Ms. Belinda Labatte reports

LOMIKO METALS PROVIDES CORPORATE UPDATE

Lomiko Metals Inc. has provided updates.

Management will present or participate at the following conferences and continue to lead discussions regarding the responsible development of graphite in Quebec, Canada, to meet the long-term demand for this critical mineral in North America.

• EY2024 Americas Metals and Mining Forum, EY's annual flagship industry event, Sept. 12, 2024 (virtual event).
• Energy and Mines Toronto, The Decarbonized Mine, taking place on Nov. 12 to Nov. 13 at the Marriott Downtown, Toronto, Ont.
• Benchmark World Tour 2024, Sept. 24, 2024, taking place at Fasken, in Montreal, Que.
• Sixth annual Energy Transition and Emission Reduction Conference for the Metals and Mining Industry, Jan. 15 to Jan. 16, 2025, in Toronto, Ont.

North American customers of graphite are almost entirely dependent on China for the supply of graphite and anode material. Lomiko's key priorities in current market conditions are to develop collaborative efforts, partnerships and strategic investment opportunities for the company, as well as direct community engagement. Lomiko is the recipient of a Department of Defense (DoD) technology investment agreement (TIA) grant of $8.35-million (U.S.) (approximately $11.4-million) where Lomiko will match the funding over a period of five years, for a total agreement with the DoD of $16.7-million (U.S.). The grant falls under Title III of the Defense Production Act and is financed through the Inflation Reduction Act to ensure energy security in North America. The company has also been approved for funding of $4.9-million in a non-repayable contribution agreement from the Critical Mineral Research, Development and Demonstration (CMRDD) program administered by Natural Resources Canada, with the total project cost being $6.6-million.

Local community engagement will continue with presentations and information exchange in small groups and focus on education and information regarding upcoming works on La Loutre and regional claims. To this effect, Lomiko has agreed with Cindy Valence, chief sustainability officer, to transition to strategic advisory work effective Aug. 16.

Lomiko will provide further updates on its exploration program and regional strategy for the responsible development of graphite in Southern Quebec.

Management and board 2024 omnibus equity incentive plan grants

As part of the annual short- and long-term incentive program as determined by the board, Lomiko is announcing the grant of restricted share units (RSUs) to management and RSUs and deferred share units (DSUs) to the board in accordance with the company's 2024 omnibus equity incentive plan.

On the recommendation of the compensation, corporate governance and nominating committee (CCGNC), the board has approved the grant of an aggregate of 53,332 RSUs and 71,112 DSUs to the company's directors. Management has been granted an aggregate of 284,444 RSUs.

The 2024 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 PSUs are granted in accordance with Policy 4.4 -- Security Based Compensation of the TSX Venture Exchange, the terms and conditions of the 2024 omnibus equity incentive plan and the terms of the award agreement evidencing such equity compensation security.

• 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 Aug. 15, 2025. The number of RSUs granted was calculated based on the compensation to be paid to the director, as recommended by CCGNC and approved by the board, and was calculated using a price of 27 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 Aug. 15, 2025, 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 CCGNC and approved by the board, and was calculated using a price of 27 cents per common share.

Update on private placement

Further to the news release issued on July 15, 2024, which provided an update on the flow-through offering and first tranche of the private placement, the company has now closed its private placement. The details of the first tranche closed have not changed, and no additional tranches of the private placement will be closed.

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 April 13, 2023, updated mineral resource estimate (MRE), which estimated 64.7 million tonnes of indicated mineral resources 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 reported downdip and within marble units resulting in the addition of 17.5 million tonnes of inferred mineral resources 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 graphite price of $1,098.07 (U.S.) per tonne 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.

We seek Safe Harbor.