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Lomiko LA Loutre Metallurgical Testing Produces Concentrate Grading 97.8% Carbon and 93.5% Graphite Recovery

Metallurgy & Processing

#439 - 7184 120th Street, Surrey, B.C. V3W 0M6

LOMIKO LA LOUTRE METALLURGICAL TESTING PRODUCES CONCENTRATE GRADING

97.8% CARBON AND 93.5% GRAPHITE RECOVERY

(Montreal, Quebec) April 7, 2021 - Lomiko Metals Inc. (TSX-V: LMR, OTC: LMRMF, FSE: DH8C)

(Lomiko or the “Company”) is pleased to provide an update on its La Loutre graphite project (“La

Loutre”), located in Quebec, Canada . La Loutre comprises the Graphene -Battery (GB) zone and

the Electric Vehicle (EV) Zone. The names of the zones are not reflective of the products each

will produce but generally indicate applications of products. The recen t testwork program

confirmed that each zone will produce similar products.

Highlights

• A metallurgical flowsheet developm ent program was carried out on two composite

samples of La Loutre graphite project . One composite was generated from mineralized

samples from the EV zone yielding 9.70% graphitic carbon , and the second composite

from drill core of the GB zone yielding 4.80% graphitic carbon.

• The process development was carried out on both composites and resulted in a flowsheet

and conditions that are suitable to treat both zones of La Loutre mineralization in the

same processing plant.

• The program culminated in a locked cycle test (“LCT”) that generated a combined

concentrate grading 97.8% total carbon at 93.5% graphite recovery.

• Although the two mineralized zones produced noticeably different flake size distributions,

they responded equally well to the same flowsheet and conditions with combined

concentrate grades of over 97% total carbon.

“These very encouraging results of initial testing suggest that La Loutre graphite may be suitable

for high-end industrial use.”, stated A. Paul Gill, CEO, “Our next step is to complete a Preliminary

Economic Assessment.”

Technical Discussion

Process Development

In January 2021, a metallurgical process development program was initiated a t SGS Minerals in

Lakefield, Ontario. The objective of the program was to develop the flowsheet and conditions

suitable to upgrade La Loutre mineralization to at least 95% total carbon.

Metallurgical development work was carried out on two composites representing the two zones.

The process development program produced a flowsheet and conditions that generated

concentrates of over 97% total carbon for both mineralized zones. The equipment and reagents

selected for the process are well established in the mineral processing field and are consistent

#439 - 7184 120th Street, Surrey, B.C. V3W 0M6

with other graphite projects. The flowsheet , which is depicted in Figure 1, comprises

rougher/scavenger flotation stage, followed by a primary and secondary cleaning circuit.

The GB composite produced a final concentrate with a significantly higher mass recovery into the

+80 mesh size fraction of approximately 50% compared to 25-30% for the EV composite. However,

both composites responded equally well to the same flowsheet and condit ions, producing

combined concentrate grades that are consistently at least 97% C(t).

The program culminated in a locked cycle test (LCT) using a 50:50 blend of the two mineralized

zones. The overall mass balance is presented in Table 1. The mill feed grading 7.60% carbon was

upgraded to a combined concentrate grading 98.5% carbon at an overall graphite recovery of

93.5%.

6 x 2 kg of

-6 mesh Feed

Rougher

Flotation

Polishing Grind #1

Scavenger

FlotationPrimary Grind Scav

Tailings

-80 mesh

1st Clnr

-80 mesh

2nd Clnr

-80 mesh

1st Clnr

Tailings

-80 mesh

3rd Clnr

80 mesh

Screen

-80

mesh

1st Clnr

2nd Clnr

3rd Clnr

4th Clnr

-80 mesh Stirred

Media Mill

-80 mesh

3rd Clnr Conc

1st Clnr

Tails

Polishing Grind #2

+80 mesh 1st

Clnr

+80 mesh

2nd Clnr

+80 mesh

1st Clnr

Tailings

+80 mehs Stirred

Media Mill

+80 mesh 2nd Clnr

Conc

Combined

Tailings

Combined

Conc

+80

mesh

#439 - 7184 120th Street, Surrey, B.C. V3W 0M6

Table 1: Mass Balance of Locked Cycle Test LCT-1

The final concentrat es of the three cycles that were used to develop the overall mass balance

were submitted for a size fraction analysis (SFA), and the average results of the three SFAs are

presented in Table 2. The combined concentrate grade of 97.8% total carbon is slightly lower

compared to the direct concentrate analysis of the LCT mass balance, which is related to

measurement uncertainties associated with assay methods.

