Ms. Belinda Labatte reports

LOMIKO ANNOUNCES PRIVATE PLACEMENT, UPDATE ON COMING EVENTS AND INVESTOR RELATIONS AGREEMENT

Lomiko Metals Inc. has arranged a private placement, has engaged a United Kingdom-based investor relations firm and has discussed events the team will be participating in.

Belinda Labatte, chief executive officer and director of Lomiko Metals: "Lomiko has accomplished many milestones in 2022 and is now looking to position itself for additional works on its exploration La Loutre graphite and Bourier lithium properties as it advances the studies from preliminary economic assessment (PEA) to prefeasibility study phase (PFS) at La Loutre. Funds will be primarily used at La Loutre for the resource update and additional metallurgical testing and value-added work activities, as the company has initiated discussions with battery manufacturers and OEMs (original equipment manufacturers). To complement the financing process, Lomiko is engaging with several organizations related to grant application processes to advance its projects and will seek additional financing to advance its portfolio of projects from strategic investors and cornerstone investors. The company continues to evaluate regional corporate development opportunities in its vision to become an operator of choice in Quebec."

Private placement

The company announces that it intends to offer a private placement for gross proceeds of up to $1-million, as follows:

• Up to 33,333,333 common share units of the company will be offered at a price of three cents per unit to raise gross proceeds of up to $1-million. Each unit will consist of one common share and one common share purchase warrant. Each warrant shall entitle the holder to acquire one common share at a price of five cents for a period of 60 months.

Finders' fees and commissions may be paid in accordance with the Toronto Stock Exchange policies.

Pursuant to applicable Canadian securities laws, all securities issued under this private placement are subject to a hold period of four months and one day. The private placement remains subject to the final approval of the TSX Venture Exchange.

The net proceeds of the units will be used to incur expenses on its exploration graphite and lithium properties. Herein is a summary of the major categories applied to the net proceeds as required by TSX-V policy, in addition to working capital requirements:

• 15 per cent -- Technical report update to provide resource update.
• 30 per cent -- Metallurgical testing and value-added work activities including micronations, spheroidization, purification and coating, as well as battery testing.
• Not more than 10 per cent -- Investor relations and strategic advisory work. Please see the investor relations portion of this release for details of the services being provided.
• The balance will be applied to working capital, finder fees and other project expenses.

Closing is subject to several prescribed conditions, including, without limitations, approval of the TSX Venture Exchange. All the securities issued under the offering are subject to resale restrictions under applicable securities legislation.

Background to financing and use of proceeds:

In 2022, Lomiko completed a comprehensive drill program featuring 79 holes totalling 13,113 metres drilled; 53 of these, totalling 9,037 metres, were drilled in the electric vehicles (EV) zone and 26 holes totalling 4,076 metres were drilled in the Battery zone. The first initial drill results from the northern and central part of the EV zone show very thick mineralization zones with high grades in the majority of the mineralized holes. Several wide intervals of near-surface, high-grade flake graphite mineralization including 11.02 per cent Cg (curium) over 120.00 metres from 32.0 to 152.0 m in hole LL-22-032 including 48.0 m at 15.58 per cent Cg from 50.0 to 98.0 m. These results will be further evaluated as part of the resource update; 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.

In terms of the characterization and purification metallurgical tests performed by two independent laboratories, Corem and ProGraphite, the graphite from the La Loutre deposit would be 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 and that further testing will be required to confirm with greater certainty product suitability and potential.

Investor relations

A main focus of Lomiko Metals is to become a major supplier of graphite to the North American battery market whilst incorporating environmental, social and economic best practices. Europe accounts for over 80 per cent of global fund assets invested with an ESG (environmental, social and governance) mandate; in the company's view, it is important to tap into this fast-growing investment sector.

European governments have been actively encouraging the adoption of clean technologies, including electric vehicles which will require large amounts of graphite and lithium -- two commodities that form the core of Lomiko's business. The range of capital providers includes retail investors, private equity funds, long-only funds, as well as specialist investors and family offices.

The company would like to announce it has entered into an investor relations agreement with Stellium Services Ltd. effective Nov. 1, 2022. Stellium will provide investor relations services focused on United Kingdom, European, and Australasian investors, institutions and family offices.

Under the terms of the agreement, compensation will be 4,000 pounds sterling monthly, payable in cash to Stellium for a period of three months. There are no performance factors contained in the agreement. The agreement may be terminated upon 60 days of notice. Stellium and the company are arm's-length parties.

Stellium is based in London, U.K., and its principal is Andrew Wilson.

Participation in events and speaking engagements

Lomiko is pleased to be presenting and participating in the following upcoming events:

• Mining Investment North America, Toronto, Oct. 27, to Oct. 28, 2022;
• Energy and Mines, Toronto, Nov. 1 to Nov. 2, 2022.

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.

We seek Safe Harbor.