Name of the Project
Shaakichiuwaanaan – CV5 lithium-only project.

Location
Eeyou Istchee James Bay region of Québec, Canada.

Project Owner/s
Canadian explorer PMET Resources, formerly Patriot Battery Metals Inc.

Project Description
The CV5 lithium-only feasibility study, published on October 20, 2025, has confirmed the technical feasibility and economic viability of developing a large-scale, long-life spodumene pegmatite operation. With a competitive cost production profile, the project has demonstrated resilience to lower market cycles, positioning it to become a potential cornerstone supplier to North American, European and/or Asian battery supply chains.

The project has estimated probable reserves of 84.3-million tonnes grading 1.26% lithium oxide (LiO2 ) for 1.06-million tonnes of contained LiO2, contained lithium of 490 000 t and contained lithium carbonate equivalent.

The feasibility study proposes a hybrid mining model, starting with an openpit operation delivering about 400 000 t/y spodumene concentrate. In Phase 2, the underground mine will come online and will provide an additional production capacity of about 400 000 t/y spodumene concentrate, resulting in an estimated 800 000 t/y spodumene concentrate with a minimum grade of 5.5% lithium oxide, or SC5.5, for the project.

The project offers further upside potential through ongoing optimisation initiatives. These include the opportunity to adopt a more scalable development pathway of up to 5.1-million tonnes a year to optimise capital expenditure, while leveraging tantalum recovery and the recent caesium discovery to add further value alongside spodumene.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The feasibility study delivers an after-tax net present value, at an 8% discount rate, of about $1.19-billion at a long-term spodumene concentrate price of $1 221/t (SC5.5 basis). The internal rate of return is estimated at 18.06% and payback at 4.7 years.

Capital Expenditure
The project requires total development capital of about $1.98-billion.

Planned Start/End Date
A final investment decision remains targeted for the second half of 2027, consistent with the company’s development schedule.

Latest Developments
PMET will now advance to the next stage of development with detailed engineering, which will build on the feasibility study to define an optimised and scalable development pathway aimed at maximising long-term value. This work will evaluate optimisation initiatives, such as staging of capital, design refinements and operational efficiencies, while assessing opportunities to capture incremental value through tantalum recovery and the recent high-grade caesium discovery at CV13.

Key Contracts, Suppliers and Consultants
BBA and Primero (PEA); and SGS Canada (testwork).

Contact Details for Project Information
Patriot Battery Metals Inc, tel +1 604 279 8709 or email invest@patriotbatterymetals.com.