Lomiko Announces Excellent Results from La Loutre Graphite Testing with CRITM Grant and Corporate Update

Lomiko Metals Inc. (TSX.V: LMR) ("Lomiko Metals" or the "Company") is pleased to announce it has completed more research and development within the mandate of the CRITM grant and Phase 1 of the material characterization, micronization, spheriodization, coating, thermal purification and half-coin cell battery testing of its La Loutre graphite material, conducted by the National Research Council of Canada ("NRC"). The Phase 1 NRC testing was conducted on 0.6kg of flake graphite over 8 months, using a larger sample than the Polaris Study to confirm once again that the La Loutre material can meet battery requirements.

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This study was first announced on July 27th, 2023, with the work being carried out at the NRC's facilities in Boucherville, Quebec. In Phase 1 of the study, the NRC completed half-cell coin battery testing, confirming good material electrochemical performance metrics compared to industry standards and surpassing the results previously announced in the Polaris Study (see press release January 10^th, 2024), which had a similar mandate. The objective of this NRC study is more comprehensive and involves research for a longer duration on the entire flotation sample; phase 2 of the study will build 5-layer batteries and test them for 500 cycles over 9 months.

Belinda Labatte, CEO and Interim Chair of the Board stated: "Lomiko has now re-confirmed the suitability for the La Loutre graphite for battery anode material at the NRC lab with a comprehensive mandate that will now continue into Phase 2. In this phase, using thermal purification methods and a larger sample size, the electrochemical performance results surpassed the study results from the Polaris tests announced on April 1, 2024. Lomiko has now demonstrated that the La Loutre natural flake graphite performs well using all three standard purification methods: thermal, prepared and tested by the NRC, and alkaline and acid-based (prepared by ProGraphite and Corem), as tested by Polaris LLC."

The spheronized sample was tested at the NRC with thermal purification processes: High Temperature (HT) purification in a small scall HT furnace. The sample was heated up to 2700 °C in argon gas for 5-10 minutes, followed by a natural cooling of the furnace for several hours, kept under Argon gas. The HT purification by the NRC was able to bring almost all elements below the 10 ppm target. Titanium stayed above the 10 ppm mark and could be ascribed partly to its high boiling point (3287 °C), which hasn't been known to be the element of concern. The main positive points are that both Fe (iron) and Si (silicon) levels decreased 10,000 fold from % (percentages) to ppm (percent per million) level and are generally the main contaminants to address.

Table 1: La Loutre SPG contaminants composition before and after thermal purification

Highlights of the NRC half-cell test results

The reversible capacity of Lomiko's Lac La Loutre spherical natural graphite averages 367 mAh/g in the NRC Study, which is the higher end of the specification for such anode material. Typically, most products are ranging between 350 and 365 mAh/g.

The short-term stability and reproducibility of the obtained material are very good, showing no decay of the capacity in 5 cycles. Also, a high coulombic efficiency (CE) of 99,9% after 5 cycles is observed, and very small standard deviation values for all parameters.

Conclusion and next steps

This concludes the preliminary testing of Lomiko's natural flake graphite and Phase 1, and demonstrates that it is worthwhile to scale up and test this anode material in Li-Ion battery prototypes and continue with Phase 2.

Phase 2: The next steps regarding the CRITM and the NRC/Corem study will include processing of the bulk sample, producing flotation concentrate, then transforming the flotation concentrate with micronization, spheriodization, purification, and coating of 2.5kg of the cSPG that would be used to build 5-layer batteries to be tested over the 500 cycles of charge and discharge. The Company will provide progress updates on these studies.

Corporate update

Management will be participating in the following events.

May 12 to 15: CIM Vancouver.

COO Gordana Slepcev will be participating in a panel discussion on the 'Role of the mining industry towards biodiversity preservation and natural capital' on Tuesday, May 14, 2024.

May 20 to 23: SME's 9th CTMF Conference: Seeking Certainty in an Uncertain World

CEO Belinda Labatte will be participating in a panel discussion on Energizing Growth: Unleashing Human and Capital Potential in Battery/ Critical Minerals Ventures

May 30: Elevate Entre-Nous Events at the Rideau Club in partnership with the WCPD Foundation.

CEO Belinda Labatte will be participating in a panel discussion featuring the topic: "Women and Mining: Breaking Barriers & Prioritizing Our Clean Energy Future."

Qualified Persons - La Loutre Graphite

Mr. Oliver Peters, a Principal Metallurgist with Metpro Management Inc., is a Qualified Person within the meaning of NI 43-101. Mr. Peters is satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, and he has reviewed, approved, and verified the technical information disclosed in this news release, including sampling, analytical, and test data underlying the technical information.

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 kilometers 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 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.

Lomiko Metals published April 13, 2023 Updated Mineral Resource Estimate (MRE) ("NI 43-101 Technical Report and Mineral Resource Estimate Update for the La Loutre Project, Quebec, Canada", prepared by InnovExplo Inc. dated May 11, 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).

In addition to La Loutre, Lomiko has earned-in its 49% stake in the Bourier Project from Critical Elements Lithium Corp. 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

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: the Company's objective to become a responsible supplier of critical minerals, exploration of the Company's projects, including expected costs of exploration, and timing to achieve certain milestones, including 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, the Company's financial position or operations, and the expected timing of announcements in this regard. FLI involves known and unknown risks, assumptions, and other factors that may cause actual results or performance to differ materially, and statements relating to the intended use of proceeds of the Offering and the receipt of final acceptance of the TSX Venture Exchange. 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: current market for critical minerals; current technological trends; the business relationship between the Company and its business partners; ability to implement its business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof; the ability to operate in a safe and effective manner; 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.

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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1-833-456-6456 or 1-833-4-LOMIKO or email: info@lomiko.com