PMET Resources Inc

PMET signed a non-binding letter of intent with the Cree Nation of Chisasibi setting a framework for engagement and information-sharing. It is explicitly not consent or endorsement for the project; any Impact Benefit Agreement remains a future possibility at Chisasibi's discretion.

regulatory community update

Bench tests at SGS Lakefield extracted 97-98% of caesium from Vega pollucite concentrate using sulphuric acid, with impurities removed. Koch's Phase 1 also showed selective caesium recovery. Builds on the caesium resource; next step is making gram quantities of caesium chemicals.

drilling result

A concept study picked Primero's ALi atmospheric leach process as the preferred route to refine spodumene concentrate into lithium carbonate on site; bench tests made 99.8% Li2CO3. It is a longer-term option, not needed for the 2025 Feasibility Study base case.

other

Surface sampling found new pegmatite discoveries: Cosma caesium (4.4 m at 3.61% Cs2O, including 0.5 m at 16.43%) ~22 km west of CV5, Felix and Skald lithium (up to 2.94% Li2O), and Overload caesium at Pontax (7.53% Cs2O). Early-stage, outcrop and channel results only.

drilling result

The 2026 summer-fall drill campaign began: about 45,000 m through October using 4-8 rigs. Roughly 25,000 m at CV5 supports bulk sample and feasibility work; ~18,000 m at CV13. Follow-up is planned on the new caesium lens north of Vega and on CV4.

drilling spud

PMET received non-binding letters of support from EDC, KfW IPEX-Bank and another major Canadian financial institution for project financing; none is a lending commitment. Volkswagen confirmed final approvals for about C$12m in the February 2026 raise, resolving that open thread.

debt financing

Federal regulator IAAC deemed the ESIA complete; public consultation runs to 28 May 2026. Provincial review is under way. Updated CV5 Feasibility Study and a CV5+CV13 PEA target Q4 2026; the ~50,000 t bulk sample application awaits COMEX feedback in Q2.

regulatory community update

The 'ApplePick' pilot program produced 4.47 tonnes of 6.09% Li2O spodumene concentrate at 89.0% recovery using DMS only, from high-grade boulder feed (3.61% Li2O, not representative of the life-of-mine grade). Supports the updated Feasibility Study; tantalum testwork now underway.

drilling result

PMET started a caesium testwork program with Koch Technology Solutions, part of Koch Inc., to turn Shaakichiuwaanaan pollucite concentrate into high-value caesium chemicals. Builds on the caesium resource (0.69 Mt at 4.40% Cs2O Indicated); testwork only, no commercial terms or funding stated.

material agreement

PMET submitted its Environmental and Social Impact Assessment for the CV5 lithium project to Quebec; the federal submission is described as concurrent or to follow. It is the key permitting milestone, after the late-2025 target slipped to April 2026. Public review follows.

regulatory community update

Final batch of 2025 caesium results from 7 holes at CV13: widest Helios intercept 4.9 m at 3.65% Cs2O, plus 2.3 m at 4.65% Cs2O suggesting a new zone ~70 m north of Vega. Closes out reporting for the 2025 campaign, resolving the pending holes.

drilling result

Both financings closed for about C$138m gross: ~C$65m of shares at C$5.66, ~C$7.7m more from a part-exercised over-allotment, and ~C$65m of flow-through shares at ~C$9.30. The board also formed a Technical Committee chaired by Aline Côté. Resolves the funding raised on 9 February.

capital raising announcement

PMET launched up to C$130m of financings: a ~C$65m public offering at C$5.66 per share and a ~C$65m flow-through placement at C$9.30 (48% premium to last TSX price). Volkswagen (~9.553%) intends to join with up to ~C$14m. Funds an updated CV5 study including tantalum, and CV13 towards a preliminary economic assessment.

capital raising announcement

Caesium results from CV13 show the widest and highest-grade intercepts yet at Vega, e.g. 28.0 m at 8.05% Cs2O and 2.2 m at 26.48% Cs2O, with a peak sample of 29.79%. The Vega footprint grew and high-grade caesium was confirmed at Helios; 7 holes remain pending.

