PMET Resources Invited to Participate in Prime Minister Carney's Canada Investment Summit

Invitation to a national summit of global capital highlights PMET’s large lithium‑tantalum‑caesium project as it advances toward financing and development decisions.

Rhea-AI Summary

PMET Resources (PMETF) has been invited to present its 100%-owned Shaakichiuwaanaan critical minerals Project at the Canada Investment Summit 2026 in Toronto on September 14-15.

The Project targets one of the world’s largest lithium pegmatite mines, based on a consolidated Mineral Resource of 108.0 Mt at 1.40% Li2O and 166 ppm Ta2O5 (Indicated) and 33.4 Mt at 1.33% Li2O and 155 ppm Ta2O5 (Inferred), plus a pollucite-hosted caesium resource at Rigel and Vega of 0.69 Mt at 4.40% Cs2O (Indicated) and 1.70 Mt at 2.40% Cs2O (Inferred).

An October 2025 lithium-only Feasibility Study for CV5 outlined a ~20‑year mine life with up to ~800,000 tpa SC5.5 production, AISC of about US$597/t and after‑tax NPV8% of about C$1.6 billion. Strategic shareholders include Volkswagen, which invested about C$69 million for 9.9%, and Albemarle, which invested about C$109 million for 4.9%, while PowerCo SE holds a binding offtake term sheet for 100,000 tpa SC5.5 over 10 years. Targeted commercial production is 2030.

Positive

• Feasibility Study NPV8% about C$1.6 billion after tax, based on SC5.5 pricing assumptions
• Planned mine life and scale ~20 years with up to ~800,000 tpa SC5.5 spodumene concentrate
• Low-cost profile estimated AISC of about US$597 per tonne of SC5.5
• Large lithium-tantalum resource 108.0 Mt at 1.40% Li2O (Indicated) and 33.4 Mt at 1.33% Li2O (Inferred)
• World-scale caesium resource 0.69 Mt at 4.40% Cs2O (Indicated) and 1.70 Mt at 2.40% Cs2O (Inferred) at Rigel and Vega
• Strategic equity backing Volkswagen invested ~C$69m (9.9%) and Albemarle ~C$109m (4.9%)
• Long-term offtake PowerCo SE term sheet for 100,000 tpa SC5.5 over 10 years (~12.5% of nominal capacity)
• Financing interest non-binding Letter of Interest from Société Générale and indicative support from EDC, KfW IPEX-Bank and a Canadian government institution

Negative

• Financing not secured current bank and agency expressions of interest are preliminary, non-binding and conditional
• Production timing commercial production only targeted for 2030, with full-scale output by 2032
• Resource risk stated Mineral Resources are not Mineral Reserves and do not yet demonstrate economic viability for all mineralized material

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MONTREAL, Sept. 14, 2026 /PRNewswire/ --

HIGHLIGHTS

• PMET Resources has been invited to participate in the Canada Investment Summit on September 14-15, 2026, in Toronto, Canada, with its 100%-owned Shaakichiuwaanaan critical minerals Project included in the Summit Prospectus.
• Shaakichiuwaanaan represents a strategic large-scale, globally relevant Canadian critical minerals development opportunity, targeting to be one of the largest lithium pegmatite mines in the world, with significant co-product opportunities (tantalum and caesium).
• The Project's co-products opportunities are supported by one of the largest tantalum pegmatite resources in the world and the largest pollucite-hosted caesium pegmatite resource in the world¹, both offering Canada the opportunity to re-write the current respective supply chains of these minerals.

Ken Brinsden, President, CEO and Managing Director, comments: "The Canada Investment Summit provides an important opportunity to showcase a selection of the most compelling Canadian assets to some of the world's leading pools of long-term capital. We believe Shaakichiuwaanaan is exactly the type of project Canada is seeking to advance: large-scale, located in a premier jurisdiction, supported by renewable hydroelectric power, and capable of supplying several critical minerals into North American and allied supply chains.

