Multiple Wide, High-Grade Intercepts at the CV5 Pegmatite, including 153.8 m at 2.00% Li2O, Completes Drill Dataset for Upcoming Feasibility Study and Ore Reserve in Q3-2025

Rhea-AI Summary

Patriot Battery Metals (PMETF) has announced final results from its 2024 summer-fall in-fill drill program at the CV5 Spodumene Pegmatite. The program yielded multiple high-grade lithium intercepts, including 153.8m at 2.00% Li2O and 142.9m at 1.77% Li2O.

The company completed 431 holes (128,052m) in 2024, with this final batch reporting results from 98 holes (31,513m). The drilling campaign has established Shaakichiuwaanaan as the largest hard rock lithium resource in the Americas, with a Mineral Resource Estimate of 80.1 Mt at 1.44% Li2O Indicated and 62.5 Mt at 1.31% Li2O Inferred.

All necessary drilling for the upcoming Feasibility Study and maiden Ore Reserve Estimate is now complete, with delivery targeted for Q3-2025. The CV5 Pegmatite remains open at both ends and depth along its 4.6 km strike length.

Positive

• Multiple high-grade lithium intercepts with significant widths
• Largest hard rock lithium resource in Americas confirmed
• Substantial mineral resource: 80.1 Mt at 1.44% Li2O Indicated
• All drilling completed for Feasibility Study ahead of schedule and under budget
• Property accessible year-round with nearby hydroelectric power

Negative

• Resource remains in lower confidence category (Inferred) requiring conversion
• Feasibility Study and Ore Reserve still pending until Q3-2025

Highlights

• Wide, high-grade spodumene pegmatite intercepts received from the extensive summer-fall 2024 in-fill drill program at CV5 complete the drill dataset required to support the upcoming Feasibility Study and maiden Ore Reserve:
  • 153.8 m at 2.00% Li₂O, including 55.4 m at 3.42% Li₂O (CV24-733).
  • 142.9 m at 1.77% Li₂O, including 35.2 m at 3.36% Li₂O (CV24-719).
  • 186.0 m at 1.08% Li₂O, including 11.3 m at 4.27% Li₂O (CV24-704).
  • 129.8 m at 1.36% Li₂O, including 22.4 m at 2.45% Li₂O (CV24-688).
  • 142.3 m at 1.12% Li₂O including 55.2 m at 2.19% Li₂O (CV24-769).
  • 118.4 m at 1.27% Li₂O, including 41.5 m at 1.74% Li₂O (CV24-693).
  • 101.9 m at 1.75% Li₂O, including 12.3 m at 3.43% Li₂O (CV24-721).
  • 106.7 m at 1.49% Li₂O including 7.8 m at 4.39% Li₂O (CV24-735).
  • 119.8 m at 1.10% Li₂O, including 41.8 m at 1.65% Li₂O (CV24-707).
  • 104.1 m at 1.08% Li₂O, including 36.1 m at 1.59% Li₂O (CV24-682).
  • 100.5 m at 1.06% Li₂O, including 15.0 m at 2.25% Li₂O (CV24-730).
  • 98.6 m at 1.76% Li₂O, including 33.7 m at 2.40% Li₂O (CV24-711A).
  • 93.5 m at 1.71% Li₂O, including 10.1 m at 3.00% Li₂O (CV24-712).
  • 53.9 m at 2.29% Li₂O, including 32.5 m at 3.04% Li₂O (CV24-703).
  • 58.1 m at 1.14% Li₂O, including 8.6 m at 5.28% Li₂O (CV24-742).
• Core assay results for 98 drill holes (31,513 m) – all from CV5 – are reported in this announcement, concluding the reporting of all 431 holes (128,052 m) completed in 2024.
• This final batch of assays completes the core analytical dataset required for the delivery of the Feasibility Study and maiden Ore Reserve Estimate for the CV5 Spodumene Pegmatite, which is targeted for Q3-2025. All resource, geotechnical, geomechanical, and hydrogeological drilling required to support the pending Feasibility Study on CV5 is now complete.
• The Company has now completed 793 drill holes (233,884 m) at the Shaakichiuwaanaan Property to deliver the largest hard rock lithium resource in the Americas in under 3 years.

