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Patriot Completes Highly Successful In-Fill & Development Drill Program Propelling Shaakichiuwaanaan Down the Development Pipeline

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Nov 26, 2024, 7:44 PM ET

High-grade mineralised intercepts including 100.5 m at 1.62% Li₂O from in-fill drilling at the cornerstone CV5 Deposit, plus extensive geotechnical and hydrogeological drill programs completed supporting the Feasibility Study

VANCOUVER, BC, Nov. 26, 2024 /PRNewswire/ - November 27, 2024 – Sydney, Australia

Highlights

Extensive in-fill drilling program successfully completed at the cornerstone CV5 Spodumene Pegmatite Deposit to support the ongoing Feasibility Study.
- No further in-fill drilling is anticipated to achieve the primary objective of upgrading Inferred Mineral Resources to the Indicated category.
Record 65,384 m drilled during summer/fall program, for a total of 128,052 m during calendar 2024, further de-risking and advancing the Project.
Wide, well-mineralized, and high-grade pegmatite intercepts from in-fill drilling at CV5.
- 124.5 m at 1.25% Li₂O, including 16.5 m at 2.32% Li₂O (CV24-613).
- 100.5 m at 1.62% Li₂O, including 55.5 m at 2.01% Li₂O (CV24-651).
- 77.3 m at 1.66% Li₂O, including 17.5 m at 2.16% Li₂O (CV24-639).
- 67.2 m at 1.18% Li₂O, and 25.8 m at 2.65% Li₂O, including 17.6 m at 3.30% Li₂O (CV24-661).
- 55.1 m at 1.31% Li₂O, including 9.5 m at 2.07% Li₂O (CV24-609).
- 44.3 m at 1.47% Li₂O and 58.1 m at 1.21% Li₂O (CV24-591).
- 48.5 m at 1.85% Li₂O, including 8.5 m at 4.86% Li₂O (CV24-616).
Expansive geotechnical and hydrogeological drill campaigns also now largely complete at CV5 and at proposed infrastructure development sites – 70 holes (1,514 m) completed as part of the summer-fall program.
Core assay results are reported in this announcement for 64 in-fill drill holes (22,408 m) at CV5 and 70 geotechnical & hydrogeological drill holes (1,514 m) to support CV5 development and the ongoing Feasibility Study.
- Results for 98 drill holes (31,513 m) remain to be reported from CV5 – 90 in-fill (29,754 m) and 8 geomechanical (1,759 m).
- Results for 33 drill holes (9,950 m) remain to be reported from CV13 – focused on extensions of the high-grade Vega Zone.
Delivery of Feasibility Study and maiden Ore Reserve Estimate for the CV5 Spodumene Pegmatite remains on schedule for Q3-2025.

Darren L. Smith, Patriot Executive and Vice President of Exploration, comments: "We are extremely pleased with the considerable amount of work completed and results to date from our 2024 summer-fall drill program, which focused on advancing the CV5 Spodumene Pegmatite to Feasibility. The team has done a phenomenal job executing the program efficiently and cost effectively, delivering high-quality datasets that have exceeded our expectations in many regards. The successful completion of the 2024 drill programs at the cornerstone CV5 Spodumene Pegmatite marks a very significant milestone for the Project, laying the foundations for the Feasibility Study and maiden Ore Reserve Estimate, which remains on schedule for Q3-2025.

"With the bulk of the in-fill and development drilling now behind us, the team is focusing on other key workstreams and objectives to advance the Project through development. We are looking forward to a pivotal year ahead in 2025," added Mr. Smith.

Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the completion of its 2024 summer-fall drill programs and reporting of the first batch of core assay results for in-fill holes at the CV5 Spodumene Pegmatite, which forms part of the Company's wholly owned Shaakichiuwaanaan Property (the "Property" or "Project"), located in the Eeyou Istchee James Bay region of Quebec.

The Shaakichiuwaanaan Property hosts a consolidated Mineral Resource Estimate ("MRE") of 80.1 Mt at 1.44% Li₂O Indicated and 62.5 Mt at 1.31% Li₂O Inferred¹. The CV5 Spodumene Pegmatite is accessible year-round by all-season road and is situated approximately 14 km from a major hydroelectric powerline corridor.

The focus of the 2024 summer-fall drill program at Shaakichiuwaanaan was to collect all remaining drill data required to support a Feasibility Study for the CV5 Spodumene Pegmatite, scheduled for completion in Q3-2025. This included:

Significant in-fill drilling at CV5 to underpin a Mineral Resource update (focused on converting Inferred Resources to Indicated Resources) to underpin a maiden Ore Reserve Estimate, which will be declared as part of the Feasibility Study.
Expansive geotechnical and hydrogeological drilling at CV5, and areas of proposed infrastructure in support of development.
Geomechanical drilling targeting various areas of the anticipated open-pit and underground development at CV5.

Drill results for 64 in-fill drill holes at the CV5 Spodumene Pegmatite are reported in this announcement (Figure 1). Results continue to demonstrate that high grades and large spodumene crystal sizes are consistently present along the 4.6 km mineralized pegmatite strike length defined to date (Figure 2 and Figure 3).