"Its inclusion in the Summit's prospectus provides another opportunity to engage with institutional, strategic, and government-aligned partners as we continue to advance Shaakichiuwaanaan toward a final investment decision."

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1 Consolidated MRE (CV5 + CV13 pegmatites) totals 108.0 Mt at 1.40% Li2O and 166 ppm Ta2O5 (Indicated), and 33.4 Mt at 1.33% Li2O and 155 ppm Ta2O5 (Inferred), at an Li2O cut-off grade of 0.40% (open-pit), 0.60% (underground CV5), and 0.70% (underground CV13). A grade constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium zones, contained entirely within CV13, with a MRE of 0.69 Mt at 4.40% Cs2O (Indicated), and 1.70 Mt at 2.40% Cs2O (Inferred). The Effective Date is June 20, 2025. Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Mineral Resources are inclusive of Mineral Reserves.

PMET Resources Inc. (the "Company" or "PMET") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce its participation in the Canada Investment Summit 2026, taking place September 14 and 15 in Toronto, Ontario, Canada, and the inclusion of its 100%-owned Shaakichiuwaanaan Project in the Canada Investment Summit Prospectus. The document highlights selected investment opportunities in Canada by the government.

The summit, which will be hosted in Toronto on September 14 and 15, is a first-of-its-kind national investment forum initiated by Canadian Prime Minister  Mark Carney  in partnership with  Canada  Pension Plan Investment Board and Public Section Pension Investment Board, two of Canada's largest pension fund investors.

The Prime Minister has confirmed that investors participating in the summit collectively manage more than $100 trillion in assets, which underscores the scale of the global investment audience being convened in  Canada. The Government of Canada has an ambitious plan to catalyze $1 trillion in total investment in Canada over the next five years.

SHAAKICHIUWAANAAN - A LARGE-SCALE CANADIAN CRITICAL MINERALS OPPORTUNITY

The Company's October 2025 lithium-only Feasibility Study² for the CV5 Pegmatite outlined an approximate 20-year mine life, with nominal production capacity of up to ~800,000 tonnes per annum of SC5.5 spodumene concentrate. The study estimated an AISC of approximately US$597/t SC5.5 and an after-tax NPV8% of approximately C$1.6 billion using a long-term SC5.5 price assumption of US$1,221/t. See news release dated October 20, 2025.

The Project is supported by strategic investments from global leaders in the lithium and battery value chain. Volkswagen Group and Albemarle Corporation are among PMET's largest strategic shareholders. Volkswagen initially invested approximately C$69 million for a 9.9% interest in 2024, while Albemarle invested approximately C$109 million for a 4.9% interest in 2023. Volkswagen's wholly-owned battery subsidiary, PowerCo SE, has entered into a binding offtake term sheet for 100,000 tonnes per annum of SC5.5 spodumene concentrate for 10 years, equivalent to approximately 12.5% of the Project's nominal aggregate ~800,000 tpa production capacity. Subject to a final investment decision, the Company is targeting commercial production in 2030, with full scale production by 2032.

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2 See Feasibility Study news release dated October 20, 2025. Probable Mineral Reserve cut-off grade is 0.40% Li2O (open-pit) and 0.70% Li2O (underground). Underground development and open-pit marginal tonnage containing material above 0.37% Li2O are also included in the statement. Effective Date of September 11, 2025.

ADVANCING CANADIAN VALUE-ADDED PROCESSING AND CO-PRODUCTS

The Company continues to evaluate opportunities to capture additional value from Shaakichiuwaanaan's lithium, caesium, and tantalum endowment.

The Company is preparing an updated CV5 lithium-tantalum Feasibility Study and a parallel lithium-caesium-tantalum Preliminary Economic Assessment (PEA) covering the broader CV5 and CV13 Project, both targeted for completion in Q4 2026.

Future value-add processing initiatives are also a key study focus for the company. They would potentially enable capturing more downstream value from the raw materials at site, reducing transportation costs and making Canada more sovereign in critical minerals.

