How PMET’s $1.59B Feasibility Study Reshapes Its Lithium Future
PMET Resources has delivered a positive feasibility study for its flagship Shaakichiuwaanaan lithium project, announcing a maiden mineral reserve and advancing exploration and corporate initiatives. The company also acquired the adjacent Pikwa Property and reported strong drilling results, maintaining a solid cash position.
- Maiden mineral reserve of 84.3 Mt at 1.26% Li2O announced
- Feasibility study delivers after-tax NPV8% of CAD 1.59 billion and IRR of 18.1%
- Acquisition of Pikwa Property expands landholding near Shaakichiuwaanaan
- Significant new lithium and caesium zones discovered in 2025 drilling campaign
- Cash on hand of CAD 51 million with flow-through premium liability fully amortized
Feasibility Study Milestone
PMET Resources Inc., formerly known as Patriot Battery Metals, has marked a significant milestone with the completion of a positive feasibility study (FS) for its Shaakichiuwaanaan lithium project in Québec, Canada. The FS outlines a maiden mineral reserve of 84.3 million tonnes at 1.26% lithium oxide, translating to approximately 2.62 million tonnes of lithium carbonate equivalent. Financially, the project boasts an after-tax net present value (NPV) at an 8% discount rate of around CAD 1.59 billion and an internal rate of return (IRR) of 18.1%, based on a long-term spodumene price of US$1,221 per tonne.
Expanding the Land Position
In a strategic move to bolster its resource base, PMET acquired the Pikwa Property, a 100% interest adjacent to its flagship asset. This acquisition, completed in November 2025, involved issuing 841,916 common shares valued at CAD 3.1 million. The Pikwa Property covers approximately 10 kilometres of highly prospective greenstone belt, enhancing PMET’s footprint in the James Bay region and positioning the company for further resource growth.
Exploration Success and Resource Growth
The 2025 drilling campaign was extensive, with over 57,000 metres drilled across multiple pegmatite clusters. Notably, the company reported new lithium discoveries at the CV4 and CV12 pegmatites and a new caesium zone at CV12. Extensions of the CV5 and CV13 pegmatites were also confirmed, extending strike lengths to 5.0 km and 3.2 km respectively. These results reinforce Shaakichiuwaanaan’s status as one of the largest lithium pegmatite resources in the Americas and globally significant for caesium and tantalum.
Financial Position and Cost Management
PMET ended the period with CAD 51 million in cash and cash equivalents, reflecting prudent capital management amid ongoing exploration and development activities. The company fully amortized its flow-through premium liability during the quarter, signalling the completion of related expenditure commitments. General and administrative expenses decreased compared to prior periods, driven by cost rationalisation and lower share-based compensation expenses, aligning with the company’s focus on advancing its core project.
Advancing Permitting and Co-Product Opportunities
Looking ahead, PMET is progressing its Environmental and Social Impact Assessment (ESIA) with a targeted submission by the end of Q1 2026. The company has also submitted an application for an underground bulk sample program at the CV5 deposit, aiming to further de-risk project execution and validate product quality. Concurrently, metallurgical testwork has demonstrated promising potential for tantalum and caesium recovery as by-products, which could enhance the project’s economic profile. Engagement with downstream industry partners is ongoing to explore offtake and strategic collaboration opportunities.
Community and Sustainability Engagement
PMET continues to foster strong relationships with local Indigenous communities, notably the Cree Nation of Chisasibi, with Indigenous individuals comprising approximately 28% of the workforce at Shaakichiuwaanaan. Environmental baseline studies and mitigation strategies are underway, reflecting the company’s commitment to sustainable development and social responsibility.
Bottom Line?
With a robust feasibility study and expanding resource base, PMET Resources is poised to advance its Shaakichiuwaanaan project through critical permitting and development phases, though execution risks and financing remain key watchpoints.
Questions in the middle?
- How will PMET finance the next stages of development beyond exploration?
- What is the timeline and likelihood for regulatory approval of the bulk sample program?
- How material could tantalum and caesium by-product recoveries be to the project’s economics?
