Mr. Nav Dhaliwal reports

LITHIUM ONE COMPLETES FIRST TRANCHE OF PRIVATE PLACEMENT

Lithium One Metals Inc. has closed the first tranche of its previously announced non-brokered private placement to raise gross proceeds of up to $2-million through the issuance of 1.6 million common shares at a price of 25 cents per share for total gross proceeds of $400,000.

Net proceeds raised under the First Tranche will be used to fund the transaction costs associated with the proposed acquisition of Norris Lithium Inc. (announced in the Company's news release dated June 19, 2023) and general working capital. In consideration for arranging the First Tranche, the Company has paid a cash finder's fee in the amount of $24,000.

The Shares are subject to a hold period and may not be traded until December 3, 2023, except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange.

The Company anticipates closing of the remainder of the Placement in one or more additional tranches as soon as practicable subject to receipt of all necessary regulatory approvals.

The Company also wishes to clarify the information in its news release issued on July 29, 2023 wherein the maximum number of common shares that may be offered under the Placement should have been disclosed as being up to 8 million common shares.

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Lithium One

Lithium One Metals Inc. is a Canadian exploration company specializing in the acquisition and development of high-potential lithium properties in Ontario and Quebec. Our team of experienced geologists and prospectors are at the forefront of the search for the next generation of lithium deposits.

We seek Safe Harbor.