PMET Resources Unveils $1.59B Lithium Feasibility Study, Advances Shaakichiuwaanaan Project

Project Milestone – Feasibility Study Completion

PMET Resources Inc., formerly known as Patriot Battery Metals Inc., has delivered a significant update with the completion of a positive lithium-only feasibility study (FS) for its Shaakichiuwaanaan Project in Québec, Canada. The study, announced in October 2025, confirms a maiden Mineral Reserve of 84.3 million tonnes at 1.26% lithium oxide (Li2O), translating to 2.62 million tonnes of lithium carbonate equivalent (LCE). Financially, the project boasts an after-tax net present value (NPV) at an 8% discount rate of approximately CAD 1.59 billion and an internal rate of return (IRR) of 18.1%, assuming a long-term spodumene price of US$1,221 per tonne.

This milestone marks a critical step forward in the company’s transition from exploration to development, underpinning the economic viability of what is now one of the largest lithium pegmatite resources in the Americas.

Resource and Exploration Highlights

The Shaakichiuwaanaan Property hosts a consolidated mineral resource that includes lithium, caesium, and tantalum, positioning PMET as a key player in critical minerals. The July 2025 Mineral Resource Estimate (MRE) ranks the project among the top 10 largest lithium pegmatite resources globally, with additional world-leading caesium zones at Rigel and Vega. Exploration efforts remain robust, with over 23,000 metres drilled in the quarter to refine geological models and support ongoing development studies.

Notably, the company has successfully produced marketable concentrates of tantalite and pollucite at bench scale, indicating promising by-product opportunities that could enhance project economics. These developments are complemented by ongoing metallurgical testwork and plans to advance a tantalum recovery circuit.

Financial Position and Operational Efficiency

As of September 30, 2025, PMET Resources reported a cash balance of CAD 61.2 million, down from CAD 101.2 million at the end of March 2025, reflecting continued investment in exploration and evaluation assets totaling over CAD 36 million in the six-month period. The company’s net loss narrowed to CAD 706,000 for the quarter, supported by a reduction in general and administrative expenses, particularly share-based compensation, as part of ongoing cost rationalization efforts.

Operating activities consumed CAD 4 million in cash during the quarter, while investing activities accounted for CAD 17.6 million, primarily directed towards advancing the Shaakichiuwaanaan Project’s exploration and feasibility work. No new equity financings were undertaken in the period, with the company relying on existing funds and option exercises to support operations.

Environmental and Community Engagement Progress

PMET Resources continues to advance its environmental and social impact assessment (ESIA), a key regulatory requirement in Québec. The company has engaged extensively with local Indigenous communities, particularly the Cree Nation of Chisasibi, with Indigenous workers comprising approximately 24% of the project workforce. Cultural events and ongoing dialogue underscore PMET’s commitment to inclusive and responsible development.

Permitting efforts are progressing, with the Impact Assessment Agency of Canada publishing tailored impact statement guidelines and the company submitting applications for an underground bulk sampling program to further de-risk project execution.

Corporate Developments and Outlook

Corporate governance has been strengthened with the appointment of independent director Aline Côté and the addition of Graziella Barrasso as Executive Vice President, Corporate Affairs, reflecting a focus on advancing the project and community relations. Looking ahead, PMET plans to optimize capital deployment, explore phased project development, and deepen engagement with downstream partners to secure offtake and strategic collaborations.

The company also intends to test high-potential exploration targets and conduct bulk sampling to validate product quality and expand resource upside. While PMET remains pre-revenue and dependent on capital markets, management expresses confidence in its ability to fund operations and advance the Shaakichiuwaanaan Project toward production.