A total of 32.4% of the concentrate mass reported to the +80 mesh size fractions at a combined

grade of 97.8% total carbon. Another 10.8% of the mass was recovered into the -80/+100 mesh

product at a grade of 98.2% and the balance of 56.8% reported to the -100 mesh size fractions at

a combined grade 97.7% total carbon.

One of the primary applications for the -100 mesh size fraction is the value-add process to produce

spherical graphite for batteries. The ability to upgrade the fines size fraction to almost 98% total

carbon by flotation only might have a positive impact on downstream purification costs since

concentrations of impurities are often proportional to purification cost.

Table 2: Average Size Fraction Analysis Results of LCT-1

Weight Assa ys (%) % Di str.

% C(t) C(t)

Combined Concentrate 7.2 98.5 93.5

+80 mesh 2nd Clnr Conc 2.9 99.0 37.1

+80 mesh 1st Clnr Tails 0.1 34.9 0.3

-80 mesh 3rd Clnr Conc 4.4 98.1 56.4

-80 mesh 1st Clnr Tails 0.4 9.64 0.5

1st Clnr Tails 22.3 1.26 3.7

Scav Tails 69.9 0.21 1.9

Head (calc) 100.0 7.63 100.0

Sample ID

Ma ss Grade Distribution

Me sh µm % % Ct % Ct

32 500 1.0 97.6 1.0

48 300 9.8 97.4 9.7

80 180 21.6 98.0 21.7

100 150 10.8 98.2 10.9

150 106 17.5 98.1 17.5

200 75 13.0 98.3 13.1

325 45 13.5 98.1 13.6

Pan -45 12.8 96.0 12.5

Total 100.0 97.8 100.0

Size

#439 - 7184 120th Street, Surrey, B.C. V3W 0M6

Preliminary comminution tests produced Bond ball mill work indices of 6.9 kWh/t for the EV zone

and 11.2 kWh/t for the GB zone, which places La Loutre mineralization into the very soft to soft

category, which is favourable for minimizing grinding energy costs.

Next Steps

Variability flotation testing on four composites that made up the two development composites

will be performed to complete the scoping level metallurgical study.

The combined concentrate of the LCT will be subjected to chemical and mineralogical

characterization, which will determine the type and association of the remaining impurities in the

graphite concentrate. This information will be used to commence marketing initiatives for La

Loutre graphite concentrate.

The current process development program will be completed within the next couple of weeks ,

and the company commenced work on a preliminary economic assessment (PEA) study.

During the next phase of metallurgical testing, conditions of the existing flowsheet will be

optimized to minimize flake degradation and maximize graphite recovery. Further, the

optimization will evaluate potential capital and operating cost savings.

The robustness of the optimized flowsheet and conditions will be verified with a larger number of

variability samples, and a more comprehensive comminution program will be completed.

Qualified Persons

Mr. Oliver Peters, a Principal Metallurgist with Metpro Management Inc., is a Qualified Person

within the meaning of NI 43-101. Mr. Peters is satisfied that the analytical and testing procedures

used are standard industry operating procedures and methodologies, and he has revi ewed,

approved and verified the technical information disclosed in this news release, including sampling,

analytical and test data underlying the technical information.

Quebec’s Role in The New Green Economy

In 2020, The Quebec Government released the Quebec Plan for Development of Critical and

Strategic Minerals (“The Quebec Plan”) which indicates graphite demand would l ikely increase

300-500% in the coming decades as more is used in the production of spherical graphite for anode

portion of Electric Vehicle Lithium-ion batteries. Quebec has an opportunity to play a vital role in

reducing carbon emissions and become a key provider of critical battery materials to the North

American economy.

For more information on Lomiko Metals, review the website at www.lomiko.com , contact

A. Paul Gill at 604-729-5312 or email: [email protected].

#439 - 7184 120th Street, Surrey, B.C. V3W 0M6

On Behalf of the Board,

“A. Paul Gill”

Chief Executive Officer

We Seek Safe Harbour. Neither TSX Venture Exchange nor its Regulation Services Provider (as that

term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy

or accuracy of this release.