___________________________________

¹ Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li2O and 163 ppm Ta2O5 Indicated, and 62.5 Mt at 1.31% Li2O and 147 ppm Ta2O5 ppm Inferred) is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.80% Li2O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.

The in-fill drill program at CV5 was completed in early October and targeted Inferred classified blocks within the current Mineral Resource (see news release dated August 5, 2024), which are anticipated to be included in the Feasibility Study mine plan.

Additionally, optical and acoustic televiewer data was collected in more than 20 holes at CV5 during the program to capture oriented structural data to support geological modelling and mine design. The various datasets collected are currently undergoing final validation and are being incorporated into an updated pegmatite and host rock geological model.

The Company and its geological consultants are working closely to finalize this geological model over the next few weeks as the program's final assays are received, which will then advance towards a classified block model (Indicated / Inferred) to underpin Feasibility mine design.

From the summer-fall program, results for a total of 98 drill holes (31,513 m) remain to be reported from CV5 – 90 in-fill (29,754 m) and 8 geomechanical (1,759 m). Additionally, results for a total of 33 drill holes (9,950 m) remain to be reported from CV13 – focused on the high-grade Vega Zone (Figure 5) (see news release dated July 7, 2024). Core sample assays for drill holes reported herein are presented in Table 1 for all pegmatite intersections >2 m. Drill-hole locations and attributes are presented in Table 2.

In addition to the in-fill drilling at CV5, a large component of the summer-fall program comprised an expansive geotechnical and hydrogeological drill program at CV5 and areas of proposed infrastructure in support of development and the ongoing Feasibility Study. This included locations for the proposed process plant, mining camp, stockpiles, waste rock and tailings management facilities, as well as the envisioned open-pit and underground development areas of the CV5 Spodumene Pegmatite (Figure 4).

The objective of the hydrogeological drilling is to characterize the shallow and deep groundwater flow regime over the Project area. The objective of the geotechnical drilling is to characterize the overburden and immediate bedrock contacts to support infrastructure build design. Often both hydrogeological and geotechnical data is collected from the same drill hole. No mineralized pegmatite intervals were encountered in these holes, as was expected due to their typically very shallow nature (average depth of 22 m) and regional locations (see news release dated October 27, 2024, for additional program details).

A collective 70 drill holes were completed as part of the summer-fall geotechnical and hydrogeological program, all reported in this announcement. Location and attribute information for the geotechnical and hydrogeological drill holes are presented in Table 3.

Table 1: Core assay summary for drill holes reported herein at the CV5 Spodumene Pegmatite.