Darren L. Smith, Patriot Executive and Vice President of Exploration, comments: "The fall 2024 in-fill drill program at the CV5 Pegmatite wrapped up on a very strong note, delivering more than 10 well-mineralized 100+ m intercepts. The completion of the in-fill program marks a key milestone towards upgrading the Mineral Resource to higher confidence (from Inferred to Indicated), and we were able to achieve this on schedule and under budget."

"The team is now advancing the geological and block models in coordination with our independent consultants as we work towards the next Mineral Resource update, which in turn will underpin the upcoming Feasibility Study and maiden Ore Reserve for the CV5 Pegmatite – which remain on schedule for Q3-2025," added Mr. Smith.

VANCOUVER, BC, Feb. 27, 2025 /PRNewswire/ - February 28, 2025 – Sydney, Australia 

Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the final batch of results from its extensive summer-fall 2024 in-fill drill program 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 Estimate¹ ("MRE") of 80.1 Mt at 1.44% Li₂O Indicated and 62.5 Mt at 1.31% Li₂O Inferred. The CV5 Spodumene Pegmatite, which forms the bulk of the MRE, is accessible year-round by all-season road and is situated approximately 14 km from a major hydroelectric powerline corridor.

Core assay results for 98 holes (31,513 m) are reported in this announcement (Figure 1, Table 1, Table 2), concluding the reporting of all 431 holes (128,052 m) completed during the 2024 drill campaign at the Property. The holes reported in this announcement focused on in-fill drilling at the CV5 Deposit to support an MRE update targeting conversion of Mineral Resources from the Inferred category to the higher confidence Indicated category, which will in turn underpin a maiden Ore Reserve Estimate.

The drill holes reported tested nearly the entire 4.6 km strike length currently defined at CV5, which remains open at both ends and at depth, along a significant portion of its length. The results continue to demonstrate that wide and well-mineralized pegmatite, with consistently large spodumene crystals, is present along the entire strike length of the deposit (Figure 1, Figure 2, Figure 3, and Figure 4).

With the delivery of these results, all resource, geotechnical, geomechanical, and hydrogeological drill holes required to support the pending Feasibility Study on CV5 are now complete. These drill holes targeted areas encompassing the anticipated supporting development infrastructure (process plant, camp, stockpiles, waste rock and tailings management facilities, etc.), as well open-pit and underground development areas. The data collected will be used to establish a maiden Ore Reserve, infrastructure foundation and build parameters, rock mechanics domain parameters, and hydrogeological models to support the overall mine design for the pending Feasibility Study.

________________ 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.

Collectively, over the 2024 drill campaign a total of 431 holes (128,052 m) were completed across the CV5 and CV13 pegmatites, as well as areas of proposed infrastructure in support of future development. This includes step-out and in-fill holes, as well as geotechnical, hydrogeological, and geomechanical holes.

Since the "discovery hole", CF21-001 – the first hole to test the CV5 Pegmatite surface exposures at depth – was completed in fall 2021, a total of 793 holes totalling 233,884 m have been completed at Shaakichiuwaanaan focused on exploration and development of lithium pegmatite.

This drilling has delineated the largest hard rock lithium resource in the Americas – Shaakichiuwaanaan (comprising the CV5 & CV13 pegmatites).

The collective drill datasets will underpin an updated and higher-confidence MRE for the Shaakichiuwaanaan Project (CV5 & CV13 pegmatites), as well as an expected maiden Ore Reserve for the CV5 Spodumene Pegmatite, which will be declared upon completion of the Feasibility Study, which is targeted for delivery in Q3-2025.

