TSX Venture Exchnage policy, in addition to working capital requirements:

• 12 per cent -- anode material studies;
• 5 per cent -- metallurgical studies;
• 10 per cent -- environmental, social and indigenous studies;
• Not more than 10 per cent -- investor relations and strategic advisory work;
• The balance will be applied to working capital, finder's fees and other project expenses.

Finder's 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. Closing is subject to several prescribed conditions, including, without limitations, approval of the TSX Venture Exchange.

Retirement of director

A special thank you and note of appreciation for Paul Gill, executive chair, who will not stand for re-election as he pursues other opportunities. The company appreciates his service and long-standing leadership at Lomiko. The company wishes him well in his future endeavours. Mr. Gill will continue to serve as executive chair until the company's annual and special meeting on Dec. 20, 2023.

About Lomiko Metals Inc.

Lomiko Metals holds mineral interests in its La Loutre graphite development in Southern Quebec. 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.

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 that has historically housed lithium deposits and mineralization trends.

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