Lomiko Metals Inc. announced the fourth round of analytical results from the infill and extension exploration drill program at its wholly-owned La Loutre Graphite property, located approximately 180 kilometres northwest of MontrTal in the Laurentian region of QuTbec. The La Loutre graphite project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory. The drilling was supervised by QuTbec-based, independent geological consultant Breakaway Exploration Management Inc. and was operated under ECOLOGO requirements and compliance protocols, as Lomiko is ECOLOGO certified.áThe drill program at La Loutre was initiated on May 15, 2022, with the goal to further define the deposit, provide the data needed to increase confidence in the mineral resource and build on the results of the positive Preliminary Economic Assessment for the La Loutre project.

Lomiko has retained InnovExplo Inc. to prepare an updated NI 43-101 compliant resource estimate for the La Loutre project following the completion of the 2022 drill program. The assay results reported in this press release are for ten holes drilled at the mid-north section of the EV Zone. These holes were drilled to confirm results of the previous drilling and provide better detail of the EV Zone in this part of the deposit.

Significant intervals of graphite mineralization were intersected in 9 of the 10 holes. The best intersection was 8.14% graphitic carbon (ô% Cgö) over 148.5 metres (ômö) from 6.0 to 154.5m in hole LL-22-035 including 15.09% Cg over 60.0m from 13.5m to 73.5m. Holes LL-22-036, - 038, -040 and -042 intersected multiple layers of significant graphite values.

For example, hole LL-22-042 encountered 8.68% Cg over 94.5m from 4.5 to 99.0m and 6.64% Cg over 94.4m from 121.0 to 215.4m. Graphite intervals intersections in holes LL-22-035 to -042 remain open with additional assay results pending. Hole LL-22-038, -040 and -042 all bottomed in mineralization.

Hole LL-22-034, drilled on the east margin of the EV Zone, encountered only quartzite as expected so no sampling was done. Four other holes were planned for this area but could not be drilled due to swampy, soft conditions that prevented access. QAQC and Analytical Procedures: The drill core was logged and marked for sampling by a professional geologist.

All the core was photographed as part of the logging procedure. Core samples were collected by splitting each sample interval in half lengthwise with 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 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 then placed on wooden pallets, secured with plastic wrapping, and delivered by truck to Manitoulin Transport Inc. for shipping to Activation Laboratories Ltd. (ôActlabsö) in Ancaster, Ontario. At Actlabs 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 graphitic carbon ôCgö) 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. 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 within the Kitigan Zibi Anishinabeg (KZA) First Nations territory.

The KZA First Nations are part of the Algonquin Nation and the KZA 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 totalling 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 favourable for the development of coarse-grained, flake-type graphite mineralization from organic-rich material during high-temperature metamorphism. Lomiko Metals published aáJuly 29, 2021 Preliminary Economic Estimate (PEA)áwhich indicated the project had a 15-year mine life producing per year 100,000 tonnes of graphite concentrate at 95% Cg or a total of 1.5Mt of graphite concentrate. This report was prepared as National Instrument 43-101 Technical Report for Lomiko Metals Inc. by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services, and Metpro Management Inc., collectively the Report Authors.