PMET Resources Inc. reports developments tied to the Shaakichiuwaanaan CV5 Lithium Project and related critical-minerals work in lithium, caesium and tantalum. Company news commonly covers drill results from pegmatite zones including CV5, CV13, Vega, Rigel and Helios; feasibility and geological-model updates; and metallurgical test work for spodumene concentrate using dense media separation.
Recurring updates also include permitting and environmental assessment activity for Shaakichiuwaanaan, engagement around caesium chemical processing pathways, strategic investor share issuances and other corporate matters connected to project development and financing.
PMET Resources (PMETF) will host an investor call and webcast on November 10, 2026, to discuss its updated Shaakichiuwaanaan feasibility study. The call begins at 6:30 p.m. EST, with CEO Ken Brinsden presenting and taking questions, supported by COO/CDO Frédéric Mercier-Langevin. PMET also plans conference and investor-event participation across Australia, Canada and Europe through year-end.
PMET Resources (PMETF) completed an updated CV5 lithium-tantalum feasibility study projecting an after-tax net present value of approximately CA$5.10 billion. At an 8% discount rate, that valuation assumes spodumene at US$1,788/t and tantalum at US$120/lb; the projected after-tax return is 40.4%. At approximately US$1,400/t spodumene, the valuation is approximately CA$3.29 billion.
The plan starts underground mining before adding open-pit production, with concentrate capacity rising to approximately 800,000 tonnes annually. Probable reserves total 83.0 million tonnes grading 1.27% lithium oxide and 148 ppm tantalum pentoxide. Estimated cash operating costs fall 19% versus the 2025 study, including tantalum credits and excluding royalties. Initial capital is CA$1,391 million, with CA$672 million for expansion. PMET targets commissioning from late 2029; a final investment decision and mine authorisation remain pending.
PMET Resources (PMETF) plans to move CEO Ken Brinsden to Executive Chair in 2027 when a new CEO starts. An international search for the next President and CEO is underway, with Brinsden continuing in his current position during the search. The incoming leader will oversee the next phase of growth and the development and commissioning of the Shaakichiuwaanaan project in Quebec.
Chair Pierre Boivin will become Lead Independent Director when the new CEO is appointed. After the appointment and a suitable handover period, Brinsden will become Non-Executive Chair, retaining involvement in long-term strategy. The Board will oversee recruitment and the subsequent succession steps. PMET says the structure is intended to retain Brinsden's industry relationships while adding operational leadership in Quebec as the project advances toward financing and development.
PMET Resources (PMETF) increased contained caesium oxide in its Shaakichiuwaanaan mineral resource estimate by 55%, including the newly estimated Helios zone. Caesium resources comprise 1,844,000 tonnes at 4.40% Cs2O indicated and 981,000 tonnes at 3.00% inferred; grade rose 31% and tonnage 18%. Maiden rubidium resources were also declared.
The consolidated estimate, effective July 10, 2026, contains 113.9 million tonnes at 1.43% lithium oxide indicated and 33.8 million tonnes at 1.24% inferred. Contained lithium carbonate equivalent increased 5% versus the June 20, 2025 estimate. The update includes a maiden CV4 resource and tantalum estimates. PMET expects an updated CV5 lithium-tantalum feasibility study and a broader lithium-caesium-tantalum preliminary economic assessment before year-end. The update does not materially change current reserves or the economic conclusions of the October 2025 CV5 lithium-only feasibility study.
PMET Resources (PMETF) announced federal approval of C$1,215,185 in funding for its wholly owned subsidiary Innova Lithium's Shaakichiuwaanaan access road project.
The contribution comes through Natural Resources Canada's First and Last Mile Fund. The application was approved under the Critical Minerals Infrastructure Fund, which has been integrated into that fund. The project will upgrade approximately 20 kilometers of PMET's wholly owned road connecting the Trans-Taiga Road to the Shaakichiuwaanaan critical minerals project in Quebec's Eeyou Istchee James Bay region. PMET says the upgrades will improve reliability and capacity to support increased mining activity. The company is also assessing additional federal funding tools. Shaakichiuwaanaan's inclusion in the Canada Investment Summit Prospectus was announced on September 14, 2026.
PMET Resources (PMETF) has completed more than 30,000 m of drilling at its wholly owned Shaakichiuwaanaan Project in Quebec. The 2026 program covers more than 250 holes, with seven rigs active. PMET says drilling to date confirms suitable ground conditions for mine development planning.
Drilling is scheduled to finish in mid-November, with assay results expected through Q1 2027. Updated resource estimates and development studies remain on track for Q4 2026, including a CV5 lithium-tantalum feasibility study and a broader CV5-CV13 lithium-caesium-tantalum preliminary economic assessment. CV5 drilling also targets a maiden caesium resource estimate in 2027.
PMET Resources (PMETF) signed a letter of intent with the City of Matagami for planned concentrate transshipment supporting its Shaakichiuwaanaan Project.
The proposed route would move spodumene concentrate, a lithium-bearing material, by truck from the Quebec project to Matagami's existing transshipment yard. There, it would be transferred to rail cars for onward transportation to port. The letter establishes a framework for infrastructure upgrades and long-term transshipment services, including operating arrangements to support the planned logistics route.
The parties intend to finalize a definitive commercial agreement before PMET announces a Final Investment Decision for Shaakichiuwaanaan. Infrastructure contributions, service pricing and detailed operating arrangements remain subject to further negotiation and agreement.
PMET Resources (PMETF) has filed an amended technical report on the CV5 lithium-only feasibility study for its Shaakichiuwaanaan Project in Québec. The filing follows a routine review by Québec securities regulator AMF and addresses requests for clarification, formatting corrections and additional compliance disclosure.
PMET said the amendments leave the 2025 study's economic and technical conclusions unchanged. The amended report is available on SEDAR+. It is separate from the updated feasibility study incorporating tantalum economics that is currently underway, which the company intends to release in Q4 2026.
PMET Resources (PMETF) shareholders approved all resolutions at the September 29, 2026 annual general meeting, including equity awards for FY2027. All six director nominees were elected. The meeting represented 88,537,028 common shares, approximately 47.615% of shares outstanding at the August 10 record date.
Approvals included up to $500,000 each in restricted and performance share units for Kenneth Brinsden, up to $150,000 in deferred share units for Pierre Boivin, and up to $100,000 each for four other directors, plus deferred units in lieu of cash compensation. Shareholders also approved unallocated awards under the equity incentive plan and ratified earlier share issuances, including 6,992,255 charity flow-through shares, 11,484,099 placement shares and 1,365,631 over-allotment shares issued on February 19, 2026. PricewaterhouseCoopers was appointed auditor, with directors authorized to set its remuneration.
PMET Resources (PMETF) has completed a Phase 2 bench-scale caesium testwork program with Koch Technology Solutions (KTS) on pollucite concentrate from its Shaakichiuwaanaan Project.
The KTS proprietary flowsheet demonstrated high selectivity for caesium and a much-reduced impurity profile, outlining a processing pathway to produce multiple high-purity caesium chemical products from Shaakichiuwaanaan pollucite concentrate. The company said this approach could simplify conventional flowsheets and lower recovery costs.
A follow-up program is being designed as a complete bench-scale proof-of-concept, targeting gram quantities of marketable products and an initial OPEX-CAPEX assessment, using >500 kg to potentially >1 tonne of concentrate from the BerryPick Program. Shaakichiuwaanaan hosts the world’s largest pollucite-hosted caesium pegmatite Mineral Resource, with caesium and tantalum expected as co-products alongside lithium.