Ms. Belinda Labatte reports

LOMIKO ANNOUNCES AMENDMENT TO THE BOURIER LITHIUM PROJECT AND UPCOMING INVESTOR EVENTS

Lomiko Metals Inc., in connection with its previously announced amended option agreement with Critical Elements Lithium Corp. (CELC) on the Bourier project (see news release dated Jan. 25, 2022, for more details) and the successful earn-in of 49 per cent announced on Dec. 20, 2023, advises that the parties have agreed to amend the terms of the second option under the option agreement. 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).

The amendment is as follows: CELC grants to Lomiko, until Dec. 31, 2025, the exclusive right and option to increase its undivided interest in and to the Bourier project from 49 per cent to 70 per cent by making an additional cash payment to CELC in an amount of $250,000, by issuing to CELC an aggregate of 2.5 million common shares of Lomiko, by incurring or financing additional exploration expenditures for an amount of $2-million, and by delivering a National Instrument 43-101 compliant resource on the property prepared by a qualified person independent of Lomiko and CELC as follows (noting that the financial commitments of Lomiko and resource estimate deliverable under the original option agreement remain unchanged):

(a) no later than March 31, 2024, completing the cash and share commitment;

(b) on or before Dec. 31, 2025, incurring or funding the expenditures commitment;

(c) on or before Dec. 31, 2025, delivering the resource estimate.

Investor events

Feb. 1, 2024: Battery and Precious Metals Virtual Investor Conference

Belinda Labatte, chief executive officer and interim chair of the board, will present live at the Battery and Precious Metals Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on Feb. 1, 2024, at 11 a.m. Interested investors can meet with management Feb. 1, 2, 5 and 6. This will be a live, interactive on-line event and it is recommended that on-line investors preregister and run the on-line system check to expedite participation and receive event updates.

March 3 to 6, 2024: PDAC, Toronto

Please visit Lomiko at the booth No. 2547 in the South Building, 800 Level.

Ms. Labatte, CEO and interim chair of the board, will present live at Quebec: Unique Mining Ecosystem on March 5, 2024.

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.

We seek Safe Harbor.