LMR.V · 2024-11-27 12:00:00

Lomiko Metals Announces Closing of Hard Dollar Private Placement

Financings

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November 27th, 2024 – Montreal, Qu ébec: Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the

“Company”) is pleased to announce that it has applied to the TSX Venture Exchange to close a private placement

offering pursuant to which the Company will issue 2,548,157 units at $0.135 for a total of $344,001.20 . Each unit

consists of one common share and one warrant exercisable at $0.20 for a period of 36 months.

An insider of the Company subscribed for a total of 370,370 Units. As such, this participation constitutes a “related

party transaction” as defined under Multilateral Instrument 61- 101 Protection of Minority Security Holders in Special

Transactions (“MI 61- 101”). Such participation is exempt from the formal valuation and minority shareholder

approval requirements of MI 61 -101, as neither the fair market value of the Units acquired by the insider nor the

consideration for the Units paid by such insider exceed 25% of the Company’s market capitalization. The Company

did not file a material change report 21 days prior to the closing date of this private placement as details of the

respective participation of such insiders in the Offering was unknown at such time.

The Company intends to use the proceeds of the Offering for the exploration and advancement of the La Loutre natural

flake graphite project, regional graphite exploration, as well as for general working capital purposes including business

development opportunities.

All securities to be issued will be issued with the required four month plus one day hold from issuance.

The Company will not be proceeding with closing a 2nd tranche of its flow -through financing. The Company has

been successful in raising $420,000 flow through financing.

The Company confirms there are no material facts or material changes related to the Company which has yet to be

generally disclosed.

About Lomiko Metals Inc.

The Company holds mineral interests in its La Loutre graphite development in southern Quebec. The La Loutre

project site is within the Kitigan Zibi Anishinabeg (KZA) First Nation’s territory. The KZA First Nation is part of

the Algonquin Nation, and the KZA traditional territory is situated within the Outaouais and Laurentides regions.

Located 180 kilometers northwest of Montreal, the property consists of one large, continuous block with 76 mineral

claims totaling 4,528 hectares (45.3 km2).

The Property is underlain by rocks from the Grenville Province of the Precambrian Canadian Shield. The Grenville

was formed under conditions that were very favorable for the development of coarse -grained, flake-type graphite

mineralization from organic-rich material during high-temperature metamorphism.

Lomiko Metals published an updated Mineral Resource Estimate (MRE) in a NI 43-101 Technical Report and Mineral

Resource Estimate Update for the La Loutre Project, Quebec, Canada , prepared by InnovExplo on May 11th, 2023,

which estimated 64.7 million tonnes of Indicated Mineral Resources averaging 4.5 9% Cg per tonne for 3.0 million

tonnes of graphite, a tonnage increase of 184%. Indicated Mineral Resources increased by 41.5 million tonnes as a

result of the 2022 drilling campaign, from 17.5 million tonnes in 2021 MRE with additional Mineral resources reported

down-dip and within marble units resulted in the addition of 17.5 million tonnes of Inferred Mineral Resources

averaging 3.51% Cg per tonne for 0.65 million tonnes of contained graphite; and the additional 13,107 metres of infill

drilling in 79 holes completed in 2022 combined with the refinement of the deposit and structural models contributed

to the addition of most of the Inferred Mineral Resources to the Indicated Mineral Resource category, relative to the

2021 Mineral Resource Estimate. The MRE assumes a US$1,098.07 per tonne graphite price and a cut -off grade of

1.50% Cg (graphitic carbon).

In addition to La Loutre, Lomiko has earned-in its 49% stake in the Bourier Project from Critical Elements Lithium

Corporation as per the option agreement announced on April 27 th, 2021. The Bourier project site is located near

Nemaska Lithium and Critical Elements south-east of the Eeyou Istchee James Bay territory in Quebec, which consists

of 203 claims for a total ground position of 10,252.20 hectares (102.52 km2), in Canada’s lithium triangle near the

James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

On behalf of the Board,

Belinda Labatte

CEO and Director, Lomiko Metals Inc.

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

Cautionary Note Regarding Forward -Looking Information

This news release contains "forward -looking information" within the meaning of the applicable Canadian securities legislation that is based on

expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Company;

and any other information herein that is not a historical fact may be "forward-looking information" (“FLI”). All statements, other than statements

of historical fact, are FLI and can be identified by the use of statemen ts that include words such as "anticipates", "plans", "continues", "estimates",

"expects", "may", "will", "projects", "predicts", “proposes”, "potential", "target", "implement", “scheduled”, "intends", "co uld", "might", "should",

"believe" and similar words or expressions. FLI in this new release includes, but is not limited to: the total gross proceeds of the Offering, the use

of proceeds of the Offering, the timing and successful completion of the Offering; the Company’s ability to successfully fund, or remain fully

funded for the implementation of its business strategy and for exploration of any of its projects (including from the capital markets);, and the

expected timing of announcements in this regard. FLI involves known and unknown risks, assumptions and other factors that may cause actual

results or performance to differ materially.

The FLI in this news release reflects the Company’s current views about future events, and while considered reasonable by the Company at this

time, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately r eflect

actual results. Assumptions upon which such FLI is based include, without limitation: the Company’s , ability to implement its overall business

strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof , the impact of increasing

competition in the mineral exploration business, including the Company’s competitive position in the industry, and general economic conditions,

including in relation to currency controls and interest rate fluctuations.

The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement, the “Forward-Looking Statements”

section contained in the Company’s most recent management’s discussion and analysis (MD&A), which is available on SEDAR + at

www.sedarplus.ca. All FLI in this news release are made as of the date of this news release. There can be no assurance that such statements w ill

prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Ac cordingly, readers

should not place undue reliance on such forward-looking information. The Company does not undertake to update or revise any forward-looking

information contained herein to reflect new events or circumstances, except as may be required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven ture Exchange)

accepts responsibility for the adequacy or accuracy of this news release.

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