Ms. Belinda Labatte reports

LOMIKO METALS PROVIDES AN UPDATE ON NATURAL FLAKE GRAPHITE EXPLORATION ACTIVITIES AND CORPORATE AND MARKET UPDATE

Lomiko Metals Inc.'s 2024 Beep-Map prospecting and sampling program is well under way on the Grenville graphite mineral belt regional graphite exploration project. The Grenville project includes 268 mineral claims covering 15,639 hectares on six blocks in the Laurentian region of Quebec, approximately 200 kilometres northwest of Montreal within a 100-kilometre radius of the company's flagship La Loutre graphite project. The 2024 work is focused on following up on the very successful graphite results reported in the company's press release dated July 11, 2023. To date, a total of 265 samples have been collected and submitted for analysis from the Dieppe, Meloche, Ruisseau and Tremblant properties, the focus of this campaign. No work is being conducted on the Carmin or North Low properties at this time. The results of the exploration campaign will be reported as they become available. The regional exploration program focuses on improving knowledge of graphite showings at the most prospective targets outlined in the 2022 and 2023 exploration programs.

Corporate and market update

Lomiko is part of the global transition to electrification and localization of transportation supply chains, a change that impacts all forms of transportation, cars, heavy equipment, marine and more. It also impacts communities and its talent pool to build these businesses of the future. Natural flake graphite, and specifically fine flake graphite, is crucial for the development of the North American anode industry in the new energy framework driven by tariffs on critical minerals, long-term supply chain resilience and responsible domestic industrial growth. The La Loutre graphite is 67 per cent fine flake distribution, making it an important source of long-term future graphite supply with demonstrated success for anode battery technology -- among other uses currently being evaluated by Lomiko. According to Fortune Business Insights report dated Oct. 14, 2024, the North American EV market is expected to grow almost quadruple to $230-billion in 2030 from $63-billion in 2022, with growth from other transportation sectors still nascent. Lomiko continues to engage with partners, customers and suppliers in building the future of this industry and developing R&D (research and development) for the responsible extraction of this material.

Lomiko is initiating the reimbursement process for its recently awarded grant from the United States government and contribution agreement from the Canadian government, for work completed to date and within the scope of the agreements. It is the recipient of a Department of Defense (DoD) technology investment agreement (TIA) grant of $8.35-million (U.S.) (approximately $11.4-million (Canadian)) where Lomiko will match the financing 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 funded 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. The announcement was made on May 16, 2024, and can be viewed on the company's website.

In addition, Lomiko announces the resignation of chief financial officer and corporate secretary Vince Osbourne, who will be pursuing a role with a private company and maintain a strategic advisory role with Lomiko going forward. Jacqueline Michael, controller, will replace Vince Osbourne as CFO on an interim basis, with the role of corporate secretary to be assumed by current professionals working with Lomiko.

On behalf of the board of directors and management, Belinda Labatte, CEO and interim chair of the board of directors, stated, "Vince has been an integral member of the Lomiko team and we wish him success in his future endeavours, and we are pleased to continue our working relationship in his new capacity to Lomiko as adviser to the company."

Qualified persons

Gordana Slepcev, a chief operating officer of Lomiko Metals, is a qualified person within the meaning of National Instrument 43-101. Ms. Slepcev has reviewed, approved and verified the technical information disclosed in this news release.

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.

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