Lomiko Metals : Management Discussion and Analysis Report for 3rd Quarter period ended April 30, 2022

LOMIKO METALS INC.

(An exploration stage company)

MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited - Expressed in Canadian Dollars)

For the nine-month period ended April 30, 2022 and 2021

Management's Discussion and Analysis	Nine months ended April 30, 2022

This Management Discussion and Analysis ("MD&A') of Lomiko Metals Inc. and its subsidiaries (referred to as "Issuer" or the "Company" or "Lomiko") was prepared by management as at June 22, 2022 and was reviewed and approved by the audit committee of the Board of Directors of Lomiko. The following discussion of performance, financial condition and future prospects should be read in conjunction with the Company's condensed consolidated interim financial statements for the nine-month period ended April 30, 2022 and the audited financial statements for the years ended July 31, 2021 and 2020, and notes thereto (the "Financial Statements") which have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board (IASB). The information provided herein supplements but does not form part of the Financial Statements. This discussion covers the nine months ended 30 April 2022, and the subsequent period up to the date of issue of this MD&A. Additional information relating to the Company is available at www.sedar.com.

The MD&A is prepared in conformity with 51-102F1("NI-51-102"). These statements have been filed with the relevant authorities in Canada. All currency amounts are 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 June 22, 2022. 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.

OVERVIEW

Lomiko Metals Inc., along with its subsidiaries collectively referred to as the "Company" or "Lomiko", is engaged in the acquisition, exploration and development of mineral resource properties. 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, on the Over-the-Counter Exchange in the United States having the symbol LMRMF and on the Frankfurt Stock Exchange having the symbol DH8C. The management and technical team have experience in mineral exploration, development and mining, public company management and operation and Canadian venture capital markets.

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Management's Discussion and Analysis	Nine months ended April 30, 2022

NATURE OF OPERATIONS

The primary objective and business plan of the Company is 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

Board of Directors

Lomiko Metals Inc. depends on the business and technical expertise of the board of directors. The current Board of Directors is comprised of A. Paul Gill - Executive Chairman; Belinda Labatte, Director and CEO; Anu Dhir, Lead Independent Director; Eric Levy, Director; Lee Arden Lewis, Director; Dominique Dionne, Director and Sagiv Shiv, Director. The Audit Committee comprises the following Directors: Sagiv Shiv, Independent Director and Audit Chair; Belinda Labatte, Director and CEO and Anu Dhir, Independent Director. The Compensation Corporate Governance and Nominating Committee consist of the following directors: Eric Levy - Chair, Sagiv Shiv, Director, and Dominique Dionne, Director.

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.

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

CORPORATE HIGHLIGHTS

The Company is pleased to provide the following highlights for the quarter ended April 30, 2022:

Closing of non-brokered private placement of $1.5m

• Lomiko announced an update to the closing of a non-brokered private placement announced in a press release on January 19, 2022. The Company updated the closing of its financing for gross proceeds of $1,516,000 through the issue of 18,950,000 units at a price of $0.08 per unit. Each unit will consist of one common share and one warrant exercisable for five years at $0.11.

UL Ecologo Certification for Mineral Exploration

• On March 22, 2022, the Company announced that it has obtained UL ECOLOGO certification for mineral exploration, completing a comprehensive process that took place over several months. The certification included audit results, use of the UL ECOLOGO mark and registration in UL's SPOT sustainable product database.

Anne Chabot added as a Strategic Advisor to Lomiko Management.

• On April 22, 2022, the Company announced that Anne L. Chabot has become a strategic advisor to management on our work with First Nations engagement, supported by Lee Arden Lewis as Independent Director of the Board. Lomiko's strategic advisors also include Normand Champigny, CEO and Director of Quebec Precious Metals.

Initial Metallurgical Program Results

• On April 28, 2022, the Company announced an update on the initial metallurgical programs conducted for the La Loutre graphite project. Lomiko engaged three independent laboratories, Corem, ProGraphite and SGS Lakefield to support the value-added metallurgical testing of samples of the La Loutre graphite concentrate.

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Management's Discussion and Analysis	Nine months ended April 30, 2022

Exploration Program at La Loutre

• On April 22, 2022, the Company announced that it has received approvals from Quebec's Ministère des Forêts, de la Faune et des Parcs ("MFFP") to start with its infill and extension exploration drilling program at its wholly-owned La Loutre graphite project, located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory within the Outaouais and Laurentides regions, 180 kilometers northwest of Montreal.
• On May 19, 2022, the Company announced that as of May 17, 2022, it has started an infill and extension drill program at its wholly-owned La Loutre graphite project, located approximately 180 kilometres northwest of Montréal in the Laurentian region of Québec. The program anticipates approximately 18,000 meters in 120 holes to be drilled at the "Electric Vehicle" or "EV" and the Battery zones. This program is currently ongoing.

Laurentide Graphite Exploration Program

• On May 16, 2022, the Company announced an update on its strategy to further advance its regional exploration opportunities in the Grenville graphite belt with the objective of developing a sustainable and long-term natural flake graphite resource base that can feed into the graphite market at large, and the regional market for electric vehicles battery manufacturing.
• The Company has staked approximately 14,255 hectares of mineral claims, 236 claims in total, on six projects in the Laurentide region of Quebec and within First Nations territory. These new claims lie within a 100 km radius of the Company's flagship La Loutre graphite project and 28 claims are directly contiguous to La Loutre, with the Company claim package now covering 4,528 hectares.

PORTFOLIO OF EXPLORATION AND EVALUATION ASSETS

La Loutre Graphite Property - Québec

On September 22, 2014, the Company obtained an option from Quebec Precious Metals Corporation to purchase a 40% interest in the La Loutre properties by paying $12,500, funding $500,00 in exploration expenditures and issuing 125, shares ($93,750). All terms have been met.

On February 6, 2015 (amended December 30, 2016) the Company acquired an additional 40% interest in the La Loutre property and an 80% interst in the Lac-Des-IIse property by issuing 300,000 shares ($210,000), and funding an additional $2,750,000 in exploration costs. All terms have been met.

On May 13, 2016 (amended December 30, 2016 and April 16, 2020) the Company signed an additional option agreement allowing the Company to increase its interest in the Loutre and Lac Ilse properties from 80% to 100%., issuing 1,450,000 shares ($193,000), and funding an additional $1,125,0000 in additional expenditures. All the terms have been met.

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

The La Loutre property is in the Laurentians administrative region in Québec, Canada. It is approximately 30 km west- southwest of the city of Mont-Tremblant (about 45 km by road) and 180 km northwest of Montreal. The nearest community is Duhamel, 5 km to the west.

The property consists of one continuous block with 76 mineral claims totalling 4,528 hectares (45.3km2)

From Montreal, the property is accessible by driving north on Highway 15, then onto Highway 117 to St-Jovite and finally heading west onto Highway 323 for 40 km to Lac des Plages. Once there, a series of secondary roads and forestry roads lead to the property.

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Management's Discussion and Analysis	Nine months ended April 30, 2022

History

The property was originally staked by SOQUEM in 1988 based on airborne magnetic and electromagnetic (REXHEM IV) surveys and a review of local graphite occurrences. In the summer of 1989, a geological reconnaissance program was carried out in the areas hosting the La Loutre A, B, and C REXHEM anomalies (Saindon and Dumont, 1989). From 1989 through 1992, exploration activities conducted by SOQUEM included airborne magnetic and electromagnetic (EM) surveys, ground EM surveys, outcrop mapping, geologic surveying, and trenching identified several areas. Two of these areas are the Battery Zone and the Electric Vehicle (EV) Zone, which are the deposits included in the resource estimate.

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