Ms. Belinda Labatte reports

LOMIKO IDENTIFIES 55 NEW PROSPECTIVE TARGETS IN THE GRENVILLE GRAPHITE MINERAL BELT AND UPDATES EXPLORATION ON BOURIER LITHIUM PROJECT

Lomiko Metals Inc. has released regional exploration updates. The company has staked approximately 268 mineral claims covering 15,639 hectares on six blocks in the Laurentian region of Quebec, approximately 200 kilometres northwest of Montreal within the Kitigan Zibi First Nation's territory. These new claim blocks lie within a 100-kilometre radius of the company's flagship La Loutre graphite project.

Highlights:

• 1,518 line kilometres of heliborne magnetic and time-domain electromagnetic surveys completed over the six Grenville graphite properties;
• 55 targets prospective for graphite mineralization identified;
• Targets to be ground tested with Beep-Mat prospecting and sampling.

Within the Central Metasedimentary belt of the Grenville geological province, graphite mineralization is known to occur in conjunction with various types and amounts of sulphides suggesting that a combined geophysical high-resolution magnetic (MAG) and time-domain electromagnetic (TDEM) response is expected from graphite-bearing rock units. The strong correlation of TDEM and MAG anomalies implies that magnetic sulphide minerals are likely to compose at least part of the anomaly sources. These are considered first steps in developing natural flake graphite exploration campaigns.

Belinda Labatte, chief executive officer, stated: "We are very pleased to see that the geophysical surveys we conducted over the summer on our new graphite properties in the Grenville belt have returned very encouraging results with previous visible graphite occurrences observed on several of the claims. We intend to follow up on the prospective targets identified on all six properties with Beep-Map prospecting and sampling later in 2023. This method successfully found the La Loutre deposit currently at the prefeasibility stage. Those positive results fit into our strategy to create a responsible regional solution for natural flake graphite development in Southern Quebec and we are looking forward to working with Kitigan Zibi First Nation and local communities to further develop those properties. At Bourier, we have a massive claim package to explore and we continue our earlier soil and surface sampling test to determine the most prospective pegmatite anomalies."

The 179-line-kilometre survey flown over the 28-claim Boyd project located adjacent to the historical Standard graphite deposit identified 260 TDEM point anomalies with 65 having an intermediate to strong conductive response. Seven linear TDEM trends show strong correlation with magnetic trends and are considered prospective targets for graphite-sulphide mineralization. Three other TDEM trends are associated with MAG lows or do not show any clear correlation to magnetic data. Graphite hosted within non-magnetic marble rocks may be the source of TDEM responses of this sort.

The 175 line km heliborne survey flown over the 33-claim Meloche project located 25 km southeast of Mont-Laurier identified 229 TDEM point anomalies with 33 having an intermediate conductive response. Two linear TDEM trends and three spot anomalies show strong correlation with magnetic trends and are considered prospective targets for graphite-sulphide mineralization. Two of these targets correspond with known surface occurrences, including the Lac Meloche occurrence where visible flake graphite has previously returned up to 13.85 per cent graphite and the Lac Pimodan-NE occurrence where visible flake graphite has previously returned up to 10.13 per cent graphite. A sixth target is defined by two TDEM anomalies over a MAG low.

The 372 line km survey flown over the 69-claim Dieppe project located 55 km north of Mont-Laurier identified 320 TDEM point anomalies with 24 having an intermediate to strong conductive response. Three linear TDEM trends show strong correlation with magnetic trends and are considered prospective targets for graphite-sulphide mineralization. One of these targets correspond with the known Lac Dieppe occurrence where visible flake graphite has previously returned up to 11.6 per cent graphite. Three other TDEM trends are associated with MAG lows or do not show any clear correlation to magnetic data. Graphite hosted within non-magnetic marble rocks may be the source of TDEM responses of this sort.

The 246 line km survey flown over the 47-claim Ruisseau project located 50 km ENE (east-northeast) of Mont-Laurier identified 538 TDEM point anomalies with 204 having an intermediate to very strong conductive response. Eleven linear TDEM trends and three spot anomalies show strong correlation with magnetic trends and are considered as prospective targets for graphite-sulphide mineralization. Ten other TDEM trends are associated with MAG lows or do not show any clear correlation to magnetic data. Graphite hosted within non-magnetic marble rocks may be the source of TDEM responses of this sort.

The 315 line km survey flown over the 52-claim Tremblant project located 25 km southeast of Mont-Laurier identified 221 TDEM point anomalies with 31 having an intermediate conductive response. Eight linear TDEM trends show strong correlation with magnetic trends and are considered prospective targets for graphite-sulphide mineralization.

The 231 line km survey flown over the 39-claim North Low project located 40 km north of Gatineau identified 406 TDEM point anomalies with 21 having an intermediate to strong conductive response. Two linear TDEM trends show strong correlation with magnetic trends and are considered prospective targets for graphite-sulphide mineralization. Two other TDEM trends are associated with MAG lows or do not show any clear correlation to magnetic data. Graphite hosted within non-magnetic marble rocks may be the source of TDEM responses of this sort.

Please refer to the Lomiko website to view maps showing the prospective targets for graphite-sulphide mineralization on each claim block.

Bourier exploration update

The Bourier lithium property consists of 203 mining claims, covering 102.6 square kilometres, located in the Nemiscau greenstone belt. The 2022 exploration program consisted of 1) intensifying the surface rock sampling in the anomalous zones discovered during the 2021 field program, and 2) testing new lithium-cesium-tantalum pegmatite (LCT-pegmatite) targets.

The 2022 surface exploration program confirmed and extended the 2.5 km long southwest-trending LCT-pegmatite corridor, which is in strike with the Lemare lithium-prospect owned by Critical Elements Lithium Corp. In addition, the exploration program revealed a new LCT-pegmatite sector in the north of the Bourier property.

Lomiko's 2023 exploration activities at Bourier will consist of two phases: 1) a litho-geochemical characterization study of pegmatites and host rocks, and reanalyses of soil samples using a lithium-oriented geochemical package, and 2) the completion of soil surveys in favourable geological areas in the North and in the South of the Bourier property.

Qualified person for graphite exploration

The technical content presented in this press release referencing graphite exploration was reviewed by Mark Fekete, PGeo, who acts 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.

Qualified person for technical content at Bourier

The technical information in this press release has been prepared and approved by Ludovic Bigot, professional geologist (PGeo, No. 01655), a qualified person as defined by NI 43-101 guidelines.

About Lomiko Metals Inc.

The company holds 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 Nation's 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 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 by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services and Metpro Management, collectively the report authors.

In addition to La Loutre, Lomiko is working with Critical Elements Lithium 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 km), in Canada's lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

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