Pegmatite One Lithium and Gold Corp. announced the results of its recent publication entitled "Overview Property Report" regarding its Morrison River Property (the "Report"), conducted by pegmatite expert Dr. Julie Selway, Ph.D., P.Geo. The Report, interpreted the Company's Morrison River Property, located near Muskrat Dam Lake, Northwestern Ontario and revealed encouraging results and potential to host lithium mineralization.

According to the Report, the Company's Morrison River Property has the potential to host rare element pegmatites which may be identified by grassroots exploration, especially surface mapping and sampling. Sampling targets include 5 white pegmatites identified on the property based on Ontario Department of Mines 1969 map M2164. The Report identifies similarities between the Morrison River Property and the PAK Deposit, owned by Frontier Lithium Inc. ("Frontier Lithium") and located approximately 150km northeast of PAK, as both are hosted by greenstone belts surrounded by granitic batholiths.

The PAK Deposit has a mineral resource in measured and indicated categories of 7.23 MT averaging 1.87% Li2O and 2.76 MT averaging 2.22% inferred category. The Company's Qualified Person has not verified the PAK Deposit resource estimates listed in this press release. The Company's Qualified Person has mentioned the PAK Deposit resources as an indication of the potential of lithium mineralization in the region.

The reader is cautioned that regional resources, does not necessarily indicate lithium mineralization on the Company's Morrison River Property. Key assumptions, parameters and methods used to prepare the resource estimates are given by Frontier Lithium. The Report will serve as a roadmap for the company's future plans, including a three-phase plan: Geophysics survey, Mapping and sampling of selected pegmatite target areas and Drilling of lithium targets.

Phases 1 and 2 are to begin shortly. The Company is confident that the results of this Report will be of significant interest to its shareholders, partners, and the local community. No mineral resources or reserves have been defined on the Morrison River Property.

There has been insufficient exploration to define a mineral resource and there can be no assurance that further geologic work will result in mineral resources being delineated on the Morrison River Property.