Lomiko Metals Inc. announced that it has entered into an agreement with SOQUEM and a private owner to acquire 100% of 17 mineral claims forming the Carmin project, subject to customary closing conditions expected to be completed within the next 3 to 4 weeks. These claims cover 678 hectares (6,780 Sq km). The agreement was signed on March 2, 2023.

The Property is located 40 km west of Mont Tremblant and situated north-east and contiguous to the La Loutre property where Lomiko has mineral rights. The Property is accessible by road and forest road from Lac-des-Plages and the northern end of the claims are partially contiguous to the Papineau-Labelle Wildlife Reserve. Lomiko commits to not exploring or developing within 1km of park boundaries.

The La Loutre and Carmin project site are located within the Kitigan Zibi Anishinabeg (KZA) First Nation's territory and the KZA First Nation is part of the Algonquin Nation. KZA territory is situated within the Outaouais and Laurentides region. All work including the mineral resource and mineral reserve estimates are considered to be historic.

The Property consists of the Carmin deposit which consists of three previously identified mineral occurrences identified as site A, B and C; where the main mineral occurrence is identified as Site A. The historical estimate was completed by SOQUEM in December 1990, using sections and polygonal methods accounting for the blocks between sections 975N and 1425N using 2.6t/m3 density. The property has been worked on since the late 1980s and early 1990s when a pre-feasibility study was published. This historic pre-feasibility study wasn't completed in compliance with current CIM guidelines and NI-43-101 reporting requirements.

The historic mineral resource estimate is based on Site A and the 91 boreholes drilled for a total of 5,688 metres, with the average hole depth of 62.5 m. The historic mineral resource estimate for Site B is based on 27 holes for a total of 2,937m metres and average hole depth of 108.8m. The original historical estimate contemplated certain assumptions where the mineral resources are stated as Proven and Probable resources for Sites A and B. This historic pre-feasibility study wasn't completed in compliance with current CIM guidelines and NI-43-101 reporting requirements. Site A: total in place 1.55 Mt at 10.0% Cg Proven: 1.47 Mt at 10.29% Cg (holes drilled at 25 meters spacing) – likely measured Probable: 0.073 Mt at 4.10% Cg In-situ graphite content: 155,000t Site B: in place Proven 123,000t at 13.1% Cg Probable: 39,000t at 13.1% Cg Site C: undetermined mineral resources Lomiko has not done sufficient work to classify the historical estimate as a current resource, however the Company believes the original results can be relied upon to determine a subsequent exploration drill program, with the objective of updating the historical estimate using NI 43-101 guidelines.

The Company is not treating the historical estimate as a current resource. A historic Pre-feasibility study was completed in March 1991 by SNC Lavallin Inc. This historic pre-feasibility study wasn't completed in compliance with current CIM guidelines and NI-43-101 reporting requirements. The study considered only Site A and outlines: Exploitable reserves: 1,013,000 tonnes at 8.75% Cg, diluted using 15% dilution at 1% Cg Cut-off content: 3% Cg Strip ratio waste: ore: 2:1 Plant production of 87,200t or 15,000 tons of concentrate per year, mine life of 6 years The historic metallurgical test results completed as part of this study by Centre de Recherches Minérales (“CRM”) in December 1990 for SOQUEM indicated the following: Overall recovery: 85% Concentrates grading 95% Cg +48 meshes: 16.5% -48 +100 meshes: 28.5% -100 meshes: 55%.