Ms. Belinda Labatte reports

LOMIKO METALS ANNOUNCES CLOSING OF HARD DOLLAR PRIVATE PLACEMENT

Lomiko Metals Inc. has applied to the TSX Venture Exchange to close a private placement offering pursuant to which the company will issue 2,548,157 units at 13.5 cents for a total of $344,001.20. Each unit consists of one common share and one warrant exercisable at 20 cents for a period of 36 months.

An insider of the company subscribed for a total of 370,370 units. As such, this participation constitutes a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the units acquired by the insider, nor the consideration for the units paid by such insider exceeds 25 per cent of the company's market capitalization. The company did not file a material change report 21 days prior to the closing date of this private placement as details of the respective participation of such insiders in the offering was unknown at such time.

The company intends to use the proceeds of the offering for the exploration and advancement of La Loutre natural flake graphite project and regional graphite exploration, as well as for general working capital purposes, including business development opportunities. All securities to be issued will be issued with the required four-month-plus-one-day hold from issuance.

The company will not be proceeding with closing a second tranche of its flow-through financing. The company has been successful in raising $420,000 from its flow-through financing.

The company confirms there are no material facts or material changes 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. La Loutre project site is within the Kitigan Zibi Anishinabeg 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 published an updated mineral resource estimate in a National Instrument 43-101 technical report and mineral resource estimate update for 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 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 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 $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 that has historically housed lithium deposits and mineralization trends.

We seek Safe Harbor.