Ms. Gordana Slepcev reports

LOMIKO ANNOUNCES WORK PROGRAM ON YELLOW FOX, ANTIMONY, SILVER, AND GOLD PROPERTY LOCATED IN CENTRAL NEWFOUNDLAND FOR SPRING 2025

Lomiko Metals Inc. has provided an update on the Yellow Fox antimony, silver and gold property acquired from Metals Creek as per news release issued on Jan. 21, 2025.

This property is on the same trend as the past-producing antimony mine Beaver Brook, which is located 25 kilometres southwest of the property. Yellow Fox 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 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.

Gordana Slepcev, chief executive officer, president and director, stated: "We are pleased to move forward with the phase 1 work program at the Yellow Fox property with a targeted soil sampling program to take place in the spring. The plan is to complete 10 lines at 250 metres spacing and collect approximately 700 soil samples to better define existing highly prospective antimony and silver and gold targets, as well as further evaluate south of the Yellow Fox showing, where little to no work has been performed historically. We are happy to be working with Metals Creek, who will manage and complete the work program for Lomiko."

Yellow Fox antimony and gold prospect spring 2025 work program

The company reviewed existing data and devised a plan for the fieldwork program in the spring of 2025.

Phase 1 of the plan in the spring is focused on soil sampling with the following highlights:

• Soil sampling program targeted south of Yellow Fox, showing 59.413 g/t gold and areas of increased density of interpreted structures;
• Approximately 700 soil samples on 10 250-metre-spaced lines trending approximately 110 degrees with samples taken every 25 m along the line;
• Should the soil sampling program be proved effective, expansion of the lines and additional lines to the south is warranted, which would be the focus of the phase 2 program;
• Phase 2 will see the soil sampling completed on the 250-metre parallel grids at 25-metre spacing covering the southern end of the property;
• Phase 2 will also focus on ground truthing existing targets, as well as following up on newly generated targets;
• Depending on the results of the phase 1 testing, a targeted electromagnetic survey will be undertaken.

Please note that the results on an adjacent or nearby property (Beaver Brook) are not necessarily what can be expected on the Yellow Fox project, and surface or grab samples, by their nature, are selective. The assay results may not be indicative of underlying mineralization.

Location details

The Yellow Fox property is located approximately 10 kilometres 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 is located in the central part of licence 027536M, five kilometres from the western end of Gander Lake.

Geologically, Yellow Fox exhibits similar traits to those of Beaver Brook with crosscutting structural zones which show intense carbonate alteration with sulphide-bearing stringers to veins of stibnite and arsenopyrite with similar high-grade tenors of antimony, gold, lead, zinc and silver. Arsenopyrite is also present in both locations. Two prominent fracture vein sets are present, one being the muscovite-pyrite-rutile veins trending 356 degrees and the second stibnite-quartz-arsenopyrite being the most abundant and trending 025 degrees. Both these veins sets are similar to those of the past-producing Beaver Brook antimony mine and with both vein sets trending in north to northeast, which is the same as the prospective regional structures.

Qualified person for technical content at Yellow Fox

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. Ms. Slepcev is a CEO and president of Lomiko Metals. A QP relied on the information provided by Metals Creek. Metals Creek QP is Wayne Reid, PGeo, who is registered in Newfoundland and is a director of Metals Creek.

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'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).

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 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 the 2021 mineral resource estimate 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.

The company acquired Yellow Fox's antimony, gold, silver, lead and zinc target from Metals Creek on Jan. 21, 2025. The option term is two years.

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