LMR.V · 2024-10-31 12:00:00

Lomiko Metals announces process for settlement of debts for shares

Share Capital & Compensation

#439, 7184 120th Street, Surrey, BC, V3W 0M6● Ph: (778) 228- 1170 ● Fax: (604) 583-1932 ● Website: www.lomiko.com

October 31th, 2024 – Montreal, Québec: Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals”

or the “Company”) The Company announces that it will be making an application to the TSX

Venture Exchange to settle a portion of outstanding debts in the amount of $90,000 Cdn. through

the issuance of 545,454 common shares at a deemed value of $0.165. The creditors are insiders of

the Company. The closing of the shares for debt application and the issuance of the shares is

subject to the TSX Venture Exchange approval. All common shares to be issued will be issued

with the required four-month plus one day hold period from issuance.

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 I nnovExplo on May 11th, 2023, which estimated 6 4.7 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 word s or expressions. FLI in this new release includes, but is not limited to: the total amount of funds available to the

Company; 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); the Company’s ability to complete the Private Placement and the Consolidation, , 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 Venture Exchange) accepts responsibility for the adequacy or

accuracy of this news release.

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