Mr. Kelly Abbott reports

PEGMATITE ONE DISCOVERS HIGH-GRADE LITHIUM MINERALIZATION DURING EXTENDED EXPLORATION AT FRAZER LAKE MOUND PROPERTY

Pegmatite One Lithium and Gold Corp. has made a significant discovery of lithium mineralization during its exploration program at the Frazer Lake Mound property in Northwestern Ontario, Canada.

Since early July, Pegmatite One's dedicated exploration crew has been diligently working at the property, carrying out comprehensive geological mapping, prospecting and systematic sampling. Over 266 samples have been collected and sent to the laboratory for analysis.

The results from the first batch of 10 samples have exceeded expectations, with lithium concentrations surpassing 10,000 parts per million (PPM) or 1 per cent Li, marking a noteworthy find. These outstanding lithium results have prompted the company to resubmit the samples to the lab for overlimit analysis to assess the full potential of this discovery.

In light of these highly promising results, Pegmatite One has made the strategic decision to extend the summer field season for its exploration crew to continue prospecting and testing in the area. The company is committed to maximizing its efforts in unlocking the full potential of the Frazer Lake Mound property and further advancing the exploration of this promising prospect of spodumene-bearing pegmatite outcrops.

Lithium's increasing demand, particularly as a crucial component in lithium-ion batteries, essential for electric vehicles and renewable energy storage, has further emphasized the significance of this discovery.

Pegmatite One remains dedicated to conducting responsible and environmentally conscious exploration practices, adhering to the highest technical standards in the industry. The company will continue to keep its shareholders and stakeholders informed about the progress and developments as they continue to explore the potential of Frazer Lake Mound property.

Technical information in this news release has been approved by Ryan Versloot, PGeo, a qualified person as defined under Canadian National Instrument 43-101.

About Pegmatite One Lithium and Gold Corp.

Pegmatite One is a publicly traded company exploring for lithium and gold. The company is committed to responsible mining practices and operates two mining properties in Northwestern Ontario and on Vancouver Island. The Morrison River property consists of 222 claims and 335 cell claim units in the Morrison River area of Muskrat Dam Lake in Northwestern Ontario. The Morrison River property is Pegmatite One's flagship lithium asset; the company sees its potential lithium production to be part of the world's continued shift toward electric vehicles and green technologies. The Georgina property, a gold prospect located in the Nanaimo mining division, Vancouver Island, B.C., consists of one mineral claim covering an area of 2,069 hectares.

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