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Lomiko Metals Outlines 2020 Project Plan for La Loutre Flake Graphite Property in Quebec

(Vancouver, British-Columbia and Montreal, Quebec) February 5, 2020 – Lomiko Metals Inc. (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) (Lomiko or the “Company”) is pleased to announce plans to move forward with assessment and development of the La Loutre Property for 2020. The goals are as follows:

1) Complete 100% Acquisition of the Property
2) Complete Metallurgy and Graphite Characterization
3) Complete a Technical Report in accordance with NI 43-101 Guidelines

A “technical report” means a report prepared and filed in accordance with this Instrument and Form 43-101F1 Technical Report that includes, in summary form, all material scientific and technical information in respect of the subject property as of the effective date of the technical report;

4) Complete Preliminary Economic Assessment (PEA) compliant with NI 43-101 Guidelines

PEA means a study, other than a pre-feasibility or feasibility study, that includes an economic analysis of the potential viability of mineral resources;

Further details regarding the plan will be released when consultants are assigned for each task.

Results from Drilling Program

Results from the 2019 program (see Table 1 below, and Figure 1) at the Refractory Zone of the La Loutre graphite project (the “Project”) indicate considerable promise. A total of 21 holes were completed in 2019 on the Refractory Zone for a total of 2,985 metres. The Project is owned by Lomiko (80%) and Quebec Precious Metals Corporation (20%).

“La Loutre has proven to be a large and high-grade area worthy of further investment.” stated A. Paul Gill, CEO. “The only operating graphite mine in North America is the Imerys Graphite & Carbon at Lac-des-Îles, 53 km northwest of La Loutre which reported Proven reserves of 5.2 M Tonnes at a grade of 7.42 % Cg in July 1988 before the start of production.” (reference: Potentiel de la minéralisation en graphite au Québec, N’Golo Togola, MERN, page 31, Conférence Québec Mines, November 24 2016).

* mineralization hosted on adjacent and/or nearby projects is not necessarily indicative of mineralization hosted on the Company’s property:

Although the recent focus was on the Refractory Zone, the Project was also subject of an independent technical report in accordance with NI 43-101 – Standards of Disclosure for Mineral Projects, prepared by B. Turcotte and G. Servelle of InnovExplo Inc. from Val-d’Or, Québec, and O. Peters, of AGP Mining Inc., dated March 24, 2016, filed for the Project’s Graphene-Battery Zone. The report presented a mineral resource estimate of 18.4 M Tonnes at a grade of 3.19% carbon flake graphite (“Cg”) in the Indicated category and 16.7 M Tonnes at 3.75% Cg in the Inferred category using a cut-off of 1.5% Cg.

The above-noted 2016 mineral resource does not include the current results or the significant intercepts from the Refractory Zone in 2016 which were as follows:

LL-16-01 – 7.74% Cg over 135.60 m including 16.81% Cg over 44.10 m
LL-16-02 – 17.08% Cg over 22.30 m and 14.80% Cg over 15.10 m
LL-16-03 – 14.56% Cg over 110.80 m

The next task is to complete a new resource estimate in compliance with NI 43-101 for the entire Project since the above-mentioned 2016 resource estimate including the 2016 and 2019 drilling at the Refractory Zone.

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