Significant Mineral Resource Upgrade at Shaakichiuwaanaan Lithium Project to Underpin Impending Feasibility Study

Significant Mineral Resource Upgrade at Shaakichiuwaanaan Lithium Project to Underpin Impending Feasibility Study

• he updated consolidated Mineral Resource Estimate (“MRE”) reaffirms the Shaakichiuwaanaan Lithium Project as a Tier-1, world-class asset and positions it as the largest lithium pegmatite Indicated Mineral Resource in the Americas:
  • Consolidated MRE statement (CV5 & CV13 spodumene pegmatites):
    • Indicated: 108.0 Mt at 1.40% Li₂O, 166 ppm Ta₂O₅, and 66 ppm Ga, and
    • Inferred: 33.3 Mt at 1.33% Li₂O, 156 ppm Ta₂O₅, and 65 ppm Ga.  
• The MRE update represents an increase of ~30% and ~306% in Indicated Resources at the CV5 and CV13 pegmatites compared to the August 2024 MRE, respectively, with overall contained lithium carbonate equivalent (“LCE”) of 3.75 Mt Indicated and 1.09 Mt Inferred.
• Importantly, the high-grade Nova Zone (CV5) has now been fully delineated to an Indicated classification, as well as a significant portion of the high-grade Vega Zone (CV13) where size and lithium grade notably increased.
• The Company remains on track to deliver a maiden Ore Reserve and Feasibility Study for its CV5 Spodumene Pegmatite in CYQ3-2025 based on this updated MRE.
• The MRE includes 6.9 km of collective strike length confirmed to host continuous spodumene pegmatite Mineral Resources (4.6 km at CV5 and 2.3 km at CV13).
• Significant resource growth potential – both the CV5 and CV13 spodumene pegmatites remain open in multiple directions, as well as other spodumene pegmatite clusters at the Property that remain to be drill tested.
• Other high-grade/value critical/strategic metals such as tantalum, cesium and now gallium have been identified at the Property with potential to become meaningful future by-products.
  • Cesium within the CV13 Pegmatite is anticipated to be included in a future MRE update for the Project.
• The MRE includes only the CV5 and CV13 spodumene pegmatites. It does not include any of the other known spodumene pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12, CV14, and the recently discovered CV15 (fall 2024).

Darren L. Smith, Executive and Vice President of Exploration for the Company, comments:

The results of the updated MRE at CV5 have exceeded our expectations with over 100 Mt of Indicated Resources now defined, of which the vast majority resides within only a single pegmatite dyke and includes the high-grade Nova Zone.

“Additionally, at the CV13 Pegmatite while delineating the high-grade Vega Zone, a total of 6.1 Mt at 1.87% Li₂O of Indicated Resources has now been defined, representing a 306% increase in Indicated tonnage and a 16% increase in Indicated grade compared to the August 2024 MRE.”

“Collectively, this updated MRE represents a significant increase in resource confidence and an important derisking event for the Project as it advances towards Feasibility on the path to production. Shaakichiuwaanaan continues to demonstrate its Tier-1, world-class nature and robustness as it further positions itself to be a key player in the lithium raw materials industry.”

Ken Brinsden, President, CEO, and Managing Director, comments:

This is another significant accomplishment for our team and a key milestone for the Company as we approach the completion of our Feasibility Study on the CV5 Pegmatite, which remains on schedule for CYQ3-2025.

“It further cements the position of the Shaakichiuwaanaan Project as one of the most important hard rock lithium assets in development globally.”

“The delivery of a substantial updated consolidated Indicated Resource of 108 Mt is a major milestone which will underpin our development studies. The continued derisking of the overall resource, while maintaining tonnage and grade, as well as the significant presence of other strategic and critical metals like tantalum, cesium, and now gallium, highlights the Tier-1 scale of the mineral system and the considerable potential for further growth and value creation for shareholders.”

Mr. Brinsden, added :

As we advance towards a Feasibility Study, the Company is firmly positioned to be able to provide long-term future spodumene supply and other critical metals to the North American and European markets.

“The combination of scale, management quality, balance sheet strength, and our high-quality strategic partnerships allows us to remain confident in the success of our strategy,”

Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce an updated consolidated Mineral Resource Estimate (“MRE” or “Consolidated MRE”) for the CV5 and CV13 spodumene pegmatites at its 100%-owned Shaakichiuwaanaan Property (the “Property” or “Project”) located in the Eeyou Istchee James Bay region of Quebec. The CV5 Spodumene Pegmatite is situated approximately 13 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure corridor, and is accessible year-round by all-season road. The CV13 Spodumene Pegmatite is located approximately 3 km west-southwest along geological trend of CV5.

The updated Consolidated MRE for the Project includes both the CV5 and CV13 spodumene pegmatites and totals 108.0 Mt at 1.40% Li₂O Indicated and 33.3 Mt at 1.33% Li₂O Inferred, for a contained lithium carbonate equivalent (“LCE”) of 3.75 Mt Indicated and 1.09 Mt Inferred (Table 1, Figure 1, and Figure 2). Presented by resource location/name, this MRE includes 101.8 Mt at 1.38% Li₂O Indicated and 13.9 Mt at 1.21% Li₂O Inferred at CV5, and 6.1 Mt at 1.87% Li₂O Indicated and 19.4 Mt at 1.42% Li₂O Inferred at CV13. The cut-off grade is variable depending on the mining method and pegmatite (see footnotes in Table 1 for details). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.

The Consolidated MRE for the Shaakichiuwaanaan Project, the third MRE for the Project, continues to reaffirm it as the largest lithium pegmatite Mineral Resource in the Americas and 8^th largest globally (Figure 1, Figure 2, Appendix 2 through 4). Additionally, the MRE now ranks as the largest lithium pegmatite Indicated Mineral Resource in the Americas (Figure 3). These metrics and context entrench the Project as a Tier 1, world-class lithium pegmatite asset.

Since the last MRE (August 2024), the focus of drilling at the CV5 Pegmatite has been on infill (targeting ~50 m spaced pegmatite pierce points) to support an upgrade in Mineral Resource confidence from the Inferred category to the Indicated category. The overarching objective of defining the additional Indicated Resources is to underpin the Company’s maiden Ore Reserve and Feasibility Study for the CV5 Pegmatite – on schedule for CYQ3-2025 – and which is anticipated to have a production scenario similar to that outlined in the 2024 Preliminary Economic Assessment (see news release dated August 21, 2024)

The Consolidated MRE statement for the Shaakichiuwaanaan Project, presented in Table 1, includes only the CV5 and CV13 spodumene pegmatites, which remain open in multiple directions. Therefore, this Consolidated MRE does not include any of the other known spodumene pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12, CV14, and the recently discovered CV15 (Figure 4 and Figure 36). Collectively, this highlights considerable potential for resource growth in lithium, and other critical and strategic metals, which could support a larger or extended mining operation, through continued drill exploration at the Property.

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