Mr. Kelly Abbott reports

PEGMATITE ONE LITHIUM ANNOUNCES AMENDMENT TO EXISTING OPTION AGREEMENT - EXPANDING LAND PACKAGE AND EXTENDING TIMELINE FOR NO EXTRA COMPENSATION

Pegmatite One Lithium and Gold Corp. (formerly Madi Minerals Ltd.) has entered into an amending agreement to substantially expand the land package optioned, pursuant to the option agreement announced on Aug. 10, 2023. The parties to the option agreement agreed to include an additional 304 claims (for a total of 383 claims) and extend the option payment date from the first anniversary to the third anniversary.

The amending agreement significantly expands Pegmatite One's exploration area, which was obtained by the company at no additional cost. This strategic advancement bolsters the company's dedication to maximizing the potential of its exploration efforts in the vicinity of the Frazer Lake Mound property, located in Northwestern Ontario, Canada.

Kelly Abbott, chief executive officer of Pegmatite One, commented: "Expanding our land package at no cost showcases our commitment to maximizing the potential of our exploration while maintaining fiscal responsibility. Our renewed approach to the previous acquisition highlights our dedication to transparent and value-driven practices."

Pegmatite One is committed to offering transparency regarding the previous option agreement announced on Aug. 10, 2023. With careful financial prudence, the company was able to secure the option for those claims, and now expanded to a total of 383 claims without any upfront costs to the company, avoiding work commitments, yearly payments and safeguarding shareholders from dilution by leaving the option with the company if it chooses to exercise the option on these claims in the next three years. Importantly, no funds were spent, and no shares were issued for acquiring the option, only in the event the company chooses to exercise this option in the future. The option agreement also does not mandate any minimum expenditure on the property for the duration of the option.

Pegmatite One extends its appreciation to the supporting landowners, recognizing their pivotal role in the company's exploration ventures. Pegmatite One values their contribution to its mission, and the potential it holds for both the project and its shareholders.

About Pegmatite One Lithium and Gold Corp.

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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