Ms. Belinda Labatte reports

LOMIKO ANNOUNCES THE FILING OF THE TECHNICAL REPORT FOR THE MINERAL RESOURCES ESTIMATE OF THE LA LOUTRE NATURAL FLAKE GRAPHITE PROPERTY AND ANNOUNCES ADJUSTMENT ON RESOURCE TONNAGE AND GRADE

Lomiko Metals Inc. has filed its mineral resource estimate (MRE) technical report following National Instrument 43-101 (Disclosure Standards for Mining Projects) on its La Loutre project, where Lomiko has mineral rights. The technical report, entitled "NI 43-101 Technical Report and Mineral Resource Estimate Update for the La Loutre Project, Quebec, Canada" and dated May 26, 2023 (with an effective date of May 11, 2023), was prepared for Lomiko by the firm InnovExplo of Val d'Or. The independent technical report is available on SEDAR under the Lomiko issuer profile.

During the final validation and completion of the technical report, adjustments were made to the mineral resource estimate statement disclosed in the April 13, 2023, news release and therefore the mineral resource tonnage in all categories has been amended. The adjustments now show an increase of 184 per cent versus the previously published increase of 195 per cent in tonnage for the indicated mineral resource category. See the news release dated April 13, 2023, entitled "Lomiko announces Updated Mineral Resource Estimate for La Loutre Natural Flake Graphite Property in Southern Quebec Achieving 195% Increase in Tonnage in the Indicated Mineral Resource Category," which summarized certain key results, assumptions and estimates contained in the technical report filed on SEDAR. The adjustments also contributed to increasing the overall grade from 4.50 per cent to 4.59 per cent which removed lower grade material from all categories.

Qualified person for technical content at La Loutre

The MRE was prepared by Marina Iund, PGeo, Martin Perron, PEng, and Simon Boudreau, PEng, from InnovExplo, and Pierre Roy, PEng, from Soutex. Mrs. Iund and Mr. Perron, Mr. Boudreau and Mr. Roy have reviewed and approved the technical contents of this news release as it relates to the MRE.

The information in this press release has been prepared and approved by Gordana Slepcev, PEng, who is the company's chief operating officer and registered professional engineer in the province of Ontario, 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).