Lomiko Metals : Management Discussion and Analysis - Q4 ended July 31, 2021

LOMIKO METALS INC.

Form 51-102

Management Discussion and Analysis

Interim Fourth Quarter ended July 31, 2021

• 4 3 9 - 7 1 8 4 1 2 0 t h S t r e e t , S u r r e y B C , V 3 W 0 M 6 T e l : 7 7 8 - 2 2 8 - 1 1 7 0 F a x : 6 0 4 - 5 8 3 - 1 9 3 2

W e b s i t e : w w w . l o m i k o . c o m E m a i l : l o m i k o @ d c c n e t . c o m

The following management's discussion and analysis ("MD&A') of the financial position and results of the operations of Lomiko Metals Inc. (the "Issuer" or the "Company"), constitutes management's review of the factors that affect the Company's financial and operation performance for the fourth financial quarter 2021, ended (July, 31, 2021.

This MD&A should be read in conjunction with the Company's financial statements for the period ended July 31, 2021, and the related notes (the "Financial Statements"). The Financial Statements have been prepared in accordance with International Financial Reporting standards ("IFRS").

The MD&A is prepared in conformity with 51-102F1 and has been approved by the Board prior to its release.

All amounts are stated in Canadian dollars unless otherwise indicated.

Forward Looking Statements

Certain sections of this Management Discussion and Analysis may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from actual future results. The risks, uncertainties and other factors that could influence actual results are described in the "Risk and Uncertainties" section of this report. The forward-looking statements contained herein are based on information available as of November 29, 2021. Readers are cautioned not to put undue reliance on forward- looking statements.

Cautionary statement regarding Forward-Looking Statements

Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", plan", "intend", "estimate" "may" and "will" or similar words suggesting future outcomes, or other expectations, objectives or statements about future events or performance. These risks and uncertainties could cause or contribute to actual results that are materially different than those expressed or implied. Such factors include, among others: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; fluctuations in currency exchange rates; changes in project parameters as plans continue to be defined; changes in labour costs or other costs of production; future prices of graphite or other industrial mineral prices; possible variations of mineral grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, cave-ins,pit-wall failures, flooding, rock bursts and other acts of God or unfavourable operating conditions and losses; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; actual results of reclamation activities, and the factors discussed in the section entitled "Risk Factors" in this MD&A. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this MD&A and the Company disclaims any obligation to update any forward- looking statements, whether as a result of new information, future events or results or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking 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 of forward-looking statements.

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LOMIKO METALS INC.

Form 51-102

Management Discussion and Analysis

Interim Fourth Quarter ended July 31, 2021

Nature of Operations

Lomiko Metals Inc., along with its subsidiaries collectively referred to as the "Company" or "Lomiko", is engaged in the acquisition, exploration and development of resource properties and the investment in power supply products companies. The Company is considered to be in the exploration and evaluation stage. The Company was incorporated on July 3, 1987, under the British Columbia Company Act. The Company is listed on the TSX Venture Exchange (TSX-V) having the symbol LMR.V as a Tier 2 mining issuer and on the Over the Counter Exchange in the United States having the symbol LMRMF.

The Company's registered mailing address is #439, 7184 120th Street, Surrey, BC V3W 0M6 Canada.

Going Concern

These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. The Company has incurred cumulative losses of $27,760,150 and has reported a loss of $1,735,706 for the year ended July 31, 2021. The ability of the Company to continue as a going concern is dependent upon successfully obtaining additional financing, entering into a joint venture, a merger or other business combination transaction involving a third party, sale of all or a portion of the Company's assets, the outright sale of the Company, the successful development of the Company's mineral property interests, or a combination thereof. There can be no assurance that funding from this will be sufficient in the future to continue and develop its mineral properties. These factors indicate the existence of a material uncertainty that may cast significant doubt upon the Company's ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

Intercorporate Relationships

On May 1, 2014, the Company incorporated a wholly owned subsidiary, Lomiko Technologies Inc., pursuant to laws of British Columbia.

Board of Directors

Lomiko Metals Inc. depends on the business and technical expertise of its management. The current Board of Directors as of this quarter are: A. Paul Gill, President and CEO, Jacqueline Michael, CFO, Mike Petrina, Director, Gabriel Erdelyi, Director, and Greg Jensen, Director. Members of the Audit Committee are Jacqueline Michael, CFO, Gabriel Erdelyi, Independent Director and Greg Jensen, Independent Director.

General

Lomiko Metals Inc. is a Vancouver, Canada based mining and exploration Company focused on advancing its principal asset, La Loutre Quebec (Flake Graphite) and exploration on the Bourier Lithium property, Quebec with which it has signed a joint venture partnership with Critical Elements Lithium Corporation. In addition, the Company has a business relationship and invested with Graphene Energy Storage Devices (Graphene ESD Corp.), Smart Home Devices (SHD), a company that is developing a series of energy-saving, connected building automation and security products, and Promethieus Technologies Ltd.

