Lomiko Provides Operational, Market and Corporate Update

Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to provide an update on its operations, market conditions and corporate activities.

Belinda Labatte, CEO and Director, stated: “Partnerships and collaborations are a key Lomiko Advantage: we are pleased to be progressing with metallurgical testing with our partners the National Research Council of Canada (NRC) and Corem, along with support from CRITM, the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) and the MRNF on these projects. We have completed the first steps with the bulk sample material selection, and characterization work is underway with a 1,000kg representative sample from our La Loutre graphite project, located on Kitigan Zibi traditional land. With a partnership model, we believe that the responsible development of the La Loutre natural graphite project will ensure we can provide energy security, resilience, and a high quality product for North America.

According to the International Energy Agency Global EV Outlook 2023, demand for EVs and the underlying batteries is robust: in 2020 only 5% of all new cars sold were electric, with that figure now at 14% and projected to be 18% by the end of 2023. The 30% to 40% annual growth rates in EV sales, and graphite demand, underline the importance and rapid acceleration of energy transition to critical minerals supply chains.

Natural flake graphite remains a key component in all current battery technologies and Quebec has a tremendous opportunity to lead in the exploration, development and production of a high quality, responsibly sourced, carbon neutral product.

On behalf of the Lomiko team and board, we also wish to thank our many supportive investors and colleagues who have reached out over the summer with comments, ideas and questions. We appreciate you. ”

CRITM Partnership and Testing Progress

Lomiko announced on July 24^th, 2023, that the company secured up to $500,000 in funding from federal and provincial agencies to continue advancing pre-feasibility level battery trials with its La Loutre natural flake graphite concentrate.

The project is supported by advisory services and funding from NRC IRAP and funding from CRITM through the Québec Plan for the Development of Critical and Strategic Minerals from Ministère des Ressources naturelles et des Forêts (MRNF).

Bulk flotation sample: Lomiko has compiled a bulk sample of over 1,000kg of rock samples with an average grade of 8.0%Cg (graphitic carbon) for the bulk flotation testing that will take place at Corem in Quebec City, to produce flotation concentrate. The work on characterizing the material on 6 x 2kg samples will take place in September and early October with the aim of running a bulk sample in mid-October. The work with the NRC is progressing on characterizing flotation samples prior to proceeding with micronization and spheriodization tasks.