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 (Li₂O) in the indicated category, and 62.5-million tonnes at 1.31% Li₂O 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
Patriot Battery Metals has successfully produced a marketable and on-specification battery-grade lithium hydroxide monohydrate sample from spodumene concentrate sourced from its CV5 pegmatite.

This marks a significant step in the company’s efforts to develop the project.

The CV5 pegmatite forms a large portion of the company’s consolidated mineral resource estimate of 80.1-million tonnes at 1.44% Li₂O indicated and 62.5-million tonnes at  1.31% Li₂O inferred.

The recent successful production of a 307 g sample of battery-grade lithium hydroxide monohydrate was achieved using spodumene concentrate (6.2% Li₂O, 0.6% iron III oxide) extracted from the CV5 pegmatite. The testwork was conducted at SGS Canada's Lakefield facility, in Ontario, using a bench-scale equivalent of a typical commercial process flowsheet.

The primary goal of the test programme was to validate the proof-of-concept for the entire downstream process using representative spodumene concentrate from CV5. 

The results were successful, with the process converting the spodumene concentrate into a lithium hydroxide monohydrate product that met battery-grade specifications. This outcome also supports previous testwork by other independent parties, further validating the potential of the CV5 resource.

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.