Mr. Kelly Abbott reports

PEGMATITE ONE CONFIRMS 100% INTEREST IN GOLDEN SCHEELITE TUNGSTEN PROJECT, HUMBOLDT COUNTY, NEVADA

Pegmatite One Lithium and Gold Corp.'s wholly owned U.S. subsidiary, Wolfram Critical Minerals Inc., has received confirmation from the U.S. Bureau of Land Management (BLM) that all 17 of its Golden Scheelite lode mining claims have been accepted, serialized and recorded.

The claims cover the historic Golden Scheelite prospect in the Varyville mining district of Humboldt county, Nevada. The project is held 100 per cent through Wolfram, with no shares issued as acquisition consideration, no underlying royalties, no option payments and no third party work commitments. As a result, Pegmatite One acquired 100 per cent of the project without dilution to existing shareholders.

Historical government records describe Golden Scheelite as a tungsten-bearing skarn occurrence with limited past production. A 1953 shipment of six tons of mineralized material to the Getchell mill was reported to grade 0.71 per cent WO3 and, in 1954, a shipment of 20 tons of mineralized material was reported to grade 0.59 per cent WO3. The USGS mineral resources data system record cited by the company describes scheelite-bearing tactite with reported tungsten content generally ranging from 0.01 per cent to 2 per cent WO3 and averaging about 0.25 per cent WO3. Other historical sampling of scheelite-bearing tactite has been reported at values of up to 3.59 per cent WO3 from the bottom of a seven-foot (ft) shaft sunk in the floor of a large surface open pit; the company has not confirmed the sample type, width, analytical method or location of that result.

Historical work was limited and selective, consisting principally of trenching and a single approximately 50-foot open cut completed during 1953 and 1954. Based on the historical records reviewed by the company to date, the project has seen no modern drilling or systematic exploration. The planned work is intended to evaluate historically reported mineralization using modern geochemistry, geophysics and, if warranted, drilling.

The Golden Scheelite claims cover an area underlain by metamorphic rocks enclosed by quartz monzonite, with scheelite-bearing tactite reported along and near contacts between biotite-feldspar-quartz schist and the granitic intrusion. Historical descriptions identify scheelite and powellite within a garnet-pyroxene-epidote-quartz tactite assemblage, supporting a documented tungsten-molybdenum association.

The staking comes amid renewed strategic attention to tungsten supply. China introduced export controls on selected tungsten items in February, 2025. The U.S. Geological Survey estimates that China accounted for approximately 79 per cent of global tungsten mine production in 2025, while the United States has had no commercial domestic tungsten mine production since 2015. The company believes this backdrop supports renewed evaluation of historical U.S. tungsten occurrences with documented mineralization and limited modern exploration.

The company is finalizing a phase 1 field program expected to include geological mapping, UV-lamp prospecting for scheelite, systematic rock and channel sampling of historical workings, and soil geochemistry across prospective target areas. Subject to final review by the company's qualified person, the program is intended to evaluate and, where possible, verify aspects of the historical geological record, better understand the geological controls on reported mineralization, and identify and prioritize targets for follow-up exploration and potential drilling.

The company also sees opportunities to expand its land position in the surrounding district. As geological mapping, historical research and fieldwork advance, the company intends to evaluate additional ground for potential staking where warranted by the results of its exploration work.

Results will be disclosed as they are received, reviewed and verified.

Adoption of omnibus equity incentive plan and grant of restricted share units

The company also announces that its board of directors has adopted an omnibus equity incentive plan, which provides for the grant of stock options, restricted share units (RSUs), performance share units and deferred share units to eligible directors, officers, employees and consultants of the company. The plan permits the company to reserve for issuance a rolling maximum of up to 10 per cent of its issued and outstanding common shares from time to time. Adoption of the plan remains subject to acceptance by the Canadian Securities Exchange.

In connection with the adoption of the plan, the company also announces that its board of directors has approved the grant of an aggregate of up to 1.25 million RSUs to certain consultants of the company in consideration for corporate advisory, business development and capital markets support services. The RSUs are subject to vesting terms set out in the applicable award agreements, including time-based and milestone-based vesting conditions, and each RSU entitles the holder to receive one common share of the company upon vesting and settlement, subject to the terms of the plan. The grant of the RSUs remains subject to acceptance by the CSE, and all securities issued in connection with the RSU grants will be subject to a statutory hold period of four months and one day from the date of grant, in accordance with applicable securities laws.

The company also discloses that 50,000 options previously issued under the company's previous option plan have been cancelled.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Ryan Versloot, PGeo, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Versloot is an independent consultant to the company.

About Pegmatite One Lithium and Gold Corp.

Pegmatite One is a Canadian mineral exploration company focused on the acquisition and advancement of critical and precious metals projects in established mining jurisdictions. Through its wholly owned U.S. subsidiary, Wolfram Critical Minerals Inc., the company holds a 100-per-cent interest in the Golden Scheelite tungsten project in Humboldt county, Nevada.

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