Ms. Belinda Labatte reports

LOMIKO METALS PROVIDES AN UPDATE ON CLOSING OF THE FLOW-THROUGH UNIT OFFERING AND CLOSING OF THE FIRST TRANCHE OF THE HARD DOLLAR PRIVATE PLACEMENT

Following the effective date of the previously announced share consolidation update on July 11, 2024, Lomiko Metals Inc. has applied to the TSX Venture Exchange to close its previously announced flow-through unit offering, pursuant to which the company will issue 1,463,415 flow-through units at a price of 41 cents per flow-through unit for a total of $600,000. Each flow-through 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 warrant being exercisable at a price of 52 cents per share for a period of 36 months.

On closing and subject to TSX Venture Exchange approval, the company anticipates paying finders' fees totalling $30,000 and 73,171 warrants exercisable for two years at 41 cents.

The company will apply to the TSX-V to close the first tranche of its previously announced private placement, pursuant to which it will issue 1,242,172 units at 35 cents per unit for gross proceeds of $434,760. Each unit consists of one common share and one common share purchase warrant. Each hard warrant entitles the holder to acquire one common share at a price of 52 cents for a period of 36 months.

The units and flow-through units will be subject to a four-month hold period commencing on the closing date pursuant to National Instrument 45-102, Resale of Securities, and Regulation 45-102 respecting Resale of Securities (Quebec) and the certificates or DRS advice representing such securities will bear a legend to that effect. The offering remains subject to the final approval of the TSX-V.

On closing and subject to TSX-V approval, the company anticipates paying finders' fees totalling $1,155 and issuing 3,300 warrants exercisable for two years at 35 cents.

The company confirms there is no material fact or material change related to the company which has yet to be generally disclosed.

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 NI 43-101, Standards of Disclosure for Mineral Projects) averaging 4.59 per cent Cg (graphitic carbon) per tonne for three 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 downdip 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.

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 kilometres) in Canada's Lithium Triangle near the James Bay region of Quebec, which has historically housed lithium deposits and mineralization trends.

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