Name of the Project
Shaakichiuwaanaan – 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 proposes a hybrid mining model, combining openpit and underground extraction methods. 

The openpit operation will be developed first, with Phase 1 providing an initial production capacity of 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, as well as leveraging tantalum recovery and the recent caesium discovery. This could add further value alongside spodumene production. 

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 Resources is pursuing financing of up to C$130-million to support the next phase of exploration and development.

The proposed fundraising will comprise a public offering of common shares to raise up to about C$65-million and a concurrent private placement of flow-through shares, together targeting aggregate proceeds of up to C$130-million.

Under the proposed structure, the public offering will be conducted at C$5.66 a share, while the flow-through placement will be priced at C$9.30 a share, representing a 48% premium to PMET’s last traded price on the TSX on February 6.

PMET has said the proceeds will be used to fund an updated and optimised feasibility study for the CV5 deposit, including the incorporation of tantalum as a co-product, and advancing the CV13 deposit towards a preliminary economic assessment covering lithium, caesium and tantalum.

The financing is expected to significantly derisk its funding requirements to a final investment decision (FID) while preserving balance sheet strength and strategic flexibility.

PMET has indicated that investor demand has been received from existing and new institutional, professional and sophisticated investors across North America and Australia.

In addition, the company’s largest shareholder, Volkswagen, which holds about 9.553% of PMET, has advised of its intention to participate in a separate private placement of additional common shares, anticipated to raise up to about C$14-million, subject to final terms and timing.

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.