Ms. Belinda Labatte reports

LOMIKO ANNOUNCES FURTHER RESULTS FROM ITS INFILL AND EXTENSION EXPLORATION DRILL PROGRAM AT THE LA LOUTRE GRAPHITE PROPERTY IN QUEBEC, INCLUDING 15.09% CG OVER 60.0M IN THE EV ZONE

Lomiko Metals Inc. has released the fourth round of analytical results from the infill and extension exploration drill program at its wholly owned La Loutre graphite property, located approximately 180 kilometres northwest of Montreal in the Laurentian region of Quebec.

Belinda Labatte, chief executive officer and director, stated: "I am encouraged to see that the results from those additional 10 holes drilled at the centre of the EV zone continue to build on the results announced already and continue to demonstrate high-grade graphite mineralization over significant intervals. The best intersection was 8.14-per-cent graphitic carbon (per cent Cg) over 148.5 metres (m) in hole LL-22-035 including 15.09 per cent Cg over 60.0 m from 13.5 m to 73.5 m. The number of holes with significant mineralization confirms the potential of this area for additional graphite resources, and many holes remain open. We look forward to more results in the next 11 holes in the EV zone which will be released as more assays are received."

Highlights

• Consistent, near-surface graphite mineralization in the mid-north section of EV zone;
• High-grade graphite values and significant widths;
• Nine out of 10 holes intersected significant mineralization;
• Up to 8.14 per cent Cg over 148.5 m from 6.0 to 154.5 m in hole LL-22-035 including 15.09 per cent Cg over 60.0 m from 13.5 m to 73.5 m;
• Hole LL-22-042 encountered 8.68 per cent Cg over 94.5 m from 4.5 to 99.0 m and 6.64 per cent Cg over 94.4 m from 121.0 to 215.4 m;
• Up to 13.84 per cent Cg over 42.0 metres from 169.0 to 211.0 in hole LL-22-031;
• Holes LL-22-038, LL-22-040 and LL-22-042 all bottomed in mineralization;
• Graphite intervals in eight of 10 holes remain open; additional assay results pending.

The La Loutre graphite project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory. The drilling was supervised by Quebec-based, independent geological consultant Breakaway Exploration Management Inc. and was operated under ECOLOGO requirements and compliance protocols, as Lomiko is ECOLOGO certified. Please see the press release issued on March 23, 2022, for more details about Lomiko's ECOLOGO certification.

The drill program at La Loutre was initiated on May 15, 2022, with the goal to further define the deposit, provide the data needed to increase confidence in the mineral resource and build on the results of the positive preliminary economic assessment for the La Loutre project as announced in the company's July 29, 2021, press release. Lomiko has retained InnovExplo Inc., a Quebec-based independent consulting firm specializing in geology, resource estimation, mining engineering and sustainable development, to prepare an updated National Instrument 43-101-compliant resource estimate for the La Loutre project following the completion of the 2022 drill program.

The assay results reported in this press release are for 10 holes drilled at the mid-north section of the EV zone. These holes were drilled to confirm results of the previous drilling and provide better detail of the EV zone in this part of the deposit. Please refer to the first attached table for the weighted average graphitic carbon-bearing drill intersections (not true thickness) and the second attached table for the collar locations referred to in this press release.

Significant intervals of graphite mineralization were intersected in nine of the 10 holes. The best intersection was 8.14 per cent graphitic carbon over 148.5 metres from 6.0 to 154.5 m in hole LL-22-035 including 15.09 per cent Cg over 60.0 m from 13.5 m to 73.5 m. Holes LL-22-036, -038, -040 and -042 intersected multiple layers of significant graphite values. For example, hole LL-22-042 encountered 8.68 per cent Cg over 94.5 m from 4.5 to 99.0 m and 6.64 per cent Cg over 94.4 m from 121.0 to 215.4 m. Graphite intervals intersections in holes LL-22-035 to -042 remain open with additional assay results pending. Hole LL-22-038, -040 and -042 all bottomed in mineralization. Hole LL-22-034, drilled on the east margin of the EV zone, encountered only quartzite as expected so no sampling was done. Four other holes were planned for this area but could not be drilled due to swampy, soft conditions that prevented access.

Corporate update

In the last several weeks the company has attended numerous events and conferences and looks forward to developing more working relationships in Quebec following its participation at XPLOR, in Montreal Oct. 3 to Oct. 6. Interested investors can meet with management at the Energy and Mines conference taking place Nov. 1 and Nov. 2, 2022, in Toronto, where chief operations officer Gordana Slepcev will be presenting.

The company's updated investor presentation can be found on the company's website and includes section plans of the assay results received from the current exploration campaign.

Annual general meeting

The annual general meeting of the company will be held by means of remote communication, rather than in person, on Tuesday, Dec. 6, 2022, at the hour of 11 a.m. (Eastern Time). The company has fixed Nov. 1, 2022, as the record date for the determination of shareholders entitled to notice of and to vote at the meeting and at any adjournment or postponement thereof. Each registered shareholder at the close of business on that date is entitled to such notice and to vote at the meeting in the circumstances set out in the circular.

QA/QC (quality assurance/quality control) and analytical procedures

The drill core was logged and marked for sampling by a professional geologist. All the core was photographed as part of the logging procedure. Core samples were collected by splitting each sample interval in half lengthwise with a hydraulic core splitter. One-half of the interval was returned to the core box and the other half was placed in a plastic bag with a tag. The tag number was marked in indelible ink on the outside of the bag and the bag was sealed with a plastic tie wrap. One certified reference material standard and one blank were included in each batch of 21 samples. For shipping, samples were placed in rice bags that were individually sealed with numbered tamper-proof security tags. The rice bags were then placed on wooden pallets, secured with plastic wrapping and delivered by truck to Manitoulin Transport Inc. for shipping to Activation Laboratories Ltd. (Actlabs) in Ancaster, Ont.

At Actlabs, the samples were crushed to 80 per cent passing two millimetres (mm) and then riffle split to a 250-gram subsample that was pulverized to pulp 95 per cent passing 105 micrometres (Actlabs code RX1). The sample pulps were then analyzed for graphitic carbon by mild hydrochloric acid digestion, followed by combustion in an infrared induction furnace (Actlabs code 8Cg). Actlabs is accredited under ISO 9001:2015 registration and is independent of the company.

Qualified person

The technical content presented in this press release was reviewed by Mark Fekete, PGeo, who actively participated in the La Loutre drill program as an independent consultant to the company as the qualified person as that term is defined under National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

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. Lomiko's goal is to create a new energy future in Canada where it 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.

In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corp. toward earning its 70-per-cent stake in the Bourier project 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.

About the La Loutre graphite project

The company holds a 100-per-cent interest in its La Loutre graphite development project 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 mineral claims totalling 4,528 hectares (45.3 square km).

The property is underlain by rocks belonging to 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 a July 29, 2021, preliminary economic estimate (PEA) which indicated the project had a 15-year mine life producing per year 100,000 tonnes of graphite concentrate at 95 per cent Cg or a total of 1.5 million tonnes of graphite concentrate. This report was prepared as National Instrument 43-101 technical report for Lomiko Metals Inc. by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services and Metpro Management Inc., collectively the report authors.

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