Lithium One Metals Inc. announces that, subject to regulatory approval, True North Gems Inc. through its wholly-owned subsidiary Laval Critical Elements Inc. and the company have agreed for True North Gems Inc., to acquire, pursuant to an agreement dated July 26, 2022, a 50% interest in the Sirmac East Lithium Project. This transaction remains subject to regulatory approval. Subject to regulatory approval, True North Gems Inc., via its wholly-owned subsidiary Laval Critical Elements Inc., shall acquire an undivided 50% interest in the Simac East Lithium Property by: Issuing 500,000 units of True North Gems Inc.(each Unit comprises one common share and 500,000 warrants exercisable at 20 cents for 24 months from the date of issuance of the underlying common shares) to L1 within 10 days of regulatory approval; Expending $250,000 on exploration in the aggregate on the Sirmac East and Cyr-Kapiwak Lithium Properties, within 24 months of regulatory approval; The company retains a 2% Net Smelter Royalty on the Sirmac East Lithium Property, and has the right to buy 1% of the royalty for at any time for CAD 1 million.