Mr. Kelly Abbott reports

PEGMATITE ONE OPTIONS DORT GOLD PROPERTY IN CENTRAL BRITISH COLUMBIA

Pegmatite One Lithium and Gold Corp. has entered into an arm's-length option agreement with prospector Bernie Kreft, under which the company can earn a 100-per-cent interest in the Dort project located in the Omineca mining division, central British Columbia, and about 10 kilometres southwest of the Kemess Mine Road.

Dort highlights:

• The Dort property is strategically located close to infrastructure in an area of historic producers, well-documented gold and base metal occurrences, and several recent discoveries.
• The Dort project totals 857.2 hectares and is located approximately five kilometres west of Pacific Ridge Exploration Ltd.'s Kliyul Main zone in the prolific Quesnel terrane in north-central British Columbia, Canada.
• Pacific Ridge has completed more than 17,500 metres of diamond drilling on the copper-gold-silver KMZ and it has been the focus of the company's exploration since 2020.
• Dort is an orogenic gold target that shares geological similarities with the Spanish Mountain gold deposit where proven and probable gold, and with Kestrel Gold's QCM project where recent reverse circulation drill results include 2.3 grams per tonne (g/t) gold (Au) over 44.19 metres.
• Geology consists of Takla Group volcanics, volcaniclastics and sediments that are carbonate and sericite altered, sheared and cut by quartz veins and quartz vein stockworks.
• Mineralization consists of gold, occasionally in its native form, silver and minor sulphides, including pyrite, in quartz veins and stockworks, with sulphides also found within shear zones or altered wallrock adjacent to quartz veining.
• The Dort property is 52 kilometres southeast of the past-producing Kemess South mine and the recent NorthWest Copper Corp. East Niv discovery (2022).

"We are delighted to announce the option of the Dort property, which represents a promising addition to our portfolio," said Kelly Abbott, chief executive officer of Pegmatite One. "We consider the project to be a significantly underexplored high-potential prospect located in an area of advanced mineral exploration and development activity. The company looks forward to completing an in-depth review of existing local and regional data, including the application of new technology and understanding of gold-copper deposits to implement exploration of the Dort property."

Although gold has been known to occur in the area since the 1940s, exploration of the property has been limited. Despite the historic preliminary nature exploration, of activity, six gold occurrences have been documented on the site. From north to south, they are:

• Hemlo zone -- the site of the only diamond drilling completed to date on the property reported an intersection 0.98 g/t gold over 1.54 m;
• GV zone -- reported up to 215 g/t gold in rock sample;
• Creek zone -- reported up to 32.5 g/t Au in rock sample;
• Mariposite Creek -- reported up to 15.5 g/t Au over 125 m wide zone;
• TF zone -- reported up to 9.7 g/t Au over 600 m wide zone;
• Red Bluffs -- reported up to 495 parts per billion (ppb) Au in soil samples over 400 m wide zone.

Agreement terms

Pegmatite One's right to exercise the option and earn a 100-per-cent interest in the project is subject to the terms of the option agreement. As consideration for Kreft to enter the option agreement, Pegmatite One shall issue common shares to Kreft as follows: (i) $5,000 in shares on or before the 10th day following the signing of the option agreement; (ii) $45,000 in shares on or before April 18, 2025; and (iii) $25,000 worth of shares prior to the commencement of any form of a drill program on the property.

The shares will be issued at the price that is the volume-weighted average trading price (VWAP) of the shares on the Canadian Securities Exchange for the 30 trading days ending five trading days prior to the issuance of such shares, subject to a floor price equal to the minimum price per security allowed by the exchange. Any such shares issued will be subject to a statutory hold period of four months and one day and issued issuance. Further, Pegmatite One shall have the right, in its sole discretion, to complete any share issuances by paying cash in lieu of issuing shares.

Upon commencement of commercial production, Pegmatite One shall pay to Kreft the 2.5-per-cent royalty. Pegmatite One shall be entitled at any time, up to the commencement of commercial production, to purchase two-fifths of the royalty (that is, a royalty equal to 1 per cent of net smelter returns) from Kreft for $1-million.

About Pegmatite One Lithium and Gold Corp.

Pegmatite One Lithium and Gold is a publicly traded company focused on the exploration of lithium and gold resources. Committed to responsible mining practices, the company operates two mineral exploration properties in British Columbia.

The company's Georgina property, situated in the Nanaimo mining division on Vancouver Island, B.C., covers an area of 2,069 hectares and represents a gold prospect. Meanwhile, their latest acquisition, the Dort project, located in Northern British Columbia, spans approximately 857 hectares and presents significant potential for gold exploration.

Pegmatite One's strategic approach involves leveraging historical data and deploying advanced technologies to maximize the value of their exploration efforts. With a dedication to sustainable resource development, Pegmatite One is poised to drive growth and success in the lithium and gold mining sector.

Qualified person statement

Brian Atkinson, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

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