Ms. Belinda Labatte reports

LOMIKO PROVIDES UPDATE ON STRATEGY AND REGIONAL FLAKE GRAPHITE EXPLORATION PROGRAM

Lomiko Metals Inc. has provided an update on its strategy to further advance its regional exploration opportunities in the Grenville graphite belt with the objective of developing a sustainable and long-term natural flake graphite resource base that can feed into the graphite market at large, and the regional market for electric vehicles battery manufacturing.

Lomiko believes that early-stage development of this strategy, combined with a current emphasis on metallurgical testing of its flake graphite at La Loutre and a committed vision to work with the Kitigan Zibi Anishinabeg (KZA) First Nation and local communities, is important to becoming a leader and operator of choice in the region. At the same time, the company is looking at opportunities in the carbon offset market and carbon-neutral mine planning. Carbon offset projects include forestry, conservation, renewable energy and community projects where every tonne of emissions reduced by an environmental project creates one carbon offset or carbon credit.

Belinda Labatte, chief executive officer and director of Lomiko, stated: "Our team is keen to take on new opportunities in the region, around our La Loutre property, as we develop the potential for natural flake graphite via organic growth and acquisition. We plan to lead the responsible development of regional graphite assets with community and first nations engagement, water management and stewardship initiatives, and carbon offset projects that further advance our carbon-neutral model of graphite development."

The company has staked approximately 14,255 hectares of mineral claims, 236 claims in total, on six projects in the Laurentian region of Quebec and within first nations territory. These new claims lie within a 100-kilometre radius of the company's flagship La Loutre graphite project and 28 claims are directly contiguous to La Loutre, with the company claim package now covering 4,528 hectares. The highest graphite grades are commonly associated with rock contacts between marble and paragneiss or quartzite which is the host rock present in the Grenville province and at La Loutre. Large, disseminated natural flake graphite mineralization occurs at a number of places in the Grenville province metamorphic belt, located in Canada's Quebec and southeastern Ontario jurisdictions, and the conglomeration of this mineralization in close proximity in the region presents opportunities in the future for responsible and low-impact mining or quarry activities that are unique to this region.

This regional exploration program will cover numerous underexplored graphite showings primarily occurring within paragneiss units of the Grenville geological belt. The claims staked are largely accessible and situated close to road access and qualify as early-stage greenfield exploration. Lomiko intends to initiate exploration of these prospective graphite targets with high-definition airborne magnetic and time-domain electromagnetic surveys. This work will be followed by geological, prospecting and sampling surveys based on ground targets generated by the airborne surveys. Lomiko will engage with communities and the KZA as this work evolves.

Corporate development update

The company continues to review other prospects for eventual acquisition. Lomiko's strategy is to create scale and a regional approach for the exploration and development of natural flake graphite as an operator of choice and this will include carbon-neutral mine planning and potential for carbon offset projects. This strategy would serve to provide a long-term, sustainable and responsible solution to provide flake graphite, and ultimately anode-grade graphite, into the electric vehicle supply chain.

Investor conferences

All interested investors are encouraged to meet with management in person at the Vancouver Resource Investment Conference (VRIC) taking place in Vancouver on May 17 and May 18, and at PDAC in Toronto from June 13 to June 15. Also, management will be presenting at The Northern Miner's virtual Global Mining Symposium on May 25. More information is available on the company's website.

About Lomiko Metals Inc.

Lomiko Metals has a new vision and a new strategy in new energy. Lomiko represents a company with a purpose: a people-first company where the company 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 76 minerals claims totalling 4,528 hectares (45.3 square kilometres). Lomiko Metals published a preliminary economic assessment (PEA) on Sept. 10, 2021, which indicated the project had a 15-year mine life producing per year 100,000 tonnes of the graphite concentrate at 95 per cent Cg or a total of 1.5 million tonnes of the graphite concentrate. This report was prepared as National Instrument 43-101 technical report for Lomiko Metals 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.

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