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 has confirmed a major caesium discovery, with new resource estimates positioning the Rigel and Vega zones as the "world’s largest pollucite-hosted caesium pegmatite deposit".

The rare and high-value critical mineral is increasingly sought for its role in next-generation solar technologies.

The company unveiled a maiden mineral resource estimate (MRE) for caesium within the CV13 pegmatite, with the Rigel and Vega zones collectively containing 30 500 t of cesium oxide (Cs₂O) in the indicated category and 40 800 t in the inferred category, significantly outpacing any known pollucite-hosted deposits globally.

The Rigel zone MRE is 163 000 t grading 10.25% Cs₂O, while the Vega zone hosts 530 000 t at 2.61% Cs₂O (indicated) and 1.7-million tonnes at 2.40% Cs₂O (inferred). These grades position the discovery well above historical pollucite production benchmarks, such as the Sinclair mine, in Australia, which yielded just over 1 500 t of contained Cs₂O before it became depleted in 2019.

Pollucite, the primary mineral host for caesium, is geologically rare and economically significant, particularly as supply options dwindle. Only three pollucite-hosted caesium mines have historically operated – Tanco, in Canada; Sinclair, in Australia; and Bikita, in Zimbabwe – but they are now either depleted or nearing end-of-life.

Caesium has traditionally been used in oil and gas drilling fluids, catalysis and medical imaging. However, its role in enhancing the performance of perovskite-based solar panels is attracting growing industry interest. High-purity caesium carbonate (≥99%) currently trades at about $120/kg, while metallic caesium (≥99.5%) trades at $2 540/oz ($81/g), placing it among the highest-value metals globally.

The discovery is hosted within the CV13 pegmatite, part of the company’s consolidated MRE that now totals 108-million tonnes (indicated) at 1.40% Li₂O and 0.11% Cs₂O, and 33.4-million tonnes (inferred) at 1.33% Li₂O and 0.21% Cs₂O.

Patriot Battery Metals is evaluating potential metallurgical pathways to commercially recover pollucite using conventional ore-sorting methods. The company plans to advance the caesium opportunity in tandem with its lithium strategy, following the expected third-quarter completion of a lithium-only feasibility study for the CV5 pegmatite.

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.