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
CV24-643	Water	394.9	160	-55	570074.0	5930705.6	371.7	NQ	CV5
CV24-648	Land	484.9	180	-48	572564.4	5931724.7	374.6	NQ	CV5
CV24-663	Water	215.0	160	-60	570784.8	5930905.2	371.8	NQ3	CV5
CV24-667	Land	529.9	179	-58	572564.7	5931725.3	374.6	NQ	CV5
CV24-668	Land	254.0	158	-45	569410.0	5930345.5	389.3	NQ	CV5
CV24-669	Land	281.0	158	-45	569965.3	5930554.4	376.3	NQ	CV5
CV24-671	Land	209.0	160	-45	569762.7	5930394.7	380.1	NQ	CV5
CV24-674	Land	545.5	150	-50	571673.2	5931541.5	396.8	NQ	CV5
CV24-675	Land	490.9	145	-72	572151.5	5931550.8	375.9	NQ	CV5
CV24-676	Land	207.5	145	-65	570036.3	5930783.1	377.8	NQ	CV5
CV24-677	Land	347.0	235	-60	569963.3	5930554.0	376.4	NQ	CV5
CV24-678	Land	299.1	158	-46	569504.8	5930370.1	383.3	NQ	CV5
CV24-679	Water	125.0	340	-60	570814.8	5931002.4	372.0	NQ3	CV5
CV24-680	Land	226.9	158	-45	569841.2	5930331.4	377.6	NQ	CV5
CV24-681	Water	494.0	0	-90	572438.5	5931450.0	372.1	NQ	CV5
CV24-682	Land	362.0	160	-48	570646.9	5931010.2	373.7	NQ	CV5
CV24-683	Land	512.0	163	-56	572564.8	5931726.3	374.6	NQ	CV5
CV24-684	Water	161.0	27	-60	570932.4	5930996.7	371.9	NQ3	CV5
CV24-685	Land	299.0	160	-80	569743.0	5930442.0	379.2	NQ	CV5
CV24-686	Land	209.0	160	-45	570249.5	5930646.4	384.3	NQ	CV5
CV24-687	Land	503.0	134	-62	572151.7	5931551.1	375.9	NQ	CV5
CV24-688	Water	344.1	152	-45	570832.5	5931093.5	371.9	NQ	CV5
CV24-689	Land	167.0	11	-51	569705.4	5930476.0	380.2	NQ3	CV5
CV24-690	Land	115.8	160	-45	569799.1	5930303.3	376.4	NQ	CV5
CV24-691	Water	371.3	158	-46	572275.8	5931522.4	372.9	NQ	CV5
CV24-692	Land	272.1	158	-75	570317.9	5930621.6	383.0	NQ	CV5
CV24-693	Land	344.0	125	-45	570647.6	5931010.5	373.8	NQ	CV5
CV24-694	Land	443.5	160	-48	571672.8	5931541.1	396.8	NQ	CV5
CV24-695	Land	343.9	310	-70	569965.8	5930425.6	377.0	NQ	CV5
CV24-697	Water	322.9	158	-45	570707.1	5930992.2	371.9	NQ	CV5
CV24-698	Water	265.9	160	-59	572263.5	5931404.1	373.0	NQ	CV5
CV24-699	Land	409.7	150	-58	572151.3	5931550.9	375.9	NQ	CV5
CV24-700	Land	302.1	163	-45	569453.6	5930438.9	380.5	NQ	CV5
CV24-701	Land	471.6	157	-59	571947.8	5931540.9	380.7	NQ	CV5
CV24-702	Land	302.2	170	-50	571561.1	5931282.3	374.5	NQ	CV5
CV24-703	Land	450.0	154	-50	571708.1	5931460.6	378.6	NQ	CV5
CV24-704	Land	355.0	200	-50	571097.9	5931094.0	375.2	NQ	CV5
CV24-705	Land	407.2	167	-73	570110.2	5930638.0	377.0	NQ	CV5
CV24-706	Water	203.0	160	-45	571582.3	5931171.8	372.2	NQ	CV5
CV24-707	Water	287.1	162	-48	570707.9	5930989.2	373.5	NQ	CV5
CV24-708	Land	431.0	160	-61	572052.0	5931534.6	372.6	NQ	CV5
CV24-709	Land	320.3	155	-73	571442.8	5931177.7	377.0	NQ	CV5
CV24-710	Water	275.0	185	-55	571586.6	5931171.8	373.0	NQ	CV5
CV24-711	Land	236.5	162	-63	571561.2	5931282.6	374.4	NQ	CV5
CV24-711A	Land	368.0	162	-63	571560.9	5931282.6	374.4	NQ	CV5
CV24-712	Land	371.1	150	-45	571616.1	5931411.0	375.6	NQ	CV5
CV24-713	Water	161.2	175	-50	571509.5	5931133.2	373.0	NQ	CV5
CV24-714	Land	449.1	159	-51	571947.9	5931540.8	380.9	NQ	CV5
CV24-715	Water	317.1	150	-46	570511.7	5930943.5	373.0	NQ	CV5
