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Lomiko Announces Closing of the Hard Dollar Private Placement

Press Release

Montreal, Québec – December 5, 2023 – Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce that it will apply to the TSX Venture Exchange to close its private placement announced on November 23, 2023, pursuant to which it will issue 16,666,666 units (each a “Unit“) at $0.03 per Unit for gross proceeds of $500,000. Each unit consists of one (1) common share and one common share purchase warrant (each a “Hard Warrant“). Each Hard Warrant entitles the holder to acquire one (1) common share at a price of $0.05 for a period of 60 months.

The Units will be subject to a four-month “hold period” commencing on the closing date pursuant to National Instrument 45-102 – Resale of Securities and Regulation 45-102 respecting Resale of Securities, and the certificates or DRS advice representing such securities will bear a legend to that effect.

Private Placement Use of Proceeds

The net proceeds of the Offering will be used to incur expenses on its graphite and lithium properties. Below is a summary of the major categories applied to the gross proceeds as required by TSXV policy, in addition to working capital requirements:

  • 12% – Anode material studies.
  • 5% – Metallurgical studies.
  • 10% – Environmental, social, and Indigenous studies.
  • Not more than 10% – Investor Relations and strategic advisory work.
  • The balance will be applied to working capital, finder fees, and other project expenses.

The Company confirms there is no material fact or material change related to the Company which has yet to be generally disclosed.

Pursuant to applicable Canadian securities laws, all securities issued under this private placement are subject to a hold period of four months and one day. On closing, the Company anticipates paying finders’ fees with the issuance of 583,333 common shares. Closing is subject to several prescribed conditions, including, without limitations, final approval of the TSX Venture Exchange.

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 April 13, 2023 Updated Mineral Resource Estimate (MRE) which estimated 64.7 million tonnes of Indicated Mineral Resources averaging 4.59% 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 is working with Critical Elements Lithium Corporation towards earning its 49% stake in the Bourier Project as per the option agreement announced on April 27th, 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

Contact Vincent Osbourne at 647-528-1501 or Belinda Labatte at 647-402-8379 or at 1-833-456-6456 or 1-833-4-LOMIKO
or email: info@lomiko.com.

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