Ms. Belinda Labatte reports

LOMIKO ANNOUNCES FLOW-THROUGH FINANCING, ANNUAL AND SPECIAL MEETING NOTICE AND CORPORATE UPDATE

Lomiko Metals Inc. intends to offer up to 17.5 million flow-through (FT) units at four cents for gross proceeds of up to $700,000. The company would also like to provide a corporate update on the annual and special meeting and the previously announced sale of wholly owned subsidiary Lomiko Technologies Inc.

Belinda Labatte, chief executive officer and director of Lomiko Metals: "We are pleased to announce the flow-through financing of up to $700,000 will be used to further our La Loutre and regional natural flake graphite exploration campaign and prospects at the Bourier lithium project. Two thousand twenty-three is a year to build on all our operational milestones and position ourselves for the significant doubling in investment into electric vehicles by automakers, forecast to be nearly $1.2-trillion in 2023, according to Reuters. In addition, demand growth for graphite is forecast to increase to 40 per cent year on year, according to Fastmarkets, from 30 per cent a year ago. Lomiko is well positioned in Quebec as a responsible operator developing a secure supply of graphite projects in southern Quebec."

Flow-through private placement

The flow-through private placement will consist of 17.5 million flow-through (FT) units at a price of four cents per FT unit for aggregate gross proceeds of $700,000.

Each FT unit consists of one common share that will qualify as a flow-through share within the meaning of the Income Tax Act (Canada) and the Taxation Act (Quebec) and one common share purchase warrant, with each whole warrant being exercisable at a price of six cents per share for a period of two years following the closing.

The company intends to use the gross proceeds of the flow-through private placement to incur Canadian exploration expenses and flow-through mining expenditures as defined in the Income Tax Act (Canada) and the Taxation Act (Quebec) on the company's Laurentides regional graphite exploration program and the Bourier lithium property, which will be incurred on or before Dec. 31, 2023, and renounced with an effective date no later than Dec. 31, 2022, to the initial purchasers of FT units in an aggregate amount not less than the gross proceeds from the sale of the FT units.

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.

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

Corporate update

Annual and special meeting

As previously announced, the annual and special 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. ET. Due to a technical issue outside of the company's control, Lomiko will not be in a position to send out individual confirmation e-mails to every registered shareholder and duly appointed proxyholder who registered prior to the meeting using the link provided in the notice of meeting dated Nov. 3, 2022. Registered shareholders and duly appointed proxyholders can attend the meeting on-line.

Meeting ID:  918 1119 3028

To ensure a smooth process, the company is asking registered shareholders and duly appointed proxyholders to log in by 10:45 a.m. ET on Dec. 6, 2022.

Sale of wholly owned Lomiko Technologies

During the last annual and special meeting held by the company on Dec. 6, 2021, shareholders approved the extension of the sale of the company's wholly owned subsidiary, Lomiko Technologies, to Promethieus Technologies Inc. The transaction was to be completed on Nov. 30, 2022. As of the date of this release, the sale was not completed by the agreed date. The company will review alternatives to the previously proposed transaction.

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. Its 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.

We seek Safe Harbor.