PMET Resources Advances Shaakichiuwaanaan with Federal ESIA Approval and Power Application

Federal ESIA Approval Marks Major Permitting Milestone

PMET Resources (ASX:PMT) has reached a pivotal stage in advancing its flagship Shaakichiuwaanaan Project in Quebec, with the federal Environmental and Social Impact Assessment (ESIA) submission now officially deemed complete by the Impact Assessment Agency of Canada (IAAC). This federal nod triggers a statutory public consultation period running until May 28, 2026, inviting feedback from communities and stakeholders, a vital step towards mine authorisation.

Simultaneously, the provincial ESIA review is underway under Quebec’s COMEX/COMEV process, with feedback expected shortly. Together, these parallel regulatory tracks form the backbone of the project’s approval pathway, complementing PMET’s recently delivered lithium-only Feasibility Study for the CV5 pegmatite, which underpins the technical and environmental case for the proposed hybrid open-pit and underground mine.

Feasibility and Scoping Studies on Track for Late 2026

PMET is progressing an updated Feasibility Study for the CV5 pegmatite that will now incorporate tantalum as a co-product, alongside a Preliminary Economic Assessment (PEA) covering the broader Shaakichiuwaanaan project including CV13. These studies aim to capture the full value of the district-scale resource, which includes lithium, caesium, and tantalum, and are on track for completion in the fourth quarter of 2026.

The updated geological modelling and block estimates will feed into engineering designs for the bulk sample project, which targets extracting approximately 50,000 tonnes from high-grade zones underground. This bulk sample application is currently under review, with a goal to be shovel-ready by the end of the year. The bulk sample will provide critical data to refine mining methods and accelerate the path to production.

Strategic Power Application Advances Project Competitiveness

Capitalising on its proximity to Hydro Quebec’s La Grande 4 (LG4) power station, just 45 kilometres away, PMET has submitted a formal application for power allocation. This access to low-cost, renewable hydroelectricity is a significant competitive advantage, with the CV5 lithium-only Feasibility Study estimating power costs around 5.3 cents per kilowatt-hour. The project’s alignment with Quebec’s critical minerals strategy further strengthens its case for securing this essential infrastructure.

Hydro Quebec’s review process is ongoing, assessing both engineering feasibility and the project’s merit relative to competing applications. The outcome will be critical for shaping the project’s operating costs and environmental footprint, given the renewable nature of the power source.

Shaakichiuwaanaan Positioned as a North American Critical Minerals Hub

Situated in the Eeyou Istchee James Bay region and accessible year-round by road, the Shaakichiuwaanaan Property hosts one of the world’s largest pegmatite mineral resources, including a Probable Mineral Reserve of 84.3 million tonnes at 1.26% lithium oxide for CV5 alone. The broader consolidated resource, encompassing CV5, CV13, and the Rigel and Vega caesium zones, totals over 108 million tonnes with significant lithium, caesium, and tantalum grades.

PMET’s recent pilot program produced 4.47 tonnes of 6.09% Li2O spodumene concentrate at an 89% recovery rate using Dense Media Separation, bolstering confidence in the processing route and feeding into the upcoming feasibility updates. This technical progress, combined with the regulatory advances, positions Shaakichiuwaanaan as a potential powerhouse for critical minerals supply chains in North America, addressing growing geopolitical tensions around energy and raw material security 89% lithium recovery.

To fund these developments, PMET recently completed a C$137.7 million capital raise, supporting exploration, feasibility studies, and engineering efforts. This financial backing complements the company’s technical and regulatory momentum, aiming to de-risk the project towards a Final Investment Decision within the next two years C$137.7 million capital raise.