Lomiko Metals Inc. (TSX.V: LMR) ('Lomiko Metals' or the 'Company') is pleased to announce an updated Mineral Resource Estimate ('MRE') for its La Loutre Natural flake Graphite property (''La Loutre Project''), located approximately 180 kilometres northwest of Montreal in the Laurentian region of Quebec.

The La Loutre Project is located within the Kitigan Zibi Anishinabeg (KZA) First Nation's territory. The estimate was completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') Definition Standards incorporated by reference in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101').

Highlights of the La Loutre Project updated MRE: Estimated 68.2 million tonnes of Indicated Mineral Resources averaging 4.50% Cg per tonne for 3.072 million tonnes of graphite, a tonnage increase of 195%. Indicated Mineral Resources increased 45.01 million tonnes as a result of the 2022 drilling campaign, from 23.2 million tonnes in 2021 MRE;

Additional Mineral resources reported down-dip and within marble units resulted in the addition of 21.8 million tonnes of Inferred Mineral Resources averaging 3.51% Cg per tonne for 0.765 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).

Belinda Labatte, CEO and Director stated: 'We are pleased to see that our 2022 drilling program has further refined the geological model and increased potential of the La Loutre Project, resulting in a significant increase of Mineral Resources within a wide and persistent mineralized system, with good grade distribution indicating continuous mineralization. This MRE has resulted in increasing in-situ Indicated graphite quantities from 1.05 million tonnes to 3.07 million tonnes (an additional 2 million in-situ tonnes). Potential for further resource expansion appears favourable, noting that EV and Battery deposits are open along strike and at depth and remain open for further drilling. We believe this to be an important step in validating the geological potential of the deposit and look forward to the next steps including more field work, and discussions with Kitigan Zibi First Nation and local communities.'

About Lomiko Metals Inc.

The Company holds mineral interests in its La Loutre Project in southern Quebec. The La Loutre project site is located 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 km2).

The Property is underlain by rocks belonging to 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.

In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corporation towards earning its 70% stake in the Bourier Project as per the option agreement announced on April 27th, 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 km2), in Canada's lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

Contact:

Tel: 647-402-8379

Email: info@lomiko.com.

Cautionary Note Regarding Estimates of Resources

Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's (CIM) '2014 CIM Definition Standards on Mineral Resources and Mineral Reserves' incorporated by reference into NI 43-101. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for a Preliminary Economic Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically. An Inferred Mineral Resource as defined by the CIM Standing Committee is 'that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling'. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

Cautionary Note Regarding Forward-Looking Information

This news release contains 'forward-looking information' within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Company and any other information herein that is not a historical fact may be 'forward-looking information' ('FLI'). All statements, other than statements of historical fact, are FLI and can be identified by the use of statements that include words such as 'anticipates', 'plans', 'continues', 'estimates', 'expects', 'may', 'will', 'projects', 'predicts', 'proposes', 'potential', 'target', 'implement', 'scheduled', 'intends', 'could', 'might', 'should', 'believe' and similar words or expressions. FLI in this new release includes, but is not limited to: expected costs of exploration and timing to achieve certain milestones, timing for completion of exploration programs; the Company's ability to successfully fund, or remain fully funded for the implementation of its business strategy and for exploration of any of its projects (including from the capital markets); any anticipated impacts of COVID-19 on the Company's business objectives or projects and the Company's financial position or operations. FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially. This FLI reflects the Company's current views about future events, and while considered reasonable by the Company at this time, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. Assumptions upon which such FLI is based include, without limitation: the ability of the Company to meet the closing conditions of the acquisition, including regulatory approval, and complete the transaction within the anticipated timing; ability to implement its business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof; uncertainties related to receiving and maintaining exploration, environmental and other permits or approvals in Quebec; any unforeseen impacts of COVID-19; impact of increasing competition in the mineral exploration business, including the Company's competitive position in the industry; general economic conditions, including in relation to currency controls and interest rate fluctuations.

The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement, the 'Forward-Looking Statements' section contained in the Company's most recent management's discussion and analysis (MD&A), which is available on SEDAR at www.sedar.com, and on the investor presentation on its website. All FLI in this news release are made as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable securities laws.

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