File: Attachment 260520 NR PP PGA - closing.pdf

PEGMATITE ONE LITHIUM AND GOLD CORP.

PEGMATITE ONE LITHIUM AND GOLD CORP. CLOSES PRIVATE PLACEMENT OFFERING

May 20, 2026 Vancouver, British Columbia. Pegmatite One Lithium and Gold Corp. (the "Company") (CSE: PGA) announces that the Company has closed its previously announced private placement by issuing 4,003,947 units (each a "Unit") at a price $0.09 per Unit for total proceeds of $360,355.23 (the "Offering").

Each Unit consists of one common share and one half of one whole share purchase warrant (each whole warrant a "Warrant"). Each Warrant is exercisable at a price of $0.12 per share for a period expiring two years from the date of issuance.

All securities issued in connection with the Offering will be subject to a four-month statutory hold period.

The Company paid a finder's fee of $8,190 cash and 91,000 brokers warrants. Each Warrant is exercisable at a price of $0.12 per share for a period expiring two years from the date of issuance

The proceeds of the Offering will be used for exploration as well as general working capital purposes.

Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval from the Canadian Securities Exchange.

On Behalf of the Board of Directors, Pegmatite One Lithium and Gold Corp. Kelly Abbott CEO Phone: +1 (416) 481-2222 x228 Email: kelly@pegmatiteone.com Website: www.pegmatiteone.com

Cautionary Statement Forward-looking Information Cautionary Statement Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for the Company as described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which are available at www.sedarplus.ca

The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.