Ms. Belinda Labatte reports

LOMIKO METALS ANNOUNCES PRIVATE PLACEMENT FOR GROSS PROCEEDS OF UP TO C$1.05 MILLION

Lomiko Metals Inc. has arranged a non-brokered private placement for aggregate gross proceeds of up to $1.05-million from the sale of the following:

• Up to 3,703,703 units of the company at a price of 13.5 cents per unit for gross proceeds of up to $500,000 from the sale of units;
• Up to 3,437,500 flow-through (FT) units of the company at a price of 16 cents per FT unit for gross proceeds of up to $550,000 from the sale of FT units.

All dollar amounts in this news release are in Canadian dollars, unless otherwise noted.

Each unit will consist of one common share of the company and one common share purchase warrant. Each FT unit will consist of one common share to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one warrant. Each whole warrant will entitle the holder thereof to purchase one common share at a price of 20 cents for a period of 36 months following the issue date of the offered security.

The company intends to use the proceeds of the offering for the exploration and advancement of the La Loutre natural flake graphite project and regional graphite exploration, as well as for general working capital purposes. The company continues with the battery testing and metallurgical program initiated through the CRITM Quebec grant program (see news release dated July 24, 2023). The gross proceeds from the issuance of FT shares will be used to incur resource exploration expenses, including permitting for the piloting of graphite off-site as per the grant and contribution agreement funding requirements from the Department of Defence and federal government, respectively (see news release of May 16, 2024), which will constitute Canadian exploration expenses, as defined in Subsection 66.1(6) of the Income Tax Act, and flow-through critical mineral mining expenditures, as defined in Subsection 127(9) of the Income Tax Act, which will be incurred on or before Dec. 31, 2025, and will be renounced with an effective date no later than Dec. 31, 2024, to the subscribers of FT units in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares. For subscribers of FT units that are residents of Quebec at all relevant times, the qualifying expenditures shall qualify for inclusion in the exploration base relating to certain Quebec exploration expenses within the meaning of Section 726.4.10 of the Taxation Act (Quebec), and expenses qualifying for inclusion in the exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses within the meaning of Section 726.4.17.2 of the Taxation Act (Quebec).

The closing of the offering is subject to receipt of all necessary regulatory approvals, including the TSX Venture Exchange. The company has received conditional approval for the issue of 3,125,000 FT units and expects to close an initial tranche for the sale of 2,625,000 FT units for gross proceeds of $420,000. Finders' fees of 101,250 broker warrants and $25,200 in cash are payable in accordance with the policies of the TSX-V. The securities issued under the offering will be subject to a hold period ending on the date that is four months plus one day following the date of issue in accordance with applicable securities laws.

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 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 an updated mineral resource estimate (MRE) in a National Instrument 43-101 technical report and mineral resource estimate update for the La Loutre project, Quebec, Canada, prepared by InnovExplo on May 11, 2023, which estimated 64.7 million tonnes of indicated mineral resources averaging 4.59 per cent Cg ((graphitic carbon) 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 reported down dip and within marble units resulted 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 $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, consisting 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.