CV24-716	Water	145.9	158	-45	571371.3	5931036.7	373.0	NQ	CV5
CV24-717	Land	353.0	167	-45	570110.3	5930637.3	377.0	NQ	CV5
CV24-718	Land	425.0	148	-59	572052.2	5931534.7	372.7	NQ	CV5
CV24-719	Land	305.0	158	-53	571132.6	5931145.0	376.3	NQ	CV5
CV24-720	Water	117.9	158	-70	571371.3	5931037.1	372.9	NQ	CV5
CV24-721	Land	402.8	142	-47	571616.4	5931411.0	375.4	NQ	CV5
CV24-722	Water	137.0	158	-45	571097.7	5930963.1	373.0	NQ	CV5
CV24-723	Water	95.1	158	-45	570575.5	5930788.3	373.0	NQ	CV5
CV24-724	Land	356.1	152	-58	572011.7	5931467.0	375.7	NQ	CV5
CV24-725	Land	503.0	155	-65	571311.7	5931087.6	380.0	NQ	CV5
CV24-726	Water	97.8	158	-45	570998.1	5930944.0	373.0	NQ	CV5
CV24-727	Land	446.9	146	-63	572052.3	5931534.8	372.7	NQ	CV5
CV24-728	Water	83.1	158	-45	570667.0	5930827.1	373.0	NQ	CV5
CV24-730	Land	305.0	160	-55	571336.9	5931165.8	375.9	NQ	CV5
CV24-731	Water	101.1	158	-45	570899.1	5930925.1	373.0	NQ	CV5
CV24-732	Water	268.9	158	-58	572212.3	5931385.5	373.0	NQ	CV5
CV24-733	Land	392.2	145	-63	571561.7	5931282.9	374.5	NQ	CV5
CV24-734	Water	122.0	158	-45	570847.3	5930912.0	373.0	NQ	CV5
CV24-735	Land	404.2	155	-51	571653.2	5931324.2	376.8	NQ	CV5
CV24-736	Land	383.1	158	-56	572214.1	5931534.1	373.2	NQ	CV5
CV24-737	Water	415.8	170	-62	572324.5	5931536.8	373.0	NQ	CV5
CV24-738	Water	119.0	160	-45	571292.1	5931011.9	373.0	NQ	CV5
CV24-739	Land	401.0	158	-55	568598.9	5930071.1	388.9	NQ	CV5
CV24-740	Land	536.1	125	-60	571312.4	5931088.5	380.1	NQ	CV5
CV24-741	Land	496.5	170	-64	572051.9	5931534.5	372.6	NQ	CV5
CV24-742	Land	509.8	188	-47	572565.1	5931727.7	373.7	NQ	CV5
CV24-743	Water	85.8	158	-50	571497.3	5931041.6	372.9	NQ	CV5
CV24-744	Water	196.9	158	-45	571570.8	5931124.5	373.0	NQ	CV5
CV24-745	Land	515.2	175	-80	572213.8	5931534.5	373.3	NQ	CV5
CV24-746	Land	369.2	158	-60	571977.8	5931451.6	376.5	NQ	CV5
CV24-748	Water	386.0	155	-58	572324.9	5931538.5	372.1	NQ	CV5
CV24-749	Land	305.0	158	-65	568474.2	5930093.9	399.8	NQ	CV5
CV24-750	Water	443.0	160	-70	571220.1	5930923.9	372.8	NQ	CV5
CV24-751	Land	431.0	150	-85	571286.3	5930893.2	377.4	NQ	CV5
CV24-752	Land	494.1	159	-48	569965.8	5930738.0	376.0	NQ	CV5
CV24-753	Water	345.6	175	-75	572328.8	5931537.4	373.4	NQ	CV5
CV24-755	Land	536.0	194	-51	572564.8	5931727.8	373.6	NQ	CV5
CV24-756	Land	253.9	158	-45	568474.5	5930093.4	399.7	NQ	CV5
CV24-758	Land	506.1	145	-75	572213.9	5931534.8	373.2	NQ	CV5
CV24-759	Land	93.0	158	-45	568479.6	5929966.6	388.9	NQ	CV5
CV24-760	Water	428.0	115	-75	571080.9	5930873.1	373.0	NQ	CV5
CV24-764	Land	77.0	158	-65	568479.8	5929966.0	388.8	NQ	CV5
CV24-765	Water	358.9	0	-90	572445.5	5931369.9	373.4	NQ	CV5
CV24-766	Land	90.0	158	-45	568433.9	5929939.3	391.1	NQ	CV5
CV24-767	Land	326.0	159	-60	569819.4	5930506.5	375.4	NQ	CV5
CV24-769	Land	374.0	170	-68	571579.6	5931234.4	374.9	NQ3	CV5
CV24-777	Land	101.1	340	-75	568849.3	5930131.6	395.1	NQ3	CV5
CV24-781	Land	200.1	330	-85	569283.5	5930125.5	388.4	NQ3	CV5
CV24-783	Land	416.0	145	-67	571927.4	5931447.3	377.6	NQ3	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.

