PMET Resources Raises C$137.7M via Flow-Through Shares and Placements for Shaakichiuwaanaan

Capital Raising Overview

PMET Resources Inc. has issued a transaction-specific prospectus dated 19 February 2026, announcing a significant capital raising initiative aimed at advancing its flagship Shaakichiuwaanaan lithium project in Quebec, Canada. The company is offering up to 6,992,255 flow-through shares at C$9.296 per share, convertible into 69,922,550 CHESS Depositary Interests (CDIs) on the ASX at a 10:1 ratio. This private offer, targeted exclusively at specific Canadian accredited investors through PearTree Securities Inc., is expected to raise approximately C$65 million before costs.

Alongside this, PMET Resources is conducting a Hard Placement of up to 11,484,099 shares at C$5.66 each, with an Over-Allotment Option partially exercised for 1,365,631 shares. These concurrent placements are anticipated to raise an additional C$72.7 million, bringing the total gross proceeds from all issuances to around C$137.7 million.

Use of Proceeds and Project Focus

The funds raised will primarily support exploration activities classified as Canadian exploration expenses, which qualify for federal investment tax credits for eligible investors. A substantial portion of the capital will be directed towards advancing the Shaakichiuwaanaan Property, including completing detailed engineering to support a final investment decision by the end of 2027. The company also plans to update and optimise its feasibility study on the CV5 spodumene pegmatite, incorporating assessments of tantalum co-products, and to conduct a preliminary economic assessment on the CV13 deposit for lithium, caesium, and tantalum.

General corporate purposes and costs associated with the Offer and placements will also be covered by the proceeds. The company emphasises that while these allocations represent current intentions, management retains discretion to adjust spending based on evolving business needs and market conditions.

Offer Structure and Investor Details

The Offer is by invitation only and not open to the general public, reflecting its private placement nature. PearTree acts as agent for the flow-through investors, facilitating the subscription and subsequent block trade resale of the Offer CDIs to select institutional investors. Notably, the flow-through shares provide Canadian investors with tax benefits, including deductions and credits related to qualifying mining expenditures, although these benefits do not extend to secondary purchasers of the CDIs.

Following completion of the Offer and placements, PMET Resources’ issued capital will increase to approximately 183.6 million shares, with no single shareholder expected to hold more than 20% voting power, thus maintaining the current control structure.

Risks and Regulatory Considerations

The prospectus outlines a comprehensive set of risks typical for a mineral exploration and development company. These include the absence of current revenue, the need for future capital, uncertainties in mineral resource and reserve estimates, environmental and permitting risks, and the speculative nature of flow-through share tax benefits. The company also highlights operational risks such as equipment availability, regulatory compliance, land access, and reliance on key personnel.

PMET Resources is incorporated in British Columbia and subject to Canadian corporate and securities laws, while its CDIs trade on the ASX. The prospectus complies with Australian regulatory requirements to facilitate the on-sale of CDIs in Australia and provides detailed disclosures on shareholder rights, director interests, and corporate governance.

Outlook

This capital raising positions PMET Resources to accelerate development of its Shaakichiuwaanaan lithium project, a critical minerals asset with potential to contribute to the growing lithium supply chain. Investors will be watching closely for progress on feasibility studies, environmental approvals, and the company’s ability to manage the inherent risks of exploration and development in a complex regulatory environment.