Name of the Project
Shaakichiuwaanaan lithium project.

Location
Eeyou Istchee James Bay region of Québec, Canada.

Project Owner/s
Lithium project developer 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 is making progress on the feasibility study for its Shaakichiuwaanaan property, with the final NI 43-101 report scheduled for release in September 2025.

The study, which started in September 2024, focuses on the CV5 pegmatite at the project. 

The CV5 spodumene pegmatite, forming the bulk of the resource estimate, is accessible year-round through an all-season road and is located about 14 km from a major hydroelectric powerline corridor. The CV13 pegmatite, situated less than 3 km from CV5, hosts additional lithium and tantalum resources, along with a newly discovered cesium mineralisation zone.

The feasibility study follows the August 2024 PEA. Various preparatory work programmes, including field studies, desktop analysis and lab testing, were undertaken before launching the study. Trade-off studies were also conducted to determine the most viable mine development approach.

Following these assessments, it was decided that the feasibility study would align closely with the scope outlined in the PEA, incorporating a staged production growth model. The study continues with the dense-media separation processing methodology, which has demonstrated excellent recovery characteristics in metallurgical testwork conducted in 2023 and 2024. Compared with flotation recovery techniques, this approach simplifies construction, commissioning and operations while reducing costs.

Work continues to establish the optimal schedule for underground mining, particularly access to the high-grade Nova zone. The zone has been traced over a strike length of at least 1 100 m through multiple drill holes, with geological modelling indicating a continuous spodumene mineralised zone with variable thickness and grades exceeding 2% Li₂O at depths ranging from 125 m to 325 m. 

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.