Ms. Belinda Labatte reports

LOMIKO ANNOUNCES POSITIVE RESULTS ON ITS INITIAL METALLURGICAL TEST PROGRAMS AT ITS LA LOUTRE GRAPHITE PROJECT WITH RESULTS INDICATING PURITY OF GREATER THAN 99.9% C(T)

Lomiko Metals Inc. has provided an update on the initial metallurgical programs conducted for the La Loutre graphite project. Lomiko has engaged three independent laboratories, Corem, ProGraphite and SGS Lakefield, to support the value-added metallurgical testing of samples of the La Loutre graphite concentrate.

As part of the 2022 strategic objectives, as previously announced on March 3, 2022, Lomiko is undertaking several metallurgical studies to further define the chemical and physical properties of La Loutre graphite concentrate. These studies have several goals, including (a) determining the upgrade potential of the graphite flotation concentrate for value-added processing, (b) confirming the plant flowsheet to aid in the plant design for the prefeasibility study, and (c) evaluating the production of spherical graphite for anode battery applications. This characterization work facilitates the development of technical data sheets (TDS) to initiate customer partnership discussions.

The 2021 metallurgical program produced 1.8 kilograms of graphite flotation concentrate (please see news release April 7, 2021, and referred to within the company's preliminary economic analysis (PEA)). This concentrate was split into two samples and sent to each of Corem in Quebec and ProGraphite in Germany for characterization and purification testing. The samples supplied to Corem and ProGraphite were considered an adequate representation of the deposit for initial trials.

Based on the characterization and purification tests performed by the two labs, the graphite from the La Loutre deposit is suitable for a wide range of traditional markets such as refractories, fire retardants, crucible and friction products, or expanded graphite markets. Further, the purification results suggest that the La Loutre graphite may be suitable for high-value anode battery applications which require ultrahigh-purity graphite concentrate of 99.95 per cent. The evaluation of the full processing sequence from flake graphite to battery trials is scheduled for the second half of 2022.

Belinda Labatte, chief executive officer and director, stated: "Our team is pleased to have received excellent results from two independent specialized laboratories, on the first of many trials to examine the purity of the La Loutre graphite concentrates for industrial use, including for anode battery-grade quality. The tests on the expanded graphite have shown that all the flake sizes tested are showing excellent results for our concentrates in a wide range of industrial applications, an important step to developing the graphite market in North America. The findings from this initial program will better define the parameters for the metallurgical optimization program that will commence in the spring of 2022 to support the project development. We are looking forward to working with Quebec institutions, local communities and first nations to further develop our La Loutre graphite project as we move forward with future studies of this project. As mentioned in our press release dated April 22, 2022, we are looking forward to beginning our La Loutre infill and stepout drilling program which will start as soon as the ground conditions allow in mid-May. We are working toward becoming an integral and vital part of the supply chain, including the creation of new-economy job prospects in the development of our project to be used in battery production for Quebec, Canadian and North American solutions."

Corem upgrading process reveals high-purity concentrate and low level of impurities

Corem subjected the 2021 flotation concentrate to initial chemical purification trials to assess the amenability of the La Loutre graphite concentrate to chemical upgrading. Using a chemical purification method, the graphite concentrate was successfully upgraded from 98.4 per cent C(t) to over 99.9 per cent C(t). The upgrading process employed a caustic bake using sodium hydroxide (NaOH) followed by an acid leach with hydrochloric acid (HCl), which is considered one of the standard chemical treatment processes for graphite concentrates in place today and employs a milder reagent regime compared with the hydrofluoric acid (HF) treatment used in many Chinese operations currently.

The final product was subjected to a size fraction -- commonly referred to as flake size -- analysis and each product was submitted for an ICP (inductively coupled plasma) scan. The results of an ICP scan reveal the total carbon analysis, ash content and sulphur grade of the flotation concentrate feedstock, the intermediate product after caustic bake, and the final product after the leaching step. The concentration of most elements met the requirements for battery-anode-grade material and only iron and silica displayed slightly elevated levels. It should be noted that the purification trials were preliminary in nature and that the initial concentration target of 99.5 per cent was exceeded for each size fraction.

