Ms. Belinda Labatte reports

LOMIKO ANNOUNCES FURTHER RESULTS FROM THE INFILL AND EXTENSION EXPLORATION DRILL PROGRAM AT ITS LA LOUTRE GRAPHITE PROPERTY IN QUEBEC, INCLUDING 10.06% CG OVER 40.5M IN THE EV ZONE

Lomiko Metals Inc. has released the fifth 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 happy to see that the results from the last 11 holes drilled on EV zone in 2022 are in line with the results we announced in previous press releases. These results show significant mineralization over large intervals, including LL-22-044 with 7.6 per cent Cg [graphitic carbon] over 119.8 m from 81.2 to 201 m, consistent with previous results. The wide intervals encountered in eight of the 11 holes further validate the continuity and the quality of the mineralization in the EV zone. We look forward to receiving the results from the 26 holes completed over the Battery zone in August and September."

Highlights

Intersecting high-grade graphite values and significant widths eight out of nine (11 holes total) intersected significant mineralization with two holes abandoned and redrilled due to challenging environmental conditions:

• Up to 7.6 per cent Cg over 119.8 m from 81.2 to 201 m in hole LL-22-044, including 10.06 per cent Cg over 40.5 m from 81.2 m to 121.7 m and 10.31 per cent Cg over 19.5 m from 166.7 to 186.2 m;
• Hole LL-22-045 encountered 5.83 per cent Cg over 27 m from 204 to 231 m, including 19.5 metres at 7.63 per cent Cg from 211.5 to 231 m at 7.63 per cent Cg;
• Hole LL-22-050 encountered 5.07 per cent Cg over 123 m from 13 to 136 m, including 14.5 per cent Cg over 22.5 m from 14.5 to 37 m;
• Holes LL-22-044, LL-22-045, LL-22-046, LL-22-049, LL-22-051 and LL-22-052 all bottomed in mineralization;
• Graphite intervals in eight of nine holes remain open; additional assay results are 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.; it was operated under ECOLOGO requirements and compliance protocols, as Lomiko is ECOLOGO-certified. Please see the press release issued on March 22, 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 (PEA) 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 (NI) 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 11 holes drilled at the central 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 associated table for the weighted average graphitic carbon-bearing drill intersections (not true thickness).

Significant intervals of graphite mineralization were intersected in eight of the 11 holes. The best intersection was 7.6 per cent graphitic carbon over 119.8 metres from 81.2 to 201 m in hole LL-22-044, including 10.06 per cent Cg over 40.5 m from 81.2 m to 121.7 m. Graphite intervals intersections in holes LL-22-45, -046, -047 and -050 remain open, with additional assay results pending. Holes LL-22-044, -045, -046, -049, -051 and -052 all bottomed in mineralization. Four other holes were planned for this area but could not be drilled due to difficult terrain or ground being too swampy, or soft conditions that prevented access.

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; 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; 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. in Ancaster, Ont.

At Actlabs, the samples were crushed to 80 per cent passing two millimetres 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 we can manifest a world of abundant renewable energy with Canadian and Quebec critical minerals for a solution in North America. The company's 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 the company 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.

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