Ms. Belinda Labatte reports

LOMIKO ANNOUNCES EXCELLENT RESULTS FROM THE LA LOUTRE GRAPHITE HALF-CELL COIN BATTERY TESTING WITH POLARIS BATTERY LABS, LLC, USA, AND SUITABILITY AS BATTERY ANODE MATERIAL

Lomiko Metals Inc. has completed half-cell coin battery testing of its La Loutre graphite material with Polaris Battery Labs LLC. Polaris prepared La Loutre's coated spherical purified graphite (cSPG) material from flotation concentrate samples and subjected it to half-cell coin testing to determine its basic material electrochemical performance metrics. The total mass of cSPG provided was approximately 160 grams and originated from coated purified samples generated by the Corem Innovation Centre in Quebec, Canada. These samples were micronized and spheronized by ProGraphite in Germany. The samples are deemed representative of La Loutre deposit. Polaris will continue the test program in 2024.

Belinda Labatte, chief executive officer and interim chair of the board, stated: "These initial results from half-cell battery testing (the Polaris study) confirm excellent graphite properties as detailed below, thus providing conditions for Lomiko to progress into phase 2 project activities to produce and test single-layer pouch cells. These are full cells using our graphite anode material tested against an industry relevant cathode material. The Polaris studies are another step we are taking as a part of an approach to assessing the suitability of our graphite anode materials in a full-cell format. As the company grows in its journey as a partner and developer of choice in Quebec, it will further review the applications for its graphite in North America and the energy transition.

"Lomiko is completing the entire rock-to-battery testing cycle as part of its prefeasibility study. The half-cell battery testing is complete with exceptional results, and it is continuing with the graphite anode pouch cell construction and testing in phase 2 with Polaris.

"Concurrent with these studies, Lomiko is also working on the NRC study announced on July 27, 2023, which aims to advance prefeasibility-level battery trials with its La Loutre natural flake graphite concentrate."

Background and summary of Lomiko metallurgical tests

The testing cycle started in the summer of 2022 with 640 kilograms of drill core provided from the existing core storage. These core samples originated from both the Battery and EV zones of La Loutre deposit and are considered representative.

The first study (the ProGraphite characterization study) was performed on flotation concentrate that was produced at SGS Lakefield from the 640-kilogram core samples. Various prefeasibility-level metallurgical tests and a study were completed, including optimization of the flotation circuit, resulting in achieving 94.7-per-cent recovery and reconciled LCT (locked cycle testing) grades at 99.1 per cent graphitic carbon. For detailed results, please see the press release dated Feb. 6, 2023. The work was directed by Metpro Management Inc.

In the second study, "the ProGraphite SPG study," testing was completed on a 10.5-kilogram bulk flotation sample prepared by SGS Canada Inc. ProGraphite, Germany, used this sample for micronization, spheroidization and purification testing to produce spheroidized and purified graphite (SPG), which is the material required for the anode in electric vehicles. All physical characterization tests produced very good results, such as narrow particle size distribution range and high tap density, and met the target values for electric vehicle and other lithium-ion-based battery applications. Two purification methods were investigated on La Loutre SPG, namely alkaline and acid purification. A total of 100 grams of the SPG20 spherical graphite was subjected to intensive alkaline purification. For detailed results, please see the press release dated May 3, 2023.

The micronized and spheronized graphite was then purified and carbon coated by Corem to produce 160 grams each of coated spherical graphite cSPG16 and cSPG20 for the Polaris study.

The Polaris coin cell study

In "the Polaris coin cell study," cSPG batches were sent to Polaris in Oregon, United States, for battery testing, including half-cell coin and pouch battery testing. At this point, Lomiko is reporting only on the half-cell test results.

Highlights of this study

Reversible delithiation capacity at C/10 of approximately 356 milliampere-hours per gram mass and approximately 358 mA/h, respectively, which is above the commercial reference graphite material testing at an average 345mA/h. C-rating describes the current the battery will deliver over the specific period, with C/10 being 10 hours.

All half-cell coin batteries were constructed using a batch of 20 grams of cSPG casted on a Cu current collector and 304SS CR2032 coin cell can components.

Both SPG16 and SPG20 outperform the commercial reference in achievable gravimetric capacity, which means that with the electrochemical performance results produced by Polaris, Lomiko has demonstrated the full value chain from ore to battery anode material on samples from La Loutre project.

Next steps

In phase 2, cathode and prepared anodes will be combined into a single-layer pouch cell format to undergo a basic testing regime with possible extended testing, which will allow Lomiko to demonstrate technical specifications to meet battery manufacturing requirements.

Qualified persons

Oliver Peters, a principal metallurgist with Metpro Management Inc., is a qualified person within the meaning of National Instrument 43-101. Mr. Peters is satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, and he has reviewed, approved and verified the technical information disclosed in this news release, including sampling, analytical and test data underlying the technical information.

About Lomiko Metals Inc.

The company 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.

Lomiko published an April 13, 2023, updated mineral resource estimate, which estimated 64.7 million tonnes of indicated mineral resources averaging 4.59 per cent Cg 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 resulting 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 resource 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 has earned in its 49-per-cent stake in the Bourier project from Critical Elements Lithium Corp. 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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