drilling result

Final 2025 lithium and tantalum results include the best intercepts to date at Vega, e.g. 55.0 m at 2.58% Li2O, and a new high-grade near-surface zone, Helios, at CV13 (8.8 m at 2.97% Li2O). Caesium assays for CV13 remain pending.

drilling result

2025 drilling reported new lithium discoveries at CV4 (27.0 m at 1.14% Li2O) and CV12 (29.0 m at 1.31% Li2O), plus a new caesium zone at CV12 (3.0 m at 5.82% Cs2O). CV5 and CV13 strike lengths extended to 5.0 km and 3.2 km. 15,081 m (72 holes) still unreported.

drilling result

Agreement to buy 100% of the Pikwa Property, ~10 km of greenstone belt immediately west of Shaakichiuwaanaan, from Azimut and SOQUEM. Pays 841,916 shares at C$3.68 deemed price plus two 1% NSR royalties. Subject to TSX approval.

asset acquisition disposition

Positive CV5 lithium-only Feasibility Study with maiden Probable Reserve of 84.3 Mt at 1.26% Li2O. Capex ~C$1,978m; after-tax NPV8% ~C$1,594m, IRR ~18.1%, up to ~800 ktpa concentrate. Capex is higher and returns lower than the 2024 PEA (C$1,373.5m; 34% IRR); FID targeted 2H 2027.

resource reserve update

Maiden caesium resource defined at CV13: Rigel 163,000 t at 10.25% Cs2O Indicated; Vega 530,000 t Indicated and 1.7 Mt Inferred at ~2.4-2.6%. Total 30.5 kt Cs2O Indicated, 40.8 kt Inferred. Lithium Feasibility Study still due Q3 2025; caesium to follow.

resource reserve update

Updated resource: 108.0 Mt at 1.40% Li2O Indicated and 33.3 Mt at 1.33% Inferred (3.75 Mt and 1.09 Mt LCE). Indicated rises ~30% at CV5 and ~306% at CV13 versus August 2024, though Inferred falls from 62.5 Mt. Feasibility Study and maiden reserve on track for Q3 2025.

resource reserve update

Overlimit assays confirm a large cesium discovery at CV13: Vega Zone ~600 m x 400 m, with intercepts such as 18.1 m at 2.71% Cs2O, and a high-grade Rigel Zone ~200 m x 80 m. Resolves the March pending assays; a possible by-product to lithium.

drilling result

Surface exploration found a new spodumene pegmatite cluster, CV15, about 20 km from CV5, with outcrop samples up to 2.11% Li2O. It extends the Mickel Trend to about 5.5 km. Only surface sampling so far; no drilling.

drilling result

Patriot reports a large cesium zone at CV13, over about 600 m x 400 m and coincident with the Vega Zone; pollucite was identified. Over 140 samples await overlimit assays. A possible by-product to lithium, grade and size not yet defined.

drilling result

Final 98 CV5 infill holes (31,513 m) reported, including 153.8 m at 2.00% Li2O, completing all 431 holes (128,052 m) from 2024. The data set needed for the Feasibility Study and maiden Ore Reserve (Q3 2025) is complete, closing the open assay thread.

drilling result

The C$69m Volkswagen investment has closed; VW now owns about 9.9% of Patriot. The binding PowerCo offtake (100,000 t a year of concentrate for 10 years), investor rights agreement and MoU are in place. Proceeds fund exploration, the Feasibility Study and working capital.

farm in farm out completion

Volkswagen will invest about C$69m (US$48m) for 15,557,500 shares at C$4.42, about 9.9% of the company, a 65% premium to the 30-day average price. PowerCo offtake of 100,000 t per year of concentrate over 10 years is to be agreed, plus an MoU. Resolves the partner search.

