Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce it has successfully completed Phase 2 of the single-layer pouch cell battery testing of its La Loutre graphite material with Polaris Battery Labs, LLC (“Polaris”). In Phase 1, Polaris completed half-cell coin battery testing, confirming good material electrochemical performance metrics compared to industry standards. (please see press release dated January 10, 2024.)

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240401093822/en/

Figure 1. Lomiko graphite single layer pouch cell batteries produced and tested by Polaris (Photo: Business Wire)

In Phase 2, cathode and prepared anode were combined into a single-layer pouch cell format to undergo electrochemical testing to demonstrate technical performance as a full rechargeable battery. Note that the single-layer pouch cells provide a format that is similar to those used in industry while not requiring large amounts of active material. The coated spherical graphite material (eSPG) provided for the originated from coated purified samples generated by the Corem Innovation Centre in Quebec, Canada. These samples were micronized and spheronized by ProGraphite in Germany. The samples are deemed representative of the La Loutre deposit.

The single-layer pouch cells constructed with our graphite anode and standard cathode material demonstrated that our graphite performs well under basic test conditions: cSPG16 and cSPG20 samples from La Loutre reveal strong performance of the La Loutre cSPG with better discharging capacity compared to commercial graphite in North America today. Both samples were put through a brief life cycle analysis for 25 cycles at C/2 and performed well. Please see highlights of the study below.

Concurrent with these studies, Lomiko is also working on the “NRC Study” announced on July 27, 2023, which aims to advance pre-feasibility level battery trials with its La Loutre natural flake graphite concentrate.

Belinda Labatte, CEO and Interim Chair of the Board, stated: “With the growing number of OEMs focused on lithium-ion batteries, graphite material testing needs to resemble real-life usage conditions. Lomiko has completed a number of metallurgical and electrochemical performance tests and will continue this process with National Research Council in 2024 and 2025. The Polaris studies, now concluded, confirm the electrochemical performance results are suitable for graphite anode materials and battery manufacturing. Lomiko has now successfully demonstrated the full value chain from ore to battery anode material on samples from the La Loutre project.

“The importance of natural flake graphite supply was once again delineated with the Biden Administration announcement on March 20, 2024: by 2032, more than half the new cars sold in the United States would likely be zero-emissions vehicles in order for carmakers to meet the new standards for tailpipe pollution reduction. These zero-emission vehicles today require approximately 100 kg of graphite per vehicle.”

Polaris Single Layer Pouch Cell Study

Pictures of the pouch cells made with Lomiko cSPG are shown pictured in Figure 1.

In Phase 2, Polaris constructed single-layer cells using the coated graphite materials paired with a cathode source. NCM111 was selected for this analysis. Preliminary cycling results indicate consistent performance with internal standard references, showing a relative capacity fade rate over 25 cycles at C/2 of less than 0.1% per cycle.

Initial cycling data suggests consistent performance with internal baseline performance metrics for an NCM111 cathode in a single-layer cell using commercially available natural graphite as the anode material. Figure 2 shows a plot of an internal performance reference for an NCM111 vs. natural graphite single-layer cell in comparison to the single-layer cell using graphite batch SPG16. C/20 and C/10 data represent a boost in performance of ~1.5%, ~2.4% at C/5, and ~3.3% at C/2 versus the commercial reference. Further, SPG16 single-layer cells also demonstrate a lower degree of capacity loss at C-rate switches and more steady capacity at C-rate versus the commercial reference.

As observed in Figure 3, initial cycling data indicates consistent performance versus a commercial reference.

In conclusion, both SPG16 and SPG20 perform well as compared to commercial graphite reference material for charge and discharge capacities, first cycle loss coulombic efficiency, and gravimetric capacity. With these electrochemical performance results produced by Polaris, Lomiko has now successfully demonstrated the full value chain from ore to battery anode material on samples from the La Loutre project.

Bourier Property

Lomiko announces that in connection with its previously announced amended option agreement (the “Option Agreement”) with Critical Elements Lithium Corporation (“CELC”) on the Bourier project (see news release dated January 25, 2022 for more details) and the successful earn in of 49% announced on December 20, 2023, and amendment of the terms of the second option under the Option Agreement (the “Second Option”), that it will not proceed with the exercise of the second option. The Company believes that further value creation may occur as development of lithium assets in the proximity of Bourier are developed.

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).

Qualified Persons – La Loutre Graphite

Mr. Oliver Peters, a Principal Metallurgist with Metpro Management Inc., is a Qualified Person within the meaning of NI 43-101. Mr. Peters is satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, and he has reviewed, approved and verified the technical information disclosed in this news release, including sampling, analytical and test data underlying the technical information.

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) (“NI 43-101 Technical Report and Mineral Resource Estimate Update for the La Loutre Project, Quebec, Canada”, prepared by InnovExplo Inc. dated May 11, 2023) 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 has earned-in its 49% stake in the Bourier Project from Critical Elements Lithium Corporation 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

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.

1-833-456-6456 1-833-4-LOMIKO info@lomiko.com

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