Lomiko announces update on its regional graphite exploration program in the Grenville region, Quebec

Lomiko Metals Inc. (TSX.V: LMR) ("Lomiko Metals" or the "Company") is pleased to report the results of a successful Beep-Mat prospecting and sampling program recently completed by Breakaway Exploration Management Inc. ("Breakaway") on the Grenville Graphite Mineral Belt regional claims. The "Grenville" project includes 268 mineral claims covering 15,639 hectares on six blocks in the Laurentian region of Quebec, approximately 200 kilometers northwest of Montréal within a 100 km radius of the Company's flagship La Loutre graphite project. This 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.?

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Belinda Labatte, CEO and Director: "These results are encouraging and show the potential to develop the graphite potential surrounding La Loutre. These new discoveries improve our understanding of the area and how we can look at a responsible approach to graphite development in the region."

Highlights

• 10 new high-grade graphite showings discovered;
• 37 of 57 grab samples greater than 5.00% graphite;
• Maximum value of 22.90% graphite found on Ruisseau block;
• Graphite zones traced up to lengths of 1000 metres on the surface

The field program consisted of ground-testing 15 of the 55 high-priority targets identified as prospective for graphite mineralization by the 1518-line kilometer, heliborne, magnetic and time-domain electromagnetic survey completed by the Company over the Grenville project in 2022. Work was completed on the Boyd, Dieppe, Meloche, Ruisseau, and Tremblant blocks (Figure 1). The North Low block was not investigated due to its relative isolation with respect to the other five blocks.

The Beep-Mat is an electromagnetic survey instrument designed and manufactured by Instrumentation GDD Inc. in Quebec City, Quebec. The unit is pulled on the ground and takes continuous readings while the operator walks. It makes a distinctive audible "Beep" when detecting a conductive object within a radius of three metres. The Beep-Mat was found to be very effective at locating graphite mineralization, which is inherently highly conductive, on the Grenville project. A total of 10 new surface graphite showings were discovered with the Beep-Mat. Many of these showings returned very strong graphite values from selective grab samples, as outlined in Table 1 and several new graphite zones were traced up to 1000 metres on the surface.

The Ruisseau block returned strong results with values ranging from 0.16 to 22.90 percent graphite ("% Cg") with 19 of 26 values greater than 5.00% Cg. Six new graphite showings were discovered in the western and southern parts of the block. Five of these showings consistently returned graphite values greater than 10.00% Cg. Eleven targets in the eastern half of the block were not prospected or sampled.

Table 1: Surface grab samples Grenville project May 2023

At Boyd, only one of eight targets was visited but at this target a new zone of strong graphite mineralization was demonstrated with values from 5.61 to 17.10% Cg for almost 1,000 metres on surface.

At Meloche, strong graphite values from 5.62 to 12.00% Cg were obtained from the previously known Lac Pimoden-NE showing. A new showing in the south-central part of the block returned 6.02% Cg from a single grab sample. Three targets in the northwest part and one target in the southeast part were not prospected or sampled.

At Tremblant, four new showings were discovered with three of these showings returning graphite values greater than 5.00% Cg with a maximum value of 13.90% Cg. At Dieppe, two graphite zones were discovered but both returned relatively low graphite values. Prospecting at Dieppe was hampered by very rough terrain with many steep cliffs. Seven targets remain to be prospected.

The methodology developed by Breakaway for examining targets on the Grenville project has proven to be very successful for discovering graphite mineralization on surface. Forty high-priority graphite targets remain to be prospected and sampled.

QAQC and Analytical Procedures

Each sample was photographed and then placed in a plastic bag with a uniquely numbered tag. The tag number was marked in indelible ink on the outside of the bag and the bag was sealed with a plastic tie-wrap. One certified reference material standard and one blank were included in each batch of 21 samples. For shipping, samples were placed in rice bags that were individually sealed with numbered, tamper-proof security tags. The rice bags were delivered in person to Activation Laboratories Ltd. ("Actlabs") in Val-d'Or, Quebec and subsequently transported by Actlabs to its Ancaster, Ontario facility.

At Actlabs Ancaster, the samples were crushed to 80% passing 2mm and then riffle split to a 250g sub-sample that was pulverized to pulp 95% passing 105?m (Actlabs Code RX1). The sample pulps were then analyzed for per cent graphitic carbon by mild hydrochloric acid digestion followed by combustion in an infrared induction furnace (Actlabs Code 8Cg). Actlabs is accredited under ISO 9001:2015 registration and is independent of the Company.

Qualified Person

The technical content presented in this press release was reviewed by Mark Fekete, P.Geo. who acts as an independent consultant to the Company as the "Qualified Person" as that term is defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Lomiko Metals Inc.

The Company holds mineral interests in its La Loutre graphite development 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 totaling 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 favorable 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 Corp. towards earning its 70% stake in the Bourier Project as per the option agreement announced on April 27^th, 2021. The Bourier project site is located near Nemaska Lithium and Critical Elements south-east 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.

On behalf of the Board,
Belinda Labatte
CEO and Director, Lomiko Metals Inc.
For more information on Lomiko Metals, review the website at www.lomiko.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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Gordana Slepcev at 647-391-7344 or Belinda Labatte at 647-402-8379 or at 1-833-456-6456 or 1-833-4-LOMIKO
or email: info@lomiko.com