farm in farm out agreement

Final summer-fall CV13 results (33 holes, 9,950 m) expand the high-grade Vega Zone, including 31.2 m at 3.35% Li2O and a 0.9 m sample at 7.11% Li2O, the Property's highest grade. The zone is open and links to a structure running 3.3 km toward CV12, a 2025 target.

drilling result

PEA for a staged CV5 development targets up to ~800 ktpa spodumene concentrate; pre-tax NPV8% of C$4.7bn and after-tax C$2.9bn. Funding needed is C$1,373.5m in total (C$869.7m Stage 1), with no certainty it can be raised.

other

Alex Eastwood, a Pilbara Minerals founding executive, joins immediately in the new role of Executive Vice President – Commercial, based mainly in Australia. He supports the company's ongoing talks with downstream industry partners after the Albemarle MOU ended.

director officer appointment

Updated resource for CV5 and CV13 is 80.1 Mt at 1.44% Li2O Indicated plus 62.5 Mt at 1.31% Inferred, versus the June 2023 maiden 109.2 Mt all Inferred. It delivers the first Indicated resource and CV13's maiden resource; PEA is due by end of September quarter.

resource reserve update

Maiden Exploration Target of about 146 to 231 Mt at 1.0 to 1.5% Li2O, in addition to the resource, independently prepared by BBA. It is conceptual only; drilling to test it begins in 2025.

resource reserve update

Patriot filed a preliminary Canadian base shelf prospectus allowing up to C$250m of securities over 25 months. No immediate plans to issue; management says the C$75m May raising leaves it well funded. Aligns TSX issues with ASX.

capital raising announcement

Final CV13 winter assays extend the Vega Zone: 51.7 m at 1.77% Li2O (including 9.7 m at 5.16%), the best wide intercept at CV13. Zone now about 380 x 220 m and open. All winter holes reported; resource update due August 2024.

drilling result

COO Blair Way retired effective 30 June but stays on as non-executive director and consultant. John Drapack (Director, Studies) and Cathryn Moffett (Director, Environment) appointed. Feasibility Study targeted for the September 2025 quarter.

director officer appointment

Final CV5 winter assays: 124.9 m at 1.72% Li2O (including 13.4 m at 4.04%) and 63.7 m at 2.68% (including 35.6 m at 3.78%). All CV5 holes now reported. Resource upgrade, with maiden CV13 resource, now targeted for August 2024; a PEA is targeted for Q3 2024.

drilling result

CV13's high-grade zone, now named Vega, expanded: 33.4 m at 2.40% Li2O (incl. 11.1 m at 4.33%), and the highest single sample at Corvette, 1.7 m at 7.01%. Zone covers about 350 by 125 m and is open. 83 holes remain unreported; summer drilling will target it.

drilling result

Patriot raised about C$75m via a flow-through placement of roughly 5.16m shares at C$14.54, a 51% premium to the 17 May TSX close. Funds are restricted to Corvette exploration from June 2024 to December 2025. Updated CV5 resource targeted late Q3 2024.

capital raising announcement

The 9-month Albemarle MOU ended without extension by mutual agreement, and the investor rights agreement was terminated. Albemarle's exclusivity has expired, leaving Patriot free to talk to other downstream partners. Relationship described as ongoing and non-exclusive.

material agreement termination

New high-grade zone found at CV13: 34.4 m at 2.90% Li2O (incl. 21.9 m at 3.58%) from about 125 m depth, open in several directions. Follow-up holes were drilled but assays are pending. Maiden CV13 resource still Q3 2024.

drilling result

Patriot agreed to buy 100% of the JBN-57 claim block (39 claims, 1,995 ha) from Azimut, on trend with Corvette, for C$500,000 cash, 150,000 shares and a 2% royalty. Subject to TSX approval.

asset acquisition disposition

First 2024 CV5 infill assays (34 holes) include 126.3 m at 1.66% Li2O and 70.1 m at 2.44% (incl. 16.1 m at 5.02%). Hole 374 was wider than the 2023 resource model predicted. 132 holes still unreported.

