Lomiko Announces Closing of the Acquisition of the Carmin Natural Flake Graphite Property in Southern Quebec

Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) advises that it has applied and received TSX-V approval for the acquisition agreement entered among SOQUEM Inc. and a private owner to acquire 100% of 17 mineral claims forming the Carmin project (the “Property”). The Property covers 678 hectares (6,780 Sq km).

The Property is located 40 km west of Mont Tremblant, situated north-east and contiguous to the La Loutre property where the Company has mineral rights. The Property is accessible by road and forest road from Lac-des-Plages and the northern end of the claims are partially contiguous to the Papineau-Labelle Wildlife Reserve. The Company commits to not exploring or developing within 1km of park boundaries. The La Loutre and Carmin project site are located within the Kitigan Zibi Anishinabeg (KZA) First Nation’s territory and the KZA First Nation is part of the Algonquin Nation. KZA territory is situated within the Outaouais and Laurentides region.

In order for the Company to acquire SOQUEM’s interest, the terms are:

1. $50,000 payable in cash;
2. the issuance of 1,250,000 common shares of the Company; and
3. the granting to SOQUEM of a royalty of 0.75% on net smelter revenues (NSR) (the “SOQUEM Royalty”).

In order to acquire the private owner’s interest, the terms are:

1. the issuance of 1,250,000 common shares of the Company; and
2. the granting to the private owner of a royalty of 0.75% NSR (the “Private Owner Royalty”).

The Company retains the exclusive and irrevocable right and option to redeem one-third of the total of each of the SOQUEM Royalty and the Private Owner Royalty, thus reducing each of the royalties to 0.50% NSR, each for a total amount of $250,000 payable in cash. In the event of the redemption of one-third of the royalty by the Company, the total amount of the royalty payable shall be reduced to 0.50% NSR will be limited to $1,000,000 for each of the SOQUEM Royalty and the Private Owner Royalty, beyond which amount the royalty will be automatically terminated with respect to future net foundry revenues only.

The common shares issuable under this transaction will be subject to a regulatory hold period of 4 months and 1 day from issuance.

Please refer to the Company’s press release dated March 3, 2023 for further information on the Property.

Upcoming Conference Participation

Lomiko is pleased to be participating at the Benchmark Minerals Battery Gigafactories USA conference from June 8^th to 9^th, 2023, in Washington, DC. The Company will also attend the Mining Investment Event of the North in Quebec City from June 19^th to 21^st, 2023. Please check the Company’s social media for participation and details.