Name of the Project
Shaakichiuwaanaan (formerly Corvette) lithium project.

Location
Eeyou Istchee James Bay region of Québec, Canada.

Project Owner/s
Patriot Battery Metals Inc.

Project Description
Patriot believes that the project has the potential to be a long-life lithium asset with unique competitive characteristics.

The August 2024 preliminary economic assessment (PEA) has highlighted its economic potential and strategic advantages, potentially positioning it among the largest producers and as a top-tier, low-cost producer of lithium.

The Shaakichiuwaanaan mineral resource includes the CV5 and CV13 spodumene pegmatites for a total of 80.1-million tonnes at 1.44% lithium oxide in the indicated category, and 62.5-million tonnes at 1.31% lithium oxide in the inferred category for 4.88-million tonnes contained lithium carbonate 
equivalent. 

The PEA considers the mineral resources from only the CV5 spodumene pegmatite.

The PEA outlines a promising staged development scenario for the cornerstone CV5 pegmatite deposit, using openpit and underground mining methods, to ensure earlier access to the high-grade Nova zone.

Stage 1 will target production capacity of about 400 000 t/y of spodumene concentrate, consequently providing a solid foundation for the project to start production. 

Stage 2 expansion aims to double production capacity to 800 000 t/y.

The project’s mine life is projected at 24 years, based on a total extracted mineral resource of 66% of total resources defined at CV5.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a potential pretax net present value, at an 8% discount rate, of C$4.7-billion and an internal rate of return of 38% at $1 375/t, with a payback of 3.6 years.

Capital Expenditure
Stage 1 capital expenditure (capex) is estimated at C$761-million for the first 400 000 t/y capacity. Stage 2 capex is estimated at C$504-million to reach a production capacity of about 800 000 t/y of spodumene concentrate.

The combined net cost requirement to reach nameplate production for Stage 1 and Stage 2 is estimated to be about C$608-million, taking into account cash flows from Stage 1 and proposed CMT-ITC tax credits.

Planned Start/End Date
Not confirmed.

Latest Developments
Although no final investment decision has been made, the PEA presents compelling economic potential. 

This, coupled with the expected clear-cut nature of the project in terms of geology, pegmatite geometry, mining methodology and processing, supports the company’s considering progressing the PEA to a feasibility study.

If the study is progressed, it would be targeted for completion during the September quarter of 2025, in parallel with the submission of the project’s environmental- and social-impact assessment documentation.

Key Contracts, Suppliers and Consultants
BBA and Primero (PEA).

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