TSX- and ASX-listed PMET Resources has completed a feasibility study for its Shaakichiuwaanaan lithium project in Quebec’s Eeyou Istchee James Bay region, defining a maiden probable mineral reserve of 84.3-million tonnes grading 1.26% lithium carbonate (Li₂CO₃), equivalent to 2.62-million tonnes of lithium carbonate.

The study forms part of PMET's environmental- and social-impact assessment submission for the project and paves the way for final mine authorisation in Quebec.

PMET said the study confirmed the technical and economic viability of developing Shaakichiuwaanaan into a large-scale, long-life spodumene operation, capable of producing up to 800 000 t/y of SC5.5 concentrate over a 20-year mine life. The project combines low-strip openpit mining with higher-grade underground operations, and features dense media separation-only processing, eliminating the need for flotation and chemical reagents.

At a long-term spodumene price assumption of $1 221/t (SC5.5 basis), the feasibility study delivers an after-tax net present value, using an 8% discount, of C$1.59-billion and an internal rate of return of 18.1%. Development capital is estimated at C$1.98-billion, or C$1.51-billion, net of anticipated pre-production tax credits, including Canada’s Clean Technology Manufacturing Investment Tax Credit and the Tax Credit Relating to Resources.

All-in sustaining costs are projected at C$800/t, consistent with previous economic assessments, positioning Shaakichiuwaanaan among the lowest-cost lithium producers globally.

CEO Ken Brinsden described the feasibility study as “a critical path item” for the project’s regulatory progress and a foundation for engagement with government, community and industry stakeholders.

“Our large-scale, long-life project is ideally suited to support the emerging American, European and Asian lithium raw material supply chains,” Brinsden said. “Few projects globally can match its combination of scale, grade, and low-cost profile.”

The company plans to advance to detailed engineering, targeting a final investment decision in the second half of 2027, while pursuing underground bulk sampling of the high-grade Nova zone to further derisk execution and validate product specifications.

Future optimisation work will also consider tantalum recovery and integration of recent caesium discoveries at CV5 and CV13 to enhance project value.

PMET engaged G Mining Services as lead consultant for the feasibility study, with contributions from Primero Group Americas, AtkinsRéalis, BBA, Paterson & Cooke, and WSP Global, among others.

The Shaakichiuwaanaan project hosts one of the largest known lithium pegmatite resources in the Americas, with a consolidated mineral resource of 108-million tonnes at 1.40% Li₂O (indicated) and 33.4-million tonnes at 1.33% Li₂O (inferred).