Mr. R. Dale Ginn of Norris Lithium reports

LITHIUM ONE AND NORRIS LITHIUM PROVIDE UPDATE ON PROPOSED BUSINESS COMBINATION

Lithium One Metals Inc. and Norris Lithium Inc. have provided an update on the status of Lithium One's proposed business combination with Norris Lithium pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia), as previously announced in the joint news release of the companies dated June 19, 2023.

Norris Lithium has obtained an interim order from the Supreme Court of British Columbia dated August 11, 2023, which provides for, among other things, the holding of a special meeting of the Norris Lithium shareholders to consider and approve the Transaction (the "Meeting"). The Meeting is scheduled to be held on September 19, 2023 at 10:00 a.m. (Vancouver time).

Norris Lithium has mailed a management information circular dated August 11, 2023 (the "Circular"), together with related meeting materials for the Meeting, to the Norris Lithium shareholders entitled to vote at the Meeting and a copy of the Circular has been filed on the SEDAR+ profile of Norris Lithium at www.sedarplus.ca.

In addition to Norris Lithium shareholder approval, the Transaction is subject to final court approval and the satisfaction of certain other customary closing conditions for transactions of this nature. If the Transaction is approved at the Meeting and all other conditions have been met, it is expected that the Transaction will be completed in late September 2023.

Certain directors and officers of Lithium One (the "Participating Insiders") hold an aggregate of 1,706,000 common shares of Norris Lithium and one of the Participating Insiders serves as an officer of Norris Lithium, and as a result, the Transaction may be considered a "related party transaction" for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101").

Lithium One is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the subject matter of, nor the fair market value of the consideration for, the Transaction, insofar as it involves the Participating Insiders, does not exceed 25% of the market capitalization of Lithium One, as determined in accordance with MI 61-101. Norris Lithium has determined that the transaction does not constitute a "business combination" for the purposes of MI 61-101 and therefore not subject to formal valuation and minority shareholder approval requirements on the basis that no collateral benefits are to be received by the directors or officers of Norris Lithium as a result of the completion of the transaction.

About Lithium One

Lithium One Metals 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.

On behalf of the Board of Directors of Lithium One Metals Inc. Nav Dhaliwal, Chief Executive Officer, President and Director

About Norris Lithium

Norris Lithium is engaged in the acquisition, exploration, and development of mineral property assets in Canada. Norris Lithium owns the Highway and Bus Lithium properties in the James Bay region of Quebec and holds the Solitude Lake Property located near the Savant Lake area in the Patricia Mining Division, Ontario. Norris Lithium's objectives are to conduct exploration programs on its Solitude Lake Property and Quebec lithium properties and to locate and develop other economic mineral properties of merit.

We seek Safe Harbor.