**Table 2:** Attributes for drill holes reported herein at the CV5 Spodumene Pegmatite.
Hole ID	Substrate	Total Depth (m)	Azimuth (°)	Dip (°)	Easting	Northing	Elevation (m)	Core Size	Cluster
CV24-559	Land	558.8	170	-53	572567.1	5931725.4	374.8	NQ	CV5
CV24-563	Land	459.2	157	-46	568571.5	5930137.8	390.6	NQ	CV5
CV24-564	Land	317.0	159	-46	568577.9	5929989.5	389.5	NQ	CV5
CV24-567	Land	334.9	160	-45	568868.6	5930091.3	397.2	NQ	CV5
CV24-573	Land	328.9	160	-45	568662.2	5930054.0	387.0	NQ	CV5
CV24-574	Land	502.4	158	-47	572567.8	5931725.4	374.8	NQ	CV5
CV24-576	Land	358.8	160	-45	568902.0	5930133.2	394.3	NQ	CV5
CV24-577	Land	418.5	155	-45	568665.2	5930158.2	388.4	NQ	CV5
CV24-581	Land	301.9	160	-45	568810.4	5930087.1	394.7	NQ	CV5
CV24-585	Land	480.3	180	-45	572566.5	5931726.1	374.8	NQ	CV5
CV24-586	Land	395.9	156	-45	568872.3	5930201.4	390.1	NQ	CV5
CV24-589	Land	468.0	155	-45	568616.1	5930217.1	390.1	NQ	CV5
CV24-591	Land	544.9	160	-50	570294.1	5930963.7	384.3	NQ	CV5
CV24-592	Land	395.1	160	-52	568787.4	5930140.6	392.8	NQ	CV5
CV24-596	Land	551.0	175	-65	572564.2	5931726.1	374.5	NQ	CV5
CV24-597	Land	287.1	157	-56	568963.7	5930244.4	386.5	NQ	CV5
CV24-598	Land	237.0	155	-45	568673.3	5930200.9	389.4	NQ	CV5
CV24-599	Land	257.3	156	-45	568955.3	5930122.4	393.4	NQ	CV5
CV24-600	Land	347.0	156	-45	569049.7	5930158.9	395.9	NQ	CV5
CV24-602	Land	219.0	155	-47	568714.9	5930207.4	388.6	NQ	CV5
CV24-603	Land	422.0	158	-45	569072.2	5930230.8	396.1	NQ	CV5
CV24-604	Water	365.0	0	-90	572400.8	5931363.4	373.1	NQ	CV5
CV24-606	Land	422.0	160	-55	568769.6	5930183.7	386.7	NQ	CV5
CV24-607	Land	236.0	156	-45	569093.9	5930179.0	398.0	NQ	CV5
CV24-609	Land	314.0	160	-46	570437.9	5930996.3	384.9	NQ	CV5
CV24-610	Land	566.0	170	-60	572564.4	5931725.5	374.5	NQ	CV5
CV24-612	Land	125.0	156	-45	569114.5	5930130.7	393.4	NQ	CV5
CV24-613	Water	364.9	156	-62	570030.5	5930662.8	373.4	NQ	CV5
CV24-614	Land	134.0	156	-45	569141.9	5930193.2	399.7	NQ	CV5
CV24-615	Water	409.8	0	-90	572357.9	5931408.6	373.0	NQ	CV5
CV24-616	Land	398.1	156	-45	569100.9	5930296.8	389.9	NQ	CV5
CV24-617	Land	458.0	158	-57	568808.3	5930221.3	383.3	NQ	CV5
CV24-618	Land	131.0	158	-45	569299.9	5930206.2	393.5	NQ	CV5
CV24-620	Land	413.0	160	-60	572214.9	5931531.8	373.1	NQ	CV5
CV24-621	Land	333.1	158	-48	570534.0	5931023.5	377.2	NQ	CV5
CV24-622	Land	107.0	156	-60	569410.4	5930198.9	385.0	NQ	CV5
CV24-623	Land	134.0	160	-45	569488.6	5930274.4	382.5	NQ	CV5
CV24-626	Land	245.5	10	-45	569488.6	5930276.8	383.9	NQ	CV5
CV24-627	Water	394.7	156	-50	570030.9	5930662.0	372.9	NQ	CV5
CV24-628	Land	572.0	156	-54	571747.8	5931540.3	393.5	NQ	CV5
CV24-629	Water	475.8	0	-90	572360.3	5931464.6	371.9	NQ	CV5
CV24-630	Land	539.0	178	-60	572564.5	5931724.9	374.6	NQ	CV5
CV24-631	Land	140.0	158	-50	570577.8	5931046.2	378.7	NQ	CV5
CV24-632	Land	170.0	160	-45	569680.8	5930329.9	381.9	NQ	CV5
CV24-635	Land	412.5	140	-60	572215.2	5931532.2	373.2	NQ	CV5
CV24-636	Land	537.3	155	-50	570159.1	5930879.4	381.2	NQ	CV5
CV24-637	Land	414.8	156	-45	569052.6	5930284.4	389.9	NQ	CV5
CV24-638	Land	314.1	338	-85	569855.8	5930433.4	378.0	NQ	CV5
CV24-639	Land	194.0	355	-60	569682.3	5930336.1	382.1	NQ	CV5
CV24-641	Land	302.0	161	-47	569599.0	5930401.7	382.0	NQ	CV5
CV24-644	Land	434.0	158	-60	572151.2	5931550.8	375.9	NQ	CV5
CV24-645	Land	296.0	152	-45	571748.5	5931540.1	393.4	NQ	CV5
CV24-646	Land	251.0	338	-65	569855.6	5930433.6	378.1	NQ	CV5
CV24-650	Land	206.2	156	-52	569167.5	5930265.5	397.0	NQ	CV5
CV24-651	Land	289.9	161	-75	569598.8	5930402.1	382.0	NQ	CV5
CV24-652	Water	362.0	158	-82	572424.0	5931416.3	371.9	NQ	CV5
CV24-654	Land	581.1	140	-52	571748.8	5931540.6	393.2	NQ	CV5
CV24-655	Land	197.5	338	-45	569855.4	5930434.1	378.0	NQ	CV5
CV24-659	Land	224.1	152	-55	569231.8	5930246.4	396.9	NQ	CV5
CV24-660	Land	389.3	152	-55	570036.3	5930782.6	377.8	NQ	CV5
CV24-661	Land	283.8	158	-50	569678.9	5930468.7	382.5	NQ	CV5
CV24-662	Land	217.5	156	-45	569856.7	5930430.8	378.1	NQ	CV5
CV24-664	Land	400.9	158	-58	572151.4	5931550.8	375.9	NQ	CV5
CV24-666	Water	467.2	0	-90	572401.4	5931430.2	373.0	NQ	CV5
(1) Coordinate system NAD83 / UTM zone 18N; (2) All drill holes are diamond drill; (3) Azimuths and dips presented are those 'planned' and may vary off collar/downhole.

