Ms. Belinda Labatte reports

LOMIKO'S SHOULDER SAMPLING OUTLINES 210.9 METERS OF GRAPHITE MINERALIZATION GRADING 7.09% CG AT LA LOUTRE GRAPHITE PROPERTY IN QUEBEC

Lomiko Metals Inc. has released shoulder sampling results from the infill and extension exploration drill program at its La Loutre graphite property, located approximately 180 kilometres northwest of Montreal in the Laurentian region of Quebec. Its La Loutre graphite project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nation territory.

Belinda Labatte, chief executive officer and director, stated: "We are pleased to see that additional shoulder sampling has further extended mineralization in multiple zones in the EV and Battery zones. These additional sampling results demonstrate graphite mineralization encountered over much more significant widths then previously known in 28 holes out of 79. These results also show areas where two or more zones are joined together, indicating consistent mineralization. Significant intervals were encountered in the EV zone, including hole LL-22-042, where mineralization now extends over 210.9 metres from surface: from 4.5 m to 215.4 m with a grade of 7.09 per cent graphitic carbon. The assay results further validate the continuity and quality of the mineralization. We have now received all the results from the shoulder sampling conducted in November in the EV and Battery zones, and have completed the drill database updates. The database will be used to complete an updated [National Instrument] 43-101-compliant mineral resource estimate for La Loutre."

Highlights:

• Additional core sampling increases thickness of graphite zones in 28 holes.
• Increased thickness of greater than 3.0 m was noted for 28 graphite zones.
• Increases greater than 20.0 m were noted for 11 graphite zones ranging from 22.0 to 63.0 m.
• The most significant intersection is 7.09 per cent Cg over 210.9 m from 4.5 to 215.4 m in hole LL-22-042 now joining two previously outlined zones.
• The second most significant intersection is 9.405 per cent Cg over 154.5 m from 32.0 to 186.5 m in hole LL-22-032.
• Graphite mineralization greater than 1.0 per cent Cg was determined in marble and quartzite units, including a new marble graphite carrying zone between these paragneiss intervals in hole LL-22-042, in addition to the marble zone at the bottom of the paragneiss sequence in EV zone as announced in the press release dated Sept. 6, 2022.
• Shoulder sampling has also shown that nine holes in the EV and Battery zones remain open at depth.
• The southeast and northeast end of the EV zone remains open.
• The south end of the Battery zone remains open.

The assay results reported in this press release are for 33 holes, where additional core samples were collected to close intervals of graphite mineralization reported in previous press releases. This shoulder sampling resulted in increasing the thickness of the mineralization for 28 holes. Intervals are considered closed where graphite values fall below 0.50 per cent graphite (Cg) over at least four successive core samples (that is, totalling approximately 6.0 metres of core). Out of 28 holes that have shown an increase in the width of the mineralization, 22 were drilled in the EV zone and six in the Battery zone. Please refer to the attached table for the revised weighted-averaged graphitic-carbon-bearing drill intersections (not true thickness). The press releases wherein the original weight averages were reported are referenced in the attached table.

Increases of 3.0 m or more to the thickness of graphite zones were noted for 28 intersections generally without significant dilution of the graphite grade. Eleven of these intersections showed increased thickness greater than 20.0 m ranging from 22.0 m up to a maximum of 63.0 m. The most notable result of the additional sampling is in hole LL-22-042. Originally, two intervals of graphite mineralization were reported in this hole, including 8.68 per cent Cg over 94.5 m from 4.5 to 99.0 m and 6.64 per cent Cg over 94.4 m from 121.0 to 215.4 m. These intersections are in paragneiss. An interval of marble between these paragneiss intervals was originally not sampled as it was assumed that the marble did not contain graphite. In fact, the additional sampling showed the marble to contain significant graphite mineralization with a weighted average of 2.13 per cent Cg over 22.0 m from 99.0 to 121.0 m. Moreover, the graphite is evenly distributed in the marble with a minimum value of 1.42 per cent Cg and a maximum value of 3.26 per cent Cg. Most importantly, the additional sampling joined the two previously reported zones to provide a revised weighted average in hole LL-22-042 of 7.09 per cent Cg over 210.9 m from 4.5 to 215.4 m (the end of the hole). The last sample assayed 3.14 per cent Cg, indicating that the graphite mineralization continues beyond the end of the hole (that is, the interval remains open below the end of the hole). Holes LL-22-025, 045 and 046 were also stopped in mineralization, and remain open below the end of the hole. Five holes including LL-22-023, 046, 055, 056 and 064 remain open above the first sample of the interval. The additional sampling connected zones that were previously reported as separate zones in holes LL-22-012, 021 and 032. One new graphite zone was defined in hole LL-22-062 by the additional sampling.

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. 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 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 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 the company will expand the critical mineral 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 La Loutre graphite project

The company holds mineral interests in its La Loutre graphite development in Southern Quebec. Its La Loutre project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nation territory. The KZA First Nation is part of the Algonquin Nation, and the KZA traditional 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 kilometres).

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 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 a National Instrument 43-101 technical report for Lomiko by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services and Metpro Management Inc., collectively the report authors.

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