Mr. Kelly Abbott reports

PEGMATITE ONE'S EXTENDED EXPLORATION EFFORTS YIELD UP TO 7.25% LI2O CONCENTRATIONS FROM OVERLIMIT ANALYSIS AT FRAZER LAKE MOUND PROPERTY AND CANCELLATION OF PRIVATE PLACEMENT

Pegmatite One Lithium and Gold Corp. has released compelling results from the overlimit analysis of samples collected during the continuing exploration program at the Frazer Lake Mound property in Northwestern Ontario, Canada.

Preliminary laboratory tests reporting lithium concentrations exceeding 10,000 parts per million (PPM), or 1%, prompted Pegmatite One to embark on a comprehensive overlimit analysis. This subsequent examination unveiled even higher lithium concentrations, confirming the exceptional nature of the lithium mineralization within the Frazer Lake Mound Property.

The Company's dedication to meticulous exploration has yielded remarkable findings, with the recent overlimit analysis of selected samples showcasing significant lithium concentrations well above the initial 1% limit, with samples returning up to 3.37% Li or 7.25% Li2O. This outcome underscores the substantial potential of the Frazer Lake region as a valuable source of lithium.

Kelly Abbott, CEO of Pegmatite One, expressed his enthusiasm for these groundbreaking results, stating, "The outcome of the overlimit analysis is a testament to the exceptional quality of the lithium mineralization we have discovered. These results underscore the strategic significance of our ongoing exploration efforts and reinforce our confidence in the immense potential of Frazer Lake as a lithium-rich region."

The successful overlimit analysis strengthens Pegmatite One's commitment to advancing its exploration strategy at the Frazer Lake Mound Property.

The significant lithium concentrations reported in the overlimit analysis represent a pivotal milestone in Pegmatite One's journey towards establishing the Frazer Lake Mound Property as a potential source of high-grade lithium. In response to these compelling findings, the Company has extended its exploration program within the Frazer Lake region. This decision reflects the remarkable potential of the property's lithium mineralization, driving an intensified effort to uncover their full scope and value. The Company will continue to share updates as it progresses in its exploration endeavours.

Additionally, the Company would like to announce that the non-brokered private placement announced on June 28, 2023 is cancelled effective the date hereof as the Company reconsiders its potential sources of financing due to the favorable results of these analyses as first announced by the Company on August 2, 2023.

Technical information in this news release has been approved by Ryan Versloot, P.Geo., a 'Qualified Person' as defined under Canadian National Instrument 43-101.

Quality Assurance / Quality Control

The grab samples were collected by personnel from Planet X Exploration Services Ltd. All samples were bagged, sealed and stored inside a storage locker until delivery to an independent laboratory, ALS Laboratories in Thunder Bay, Ontario (ISO/IEC 17025:2017). The initial batch of samples was analyzed by four acid digestion with ICP-MS finish (ME-MS61) and the overlimits were finished by ICP-AES (Li-OG63). One standard (OREAS 750) and one blank were submitted with the shipment to supplement the lab's internal controls.

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 mineral exploration properties in Northwestern Ontario and a third mineral exploration property on Vancouver Island. The Morrison River property consists of 222 claims and 335 cell claim units in the Morrison River area, Muskrat Dam Lake, 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, British Columbia, consists of one mineral claim covering an area of 2,069 hectares.

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