Ms. Belinda Labatte reports

LOMIKO METALS PROVIDES AN UPDATE ON PREVIOUSLY ANNOUNCED SHARE CONSOLIDATION AND PRIVATE PLACEMENT, AND INVESTOR EVENT

Further to the news release issued on June 24, 2024, Lomiko Metals Inc. will be completing a consolidation of the company's share capital on a one-new-for-10-old basis. The consolidation was approved by the company by way of directors' resolution. No shareholder approval was required for the consolidation to come into effect. The company's board of directors has set July 15, 2024, as the effective date of the consolidation and trading of the common shares on a postconsolidation basis on the TSX Venture Exchange.

The consolidation remains subject to the approval of the TSX Venture Exchange. The company currently has 402,653,374 issued and outstanding common shares, and assuming no other change to the issued and outstanding common shares prior to completion of the consolidation (including under the private placement announced on June 24, 2024), upon completion of the consolidation, there will be 40,265,337 common shares issued and outstanding, subject to adjustments for rounding. The company will not be changing its name or its trading symbol in connection with the consolidation.

The common shares are expected to begin trading on a postconsolidation basis effective at the opening of the market on July 15, 2024, under new Cusip No. 54163Q805, and ISIN No. CA54163Q8056.

No fractional postconsolidation common shares will be issued upon the consolidation. If, as a result of the consolidation, a shareholder becomes entitled to a fractional postconsolidation common share, such fraction will be rounded up or down, as applicable, to the nearest whole number, provided, however, that no shareholder shall hold less than a single common share as a result of the consolidation.

Shareholders who hold their shares through a securities broker or dealer, bank or trust company will not be required to take any measures with respect to the consolidation. The company's transfer agent, Olympia Trust Company, has mailed a letter of transmittal to all registered shareholders of the company with certificated positions that will contain instructions for exchanging their preconsolidated common shares for postconsolidated common shares. Registered shareholders will be required to return their certificates representing preconsolidated common shares and a completed letter of transmittal to Olympia Trust Company. Any registered shareholder who submits a duly completed letter of transmittal to Olympia Trust Company, along with the share certificate representing the preconsolidated common shares, will receive in return a newly issued share certificate or a direct registration system representing the postconsolidated common shares.

The company's outstanding warrants, options and other convertible securities will be adjusted on the same basis as the consolidation with respect to the underlying common shares exercisable pursuant to the warrants, options and other convertible securities, with proportionate adjustments being made to applicable exercise or conversion prices, as applicable.

Flow-through unit upsize

The company is also announcing an upsize for the previously announced flow-through offering. Under the revised flow-through offering, the company may issue up to 1,463,415 flow-through units (the FT units) at a postconsolidation price of 41 cents per FT unit for a total of $600,000. 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 one-half of one common share purchase warrant, with each whole FT warrant being exercisable at a postconsolidation price of 52 cents per share for a period of 36 months years following the closing.

Investor events

July 16, 2024: RCTV Webinar -- Lomiko receives a total of $16-million in grant award and funding contribution to advance the La Loutre graphite project.

Belinda Labatte, chief executive officer and interim chair of the board, will present during a live webinar hosted by Red Cloud Financial Services on July 16, 2024, at 2 p.m. ET.

About Lomiko Metals Inc.

The company holds mineral interests in its La Loutre graphite development in Southern Quebec. The La Loutre project site is 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 from the Grenville province of the Precambrian Canadian Shield. The Grenville province 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 the April 13, 2023, updated mineral resource estimate (MRE) which estimated 64.7 million tonnes of indicated mineral resources (as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101)) averaging 4.59 per cent Cg per tonne for 3.0 million tonnes of graphite, a tonnage increase of 184 per cent. Indicated mineral resources increased by 41.5 million tonnes as a result of the 2022 drilling campaign, from 17.5 million tonnes in 2021 MRE with additional mineral resources (as defined in NI 43-101) reported down dip and within marble units resulted in the addition of 17.5 million tonnes of inferred mineral resources (as defined in NI 43-101) averaging 3.51 per cent Cg per tonne for 650,000 tonnes of contained graphite; and the additional 13,107 metres of infill drilling in 79 holes completed in 2022 combined with the refinement of the deposit and structural models contributed to the addition of most of the inferred mineral resources to the indicated mineral resource category, relative to the 2021 mineral resource estimate. The MRE assumes a $1,098.07-(U.S.)-per-tonne graphite price and a cut-off grade of 1.50 per cent Cg (graphitic carbon).

In addition to La Loutre, Lomiko has earned in its 49-per-cent stake in the Bourier project from Critical Elements Lithium Corp. 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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