Table 3: Attributes for geotechnical and hydrogeological drill holes reported herein.
Hole ID	Substrate	Total Depth (m)	Azimuth (°)	Dip (°)	Easting	Northing	Elevation (m)	Core Size
CV24-527	Water	8.6	0	-90	571468.7	5931004.9	372.8	NQ
CV24-528	Water	108.7	0	-90	571721.4	5930952.2	372.4	NQ
CV24-530	Water	12.0	0	-90	571443.6	5931037.8	373.0	NQ
CV24-531	Water	99.4	0	-90	572280.4	5931431.0	379.8	NQ
CV24-533	Land	51.9	0	-90	568982.8	5930569.5	378.5	HQ
CV24-534	Land	56.0	0	-90	569493.0	5929975.9	384.3	HQ
CV24-536	Land	53.0	0	-90	568354.6	5930071.6	397.6	HQ
CV24-537	Land	30.6	0	-90	570702.3	5931577.7	384.3	HQ
CV24-541	Water	13.1	0	-90	571882.6	5931252.9	371.9	NQ
CV24-542	Water	11.1	0	-90	571235.6	5930959.1	372.9	NQ
CV24-544	Land	14.7	0	-90	570578.9	5932300.1	393.4	HQ
CV24-547	Land	10.3	0	-90	570060.1	5931470.4	390.2	HQ
CV24-548	Land	14.8	0	-90	569250.7	5931589.7	375.1	HQ
CV24-552	Land	11.9	0	-90	568913.4	5931773.2	379.4	HQ
CV24-553	Land	29.6	0	-90	567712.6	5931916.6	375.1	HQ
CV24-557	Land	13.4	0	-90	569485.5	5932942.9	371.5	HQ
CV24-558	Land	11.0	0	-90	569570.6	5930824.8	370.9	NQ
CV24-560	Land	10.7	0	-90	569788.0	5932229.7	389.8	HQ
CV24-562	Land	11.0	0	-90	569602.1	5930842.2	371.3	NQ
CV24-566	Land	11.5	0	-90	571525.7	5932366.7	387.2	HQ
CV24-568	Land	8.4	0	-90	569900.5	5931287.3	382.2	NQ
CV24-569	Land	12.9	0	-90	572288.4	5933463.6	395.5	HQ
CV24-570	Land	27.8	0	-90	571873.0	5935191.4	425.0	NQ
CV24-575	Land	10.5	0	-90	573527.0	5932919.4	403.6	HQ
CV24-580	Land	100.4	0	-90	568133.9	5932019.0	370.3	PQ
CV24-584	Land	7.7	0	-90	571179.1	5934865.9	401.1	NQ
CV24-587	Land	6.5	0	-90	570955.9	5935075.6	417.5	NQ
CV24-588	Land	19.5	0	-90	574212.9	5933572.5	408.9	HQ
CV24-590	Land	15.6	0	-90	570789.0	5935141.1	396.0	NQ
CV24-593	Land	5.8	0	-90	573387.9	5935420.1	417.9	NQ
CV24-594	Land	13.3	0	-90	571181.4	5934661.8	398.4	HQ
CV24-595	Land	20.1	0	-90	572694.7	5935705.3	433.1	NQ
CV24-601	Land	13.3	0	-90	570458.3	5934571.0	386.0	HQ
CV24-605	Land	5.7	0	-90	574442.3	5935103.7	418.5	NQ
CV24-608	Land	13.4	0	-90	571154.9	5935798.0	406.0	HQ
CV24-611	Land	23.7	0	-90	572188.6	5935397.7	423.4	HQ
CV24-611A	Land	12.7	0	-90	572191.5	5935398.9	422.5	HQ
CV24-619	Land	5.4	0	-90	574471.1	5934941.5	418.6	HQ
CV24-624	Land	12.5	0	-90	573623.0	5935844.4	460.0	HQ
CV24-625	Land	16.2	0	-90	575047.3	5935565.6	427.5	HQ
CV24-633	Land	22.0	0	-90	574950.0	5935682.1	426.2	HQ
CV24-633A	Land	11.7	0	-90	574949.3	5935675.7	425.0	HQ
CV24-634	Land	7.0	0	-90	571727.5	5932923.2	406.3	NQ
CV24-640	Land	21.9	0	-90	572328.6	5933074.8	421.0	HQ
CV24-640A	Land	21.5	0	-90	572325.2	5933068.1	375.0	HQ
CV24-642	Land	13.3	0	-90	574465.6	5934939.2	418.6	HQ
CV24-647	Land	5.4	0	-90	572503.2	5932757.6	406.2	NQ
CV24-649	Land	4.3	0	-90	573399.1	5933215.4	441.3	NQ
CV24-653	Land	7.1	0	-90	569335.0	5932343.0	396.0	NQ
CV24-656	Land	10.1	0	-90	569129.9	5932518.5	375.0	NQ
CV24-657	Land	11.7	0	-90	570732.5	5931935.6	379.3	HQ
CV24-658	Land	8.5	0	-90	569236.1	5932857.1	365.6	NQ
CV24-665	Land	7.2	0	-90	569829.6	5932688.4	395.1	NQ
CV24-670	Land	8.7	0	-90	569999.7	5932838.7	380.8	NQ
CV24-672	Land	11.7	0	-90	569572.4	5931586.2	376.4	HQ
CV24-673	Land	9.2	0	-90	570188.5	5931687.4	384.0	NQ
CV24-696	Land	100.0	0	-90	570029.7	5930475.8	379.3	6 inch
CV24-729	Land	139.0	0	-90	570775.7	5932261.0	393.4	6 inch
CV24-772	Water	10.7	0	-90	571335.7	5931245.7	372.9	NQ
CV24-774	Land	12.8	0	-90	574322.7	5933055.3	383.5	NQ
CV24-775	Water	11.0	0	-90	571221.3	5931212.4	372.8	NQ
CV24-776	Land	7.2	0	-90	571646.5	5932200.9	380.4	NQ
CV24-778	Land	5.7	0	-90	571138.9	5933323.5	378.6	NQ
CV24-779	Water	13.0	0	-90	571098.5	5931194.9	372.8	NQ
CV24-780	Land	9.1	0	-90	570917.1	5931288.1	375.9	NQ
CV24-782	Land	10.2	0	-90	570962.2	5931304.3	376.8	HQ
CV24-784	Land	32.0	0	-90	569257.8	5930042.2	388.2	HQ
CV24-785	Land	3.9	0	-90	569751.1	5930197.0	387.0	NQ
CV24-786	Land	25.3	0	-90	568840.8	5929943.2	389.2	NQ
CV24-787	Land	18.5	0	-90	569063.2	5930258.1	392.4	NQ

(1) Coordinate system NAD83 / UTM zone 18N; (2) All drill holes are diamond drill except for CV24-696 and 729, which are rotary drill (open hole) completed for long-duration pumping tests (3) Azimuths and dips presented are those 'planned' and may vary off collar/downhole.

