Lomiko Announces Second Set of Analytical Results from Infill & Step-Out Exploration Drilling Program on La Loutre Graphite Property

Lomiko Metals Inc. (“Lomiko Metals” or the “Company”) is pleased to announce the second set of assay results from the infill drilling program and extension of its wholly-owned La Loutre graphite property, located approximately 180 kilometers northwest of Montreal in the Laurentians region of Quebec. The site of the La Loutre graphite project is located on the territory of the Kitigan Zibi Anishinabeg First Nations (KZA). The drilling was supervised by an independent Quebec geology consultant, Breakaway Exploration Management Inc., and was carried out in accordance with ECOLOGO compliance requirements and protocols, Lomiko being ECOLOGO certified.

The drilling program at La Loutre was launched on May 15, 2022, with the aim of better defining the deposit, providing the data necessary to increase confidence in the mineral resource, and building on the results of the economic evaluation. positive preliminary for the La Loutre project, as announced in the company’s press release dated July 29, 2021. Lomiko has retained the services of InnovExplo, an independent consulting firm based in Quebec specializing in geology, resource estimation, mining engineering, and sustainable development, to prepare an updated resource estimate in accordance with the NI 43-101 standard for the La Loutre project following the completion of the 2022 drill program. The initial drill program called for up to 18,000 meters in both zones; the late receipt of the permit in May, along with environmental conditions in the spring and summer, resulted in the completion of 13,113 meters.

Belinda Labatte, Chief Executive Officer and Director said: “Results from the 18 holes drilled at the southern end of the VE Zone in 2022 demonstrate strong graphite mineralization over significant widths and confirm the potential of this zone for additional graphite resources. We look forward to more results from the next 35 holes in the VE Zone to be released as more assays are received. Our vision is to become a responsible operator and be part of a climate success story in southern Quebec.

Highlights:

• Strong graphite results from 8 additional holes drilled in the southern extension of the “Electric Vehicle” or “EV” zone (results from the first ten holes were published in the September 8 press release).
• Large zones of flake graphite mineralization including 2.76% Cg (graphitic carbon) over 99.0 m from 30.5 to 129.5 m in hole LL-22-014 including zones 15 and 25 wide, 5 m at 4.95 and 4.55% Cg respectively.
• Broad intervals of near-surface high-grade flake graphite mineralization comprising 11.64% Cg over 42.0 m from 7.0 to 49.0 m in hole LL-22-018, including mineralization of 36m wide at 13.44% Cg.
• The second best result was achieved in hole LL-22-023 at 14.86% Cg from 126.0 to 132.0 meters.
• Many intersections remain open; additional test results are pending.
• Drill assay results confirm the potential for expansion of the VE Zone graphite mineralization to the south.

Drilling at the southern end of the VE Zone was carried out to confirm the results of previous drilling campaigns and to test the southward extension of the graphite mineralization. Please refer to Table 1 for the weighted average graphitic carbon-bearing drill intersections (not actual thickness) and Table 2 and Figure 1 for the collar locations of the eight holes completed in the south end of the VE Zone as discussed in this press release. These results are in addition to the analytical results of ten drill holes announced in Lomiko’s September 6, 2022 press release.

With the exception of hole LL-22-017 which was abandoned due to technical difficulties, all holes mentioned in this news release intersected broad zones of moderate to high-grade flake graphite mineralization near the surface. The thickest intersection was 2.76 percent graphitic carbon (“%Cg”) over 99.0 meters (“m”) from 30.5 to 129.5 m in hole LL-22-014. The highest grade intersection was 11.64% Cg over 42.0m from 7.0 to 49.0m in hole LL-22-018. Additional sampling has been completed and assays are pending to fully close these intervals.

Qualified person

The technical content presented in this press release has been reviewed by Mark Fekete, P.Geo., who has actively participated in the La Loutre drilling program as an independent consultant to the Company, as a “qualified person” within the meaning of National Instrument 43-101 Disclosure for Mining Projects.

QAQC and analytical procedures

The drill core was recorded and marked for sampling by a professional geologist. All cores were photographed as part of the registration process. Core samples were collected by dividing each sampling interval in half lengthwise using a hydraulic core splitter. One half of the interval was returned to the core box, and the other half was placed in a plastic bag with a label. The tag number was stamped in indelible ink on the outside of the bag, and the bag was sealed with a plastic tie wrap. Certified standard reference material and a blank were included in each batch of 21 samples. For the expedition, samples were placed in individually sealed rice bags with numbered, tamper-evident security tags. The bags of rice were then placed on wooden pallets, secured with plastic wrap, and delivered by truck to Manitoulin Transport Inc. for shipment to Activation Laboratories Ltd. (“Actlabs”) in Ancaster, Ontario.

At Actlabs, samples were ground to 80% through 2mm, then riffled into a 250g subsample that was pulverized to 95% through 105μm (Actlabs Code RX1). Pulp samples were then analyzed for graphitic carbon (Cg) by mild hydrochloric acid digestion followed by combustion in an infrared induction furnace (Actlabs Code 8Cg). Actlabs is accredited to ISO 9001:2015 registration and is independent of the Company.

About Lomiko Metals Inc.

Lomiko Metals has a new vision and new energy strategy. Lomiko is a company with a purpose: a company where people come first and where we can create a world of abundant renewable energy with critical Canadian and Quebec minerals for a solution in North America. Our goal is to create a new energy future in Canada, where we will develop the workforce in critical minerals, where we will become a valued partner and neighbor of the communities in which we operate, and where we will provide a supply of safe and responsible in critical minerals.

In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corporation to secure its 70% interest in the Bourier project, pursuant to the option agreement announced on April 27, 2021. The Bourier Project site is located near Nemaska ​​Lithium and Critical Elements in the southeast of the James Bay Territory of Eeyou Istchee in Quebec which consists of 203 claims, for a total land position of 10,252.20 hectares (102 .52 km2), in the lithium triangle of Canada near the James Bay region of Quebec which has historically hosted lithium deposits and mineralization trends.

About the La Loutre Graphite Project

The Company holds a 100% interest in its La Loutre graphite development project in southern Quebec. The La Loutre project site is located on the territory of the Kitigan Zibi Anishinabeg First Nations (KZA). The KZA First Nations are part of the Algonquin Nation and the KZA territory is located in the Outaouais and Laurentides regions. Located 180 kilometers northwest of Montreal, the property consists of a large continuous block comprising 48 mining claims totaling 2,867 hectares (28.7 km2).

The property is underlain by rocks belonging to the Grenville Province of the Precambrian Canadian Shield. The Grenville formed under conditions very favorable for the development of coarse flake graphite mineralization from organic-rich materials during high-temperature metamorphism.

Lomiko Metals released a Preliminary Economic Estimate (PEE) on July 29, 2021, indicating that the project had a 15-year lifespan and produced 100,000 tonnes of 95% Cg graphite concentrate annually, a total of 1, 5 Mt of graphite concentrate. This report was prepared as a NI 43-101 compliant technical report for Lomiko Metals Inc. by Ausenco Engineering Canada Inc, Hemmera Envirochem Inc, Moose Mountain Technical Services, and Metpro Management Inc, collectively the authors of the report.

For more information about Lomiko Metals, visit www.lomiko.com.