Ms. Gordana Slepcev reports

LOMIKO METALS ANNOUNCES PRIVATE PLACEMENT

Lomiko Metals Inc. has arranged a non-brokered private placement for aggregate gross proceeds of up to $1-million from the sale of the following:

• Up to 4,444,444 units of the company at a price of 13.5 cents per unit for gross proceeds of up to $600,000 from the sale of units; each unit will consist of one common share of the company and one common share purchase warrant exercisable for three years at 20 cents;
• Up to 2,352,941 flow-through units of the company at a price of 17 cents per flow-through unit for gross proceeds of up to $400,000 from the sale of flow-through units; each flow-through 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 two years.

The company intends to use the proceeds of the offering to start the engineering phase of the prefeasibility study of the La Loutre graphite project, progressing with the bulk sample and anode piloting at the La Loutre project; to explore the company's Yellow Fox property; for regional graphite exploration; and for general working capital purposes.

The gross proceeds from the issuance of flow-through shares will be used to incur resource exploration expenses, 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, 2026, and will be renounced with an effective date no later than Dec. 31, 2025, to the subscribers of flow-through units in an aggregate amount not less than the gross proceeds raised from the issue of the flow-through shares. For subscribers of flow-through 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).

A finder's fee may be payable pursuant to the policies of the TSX Venture Exchange.

The closing of the offering is subject to receipt of all necessary regulatory approvals, including the exchange.

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 province 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 in 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 three 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 graphite price of $1,098.07 (U.S.) per tonne and a cut-off grade of 1.50 per cent Cg.

The company also holds 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 KZA territory.

The early-stage graphite portfolio consists of 328 claims in total on seven early-stage projects covering 18,622 hectares in Southern Quebec:

• Ruisseau -- grades up to 27.9 per cent Cg from four distinct high-grade mineralized zones that are over three kilometres long;
• Meloche -- grades up to 13.3 per cent Cg from two distinct mineralized clusters;
• Tremblant -- grades up to 11.6 per cent Cg from numerous, widespread spot anomalies;
• Dieppe -- grades up to 6.82 per cent Cg from numerous, widespread spot anomalies and a distinct mineralized cluster;
• Boyd -- eight samples grades range from 5.61 per cent Cg to 17.10 per cent Cg with all samples above 5.00 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, which has historically housed lithium deposits and mineralization trends.

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 02D/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 No. 027536M, five kilometres from the western end of Gander Lake. The property is centred at approximately UTM (NAD 27) grid co-ordinates 5,419,400 metres north and 645,300 metres east.

This property is on the same trend as the past-producing Beaver Brook antimony mine, 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 gold, 11.10 per cent antimony, 7.00 per cent zinc, 72.90 grams per tonne silver and 5.50 per cent lead in arsenopyrite-stibnite veins within altered monzogranite.

We seek Safe Harbor.