drilling result

Final 2023 CV5 assays include 133.9 m at 1.21% Li2O and 50.5 m at 1.42%. CV5 now traced 4.6 km (was 4.4 km), open. Winter 2024 program finished at 62,518 m; resource update still Q3 2024.

drilling result

Quebec's environment ministry issued guidelines for Corvette's environmental impact study, which the company says were as expected. Full study submission is expected late 2025. This resolves the pending guidelines step from the permitting process.

regulatory community update

Final 2023 assays for CV13 and CV9. CV13's best hole yet: 28.7 m at 1.49% Li2O (incl. 20.4 m at 2.03%), a new shallow zone. CV9's maiden drilling hit 99.9 m at 0.39%. 42 CV5 holes remain; Q3 2024 resource update unchanged.

drilling result

2023 surface work found a new spodumene pegmatite outcrop, CV14, with grab samples of 0.94% and 0.86% Li2O, extending the CV9-CV10-CV14 trend to ~3.6 km. Boulders south of CV5 and CV13 channel results (best 5.4 m at 1.93%) add to the picture.

drilling result

Chair Ken Brinsden becomes CEO/President/Managing Director based in Montreal; Pierre Boivin becomes Chair; Blair Way moves from CEO to COO, staying on the board. Stated aim is a stronger Quebec leadership presence. Director options (1,348,016) and DSUs (20,085) need shareholder approval.

director officer appointment

The 2024 winter drilling began at Corvette, planned to reach ten rigs and at least 45,000 m through April, mainly infill drilling to lift CV5 resource confidence from inferred to indicated. Updated resource now due Q3 2024 (earlier guidance was mid-2024).

drilling scheduled

Patriot filed its Preliminary Information Statement with the Quebec government, starting the provincial approvals process for Corvette as an open-pit spodumene mine. The federal Project Description is ready but held pending clarity after a Supreme Court of Canada ruling on the Impact Assessment Act.

regulatory community update

First drilling at CV9, 14 km west of CV5, logged spodumene-bearing pegmatite, including about 100 m in CV23-345; 18 holes (~4,000 m) done. These are visual logs only; no assays yet. A new discovery claimed by the company, with grades unknown.

drilling result

CV23-199 returned the widest intersection on Corvette to date: 172.4 m at 0.93% Li2O, including 34.5 m at 1.85%. Early assays from the CV5 western extension, outside the resource, are also well mineralised (e.g. 46.3 m at 1.20%). Drilling pauses until early January; over 140 holes await assays.

drilling result

New near-surface high-grade zone found at CV13, the first CV13 assays this season: best 8.0 m at 2.86% Li2O including 4.3 m at 5.03%, and 12.7 m at 2.46%. Company says this opens starter-pit options; eight rigs active; updated resource expected mid-2024.

drilling result

CV5 pegmatite now traced 4.35 km, up from 3.7 km, after a 650 m westward extension; best intersection 56.8 m continuous, with a 178.2 m pegmatite interval in one hole (assays pending). Seven rigs are active, with ten targeted by mid-January 2024. Assays due from October.

drilling progress report

Albemarle agreed to buy 7,128,341 shares at C$15.29 (about C$109m), a 7% premium, for about 6.4% undiluted. Funds go to accelerating Corvette work. A non-binding MOU to study a downstream lithium hydroxide plant, with nine months' exclusivity, was also agreed.

capital raising announcement

Maiden CV5 resource: 109.2 Mt at 1.42% Li2O inferred (0.40% cut-off), 3.835m t lithium carbonate equivalent, from 163 holes. The company calls it the largest lithium pegmatite resource in the Americas and 8th largest globally. CV13 resource is now expected in 2024.

resource reserve update

Final winter assays reported, completing all results. Nova Zone hole CV23-181 returned 108.0 m at 2.44% Li2O, and CV23-184 and CV23-190 gave 78.9 m at 1.00% and 139.2 m at 1.26%. This closes the pending-assay thread; the CV5 resource is due in a few weeks.