For lithium processing , a recent Concept Study undertaken by the Company identified Primero's proprietary ALi® atmospheric leach process as a potential preferred pathway for further evaluation, with bench-scale work successfully producing 99.8% battery-grade lithium carbonate from Shaakichiuwaanaan spodumene concentrate (see news release, June 14, 2026). The Company has also entered into a Memorandum of Understanding with Mitsui & Co., Ltd. and Microwave Chemical Co., Ltd. to evaluate microwave-assisted electric calcination technology, potentially leveraging Québec's low-cost renewable hydroelectricity to support the production of higher-value lithium products in Québec.

For potential downstream processing of caesium, the Company is working with Koch Technology Solutions, part of Koch Inc., to evaluate proprietary processing pathways for converting Shaakichiuwaanaan pollucite concentrates into higher-value caesium chemicals (see news release, April 15, 2026). For this purpose the Company's September 2026 large-scale sampling program called "BerryPick" is targeting the collection of substantially larger quantities of material to support further generation of pollucite concentrate for downstream caesium chemical testwork.

PROJECT FINANCING ENGAGEMENT

The Company continues to advance its Project-financing strategy in parallel with technical studies, permitting, and commercial development. A non-binding Letter of Interest has been received from Société Générale (see news release June 3, 2026), which has expressed interest in participating as a Mandated Lead Arranger for a potential debt financing package. The Company has also received non-binding support and engagement from Export Development Canada ("EDC"), KfW IPEX-Bank, and an additional major Canadian government financial institution in connection with the potential financing of Shaakichiuwaanaan (see news release May 19, 2026).

These expressions of interest and support are preliminary, non-binding, and conditional, and do not constitute credit approvals, commitments to lend, or definitive financing arrangements.

ABOUT TANTALUM

Tantalum is an essential component required for a range of high-tech devices, electronics, superalloys, and essential niche applications including capacitors used in mobile phones and other electronics. It has been recently part of the AI roll out with data centers which has contributed to recent price increases. Due to these essential uses, tantalum is listed as a critical and strategic mineral by the province of Quebec (Canada), Canada, European Union, United Kingdom, Australia, Japan, India, South Korea, and the United States.

Tantalum is a unique, high-performance metal known for its high melting point, exceptional corrosion resistance, and ability to efficiently store and transfer electrical charge. High-growth and emerging applications of tantalum are being driven by both technological innovation and strategic shifts in global industries. Emerging industry applications include A.I.-focused GPUs and CPUs, advanced electronics and 5G infrastructure, semiconductor manufacturing used in cloud computing. It's also a key input in medical technology including implants and medical imaging equipment, aerospace including defense applications, and quantum computing.

According to the United States Geological Survey, an estimated 2,100 tonnes of tantalum was produced globally in 2024. No significant amounts of tantalum are currently produced in North America or Europe, with a majority (85%+) of production coming out of the Democratic Republic of Congo, Rwanda, Nigeria, and Brazil. However, a significant amount of global supply (~60%) comes out of certain African regions where serious conflict and corruption are present with poor worker conditions. Growing tantalum production from lithium pegmatites, predominantly out of Australia at this time, is seen as a source of alternative, secure, stable, and traceable supply to global markets, while the USGS reported no U.S. mine production. 

Tantalum currently trades for $232/lb as a spot concentrate pricing per pound of contained Ta₂O₅ (Ta ≥30%), per Shanghai Metals market reporting³.

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3 Shanghai Metals Market, September 11, 2026: CIF China 30% Tantalum Ore, Price of Niobium Tantalum Per Ton Today, Niobium / Tantalum Prices Charts - Shanghai Metals Market (SMM)

ABOUT CAESIUM

Mineral deposits of pollucite-hosted caesium are very rare globally and represent the most fractionated component of LCT pegmatite systems, which are effectively the only known primary economic source of caesium supply. Economic deposits of caesium pegmatite are typically on a smaller scale of <10 kt to 350 kt in size compared to deposits of lithium pegmatite that typically range in the millions of tonnes in size (<10 Mt to over 100 Mt).