Covid-19

Given the ongoing and dynamic nature of the circumstances surrounding the COVID-19 pandemic, it is difficult to predict how significant the impact of COVID-19, including any responses to it, will be on the global economy and the business of the Company or for how long any disruptions are likely to continue. The extent of such impact will depend on future developments, which are highly uncertain, rapidly evolving and difficult to predict, including new information which may emerge about COVID-19 and additional actions which may be taken to contain it. Such developments could have a material adverse effect on the Company's business, financial condition, results of operations and cash flow, and exposure to credit risk.

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LOMIKO METALS INC.

Form 51-102

Management Discussion and Analysis

Interim Fourth Quarter ended July 31, 2021

The Company is constantly evaluating the situation and monitoring any impacts or potential impacts to its business.

Exploration

La Loutre Graphite property - Quebec

On September 22, 2014 the Company obtained an option with Quebec Precious Metals Corporation (formally Canada Strategic Metals Inc.) ("QPM"), to purchase a 40% interest in the La Loutre Crystalline Flake Graphite Property located in Southern Quebec, by paying $12,500, funding $500,000 in exploration expenditures and issuing 125,000 shares at a price of $0.70 per share.

On February 6, 2015 (amended December 30, 2016), the Company signed an agreement with QPM to acquire an additional 40% interest in the La Loutre property, located in Southern Quebec, for an 80% interest in the Lac-Des- Iles property. The Company paid $10,000 upon signing, issued 300,000 shares valued at $0.70 per share, and agreed to fund $2,750,000 as follows:

• $1,500,000 on the La Loutre property (paid)
• $1,000,000 no later than December 31, 2018, on other mining rights of QPM (paid)
• $250,000 on the Lac Des Iles property (paid)

Included in the Exploration Expenditures are management fees payable to QPM (the "Operator") equal to 5% of expenditures incurred.

The La Loutre property is subject to a 1.5% net smelter royalty ("NSR") of which 0.5% "NSR" can be purchased by the Company for $500,000.

On May 13, 2016 (amended December 30, 2016, December 22, 2018 and April 16, 2020) the Company signed an additional option agreement on the La Loutre and Lac des IIes properties, allowing the Company to increase its interest in the property from 80% to 100%. The terms of the acquisition are as follows:

• Issuance of 950,000 common shares - 450,000 have been issued as of July 31, 2020, issuance of the remaining 500,000 shares has been replaced with the 1,000,000 share issuance below
• Issuance of 1,000,000 common shares (issued June 23, 2020)
• Funding exploration expenditures for an additional $1,125,000 due December 31, 2021 (paid)

The Company has fully met the above terms and has 100% ownership of the La Loutre, Quebec graphite property.

LA LOUTRE - PRE-FEASIBILITY ASSESSMENT

During this financial quarter, the Company completed a Preliminary Economic Assessment ("PEA") on its 100% owned La Loutre property, with positive results. The PEA was done by Ausenco Engineering Canada Inc. ("Ausenco") in accordance with National Instrument 43-101 ("NI 43-101"). The Company now aims to initiate a Preliminary Feasibility Study (PFS) to advance its La Loutre Project towards production, as part of a staged development strategy, while continuing its aggressive drilling programs to maximize value creation.

Highlights of the PEA (all figures are stated in Canadian dollars unless otherwise stated):

• Long-termWeighted-Average1 Graphite Price US$916/t Cg conc. (graphitic carbon concentrate)
• Exchange rate: C$1.00 = US$0.75
• Pre-taxNPV (8%) of C$313.6M
• After-taxNPV (8%) of C$185.6M
• Pre-taxIRR of 28.3%
• After-taxIRR of 21.5%
• Pre-taxpayback period of 3.3 years
• After-taxpayback period 4.2 years

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LOMIKO METALS INC.

Form 51-102

Management Discussion and Analysis

Interim Fourth Quarter ended July 31, 2021

• Initial capital of ("CAPEX") of C$236.1M including mine pre-production, processing, infrastructure (roads, power line construction, co-disposal tailings facility, ancillary buildings, and water management)
• Life of mine processing period ("LOM") of 14.7 years
• Average LOM strip ratio (Waste:Mineralization) of 4.04:1
• LOM plant production of 21,874 Kilotons (kt=1,000 metric tonnes) of mill feed yielding 1,436 kt of graphite concentrate grading 95.0% Cg.
• Average annual graphite concentrate production of 108 kt for the first eight years; LOM average annual production of 97.4 kt.
• Average graphite mill head grade of 7.44% Cg for the first eight years; LOM average graphite mill head grade of 6.67% Cg.
• Average LOM recovery of 93.5% Cg.
• Measured + Indicated resource at the base case cut-off grade of 1.5% Cg of 23,165 kt at a 4.51% Cg grade for 1.04 Mt of graphite.
• Inferred resource at the base case cut-off grade of 1.5% Cg of 46,821 kt at a 4.01% Cg grade for 1.9Mt of graphite.
• Cash Cost of US$386 per tonne of graphite concentrate

The results of a La Loutre PEA project, demonstrates the potential for the Company to become a major North American graphite producer, with a positive after-tax Internal Rate of Return ("IRR") of 21.5% and after-tax Net Present Value ("NPV") of C$186M. The PEA supports an open pit project with production spanning 14.7 years with robust economics at a US$916/ton Cg sale price, with very attractive cash costs and AISC, low CAPEX and low capital intensity. The first eight years will target production averaging 108 kt/a payable graphite concentrate peaking at 112 kt/a in year 4.