Quality Assurance / Quality Control (QAQC)

A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches at a rate of approximately 5% each. Additionally, analysis of pulp-split sample duplicates was completed to assess analytical precision, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation.

All core samples collected were shipped to SGS Canada's laboratory in Val-d'Or, QC, or Radisson, QC, for sample preparation (code PRP90 special) which includes drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).

Qualified/Competent Person

The information in this news release that relates to exploration results for the Shaakichiuwaanaan Property is based on, and fairly represents, information compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the technical information in this news release.

Mr. Smith is an Executive and Vice President of Exploration for Patriot Battery Metals Inc. and holds common shares and options in the Company.

Mr. Smith has sufficient experience, which is relevant to the style of mineralization, type of deposit under consideration, and to the activities being undertaken to qualify as a Competent Person as described by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Smith consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears.

About Patriot Battery Metals Inc.

Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan Property (formerly known as Corvette) located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and is proximal to regional powerline infrastructure. The Shaakichiuwaanaan Mineral Resource¹, which includes the CV5 & CV13 spodumene pegmatites, totals 80.1 Mt at 1.44% Li₂O Indicated, and 62.5 Mt at 1.31% Li₂O Inferred, and ranks as the largest lithium pegmatite resource in the Americas, and the 8^th largest lithium pegmatite resource in the world.

A Preliminary Economic Assessment ("PEA") was announced for the CV5 Pegmatite August 21, 2024, and highlights it as a potential North American Lithium Raw Materials Powerhouse. The PEA outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation ("DMS) only process flowsheet.

¹Shaakichiuwaanaan (CV5 & CV13) Mineral Resource Estimate (80.1 Mt at 1.44% Li₂O and 163 ppm Ta₂O₅ Indicated, and 62.5 Mt at 1.31% Li₂O and 147 ppm Ta₂O₅ ppm Inferred) is reported at a cut-off grade of 0.40% Li₂O (open-pit), 0.60% Li₂O (underground CV5), and 0.80% Li₂O (underground CV13) with an Effective Date of August 21, 2024 (through drill hole CV24-526). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.

For further information, please contact us at info@patriotbatterymetals.com or by calling +1 (604) 279-8709, or visit www.patriotbatterymetals.com. Please also refer to the Company's continuous disclosure filings, available under its profile at www.sedarplus.ca and www.asx.com.au, for available exploration data.

This news release has been approved by the Board of Directors.

"KEN BRINSDEN"

Kenneth Brinsden, President, CEO, & Managing Director

Disclaimer for Forward-looking Information

This news release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations and plans that allows investors and others to have a better understanding of the Company's business plans and financial performance and condition.

All statements, other than statements of historical fact included in this news release, regarding the Company's strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Forward-looking statements are typically identified by words such as "plan", "expect", "estimate", "intend", "anticipate", "believe", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this release include, but are not limited to, statements on the Feasibility Study, including the timing of its release and the content thereof, the maiden ore reserve, and the unreported results from the 2024 summer-fall drill campaign.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, that proposed exploration and mineral resource estimate work on the Property will continue as expected, the accuracy of reserve and resource estimates, the classification of resources between inferred and the assumptions on which the reserve and resource estimates are based, long-term demand for spodumene supply, and that exploration and development results continue to support management's current plans for Property development and expectations for the Project.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the ability to execute on plans relating to the Company's Project, including the timing thereof. In addition, readers are directed to carefully review the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations.

Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.

Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company's business plans, financial performance and condition and may not be appropriate for other purposes.

The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.

Competent Person Statement (ASX Listing Rule 5.23)

The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on August 5, 2024. The Company confirms that, as of the date of this announcement, it is not aware of any new information or data verified by the competent person that materially affects the information included in the announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that, as at the date of this announcement, the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.

Appendix 1 – JORC Code 2012 Table 1 (ASX Listing Rule 5.7.1)

Section 1 – Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
Aspects of the determination of mineralization that are Material to the Public Report.
In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (eg submarine nodules) may warrant disclosure of detailed information.