The market for caesium compounds and metals is niche and largely opaque because it is not publicly traded like copper or gold, but rather through bi-lateral and term contracts. Further, product prices vary depending on their contained caesium form, purity, and end-product use. As an example, caesium carbonate (Cs₂CO₃≥99%) as an indicative spot price currently trades at around US$250/kg (excluding VAT, Price Sourcing – Shanghai Metal Markets⁴. 

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4 SSM publishes an indicative spot price for 99% caesium carbonate in China.  Given the small and relatively opaque nature of the global caesium market and the limited observable transaction volumes traded on SMM, the SMM should be regarded as an indicative market reference rather than a directly achievable price for PMET's potential caesium products.

Caesium is currently supply constrained, with only limited sources supplying the global market. A discovery at the size, grade, and scale of Shaakichiuwaanaan has the potential to be a primary source of supply for global markets over the long-term. This includes existing applications for caesium in oil/gas drilling (Caesium Fromate), medical imaging, emissions reduction, atomic clocks and precision GPS navigation, as well as new and potentially growing applications in the terrestrial solar panel industry. Caesium has been found to play a vital role in significantly improving next generation solar panel efficiency, stability, and life span. Additionally, the use of caesium in lithium-ion batteries to improve performance is actively being explored through use as an additive in certain cathode, anode, and electrolyte chemistries.

QUALIFIED/COMPETENT PERSON

The technical and scientific information in this news release that relates to the Mineral Resource Estimate and exploration results for the Company's properties 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 ("NI 43-101"), 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 related technical information in this news release.

Mr. Smith is an Executive and Vice President of Exploration for PMET Resources Inc. and holds common shares, Restricted Share Units (RSUs), Performance Share Units (PSUs), and options in the Company.

The information in this news release that relates to the Mineral Reserve Estimate and Feasibility Study is based on, and fairly represents, information compiled by Mr. Frédéric Mercier-Langevin, Ing. M.Sc., who is a Qualified Person as defined by NI 43-101, and member in good standing with the Ordre des Ingénieurs du Québec. Mr. Mercier-Langevin has reviewed and approved the related technical information in this news release.

Mr. Mercier-Langevin is the Chief Operating and Development Officer for PMET Resources Inc. and holds common shares, RSUs, PSUs, and options in the Company.

ABOUT PMET RESOURCES INC.

PMET Resources Inc. is a pegmatite critical mineral exploration and development company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan Property located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and proximal to regional hydro-power infrastructure.

In late 2025, the Company announced a positive lithium-only Feasibility Study on the CV5 Pegmatite for the Shaakichiuwaanaan Property and declared a maiden Mineral Reserve of 84.3 Mt at 1.26% Li₂O (Probable)⁵. The study 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. Further, the results highlight Shaakichiuwaanaan as a potential North American critical mineral powerhouse with significant opportunity for tantalum and caesium in addition to lithium.

The Project hosts a Consolidated Mineral Resource⁶ totalling 108.0 Mt at 1.40% Li₂O and 166 ppm Ta₂O₅ (Indicated) and 33.4 Mt at 1.33% Li₂O and 155 ppm Ta₂O₅ (Inferred), and ranks as a top ten lithium pegmatite globally in size. Additionally, the Project hosts the world's largest pollucite-hosted caesium pegmatite Mineral Resource at the Rigel and Vega zones with 0.69 Mt at 4.40% Cs₂O (Indicated), and 1.70 Mt at 2.40% Cs₂O (Inferred).

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5 See Feasibility Study news release dated October 20, 2025. Probable Mineral Reserve cut-off grade is 0.40% Li2O (open-pit) and 0.70% Li2O (underground). Underground development and open-pit marginal tonnage containing material above 0.37% Li2O are also included in the statement. Effective Date of September 11, 2025.

6 Consolidated MRE (CV5 + CV13 pegmatites) is reported at an Li2O cut-off grade of 0.40% (open-pit), 0.60% (underground CV5), and 0.70% (underground CV13). A grade constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium zones, contained entirely within CV13. The Effective Date is June 20, 2025. Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Mineral Resources are inclusive of Mineral Reserves.

