Patriot Files PEA Technical Report for the Shaakichiuwaanaan Project

Rhea-AI Summary

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.

Positive

• Filing of NI 43-101 Preliminary Economic Assessment Technical Report for the Shaakichiuwaanaan Project
• Potential for the project to become a significant North American lithium raw materials supply base
• Confirmation of a significant mineral resource upgrade at the Shaakichiuwaanaan Lithium Project

Negative

• None.

News Market Reaction

-7.46%

1 alert

-7.46% News Effect

On the day this news was published, PMETF declined 7.46%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, BC, Sept. 12, 2024 /PRNewswire/ - September 13, 2024 – SYDNEY, Australia

Patriot Battery Metals Inc. ("Patriot" or the "Company") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA), is pleased to announce that it has filed a National Instrument 43-101 Preliminary Economic Assessment Technical Report for its Shaakichiuwaanaan Project.

The report titled "NI 43-101 Technical Report, Preliminary Economic Assessment for the Shaakichiuwaanaan Project, James Bay Region, Québec, Canada" with an Issue Date of September 12, 2024, and Effective Date of August 21, 2024 (the "Technical Report"), was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Under NI 43-101, issuers must file a technical report within 45 days of the date of initial disclosure of, among other things, a new or materially changed mineral resource estimate or results of a preliminary economic assessment ("PEA"). The Technical Report is available for review on both SEDAR+ (www.sedarplus.ca) and the Company's website (www.patriotbatterymetals.com).

The Technical Report supports the news release dated August 21, 2024, announcing the results of the PEA, titled "PEA Highlights Shaakichiuwaanaan Project as a Potential North American Lithium Raw Materials Supply Base", as well as the news release dated August 5, 2024, announcing the results of the Mineral Resource Estimate titled "Significant Mineral Resource Upgrade at Shaakichiuwaanaan Lithium Project to Underpin Impending PEA". These releases are available on the Company's website and under its profile at www.sedarplus.ca and www.asx.com.au. There are no material differences between the Technical Report and the information disclosed in the news releases dated August 5, 2024, and August 21, 2024.

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 Québec, 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. Additionally, the Shaakichiuwaanaan Property hosts multiple other spodumene pegmatite clusters that remain to be drill tested, as well as significant areas of prospective trend that remain to be assessed.

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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 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

QUALIFIED/COMPETENT PERSON

The technical information in this news release is based on, and fairly represents, information from the Technical Report reviewed and approved 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 is 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 in the form and context in which it appears.

COMPETENT PERSON STATEMENT (ASX LISTING RULE 5.22)

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 it is not aware of any new information or data 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 the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.

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SOURCE Patriot Battery Metals Inc.

FAQ

What is the significance of Patriot Battery Metals filing the PEA Technical Report for the Shaakichiuwaanaan Project?

The filing of the PEA Technical Report validates the project's potential as a North American lithium raw materials supply base and confirms the significant mineral resource upgrade, providing investors and stakeholders with detailed, NI 43-101 compliant information about the project's economic potential.

When was the Preliminary Economic Assessment (PEA) for Patriot Battery Metals' Shaakichiuwaanaan Project completed?

The PEA for Patriot Battery Metals' Shaakichiuwaanaan Project has an effective date of August 21, 2024, with the Technical Report issued on September 12, 2024.

Where can investors find the PEA Technical Report for Patriot Battery Metals' (PMETF) Shaakichiuwaanaan Project?

The PEA Technical Report for Patriot Battery Metals' (PMETF) Shaakichiuwaanaan Project is available for review on SEDAR+ (www.sedarplus.ca) and the Company's website (www.patriotbatterymetals.com).

Are there any material differences between the PEA Technical Report and Patriot Battery Metals' (PMETF) previous news releases?

No, Patriot Battery Metals (PMETF) states that there are no material differences between the PEA Technical Report and the information disclosed in the news releases dated August 5, 2024, and August 21, 2024.