Corporate Update

Corporate Update

Vancouver – August 11, 2022 – True North Gems Inc. (TSXV: TGX, or the "Company") reports

that its wholly -owned subsidiary, Laval Critical Elements Inc,. has terminated its proposed

transaction (as reported in Stockwatch on July 27, 2022) with Lithium One Metals Inc. to acquire a

50% interest in the Simac East Lithium Project held by Lithium One Metals Inc. ("L1").

The Company continues to seek regulatory approval of the transaction reported on July 4, 2022

respecting the Cyr -Kapiwak Lithium Project of Lithium One Metals Inc. Thi s transaction remains

subject to regulatory approval.

On behalf of the Board of Directors of True North Gems Inc.

"Owen King" (signed)

Owen King

CEO & Director

604-618-1835

For further information, contact:

Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This document contains “forward- looking information” and “forward -looking statements” (together, “forward -looking

statements”) within the meaning of applicable securities legislation, which are made as of the date of this document or

the document(s) referred to herein. Statements that express predict ions, expectations, beliefs, plans, projections,

objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”,

“anticipates”, “plans”, “projects”, “estimates”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating

that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the

negative of any of these terms and similar expressions) are not statements of historical fact and may be forward -looking

statements. Forward -looking statements include, without limitation, statements with respect to:. The forward -looking

statements are made based upon certain assumptions which, if untrue, could cause the actual results, performan ces or

achievements of the Company to be materially different from future results, performances or achievements expressed or

implied by the forward -looking statements. By their very nature, forward- looking statements involve inherent risks and

uncertainties that could cause actual results, performances or achievements to differ materially from those in the forward-

looking statements. These include, without limitation: price volatility, discrepancies between actual and estimated

production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks,

regulatory restrictions (including environmental regulatory restrictions and liability), activities by governmental

authorities, the speculative nature of mineral explora tion, the global economic climate, dilution, share price volatility,

competition, loss of key employees; additional funding requirements and defective title to mineral claims or property].

This list is not exhaustive. See also, for example, the risks discl osed in the Company’s other disclosure documents filed

at www.sedar.com, including, without limitation, those disclosed in the Company’s management’s discussion & analysis.

The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, except

as otherwise required by applicable securities legislation.