Pegmatite One Lithium and Gold Corp. announced it has entered into an option agreement dated June 28, 2023 (the "Agreement") with an arm's length party (the "Optionor"), whereby the Company has been granted the option to acquire a 100% interest in the Frazer Lake - Mound Property (the "Property"), located in Ontario, Canada. The Frazer Lake- Mound Property is comprised of 279 unpatented single cell mining claims located in the Townships of Cockeram, Church, McIvor, Adamson, Purdom and Oskawe Lake Area, Thunder Bay Mining Division, Ontario, Canada.

The increasing worldwide need for lithium, fueled by the surge in green energy initiatives and the rapid expansion of electric vehicles, presents an enticing investment opportunity in the acquisition of the Frazer Lake - Mounds property. This acquisition holds the potential to establish the Company as a key player in the burgeoning lithium market, presenting substantial prospects for growth. Pursuant to the Agreement, the Company may acquire a 100% interest in the Property by paying a total of $250,000 to the Optionor and issuing an aggregate of ten million common shares and seven million warrants, according to the following schedule: Pursuant to the Agreement; the Company will acquire the interest in the Property by paying the Optionor a total cash consideration of $250,001 as follows: (i) $1 on June 28, 2028, and (ii) $250,000 on or before June 28, 2024.