Ms. Belinda Labatte reports

LOMIKO ANNOUNCES OMNIBUS PLAN SHARE UNIT AND STOCK OPTION GRANTS AND CORPORATE UPDATE

Lomiko Metals Inc. has granted stock options to management and advisers as part of a long-term incentive program as determined by the board, and restricted share units and deferred share units to the board in accordance with the company's 2022 omnibus equity incentive plan adopted at the annual general meeting.

Grants under the 2022 omnibus equity incentive plan

On the recommendation of the compensation, corporate governance and nominating committee (CCGNC), the board has approved the grant of three million RSUs and four million DSUs to directors of the company. Management and advisers of the company have been granted 10.94 million stock options.

The 2022 omnibus equity incentive plan's objective is to create an incentive compensation program that is aligned with the company's long-term objectives. Stock options, DSUs, RSUs and performance share units are granted in accordance with Policy 4.4 (Security Based Compensation) of the TSX Venture Exchange and the terms and conditions of the 2022 omnibus equity incentive plan.

RSUs: Each vested RSU can be redeemed for one fully paid and non-assessable common share of Lomiko issued from treasury. RSUs are vested by Feb. 24, 2024. The number of RSUs granted was calculated based on the compensation to be paid to the director, as recommended by the CCGNC and approved by the board, and was calculated using a price of five cents per common share.

DSUs: Each vested DSU can be redeemed for one fully paid and non-assessable common share of Lomiko issued from treasury. For directors, the DSUs granted vest on Feb. 24, 2024, and are settled on a director's retirement from the board. The number of DSUs granted was calculated based on the compensation to be paid to the director, as recommended by the CCGNC and approved by the board, and was calculated using a price of five cents per common share.

Stock options: Stock options to management and advisers were granted with a five-year term in accordance with the following vesting schedule: one-third of the stock options vesting one year following the grant date; one-third of the stock options vesting the two years following the grant date and the remaining one-third of the options vesting three years following the grant date. The exercise price is five cents per common share.

Participation at the PDAC

Lomiko is pleased to present and participate at the PDAC conference in Toronto from March 5 to March 8, 2023. The management team will be available at booth 2547 and presenting at the conference at several events. Please check the company's social media for participation and details.

About Lomiko Metals Inc.

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 graphitic carbon 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.

We seek Safe Harbor.