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 A LARGE INTERVAL OF 4.49% CG DRILLED OVER 144.3M INCLUDING 8.43% CG OVER 55.5M IN THE BATTERY ZONE

Lomiko Metals Inc. has released the sixth 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. The La Loutre graphite project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory.

Belinda Labatte, chief executive officer and director, stated: "We are pleased that significant intervals encountered in all 6 holes of the Battery zone assays validate the continuity and the quality of the mineralization. Similar to the EV zone results, the Battery zone shows significant mineralization over large intervals in the centre of the deposit. The highlight is hole LL-22-054 where we have 4.49 per cent Cg [graphitic carbon] over a 144.3-metre interval, including 8.43 per cent Cg over a 55.5 m interval. We look forward to receiving the results from the remaining 20 holes in Battery zone."

Highlights:

• Assay results from the first six of 26 holes drilled at Battery zone:
  • Consistent, near-surface graphite mineralization in mid-north section of Battery zone;
  • High-grade graphite values and significant widths in all six drill holes;
  • Best interval of 4.49 pe cent Cg over 144.3 m from 46.7 m to 191 m in hole LL-22-054, including 8.43 per cent Cg over 55.5 m from 46.7 m to 102.2 m;
  • Multiple graphite layers encountered in holes LL-22-056, LL-22-057 and LL-22-058;
  • Flake graphite mineralization is visually coarse-grained, indicating that the flake sizing may be bigger than in the EV zone.

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 (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 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 six holes at the mid-north section of the Battery zone. These are the first six holes of the 26-hole program completed on the Battery zone from early-August to mid-September, 2022. These holes were drilled to confirm results of previous drilling and provide better detail in this part of the Battery deposit. Please refer to the table entitled "Weight-averaged graphitic carbon-bearing drill intersections (not true thickness)" for the weighted average graphitic carbon-bearing drill intersections (not true thickness).

Significant intervals of graphite mineralization were intersected in all six holes. The best intersection was 4.49 per cent Cg over 144.3 metres from 46.7 m to 191 m in hole LL-22-054, including 8.43 per cent Cg over 55.5 m from 46.7 m to 102.2 m. This hole was stopped in mineralization, so the graphite interval in this hole is open at depth. Holes LL-22-056, 057 and 058 intersected multiple layers with significant graphite values. For example, hole LL-22-058 encountered 4.1 per cent Cg over 25 m from 22 m to 47 m, including 8.47 per cent Cg over 11.5 m from 25 m to 36.5 m, and 1.28 per cent Cg over 40.5 m from 87.7 m to 128.2 m. Generally, it was noted that the graphite mineralization intersected in the Battery zone is visually more coarse-grained than the graphite mineralization intersected at the recently drilled EV zone.

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, Ontario.

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 mircrometres (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. The compnay'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 km 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 (Mt) of graphite concentrate. This report was prepared as a 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.

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