Lomiko Metals Inc. and Critical Elements Lithium Corporation announced the following amendment to the Bourier Lithium Option Agreement. The Bourier lithium project consists of 203 claims for a total ground position of 10,252.20 hectares (102.52 km2) in a region of Quebec that boasts other lithium deposits and known lithium mineralization. Amendment to the Bourier Option Agreement with CELC: Lomiko and CELC entered into a property option agreement dated April 24, 2021, pursuant to which Lomiko was granted an option to acquire a 70% undivided interest in the Bourier Property.

CELC grants to Lomiko the exclusive right and option to acquire, on or before December 31, 2022, an initial 49% earned interest (the “First Option”) in the Bourier Property by issuing to CELC an aggregate of 5,000,000 common shares of Lomiko, by making a cash payment to CELC totaling $50,000, and by incurring or funding exploration expenditures for a total amount of $1,300,000, of which $550,000 must be incurred or funded by no later than December 31, 2021. As of that date, Lomiko had incurred or funded claims fees, management fees and exploration expenditures in the amount of $298,228, an amount which CELC hereby recognizes as forming part of Lomiko's exploration commitment under the First Option. The Parties have agreed that the exploration shortfall of $251,772 shall be carried forward and added to the exploration expenditures that Lomiko is required to incur or fund under the First Option by no later than December 31, 2022.

The parties have also agreed that Lomiko shall advance the exploration expenditures on receipt by Lomiko of an approved exploration campaign program from CELC within a delay of 60 days from the date of such approval.