OVERVIEW

Ausenco was appointed as lead PEA consultant on February 22, 2021, in accordance with National Instrument 43- 101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Ausenco is the lead consultant responsible for the overall development of the PEA, including the processing, major infrastructure, hydrogeology, hydrology, environmental, co-disposal, mining and economic assessment. Ausenco's specialist ESG group Hemmera Envirochem Inc., provided environmental support and Moose Mountain Technical Services was responsible for the resource estimate and mine design. Metpro Management Inc. (Metpro) was responsible for metallurgy.

The La Loutre Project is located in the Nominingue-Chénéville Deformation Zone in Quebec. The Property consists of one large contiguous block of 42 mineral claims totaling 2,508.97 hectares (25.09 km2) and is located approximately 117 km northwest of Montréal in southern Québec, 230 km southwest of the Nouveau Monde Matawinie Project and 100 km southeast of the Imerys Graphite & Carbon Lac-des-îles mine.

FINANCIAL ANALYSIS

The economic analysis was performed assuming an 8% discount rate. This analysis shows a projected pre-tax NPV 8% of $313.6M, internal rate of return (IRR) is 28.3% and payback period of 3.3 years. On an after-tax basis, an NPV 8% of $186M, IRR of 21.5% and payback period of 4.2 years is expected.

For more information on the results of the La Loutre PEA, please refer to the Company's News Release on July 27, 2021.

As at July 31, 2021, the Company spent a total of CAD $450,054 on the PEA, which included Met/Geochem Testing, Consultants and Travel.

Lac-des-Iles - Quebec

During the year ended July 31, 2018, the Company assessed that the Lac-des-Iles property was impaired, as it no longer intended to further pursue the property, and as such, an impairment charge of $1,131,992 was recorded.

Bourier Lithium property, Quebec

On April 27, 2021 - the Company entered into an option agreement with Critical Elements Lithium Corporation (TSX-V: CRE) ("Critical") to acquire up to a 70% undivided interest in the Bourier property ("Bourier') located in

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LOMIKO METALS INC.

Form 51-102

Management Discussion and Analysis

Interim Fourth Quarter ended July 31, 2021

Quebec.

Bourier is composed of one block totaling 203 claims covering 10,252.20 hectares for some 30 kilometers in length. It is located just along the east side of the new Rupert hydroelectric complex. It is subject to a 1.4% NSR on 87 claims.

Terms of the transaction

Under the Agreement, Lomiko will earn its interest in the Bourier project by way of a joint venture arrangement. The key terms of the Agreement are as follows:

Grant of first option

Lomiko may earn, on or before December 31, 2022, a 49% interest in Bourier by

• making a cash payment to Critical of $25,000 within a delay of five (5) days following the execution of the Agreement (paid);
• making a cash payment to Critical of $25,000 within a delay of five (5) days following the receipt of the required approvals from the TSX-V (paid);
• issuing to Critical 5,000,000 common shares immediately following the receipt of the required approvals from the TSX-V (issued with a fair value of $700,000); and
• incurring or funding Exploration Expenditures for an amount of $1,300,000 on Bourier, of which an amount of $550,000 ($79,863 incurred as at July 31, 2021) must be incurred or funded before December 31, 2021, and an amount of $750,000 before December 31, 2022.

Grant of second option

Subject to the Company having exercised the First Option, Critical Elements will also grant to Lomiko the exclusive right and option to increase its undivided interest in and to Bourier from 49% to 70% by:

• making a cash payment to Critical of $250,000 and issuing 2,500,000 common shares on or before the date of delivery of the First Option Exercise Notice;
• incurring or funding additional exploration expenditures for an amount of $2,000,000 on or before December 31, 2023; and
• delivering the Resource Estimate to Critical on or before December 31, 2023.

Milestone Payments

Subject to Lomiko's right to withdraw from and terminate the First Option, the Company agrees to pay the following milestones payments to Critical Elements, payable at any time following the exercise of the First Option upon the occurrence of the following:

On the estimation of a drilled defined resource (NI 43-101 compliant) of five million (5,000,000) tonnes at a cut-off grade of 0.6% Li2O (all categories), the Company shall make a payment of CAD seven hundred fifty thousand dollars ($750,000), payable in cash or in common shares of the Company at the sole discretion of the Company;

On the estimation of a drilled defined resource (NI 43-101 compliant) of ten million (10,000,000) tonnes at a cut-off grade of 0.6% Li2O (all categories), The Company shall make a payment of CAD one million dollars ($1,000,000), payable in cash or in common shares of the Company at the sole discretion of the Company;

On the estimation of a drilled defined resource (Ni 43-101 compliant) of fifteen million (15,000,000) tonnes at a cutoff grade of 0.6% Li2O (all categories), The Company shall make a payment of CAD one million five hundred thousand dollars ($1,500,000), payable in cash or in common shares of the Company at the sole discretion of the Company and

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