Lomiko Metals Announces Closing of Flow-Through Financing

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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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MONTREAL — Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko” or the “Company”) is pleased to announce the closing of a non-brokered private placement for approximately $800,000 (the “Offering”) of flow-through eligible funds. Pursuant to the Offering, the Company has issued 6,666,666 flow-through common shares (each an “FT Share”) at $0.12 per FT Share for gross proceeds of approximately $800,000.

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In connection with the Offering, the Company paid cash finder’s fees of $45,600 and issued common share purchase finder’s warrants (each, a “Finder’s Warrant”) equal to 6% of the issued FT Shares, for a total of 380,000 Finder’s Warrants. Each Finder’s Warrant entitles the holder thereof to purchase one (1) common share of the Company at a price of $0.24 for a period of two (2) years. All securities issued shall be subject to a hold period expiring four months and one day from their date of issuance.

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Gordana Slepcev, CEO, President, and Director, stated: “We are pleased to close the private placement and deploy the proceeds from this flow-through financing for strategic initiatives, such as the bulk sample and anode piloting at the La Loutre project, exploring the Company’s Yellow Fox property antimony-gold prospect in Newfoundland and regional graphite exploration in Quebec.”

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The gross proceeds from the issuance of flow-through common 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 “flow-through critical mineral mining expenditures” as defined in subsection 127(9) of the Income Tax Act (the “Qualifying Expenditures”), which will be incurred on or before December 31, 2026 and will be renounced with an effective date no later than December 31, 2025 to the subscribers of flow-through common shares in an aggregate amount not less than the gross proceeds raised from the issue of the flow-through common shares. For subscribers of flow-through common shares that are residents of Québec at all relevant times, the Qualifying Expenditures shall qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and expenses qualifying for inclusion in the “exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses within the meaning of section 726.4.17.2 of the Taxation Act (Québec).

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About Lomiko Metals Inc.

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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 kilometers northwest of Montreal, the property consists of one large, continuous block with 76 mineral claims totaling 4,528 hectares (45.3 km2).

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The Property is underlain by rocks from the Grenville Province of the Precambrian Canadian Shield. The Grenville was formed under conditions that were very favorable for the development of coarse-grained, flake-type graphite mineralization from organic-rich material during high- temperature metamorphism.

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Lomiko Metals published an updated Mineral Resource Estimate (MRE) in a NI 43-101 Technical Report and Mineral Resource Estimate Update for the La Loutre Project, Quebec, Canada, prepared by InnovExplo on May 11th, 2023, which estimated 64.7 million tonnes of Indicated Mineral Resources averaging 4.59% Cg per tonne for 3.0 million tonnes of graphite, a tonnage increase of 184%. 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% Cg per tonne for 0.65 million 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 US$1,098.07 per tonne graphite price and a cut-off grade of 1.50% Cg (graphitic carbon). The independent and qualified persons for the mineral resource estimate, as defined by NI 43 101, are Marina Iund, P.Geo. (InnovExplo Inc.), Martin Perron, P.Eng. (InnovExplo Inc.)., Simon Boudreau, P.Eng. (InnovExplo Inc.). and Pierre Roy, P.Eng. (Soutex Inc.). The effective date of the estimate is May 11, 2023. 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 7 early-stage projects covering 18,622 hectares in the Laurentian region of Quebec and within KZA territory.

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