Core sampling protocols meet industry standard practices.
Core sampling is guided by lithology as determined during geological logging (i.e., by a geologist). All pegmatite intervals are sampled in their entirety (half-core), regardless if spodumene mineralization is noted or not (in order to ensure an unbiased sampling approach) in addition to ~1 to 3 m of sampling into the adjacent host rock (dependent on pegmatite interval length) to "bookend" the sampled pegmatite.
The minimum individual sample length is typically 0.5 m and the maximum sample length is typically 2.0 m. Targeted individual pegmatite sample lengths are 1.0 to 1.5 m.
All drill core is oriented to maximum foliation prior to logging and sampling and is cut with a core saw into half-core pieces, with one half-core collected for assay, and the other half-core remaining in the box for reference.
Core samples collected from drill holes were shipped to SGS Canada's laboratory in Val-d'Or, QC, or Radisson, QC, for sample preparation (code PRP90 special) which included drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. Core sample pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).

Drilling techniques

Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Most holes are NQ or HQ size core diamond drilling with 1 PQ hole completed. Additionally, 2 x 6 inch rotary drill (open hole) holes were completed. Core was not oriented.

Drill sample recovery

Method of recording and assessing core and chip sample recoveries and results assessed.
Measures taken to maximize sample recovery and ensure representative nature of the samples.
Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

All drill core was geotechnically logged following industry standard practices, and include TCR, RQD, ISRM, and Q-Method. Core recovery is very good and typically exceeds 90%.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
The total length and percentage of the relevant intersections logged.

Upon receipt at the core shack, all drill core is pieced together, oriented to maximum foliation, metre marked, geotechnically logged (including structure), alteration logged, geologically logged, and sample logged on an individual sample basis. Core box photos are also collected of all core drilled, regardless of perceived mineralization. Specific gravity measurements of pegmatite are also collected at systematic intervals for all pegmatite drill core using the water immersion method, as well as select host rock drill core.
The logging is qualitative by nature, and includes estimates of spodumene grain size, inclusions, and model mineral estimates.
These logging practices meet or exceed current industry standard practices.

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.
If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample preparation technique.
Quality control procedures adopted for all sub-sampling stages to maximize representivity of samples.
Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being sampled.

Drill core sampling follows industry best practices. Drill core was saw-cut with half-core sent for geochemical analysis and half-core remaining in the box for reference. The same side of the core was sampled to maintain representativeness.
Sample sizes are appropriate for the material being assayed.
A Quality Assurance / Quality Control (QAQC) protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials (CRMs) into sample batches at a rate of approximately 5% each. Additionally, analysis of pulp-split duplicates was completed to assess analytical precision, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation at a secondary lab.
All protocols employed are considered appropriate for the sample type and nature of mineralization and are considered the optimal approach for maintaining representativeness in sampling.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

Core samples collected from drill holes were shipped either to SGS Canada's laboratory in Val-d'Or, QC, or Radisson, QC for standard sample preparation (code PRP90 special) which included drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. Core sample pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).
The Company relies on both its internal QAQC protocols (systematic use of blanks, certified reference materials, and external checks), as well as the laboratory's internal QAQC.
All protocols employed are considered appropriate for the sample type and nature of mineralization and are considered the optimal approach for maintaining representativeness in sampling.

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
Discuss any adjustment to assay data.

Intervals are reviewed and compiled by the VP Exploration and Project Managers prior to disclosure, including a review of the Company's internal QAQC sample analytical data.
Data capture utilizes MX Deposit software whereby core logging data is entered directly into the software for storage, including direct import of laboratory analytical certificates as they are received. The Company employs various on-site and post QAQC protocols to ensure data integrity and accuracy.
Adjustments to data include reporting lithium and tantalum in their oxide forms, as it is reported in elemental form in the assay certificates. Formulas used are Li₂O = Li x 2.153, and Ta₂O₅ = Ta x 1.221.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.

Each drill hole's collar has been surveyed with a RTK Trimble Zephyr 3 or Topcon GR-5, with small number of holes by average handheld GPS.
The coordinate system used is UTM NAD83 Zone 18.
The Company completed a property-wide LiDAR and orthophoto survey in August 2022, which provides high-quality topographic control.
The quality and accuracy of the topographic controls are considered adequate for advanced stage exploration and development, including mineral resource estimation.

Data spacing and distribution

Data spacing for reporting of Exploration Results.
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied.

At CV5, drill hole collar spacing is dominantly grid based. Several collars are typically completed from the same pad at varied orientations targeting pegmatite pierce points of ~50 (Indicated) to 100 m (Inferred) spacing.
At CV13, drill hole spacing is dominantly grid based, targetting ~100 m pegmatite pierce points; however, collar locations and hole orientations may vary widely, which reflect the varied orientation of the pegmatite body along strike.
At CV9, drill hole collar spacing is irregular with varied hole orientations and multiple collars on the same pad.
It is interpreted that the large majority of the drill hole spacing at each pegmatite is sufficient to support a mineral resource estimate.
Core sample lengths typically range from 0.5 to 2.0 m and average ~1.0 to 1.5 m. Sampling is continuous within all pegmatite encountered in the drill hole.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
If the relationship between the drilling orientation and the orientation of key mineralized structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

No sampling bias is anticipated based on structure within the mineralized body.
The principal mineralized bodies are relatively undeformed and very competent, although have some meaningful structural control.
At CV5, the principal mineralized body and adjacent lenses are steeply dipping resulting in oblique angles of intersection with true widths varying based on drill hole angle and orientation of pegmatite at that particular intersection point. i.e., the dip of the mineralized pegmatite body has variations in a vertical sense and along strike, so the true widths are not always apparent until several holes have been drilled (at the appropriate spacing) in any particular drill-fence.
At CV13, the principal pegmatite body has a shallow varied strike and northerly dip.
At CV9, the orientation and geometry of the pegmatite is not well understood. The pegmatite is currently interpreted to be comprised of a single principal dyke, which outcrops at surface, has a steep northerly dip, and is moderately plunging to the east-southeast.

