Ms. Belinda Labatte reports

LOMIKO UPDATES PRIVATE PLACEMENT

Further to the press release dated Jan. 7, 2022, Lomiko Metals Inc., subject to the approval of the TSX Venture Exchange for a non-brokered private placement, has updated the closing of its financing for gross proceeds of $1,666,000 through the issue of 20,825,000 units at a price of eight cents per unit. Each unit will consist of one common share and one warrant exercisable for five years at 11 cents.

The closing of the private placement is subject to the completion of formal documentation and the approval of the TSX Venture Exchange.

Finders' fees and commissions may be paid in accordance with the Toronto Stock Exchange policies.

Proceeds of the private placement will be used for working capital.

Insiders of the company have subscribed for 1,375,000 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. 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 insiders nor the consideration for the units paid by such insiders exceed 25 per cent 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.

All securities to be issued will be subject to a four-month-plus-one-day hold period from the date of issuance.

About Lomiko Metals Inc.

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

The company holds a 100-per-cent interest in its La Loutre graphite development in Southern Quebec. 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 48 mineral claims totalling 2,867 hectares (28.7 square kilometres). Lomiko published a preliminary economic assessment (PEA) on Sept. 10, 2021, which indicated the project had a 15-year mine life producing per year 100,000 tonnes of the graphite concentrate at 95 per cent graphitic carbon or a total of 1.5 million tonnes of the graphite concentrate. This report was prepared as a National Instrument 43-101 technical report for Lomiko by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services and Metpro Management Inc., collectively the report authors.

Lomiko is working with Critical Elements Lithium Corp. toward earning its 70-per-cent stake in the Bourier project as per the option agreement announced on April 27, 2021. The Bourier project site is located near the Nemaska lithium and critical element project southeast 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 square kilometres), in Canada's Lithium Triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

Mike Petrina, project manager, a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure in this news release.

We seek Safe Harbor.