Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce that it intends to offer up to 17,500,000 flow-through units at $0.04 (the “FT Units”) for gross proceeds of up to $700,000. The Company would also like to provide a corporate update on the Annual and Special Meeting and the previously announced sale of wholly-owned subsidiary Lomiko Technologies Inc.

Belinda Labatte, CEO and Director of Lomiko Metals: “We are pleased to announce the flow-through financing of up to $700,000 will be used to further our La Loutre and regional natural flake graphite exploration campaign and prospects at the Bourier lithium project. 2023 is a year to build on all our operational milestones and position ourselves for the significant doubling in investment into Electric Vehicles by automakers, forecast to be nearly $1.2 trillion in 2023, according to Reuters. In addition, demand growth for graphite is forecast to increase to 40% year on year, according to Fastmarkets, from 30% a year ago. Lomiko is well positioned in Quebec as a responsible operator developing a secure supply of graphite projects in Southern Quebec.”

Flow-Through Private Placement

The Flow-Through private placement will consist of 17,500,000 flow-through units (the “FT Units”) at a price of $0.04 per FT Unit for aggregate gross proceeds of $700,000.

Each FT Unit consists of one common share that will qualify as a “flow-through share” within the meaning of the Income Tax Act (Canada) and the Taxation Act (Québec) and one common share purchase warrant (a “Warrant”) with each whole Warrant being exercisable at a price of $0.06 per share for a period of two years following the closing.

The Company intends to use the gross proceeds of the flow-through private placement to incur Canadian Exploration Expenses and “flow-through mining expenditures” as defined in the Income Tax Act (Canada) and the Taxation Act (Québec) on the Company’s Laurentides regional graphite exploration program and the Bourier Lithium property, which will be incurred on or before December 31, 2023, and renounced with an effective date no later than December 31, 2022 to the initial purchasers of FT Units in an aggregate amount not less than the gross proceeds from the sale of the FT Units.

Closing is subject to several prescribed conditions, including, without limitations, approval of the TSX Venture Exchange. All the securities issued under the Offering are subject to resale restrictions under applicable securities legislation.

Finder fees and commissions may be paid in accordance with the TSX policies.

Corporate update

Annual and Special Meeting

As previously announced, the Annual and Special Meeting of the Company will be held by means of remote communication rather than in person, on Tuesday, December 6, 2022, at the hour of 11:00 a.m. (Eastern time). Due to a technical issue outside of the Company’s control, Lomiko will not be in a position to send out individual confirmation emails (with a copy of the Zoom link) to every registered shareholder and duly appointed proxyholder who registered prior to the Meeting using the link provided in the notice of Meeting dated November 3, 2022. Registered Shareholders and duly appointed proxyholders can attend the meeting using the Zoom link provided below.

https://fasken.zoom.us/meeting/register/tJUlduippzgqGNz1S9xPkmIoCdcdxWLb7LAN

(Meeting ID: 918 1119 3028)

To ensure a smooth process, the Company is asking registered shareholders and duly appointed proxyholders to log in by 10:45 a.m. (Eastern time) on December 6, 2022.

Sale of wholly-owned Lomiko Technologies Inc.

During the last Annual and Special Meeting held by the company on December 6, 2021, shareholders approved the extension of the sale of the Company’s wholly-owned subsidiary Lomiko Technologies Inc to Promethieus Technologies Inc. The transaction was to be completed on November 30, 2022. As of the date of this release, the sale was not completed by the agreed date. The Company will review alternatives to the previously proposed transaction.

About Lomiko Metals Inc.

Lomiko Metals has a new vision and a new strategy in new energy. Lomiko represents a company with purpose: a people-first company where we can manifest a world of abundant renewable energy with Canadian and Quebec critical minerals for a solution in North America. Our goal is to create a new energy future in Canada where we will grow the critical minerals workforce, become a valued partner and neighbour with the communities in which we operate, and provide a secure and responsibly sourced supply of critical minerals.

In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corporation towards earning its 70% stake in the Bourier Project 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.

About the La Loutre Graphite Project

The Company holds exclusive mineral rights in its La Loutre graphite development project in southern Quebec. The La Loutre project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory. The KZA First Nations are part of the Algonquin Nation and the KZA territory is situated within the Outaouais and Laurentides regions.​ Located 180 kilometres northwest of Montreal, the property consists of one large, continuous block with 76 mineral claims totalling 4,528 hectares (45.3 km2).

The Property is underlain by rocks belonging to the Grenville Province of the Precambrian Canadian Shield. The Grenville was formed under conditions that were very favourable for the development of coarse-grained, flake-type graphite mineralization from organic-rich material during high-temperature metamorphism.

Lomiko Metals published a July 29, 2021 Preliminary Economic Estimate (PEA) which indicated the project had a 15-year mine life producing per year 100,000 tonnes of graphite concentrate at 95% Cg or a total of 1.5Mt of graphite concentrate. This report was prepared as National Instrument 43-101 Technical Report for Lomiko Metals Inc. by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services, and Metpro Management Inc., collectively the Report Authors.

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 statements that include words such as "anticipates", "plans", "continues", "estimates", "expects", "may", "will", "projects", "predicts", “proposes”, "potential", "target", "implement", “scheduled”, "intends", "could", "might", "should", "believe" and similar words or expressions. FLI in this new release includes, but is not limited to: the Company’s objective to become a responsible supplier of critical minerals, exploration of the Company’s projects, including expected costs of exploration and timing to achieve certain milestones, including timing for completion of exploration programs; 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); any anticipated impacts of COVID-19 on the Company’s business objectives or projects, the Company's financial position or operations, 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, and statements relating to the intended use of proceeds of the Offering and the receipt of final acceptance of the TSX Venture Exchange. This FLI 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 reflect actual results. Assumptions upon which such FLI is based include, without limitation: current market for critical minerals; current technological trends; the business relationship between the Company and its business partners; ability to implement its business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof; the ability to operate in a safe and effective manner; uncertainties related to receiving and maintaining exploration, environmental and other permits or approvals in Quebec; any unforeseen impacts of COVID-19; impact of increasing competition in the mineral exploration business, including the Company’s competitive position in the industry; 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.sedar.com, and on the investor presentation on its website. All FLI in this news release are made as of the date of this news release. There can be no assurance that such 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 on forward-looking information. The Company does not undertake to update or revise any such forward-looking statements or 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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