Sample security

The measures taken to ensure sample security.

Samples were collected by Company staff or its consultants following specific protocols governing sample collection and handling. Core samples were bagged, placed in large supersacs for added security, palleted, and shipped directly to Val-d'Or, QC, or Radisson, QC, being tracked during shipment along with Chain of Custody. Upon arrival at the laboratory, the samples were cross-referenced with the shipping manifest to confirm all samples were accounted for. At the laboratory, sample bags are evaluated for tampering.

Audits or reviews

The results of any audits or reviews of sampling techniques and data.

A review of the sample procedures for the Company's 2021 fall drill program (CF21-001 to 004) and 2022 winter drill program (CV22-015 to 034) was completed by an Independent Competent Person and deemed adequate and acceptable to industry best practices (discussed in a technical report titled "NI 43-101 Technical Report on the Corvette Property, Quebec, Canada", by Alex Knox, M.Sc., P.Geol., Issue Date of June 27^th, 2022.)
A review of the sample procedures through the Company's 2024 winter drill program (through CV24-526) was completed by an independent Competent Person with respect to the Shaakichiuwaanaan's Mineral Resource Estimate (CV5 & CV13 pegmatites) and deemed adequate and acceptable to industry best practices (discussed in a technical report titled "NI 43–101 Technical Report, Preliminary Economic Assessment for the Shaakichiuwaanaan Project, James Bay Region, Quebec, Canada" by Todd McCracken, P.Geo., Hugo Latulippe, P.Eng., Shane Ghouralal, P.Eng., MBA, and Luciano Piciacchia, P.Eng., Ph.D., of BBA Engineering Ltd., Ryan Cunningham, M.Eng., P.Eng., of Primero Group Americas Inc., and Nathalie Fortin, P.Eng., M.Env., of WSP Canada Inc., Effective Date of August 21, 2024, and Issue Date of September 12, 2024.
Additionally, the Company continually reviews and evaluates its procedures in order to optimize and ensure compliance at all levels of sample data collection and handling.

Section 2 – Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

The Shaakichiuwaanaan Property (formerly called "Corvette") is comprised of 463 CDC claims located in the James Bay Region of Quebec, with Lithium Innova Inc. (wholly owned subsidiary of Patriot Battery Metals Inc.) being the registered title holder for all of the claims. The northern border of the Property's primary claim block is located within approximately 6 km to the south of the Trans-Taiga Road and powerline infrastructure corridor. The CV5 Spodumene Pegmatite is accessible year-round by all-season road is situated approximately 13.5 km south of the regional and all–weather Trans-Taiga Road and powerline infrastructure. The CV13 and CV9 spodumene pegmatites are located approximately 3 km west-southwest and 14 km west of CV5, respectively.
The Company holds 100% interest in the Property subject to various royalty obligations depending on original acquisition agreements. DG Resources Management holds a 2% NSR (no buyback) on 76 claims, D.B.A. Canadian Mining House holds a 2% NSR on 50 claims (half buyback for $2M), Osisko Gold Royalties holds a sliding scale NSR of 1.5-3.5% on precious metals, and 2% on all other products, over 111 claims, and Azimut Exploration holds 2% on NSR on 39 claims.
The Property does not overlap any atypically sensitive environmental areas or parks, or historical sites to the knowledge of the Company. There are no known hinderances to operating at the Property, apart from the goose harvesting season (typically mid-April to mid-May) where the communities request helicopter flying not be completed, and potentially wildfires depending on the season, scale, and location.
Claim expiry dates range from February 2025 to November 2026.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

No core assay results from other parties are disclosed herein.
The most recent independent Property review was a technical report titled "NI 43–101 Technical Report, Preliminary Economic Assessment for the Shaakichiuwaanaan Project, James Bay Region, Quebec, Canada" by Todd McCracken, P.Geo., Hugo Latulippe, P.Eng., Shane Ghouralal, P.Eng., MBA, and Luciano Piciacchia, P.Eng., Ph.D., of BBA Engineering Ltd., Ryan Cunningham, M.Eng., P.Eng., of Primero Group Americas Inc., and Nathalie Fortin, P.Eng., M.Env., of WSP Canada Inc., Effective Date of August 21, 2024, and Issue Date of September 12, 2024.

Geology

Deposit type, geological setting and style of mineralization.

