Ms. Belinda Labatte reports

LOMIKO METALS PROVIDES UPDATE ON EXPLORATION ACTIVITIES ON ITS NATURAL FLAKE GRAPHITE PORTFOLIO, INITIATION OF R&D IN AN ENVIRONMENTALLY FRIENDLY GRAPHITE AIR CLASSIFYING TESTING PROGRAM AND CORPORATE UPDATE

Lomiko Metals Inc. has provided updates.

Lomiko will start with the regional exploration programs in mid-September and will continue until the end of the year. The work in the fall of 2024 will consist of prospecting and geophysical surveys using beep mapping. Lomiko will provide further updates on the results of its exploration program and regional strategy for responsible graphite development in Southern Quebec. The regional exploration program will focus on improving knowledge of graphite showings at the most prospective claims and providing a better understanding of the La Loutre deposit.

Regarding recent comments from members of the Quebec government, Lomiko has always maintained that it will follow all government processes regarding macro energy policy, investment opportunities and permitting. Lomiko believes that the Quebec government must maintain a fair approach and due process for studies and R&D (research and development) in the province and enable operators to move forward with their grants, and with investment opportunities from IQ, without prejudging the project's merits ahead of its own formal provincial consultation processes. For the full statement please see the company's website.

New R&D approach taken by Lomiko in environmentally friendly air classification process

As part of its commitment to R&D and responsible development of the graphite deposits at La Loutre, the company is pleased to initiate work with a private enterprise having expertise in air classification technology. Graphite air classification involves a four-step process that will separate the waste material from the graphite without the use of water or chemicals to offer a processing alternative that will help reduce water use to minimal amounts and reduce environmental impacts.

This process, which does not rely on traditional floatation processes, can help determine more effective processing of graphite material. This meets the overall corporate strategy and mission to become the most environmentally friendly and competitive developer and producer of anode-grade graphite in North America. This option will be evaluated in relation to other flotation processing methods and studies. The technology preserves the graphite's crystallinity structure and also greatly enhances the material's performance when used in a lithium-ion battery by allowing better intercalation through charge and discharge from the cathode to the anode.

Belinda Labatte, chief executive officer and interim chair of the board, commented: "We are looking forward to initiating the regional exploration program and applying air classification technology, as well as other environmentally friendly solutions throughout our R&D and study phase. Lomiko is a key partner of the Quebec battery and energy transition strategy, and we intend to apply innovative technologies to develop made-in-Quebec, Canada, natural flake graphite that is responsibly sourced, competitively priced and provides for the needed graphite in the North American supply chain. With the Government of Canada announcing a 100-per-cent surtax on all Chinese-made EVs, effective next month, Oct. 1, 2024, Lomiko is well positioned to become a valued domestic graphite supplier for North American EV manufacturers."

Corporate update

Management will present or participate at the following conferences and continue to lead discussions and community meetings regarding the responsible development of graphite in Quebec, Canada, to meet the long-term demand for this critical mineral in North America. Benchmark World Tour 2024, Sept. 24, 2024, taking place at Fasken, in Montreal, Que. Energy and Mines Toronto, The Decarbonized Mine, taking place on Nov. 12 to Nov. 13 at the Marriott Downtown, Toronto, Ont., 6th Annual Energy Transition and Emission Reduction Conference for the Metals and Mining Industry, Jan. 15 to Jan. 16, 2025, in Toronto, Ont.

Lomiko also announced that the company's virtual annual and special meeting will be held on Dec. 19, 2024.

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.

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