Ms. Gordana Slepcev of Lomiko reports

LOMIKO ANNOUNCES DEFINITIVE AGREEMENT FOR ACQUISITION OF THE YELLOW FOX, ANTIMONY, SILVER, AND GOLD PROPERTY LOCATED IN CENTRAL NEWFOUNDLAND

Lomiko Metals Inc. has entered into an agreement with Metals Creek Resources Corp. to acquire 100 per cent of 28 mineral claims forming the Yellow Fox project, subject to customary closing conditions. These claims cover the property, which consists of 28 contiguous claim units in two licences for a total of seven square kilometres: licences 027536M (four) and 037936M (24). The acquisition agreement is subject to approval by the TSX Venture Exchange, and the closing date is expected to be on or about Feb. 28, 2025.

The Lomiko leadership team has vast experience operating in Newfoundland and in developing critical mineral projects, as well as in antimony, silver and gold prospect specifically. Antimony is considered one of 34 critical minerals in Canada and has tremendous potential due to its role in many industrial applications, including in semiconductors and as a flame retardant. It provides an excellent fit to the company's strategy as a critical mineral developer of choice in Canada and a solution in North America. Antimony prices surged in 2024, up 250 per cent according to Reuters (Jan. 6, 2025), as a result of its increasing importance as a strategic metal: In December, 2024, China banned exports of antimony to the United States, having already announced export controls on graphite earlier in the year.

The property is located approximately 10 km southwest of the town of Glenwood, Nfld. and south of the Trans-Canada Highway. The property occurs within NTS map sheets 02D/14 and 15 with excellent access along several logging and skidder roads originating from Glenwood. The main Yellow Fox showing (as described below) is located in the central part of licence 027536M, five km from the western end of Gander Lake.

Gordana Slepcev, chief executive officer, president and director of Lomiko, stated: "We are pleased to add another critical mineral, antimony, to our portfolio with upside potential in silver and gold. We also welcome Metals Creek as a shareholder of Lomiko and look forward to working with Metals Creek in the long term. The property is an early-stage exploration property prospective in antimony, gold and silver where historic works returned samples anomalous in gold, antimony, lead, zinc and silver. The trenching exposed the rocks, resulting in grab samples of 59.43 g/t Au, 11.10 per cent Sb, 7.00 per cent Zn, 72.90 g/t Ag and 5.50 per cent Pb in arsenopyrite-stibnite veins within altered monzogranite. This property is on the same trend as the past-producing antimony mine Beaver Brook, which is located 25 km southwest of the property and on the same trend. If this project is successful in exploration, it can feed antimony into the North American critical minerals supply chain. We are also pleased to be advancing the La Loutre graphite project as planned for bulk sample permitting and evaluating our regional graphite claims for the next steps."

Yellow Fox property and historical works

The property is an early exploration project with excellent early results as displayed below. The work completed on the property to date includes airborne surveys and grab samples.

The results to date include: returned samples anomalous in gold, antimony, lead, zinc and silver referred to as the Yellow Fox showing. Trenching took place for better exposure, resulting in grab samples to 59.43 grams per tonne Au, 11.10 per cent Sb, 7.00 per cent Zn, 72.90 g/t Ag and 5.50 per cent Pb in arsenopyrite-stibnite veins within altered monzogranite. Channel results of 0.35 g/t Au, 3.04 g/t Ag, 0.77 per cent Zn, 0.27 per cent Sb and 0.21 per cent Pb over 16.49 metres have been attained.

Definitive agreement terms

Pursuant to the acquisition agreement, Lomiko will acquire 100 per cent of Metal Creek's right, title and interest in and to the option interests, with Metals Creek retaining a 2-per-cent net smelter return royalty, by making the following payments:

1. Cash totalling $64,750, according to the following schedule:
   1. On the closing date, $18,500;
   2. On or before first anniversary of the acquisition agreement, $23,125;
   3. On or before second anniversary of the acquisition agreement, $23,125;
2. The issuance of common shares of the company, which Lomiko shares will be subject to the statutory hold period, for an aggregate amount $328,375, at a price of 13 cents per Lomiko share, which is representing the market price as such term is defined in TSX Venture Exchange policies on the date of signature of the acquisition agreement, according to the following schedule:
   1. On the closing date, the issuance of 391,346 Lomiko shares, having a value of $50,875;
   2. On or before first anniversary of the acquisition agreement, the issuance of 889,423 Lomiko shares having a value of $50,875;
   3. On or before second anniversary of the acquisition agreement, the issuance of 1,245,192 Lomiko shares having a value of $161,875.

Finder's fee

In connection with the proposed transaction and subject to regulatory approval, including that of the TSX-V, the company has agreed to pay Star Codes Canada a cash finder's fee in an aggregate amount of $5,250, representing 7.5 per cent of the benefit received by the company, of which an amount of $1,500 will be payable in cash within two business days following receipt of approval from the TSX-V; an amount of $1,875 will be payable in cash on or before the first anniversary of the acquisition agreement; and an amount of $1,875 will be payable in cash on or before the second anniversary of the acquisition agreement. In addition, the company will issue an aggregate of 204,808 Lomiko shares to SCC as follows: 31,731 Lomiko shares within two business days following receipt of approval from the TSX-V, 72,115 on or before the first anniversary of the acquisition agreement, and 100,962 Lomiko shares on or before the second anniversary of the acquisition agreement. All the foregoing Lomiko shares will be subject to statutory hold period.

Next steps

Lomiko intends to review existing data and potentially initiate fieldwork in the spring.

Soil sampling has been proved to be a good exploration tool in Newfoundland and Labrador to detect gold in bedrock. Looking at pathfinders like arsenic is highly recommended. A soil sampling program will take place south of the property, showing 59.413 g/t and areas of increased density of interpreted structures. The program outlined would consist of approximately 287 soil samples on seven 1,000-metre-long, 250-metre-spaced lines trending approximately 70 degrees with samples taken every 25 m along the line. The work would almost entirely be within licence 037936M. Should this soil sampling program be proved effective, expansion of the lines and additional lines to the south are warranted.

Following the field program, the next step would be to define an exploration drill program.

Qualified person for technical content relating to the property

The technical information in this press release has been prepared and approved by Gordana Slepcev, PEng, who is registered in Ontario as a qualified person as defined by National Instrument 43-101 guidelines. The qualified person relied on the information provided by Metals Creek. The Metals Creek QP is Wayne Reid, PGeo, who is registered in Newfoundland.

Antimony

Antimony is used to increase the hardness of alloys, with lead alloys for batteries and lead/copper/tin alloys for machine bearings. It is also used in automotive clutch and brake parts. The other major use is as antimony trioxide, which is used for the production of flame retardant chemicals. Antimony is used in the semiconductor industry and in defence, for certain silicone wafers, diodes and infrared detector productions. Small amounts of antimony are used in the production of safety matches.

About Lomiko Metals Inc.

The company holds mineral interests in its La Loutre graphite development in Southern Quebec. Its La Loutre project site is within the Kitigan Zibi Anishinabeg First Nation 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).

Its La Loutre 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 an NI 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 the 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.

The company also holds an interest in seven early-stage projects in Southern Quebec, including Ruisseau, Tremblant, Meloche, Boyd, Dieppe, North Low and Carmin, covering 328 claims in total on seven early-stage projects covering 18,622 hectares in the Laurentian region of Quebec and within the KZA territory.

We seek Safe Harbor.