The Property overlies a large portion of the Lac Guyer Greenstone Belt, considered part of the larger La Grande River Greenstone Belt and is dominated by volcanic rocks metamorphosed to amphibolite facies. The claim block is dominantly host to rocks of the Guyer Group (amphibolite, iron formation, intermediate to mafic volcanics, peridotite, pyroxenite, komatiite, as well as felsic volcanics). The amphibolite rocks that trend east-west (generally steeply south dipping) through this region are bordered to the north by the Magin Formation (conglomerate and wacke) and to the south by an assemblage of tonalite, granodiorite, and diorite, in addition to metasediments of the Marbot Group (conglomerate, wacke). Several regional-scale Proterozoic gabbroic dykes also cut through portions of the Property (Lac Spirt Dykes, Senneterre Dykes).
The geological setting is prospective for gold, silver, base metals, platinum group elements, and lithium over several different deposit styles including orogenic gold (Au), volcanogenic massive sulfide (Cu, Au, Ag), komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and pegmatite (Li, Ta).
Exploration of the Property has outlined three primary mineral exploration trends crossing dominantly east-west over large portions of the Property – Golden Trend (gold), Maven Trend (copper, gold, silver), and CV Trend (lithium, tantalum). The CV5 and CV13 spodumene pegmatites are situated within the CV Trend. Lithium mineralization at the Property, including at CV5, CV13, and CV9, is observed to occur within quartz-feldspar pegmatite, which may be exposed at surface as high relief 'whale-back' landforms. The pegmatite is often very coarse-grained and off-white in appearance, with darker sections commonly composed of mica and smoky quartz, and occasional tourmaline.
The lithium pegmatites at Shaakichiuwaanaan are categorized as LCT Pegmatites. Core assays and ongoing mineralogical studies, coupled with field mineral identification and assays, indicate spodumene as the dominant lithium-bearing mineral on the Property, with no significant petalite, lepidolite, lithium-phosphate minerals, or apatite present. The spodumene crystal size of the pegmatites is typically decimetre scale, and therefore, very large. The pegmatites also carry significant tantalum values with tantalite indicated to be the mineral phase.

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
- easting and northing of the drill hole collar
- elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
- dip and azimuth of the hole
- down hole length and interception depth
- hole length.
If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Drill hole attribute information is included in a table herein.
Pegmatite intersections of <2 m are not typically presented as they are considered insignificant.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
The assumptions used for any reporting of metal equivalent values should be clearly stated.

Length weighted averages were used to calculate grade over width.
No specific grade cap or cut-off was used during grade width calculations. The lithium and tantalum length weighted average grade of the entire pegmatite interval is calculated for all pegmatite intervals over 2 m core length, as well as higher grade zones at the discretion of the geologist. Pegmatites have inconsistent mineralization by nature, resulting in some intervals having a small number of poorly mineralized samples included in the calculation. Non-pegmatite internal dilution is limited to typically <3 m where relevant and intervals indicated when assays are reported.
No metal equivalents have been reported.

Relationship between mineralization widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.
If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

At CV5, geological modelling is ongoing on a hole-by-hole basis and as assays are received. However, current interpretation supports a principal, large pegmatite body of near vertical to steeply dipping orientation, flanked by several subordinate pegmatite lenses (collectively, the 'CV5 Spodumene Pegmatite')
At CV13, geological modelling is ongoing on a hole-by-hole basis and as assays are received. However, current interpretation supports a series of sub-parallel trending sills with a flat-lying to shallow northerly dip (collectively, the 'CV13 Spodumene Pegmatite')
At CV9, geological modelling is ongoing on a hole-by-hole basis and as assays are received. However, current interpretation indicates CV9 is comprised of a single principal dyke, which outcrops at surface, has a steep northerly dip, and is moderately plunging to the east-southeast. A strike length of 450 m has been delineated through drilling and outcrop.
All reported widths are core length. True widths are not calculated for each hole due to the relatively wide drill spacing at this stage of delineation and the typical irregular nature of pegmatite, as well as the varied drill hole orientations. As such, true widths may vary widely from hole to hole.

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Please refer to the figures included herein as well as those posted on the Company's website.

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

Please refer to the table(s) included herein as well as those posted on the Company's website.
Results for pegmatite intervals <2 m are not reported.

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

The Company is currently completing site environmental work over the CV5 and CV13 pegmatite area.
The Company has completed a bathymetric survey over the shallow glacial lake which overlies a portion of the CV5 Spodumene Pegmatite. The lake depth ranges from <2 m to approximately 18 m, although the majority of the CV5 Spodumene Pegmatite, as delineated to date, is overlain by typically <2 to 10 m of water.
The Company has completed significant metallurgical testing comprised of HLS and magnetic testing, which has produced 6+% Li₂O spodumene concentrates at >70% recovery on both CV5 and CV13 pegmatite material, indicating DMS as a viable primary process approach, and that both CV5 and CV13 could potentially feed the same process plant. A DMS test on CV5 Spodumene Pegmatite material returned a spodumene concentrate grading 5.8% Li₂O at 79% recovery, strongly indicating potential for a DMS only operation to be applicable. Additionally, a more expansive DMS pilot program has been completed, including with non-pegmatite dilution, and has produced results in line with prior testwork.
Various mandates required for advancing the Project towards Feasibility have been initiated, including but not limited to, environmental baseline, metallurgy, geomechanics, hydrogeology, hydrology, stakeholder engagement, geochemical characterization, as well as mining, transportation, and logistical studies.

Further work

The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

The Company intends to continue drilling the pegmatites of the Shaakichiuwaanaan Property, focused on the CV5 Pegmatite and adjacent subordinate lenses, as well as the CV13 Pegmatite. A follow-up drill program at the CV9 Spodumene Pegmatite is also anticipated.