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.

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, and the maiden ore reserve.

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 indicated 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 Rules)

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. 

The production target referred to in this release was reported by the Company in accordance with ASX Listing Rule 5.16 on August 21, 2024. The Company confirms that, as of the date of this announcement, all material assumptions and technical parameters underpinning the production target in the original announcement continue to apply and have not materially changed.

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).	Holes are NQ or NQ3 size core diamond drilling with 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, targeting ~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 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 27th, 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 September 2025 to July 2027.
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 confirm 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 and related prospective corridors.

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SOURCE Patriot Battery Metals Inc.

FAQ

What are the latest drilling results from PMETF's CV5 Pegmatite?

The latest results include multiple high-grade intercepts, notably 153.8m at 2.00% Li2O and 142.9m at 1.77% Li2O, from 98 drill holes totaling 31,513m.

What is the current Mineral Resource Estimate for PMETF's Shaakichiuwaanaan Property?

The property has 80.1 Mt at 1.44% Li2O in Indicated category and 62.5 Mt at 1.31% Li2O in Inferred category.

When will PMETF release its Feasibility Study and maiden Ore Reserve for CV5?

The Feasibility Study and maiden Ore Reserve are targeted for delivery in Q3-2025.

How many drill holes has PMETF completed at the Shaakichiuwaanaan Property?

PMETF has completed 793 drill holes totaling 233,884m since the discovery hole in fall 2021.

What is the current strike length of PMETF's CV5 deposit?

The CV5 deposit has a 4.6 km strike length, which remains open at both ends and at depth.