Ms. Belinda Labatte reports

LOMIKO ANNOUNCES SUCCESSFUL CLOSING OF FLOW-THROUGH FINANCING

Lomiko Metals Inc. has received TSX Venture Exchange approval and closed its private placement. It has issued 18,625,000 flow-through units at a price of four cents per FT unit for aggregate gross proceeds of $745,000. The company is pleased to have offered the 30-per-cent critical mineral exploration tax credit, its second time in 2022, which was introduced to support specified critical minerals exploration expenditures incurred in Canada.

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 exercisable at a price of six cents per share for a period of two years following closing.

An insider of the company subscribed for 1,875,000 FT units. As such, this participation constitutes a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the FT units acquired by the insiders nor the consideration for the FT units paid by such insiders exceed 25 per cent of the company's market capitalization. The company did not file a material change report 21 days prior to the closing date of the offering as details of the respective participation of such insiders in the offering was unknown at such time.

The company has paid cash finder's fees of $7,500 and will issue 187,500 non-transferable finder warrants exercisable at a price of six cents per share for a period of two years following 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 subscribers of FT units in an aggregate amount not less than the gross proceeds from the sale of the FT units.

All the securities issued under the offering are subject to a hold period of four months and one day expiring on April 20, 2023.

About Lomiko Metals Inc.

Lomiko Metals has a new vision and a new strategy in new energy. Lomiko represents a company with a 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. Lomiko is Ecologo certified.

The company holds exclusive mineral interests in its La Loutre graphite development 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 minerals claims totalling 4,528 hectares (45.3 square kilometres). Lomiko Metals published a preliminary economic assessment (PEA) on Sept. 10, 2021, which indicated the project had a 15-year mine life producing per year 100,000 tonnes of the graphite concentrate at 95 per cent graphitic carbon or a total of 1.5 million tonnes of the graphite concentrate. This report was prepared as the 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. 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 km) in Canada's lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

Mike Petrina, project manager, a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure in this news release.

We seek Safe Harbor.