ProGraphite concentrate reveals favourable results and excellent crystallographic properties

The second sample sent to ProGraphite was classified into various fractions (plus-50, plus-80, plus-100, plus-150, plus-200, minus-200, minus-100 mesh). Graphite from these fractions was used to perform several chemical and physical characterization tests and purification trials. The results were generally very favourable and some of the key physical and chemical properties are outlined below, and detailed results are provided on the Lomiko website:

• Well-balanced size distribution (50 per cent greater than 100 mesh, 50 per cent minus-100 mesh). The minus-100-mesh size fraction is the typical feed material for anode material for lithium-ion batteries. This is consistent with the results provided in the preliminary economic assessment (PEA) analysis, also available on the company's website and published on Sept. 10, 2021.
• Degree of graphitization of over 98 per cent, which is very close to the ideal graphite and a key requirement for high-end battery applications.
• High tap densities of over 0.7 kg per litre for large fractions but below average tap density of 0.47 kg/l for minus-20-mesh size fraction. Optimization strategies have been identified to improve tap densities of fines.
• The results for the electrical conductivity are within the normal range for their respective fractions. The electric conductivity determines the amenability of graphite for energy storage applications.
• Achieves low levels of volatiles across all size fractions (0.13 to 0.38 per cent) showing its suitability for high-temperature applications such as refractories.
• Achieves low springback in all size fractions (1.6 to 3.1 per cent), which is critical for all applications where pressure forms, such as with friction products or refractories.
• The oxidation resistance of the larger flakes was excellent (less than 10 per cent for plus-80 mesh), while the smaller flakes produced average oxidation behaviour compared with other graphite sources (up to 40 per cent for minus-200 mesh). Oxidation resistance is an important factor for high-temperature applications.
• Low specific surface area (BET) for all size fractions. Achieving a low BET value is an important factor for battery anode material application.
• Expansion tests identified expansion rates of 350 millilitres per gram for the plus-80-mesh size fraction and 390 ml/g for the plus-50-mesh size fraction, which were significantly better than standard values.

These characteristics support the wide use of the La Loutre graphite in both expanded markets and the potential for further purification into battery anode material.

ProGraphite evaluated alkaline and acid purification methods, the two most common methods in use today. The trials using sodium hydroxide (NaOH) treatment followed by sulphuric acid (H2SO4) leach produced superior purities with ash contents of only 0.04 per cent and 0.11 per cent in the plus-80-mesh and minus-100-mesh size fractions, respectively. Concentrations of deleterious elements were below typical threshold values for battery anode material.

The purification tests performed by ProGraphite complement the results obtained by Corem and indicate that the La Loutre graphite can be upgraded to battery anode purity levels without aggressive leach using hydrofluoric acid (HF).

Update on metallurgical process optimization at SGS Lakefield

Approximately 1,000 kg of core sample from the La Loutre graphite project was carefully selected to represent mine plan, domain and grade composites and shipped to SGS in Lakefield, Ont., to confirm and optimize the test results achieved in the 2021 metallurgical testing program. This will further define the process flowsheet to aid in the plant design, which will be developed during the prefeasibility study.

Next steps in La Loutre metallurgical studies

Corem and ProGraphite have identified opportunities for optimization, and these will be evaluated in the upcoming months. Results from the SGS lab testing are expected to be available in the fall and the company will continue to move forward with and update the market on further testing for battery grade material in 2022.

About Lomiko Metals Inc.

Lomiko Metals has a new vision and a new strategy in new energy. Lomiko represents a company with purpose: a people-first company where it can manifest a world of abundant renewable energy with Canadian and Quebec critical minerals for a solution in North America. Its goal is to create a new energy future in Canada where the company will grow the critical minerals work force, become a valued partner and neighbour with the communities in which it operates, and provide a secure and responsibly sourced supply of critical minerals.

The company holds a 100-per-cent interest in its La Loutre graphite development in Southern Quebec. The La Loutre project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory. The KZA First Nations are part of the Algonquin Nation and the KZA territory is situated within the Outaouais and Laurentides regions. Located 180 kilometres northwest of Montreal, the property consists of one large, continuous block with 48 minerals claims totalling 2,867 hectares (28.7 square kilometres). Lomiko Metals published a PEA on Sept. 10, 2021, which indicated the project had a 15-year mine life producing per year 100,000 tonnes of graphite concentrate at 95 per cent graphitic carbon or a total of 1.5 million tonnes of graphite concentrate. This report was prepared as a National Instrument 43-101 technical report for Lomiko by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services and Metpro Management Inc., collectively the report authors.

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 km), in Canada's lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

Mike Petrina, project manager, a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure in this news release. Oliver Peters of MetPro Management Inc., who is leading the metallurgical development programs of the La Loutre graphite project on Lomiko's behalf, is acting as QP and has reviewed and approved the technical disclosure in this news release.

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