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Patriot Battery Metals Inc. is a hard-rock lithium exploration company focusing on advancing its Corvette Property in Quebec, Canada. The company recently announced core assay results for drill holes completed in 2024 and an acquisition to expand its land position. With a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred, the CV5 Spodumene Pegmatite is central to their operations. The company's winter drill programs unearthed a new high-grade zone at the CV13 Spodumene Pegmatite, known as the Vega Zone, and core assay results indicate impressive lithium grades and continuity in the area. Patriot Battery Metals remains committed to further exploration and resource expansion throughout the Corvette Project.
Patriot Battery Metals (PMETF) has secured a strategic partnership with Volkswagen and PowerCo through a C$69 million investment, representing a 9.9% stake in the company at C$4.42 per share. The deal includes a 10-year binding offtake agreement with PowerCo for 100,000 tonnes of spodumene concentrate annually, representing ~25% of Stage 1 or ~12.5% of combined Stage 1 and Stage 2 production from the Shaakichiuwaanaan Lithium Project.
The subscription price represents a significant premium of 65% and 35% to the 30-day and 90-day volume weighted average trading prices. The partnership includes a strategic MoU to explore downstream opportunities, including potential chemical conversion facility development and ESG initiatives. Volkswagen will gain representation on an advisory technical committee and rights for future equity participation.
Patriot Battery Metals (TSX: PMET) announced an investor webinar hosted by CEO Ken Brinsden to discuss a new strategic partnership with Volkswagen Group and PowerCo, including equity investment and off-take agreements. The webinar, scheduled for December 18, 2024, will focus on the transaction's implications for developing the Shaakichiuwaanaan Lithium Project in Quebec.
The company's flagship project contains a significant mineral resource of 80.1 Mt at 1.44% Li2O Indicated and 62.5 Mt at 1.31% Li2O Inferred, making it the largest lithium pegmatite resource in the Americas and 8th largest globally. The property, accessible year-round and near power infrastructure, hosts multiple untested spodumene pegmatite clusters with additional exploration potential.
Patriot Battery Metals announced significant drilling results from its CV13 Spodumene Pegmatite at the Shaakichiuwaanaan Property. Key highlights include multiple high-grade lithium intersections, notably 31.2 m at 3.35% Li2O, including 4.7 m at 5.37% Li2O, and a record-setting sample of 7.11% Li2O - the highest-grade core sample collected from the Property to date.
The drilling program successfully expanded the high-grade Vega Zone, which remains open in multiple directions and covers an area of ~0.7 km x 0.4 km. The company identified a structural corridor extending approximately 3.3 km towards the CV12 Spodumene Pegmatite, significantly enhancing the area's prospectivity for future exploration in 2025.
Patriot Battery Metals has successfully produced a 307g sample of battery-grade lithium hydroxide monohydrate from its CV5 Spodumene Pegmatite, marking a significant development milestone. The sample was produced from spodumene concentrate grading 6.2% Li2O and 0.6% Fe2O3, using drill core samples representing early mine-life material.
The CV5 Pegmatite is part of the company's Shaakichiuwaanaan Lithium Project, which has a Mineral Resource Estimate of 80.1 Mt at 1.44% Li2O Indicated and 62.5 Mt at 1.31% Li2O Inferred. The testwork, completed at SGS Canada's Lakefield facility, demonstrated that high-quality battery-grade lithium end-product can be produced using CV5 material, with no impurities of concern present.
Patriot Battery Metals has completed its 2024 summer-fall drill program at the CV5 Spodumene Pegmatite, part of the Shaakichiuwaanaan Property. The program achieved 65,384 m drilled, bringing the 2024 total to 128,052 m. Notable high-grade intercepts include 100.5 m at 1.62% Li2O and 124.5 m at 1.25% Li2O. The company completed extensive in-fill drilling to upgrade Inferred Resources to Indicated category, along with geotechnical and hydrogeological drilling campaigns totaling 70 holes. Results for 98 drill holes at CV5 and 33 holes at CV13 are still pending. The Feasibility Study and maiden Ore Reserve Estimate remain on schedule for Q3-2025.
Patriot Battery Metals (TSX: PMET) has announced an upcoming investor webinar on November 27, 2024, hosted by CEO Ken Brinsden. The webinar will provide updates on the Shaakichiuwaanaan Lithium Project in Quebec, including details about the 2024 Summer-Fall drilling program, Pre-Feasibility Study progress, ESG initiatives, and strategic outlook for 2025. Two sessions will be held to accommodate different time zones: one at 9:00 AM AWST/12:00 PM AEDT for Asia-Pacific, and another at 10:00 AM EST for North America. The sessions will include Q&A opportunities, and a recording will be available afterward on the company's platforms.
Patriot Battery Metals has achieved significant ESG milestones for its Shaakichiuwaanaan Lithium Project in Quebec. The company received UL 2723 ECOLOGO® Certification for mineral exploration and published its 2023 Sustainable Development Report. Extensive environmental baseline data collection has been completed, including water quality monitoring at 24 stations, hydrology studies at 11 locations, and comprehensive surveys of fish habitats, soil quality, wildlife, and vegetation.
The Environmental and Social Impact Assessment (ESIA) remains on track for submission in the second half of 2025. The company has also updated its website with additional ESG information, including new policies on Health & Safety, Environment, Community Relations, and Local & Responsible Procurement.
Patriot Battery Metals has nearly completed its 2024 drill campaign at Shaakichiuwaanaan Property in Quebec, drilling ~127,700 m across 428 holes. Results for over 65,000 m remain pending. The campaign focuses on converting Inferred resources to Indicated resources at the CV5 Spodumene Pegmatite to support the Feasibility Study scheduled for Q3 2025. The company completed significant geotechnical, hydrogeological, and geomechanical drilling, including monitoring well installation and pump tests. An updated Mineral Resource Statement is targeted for March/April 2025. The project follows the August 2024 Preliminary Economic Assessment, which demonstrated strong economic potential for North American and European lithium markets.
Patriot Battery Metals Inc. (TSX: PMET) held its Annual General Shareholder Meeting on September 17, 2024, in Montreal, Quebec. All matters presented for approval were passed by the required majority. A total of 49,735,927 common shares, representing approximately 35.237% of the total issued and outstanding shares, were voted at the meeting. The company will file a detailed report of the voting results on SEDAR+ under Patriot's profile. The meeting addressed matters outlined in the Notice of Annual General Meeting of Shareholders and Information Circular dated August 5, 2024. Detailed voting results for each resolution, including director elections, are provided in Appendix 1 of the announcement.
Patriot Battery Metals Inc. (TSX: PMET) has filed a National Instrument 43-101 Preliminary Economic Assessment (PEA) Technical Report for its Shaakichiuwaanaan Project in the James Bay Region, Québec, Canada. The report, dated September 12, 2024, with an effective date of August 21, 2024, is now available on SEDAR+ and the company's website. This filing supports the previously announced PEA results from August 21, 2024, which highlighted the project's potential as a North American lithium raw materials supply base. Additionally, it confirms the significant mineral resource upgrade announced on August 5, 2024. The company states that there are no material differences between the Technical Report and the information disclosed in the earlier news releases.
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