drilling result

Company rejects a short-seller report (Night Market Research) as inaccurate and says it has sought legal advice. It confirms the maiden resource is due in coming weeks, and says it has received no takeover proposals despite media speculation. Trading halt lifted.

other

Preliminary heavy-liquid tests on five CV13 core composites gave 6% Li2O spodumene concentrate at 67–77% recovery using simple dense-media separation. This supports processing CV13 and CV5 in the same plant, building on the earlier CV5 results. A pilot-plant sample is planned this summer-fall.

well test result

Wildfires again suspended all site work and staff were sent home; helicopters were requisitioned for firefighting, so drilling cannot proceed. Resource estimate still due late July, with no significant lab impact expected. Winter snow road is now permitted for conversion to an all-weather road.

regulatory community update

New assays define a high-grade zone extending the Nova Zone west; best 122.6 m at 1.89% Li2O (incl 8.1 m at 5.01%) in CV23-138. Nova Zone now interpreted continuous about 1.1 km. Assays for 27 holes still pending.

drilling result

First 2023 assays confirm Nova Zone extended 400 m east: CV23-105 returned 83.7 m at 3.13% Li2O, including 19.8 m at 5.28%. Nova Zone now traced about 750 m. Drilling pauses around 20 April for goose harvest, resuming late May.

drilling result

Firm commitments to raise about C$50m via charity flow-through shares at C$22.57, a 90% premium to the last TSX-V close. About 2.215m shares become ~22.15m CDIs; proceeds fund Corvette exploration. CEO says the company is funded well into 2024; CV5 resource now targeted June 2023.

capital raising announcement

Phase II heavy liquid separation tests on 11 CV5 core composites averaged 5.98% Li2O concentrate at 77% recovery. This supports a simple dense media process without flotation, consistent with the earlier 5.8% at 79%. Five CV13 samples are selected for testing next.

other

Assays from the 14 holes at the CV13 cluster, discovered in summer 2022, show lithium pegmatite in ten holes. Best is 22.6 m at 1.56% Li2O, including 6.0 m at 3.19%. An initial CV13 resource estimate is scheduled for 2023.

drilling result

First 2023 holes extend the CV5 pegmatite about 400 m east, giving at least 2.6 km of traced strike. Four rigs are active with a fifth coming; 20,000 m minimum targeted. No 2023 assays are in yet; resource estimate still targeted for first half 2023.

drilling progress report

Final 2022 CV5 assays: hole CV22-093 hit 52.2 m at 3.34% Li2O, including 15.0 m at 5.10%, extending the high-grade 'Nova Zone' to about 350 m. All 2022 CV5 assays are now reported; the 14 CV13 holes remain outstanding.

drilling result

Natacha Garoute, formerly CFO of Champion Iron Ore, became CFO on 23 January 2023, replacing Dusan Berka, who stays on the board after about 10 years as CFO.

director officer appointment

Hole CV22-083 returned 156.9 m at 2.12% Li2O, including 25.0 m at 5.04%, the best CV5 intercept to date. High-grade zone now traced about 250 m. 24 holes await assays; initial resource estimate planned for first half 2023.

drilling result

2023 winter drilling is mobilising at Corvette: minimum 20,000 m, three rigs rising to five from February, with a ~20 km winter road nearly done. An initial CV5 resource estimate is targeted for the first half of 2023; 38 holes await assays.

drilling scheduled

Preliminary dense media separation test on CV5 drill core gave 5.8% Li2O spodumene concentrate at 79% recovery with low iron (0.60%). Supports a simpler processing route without flotation; further variability testing on eleven samples is under way.

other

Twelve more CV5 holes reported, led by 113.4 m at 1.61% Li2O (hole CV22-066), including 2.0 m at 6.41%. Mineralisation stays open along 2,200 m strike. 38 holes still await assays; drilling resumes January with up to five rigs.

drilling result

ASX admitted Patriot Battery Metals (ASX: PMT) to the Official List on 5 December 2022, with trading from 7 December. Its A$4.2 million IPO sold 7,000,000 CDIs at A$0.60 each.

other