Mr. Kelly Abbott reports

PEGMATITE ONE CONFIRMS HIGH-GRADE LITHIUM DISCOVERY AT FRAZER LAKE MOUND PROPERTY

Pegmatite One Lithium and Gold Corp. has made a discovery of high-grade lithium mineralization at the Frazer Lake Mound property in Northwestern Ontario, Canada. This significant discovery, spearheaded by Planet X Exploration Services Corp., is the first of its kind in this region.

The exploration program, driven by a skilled team of geologists and "explorationists" at Planet X, resulted in the collection of 231 rock grab samples across the property. An in-depth analysis confirmed the presence of spodumene-bearing pegmatite dikes, reinforcing the monumental nature of this discovery in Northwestern Ontario.

Breakdown of the discovery:

• Peak values: In the spodumene-rich pegmatite zone, six samples averaged an impressive 6.82 per cent Li2O (lithium oxide), reaching highs of 7.25 per cent Li2O.
• Other anomalies: 15 samples exhibited readings over 0.02 per cent Li2O.

Adding to the excitement, an extensive trend, spanning about nine kilometres, and containing anomalous and enriched LCT (lithium-cesium-tantalum) pegmatite veins and dikes has been mapped out. This discovery emphasizes the region's potential for hosting further high-grade lithium mineralization. The discovery zone contains visual spodumene with an estimated abundance varying between 1 per cent and 50 per cent within the pegmatite matrix, and the extent of the zone is currently open in all directions.

Kelly Abbott, chief executive officer of Pegmatite One, stated: "This new data adds to the growing evidence of the exceptional lithium potential of the Frazer Lake Mound property. We're excited about the implications this has for our future exploration and development strategies moving forward."

Anticipated maps detailing the discovery will be shared once received. This announcement fortifies Pegmatite One's commitment to unveiling superior lithium sources pivotal for the evolution of green and sustainable technologies.

Qualified person

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

Quality assurance/quality control (QA/QC)

Grab samples were managed by Planet X Exploration Services. All samples were bagged, sealed and stored inside a storage locker until delivery to an independent laboratory -- ALS Laboratories in Thunder Bay, Ont. (ISO/IEC 17025:2017). The initial batch of samples were analyzed by four-acid digestion with ICP-MS (inductively coupled plasma mass spectrometry) finish (ME-MS61) and the overlimits were finished by ICP-AES (inductively coupled plasma atomic emission spectroscopy) (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 focused on the exploration 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, B.C. 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, B.C., consists of one mineral claim covering an area of 2,069 hectares.

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