Ms. Gordana Slepcev reports

LOMIKO METALS ANNOUNCES THE HARD DOLLAR FINANCING

Lomiko Metals Inc. has arranged a private placement for aggregate gross proceeds of up to $800,000 through the issuance of eight million units of the company at a price of 10 cents. Each unit will consist of one common share of the company and one-half common share purchase warrant, exercisable for three years at 15 cents.

Gordana Slepcev, chief executive officer, president and a director, stated: "The proceeds of the private placement will be used to continue the prefeasibility level of the engineering studies for the La Loutre natural flake graphite deposit. The proceeds raised will also support other strategic initiatives, including baseline data collection, the bulk sample and anode piloting at the La Loutre project, and general working capital purposes. The engineering studies support a wide range of independent consultants, principally based in Quebec, to assess the geology and project potential, and to select the optimal production model that will also serve to mitigate environmental and social risk factors, and best satisfies the vision and objectives of Lomiko as a responsible developer of natural flake graphite in Quebec, Canada, for a North American energy supply chain."

While the company intends to spend the proceeds from the financing as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the board.

All securities issued shall be subject to a hold period expiring four months and one day from their date of issuance. Completion of the financing and the issuance of the securities remain subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

The company confirms there is no material fact or material change related to the company that has not been 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 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 updated mineral resource estimate (MRE) in an NI 43-101 technical report and mineral resource estimate update for the La Loutre project in Quebec, Canada, prepared by InnovExplo Inc. on May 11, 2023, 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 the 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 graphite price of $1,098.07 (U.S.) per tonne and a cut-off grade of 1.50 per cent Cg.

The company also holds interest in seven early-stage projects in Southern Quebec, including Ruisseau, Tremblant, Meloche, Boyd, Dieppe, North Low and Carmin, covering 328 claims in total on seven early-stage projects covering 18,622 hectares in the Laurentian region of Quebec and within KZA territory.

The stage graphite portfolio consists of 328 claims in total on seven early-stage projects covering 18,622 hectares in Southern Quebec:

• Ruisseau -- grades up to 27.9 per cent Cg from four distinct high-grade mineralized zones that are over three kilometres long;
• Meloche -- grades up to 13.3 per cent Cg from two distinct mineralized clusters;
• Tremblant -- grades up to 11.6 per cent Cg from numerous, widespread spot anomalies;
• Dieppe -- grades up to 6.82 per cent Cg from numerous, widespread spot anomalies and a distinct mineralized cluster;
• Boyd -- eight samples grades range from 5.61 per cent Cg to 17.10 per cent Cg with all samples above 5.00 per cent Cg.

The Yellow Fox property is located approximately 10 kilometres southwest of the town of Glenwood, Nfld., and south of the Trans-Canada Highway. The property occurs within NTS map sheets 02D/14 and 15 with excellent access along several logging and skidder roads originating from Glenwood. The main Yellow Fox showing is located in the central part of licence 027536M, five kilometres from the western end of Gander Lake.

This property is on the same trend as the past-producing antimony mine Beaver Brook, which is located 25 kilometres southwest of the property. Yellow Fox is an early-stage exploration property prospective in antimony, gold and silver where historical works returned samples anomalous in gold (Au), antimony (Sb), lead (Pb), zinc (Zn) and silver (Ag). The trenching exposed the rocks, resulting in grab samples to 59.43 grams per tonne (g/t) Au, 11.10 per cent Sb, 7.00 per cent Zn, 72.90 g/t Ag and 5.50 per cent Pb in arsenopyrite-stibnite veins within altered monzogranite.

We seek Safe Harbor.