Mr. Gordana Slepcev reports

LOMIKO METALS ANNOUNCES THE CLOSING OF THE FIRST TRANCHE OF THE PRIVATE PLACEMENT

Lomiko Metals Inc. will apply to the TSX Venture Exchange to close the first tranche of the non-brokered private placement for aggregate gross proceeds of $411,499.98 through the issuance of 3,048,148 units of the company at a price of 13.5 cents. Each unit will consist of one common share of the company and one warrant exercisable for three years at 20 cents.

Gordana Slepcev, chief executive officer, president and director, stated: "We are pleased to close the first tranche of the private placement, which will be used to continue the prefeasibility level of the engineering studies for the La Loutre natural flake graphite deposit. The proceeds raised will also support other strategic initiatives, including the bulk sample and anode piloting at the La Loutre project, exploring the company's Yellow Fox property, regional graphite exploration, and general working capital purposes. A prefeasibility study enables a wide range of independent consultants, principally based in Quebec, to assess the geology and production model opportunities to select the optimal model that will also mitigate environmental and social risk factors, and best satisfies the vision and objectives of Lomiko as a responsible developer of natural flake graphite in Quebec, Canada, for a North American energy supply chain."

While the company intends to spend the proceeds from the financing as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the board.

A cash finder's fee $8,775 has agreed to be paid pursuant to the policies of the exchange.

One insider of the company subscribed for a total of 400,000 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 (MI 61-101). 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 financing was unknown at such time.

All securities issued shall be subject to a hold period expiring four months and one day from their date of issuance. Completion of the financing and the issuance of the securities remain subject to receipt of all necessary regulatory approvals, including the approval of the TSX-V.

The company confirms there is no material fact or material change related to the company which has not been generally disclosed.

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 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.

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.

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