This news release has been approved by

"KEN BRINSDEN"

Kenneth Brinsden, President, CEO & Managing Director

DISCLAIMER FOR FORWARD-LOOKING INFORMATION

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws.

All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied by such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "potential", "advance", "advancing", "targeting", "opportunity", "expected", "continue", "development", "completion", "support", "engage", "could", "may", "would", "might" or "will", or variations of such words and phrases.

Forward-looking statements include, but are not limited to, statements concerning the potential benefits arising from participation in the Canada Investment Summit and inclusion of the Shaakichiuwaanaan Project in the Summit investment deal book; the development, production and economic potential of the Shaakichiuwaanaan Project; the Primero, Mitsui, Microwave Chemical Co., Ltd. and Koch Technology Solutions initiatives; potential lithium, tantalum and caesium co-product and downstream opportunities; the updated CV5 lithium-tantalum Feasibility Study and parallel lithium-caesium-tantalum PEA/Scoping Study on the broader Project; future project financing and the non-binding interest or support of Société Générale, EDC, KfW IPEX-Bank and other prospective financing partners; and the timing and potential achievement of a final investment decision.

Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions include, without limitation, the accuracy of Mineral Resource and Mineral Reserve estimates and the assumptions on which they are based; the ability to complete ongoing technical studies and testwork as planned; the ability to achieve expected recoveries, product specifications and development outcomes; long-term demand for lithium, tantalum and caesium; the ability to obtain all required regulatory approvals; the availability of financing on acceptable terms; and that exploration and development results continue to support management's current plans for the Project.

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. Readers should review the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+, 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 the 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. If any of the risks or uncertainties mentioned above, which are not exhaustive, materialize, actual results may vary materially from those anticipated in the forward-looking statements.

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 information in this news release that relates to the Feasibility Study ("FS") for the Shaakichiuwaanaan Project, which was first reported by the Company in a market announcement titled "PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project" dated October 20, 2025 (Montreal time), is available on the Company's website at www.pmet.ca, on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au. The production target and forecast financial information from the Feasibility Study referred to in this news release was reported by the Company in accordance with ASX Listing Rules 5.16 and 5.17 on the date of the original announcement. The Company confirms that, as of the date of this news release, all material assumptions and technical parameters underpinning the production target and forecast financial information in the original announcement continue to apply and have not materially changed.

The Mineral Resource and Mineral Reserve Estimates in this release were first reported by the Company in accordance with ASX Listing Rules 5.8 and 5.9 in market announcements titled "World's Largest Pollucite-Hosted Caesium Pegmatite Deposit" dated July 20, 2025 (Montreal time) and "PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project" dated October 20, 2025 (Montreal time) and are available on the Company's website at www.pmet.ca, on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au. The Company confirms that, as of the date of this news release, it is not aware of any new information or data verified by the competent person that materially affects the information included in the relevant announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant 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.

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SOURCE PMET Resources Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the Canada Investment Summit and who is behind it?

The Canada Investment Summit 2026 is described as a first-of-its-kind national investment forum in Toronto on September 14-15. It was initiated by Prime Minister Mark Carney in partnership with Canada Pension Plan Investment Board and Public Sector Pension Investment Board. The summit’s investor participants collectively manage more than US$100 trillion in assets, and it supports the Government of Canada’s plan to catalyze C$1 trillion of total investment in Canada over the next five years.

What are the key details of PMET’s planned feasibility and economic studies in 2026?

PMET is preparing an updated CV5 lithium-tantalum Feasibility Study and a parallel lithium-caesium-tantalum Preliminary Economic Assessment covering CV5 and CV13. Both studies are targeted for completion in Q4 2026 and are intended to evaluate value-added processing and co-product opportunities from lithium, caesium and tantalum.

Which downstream processing technologies is PMET evaluating for lithium and caesium?

For lithium, a Concept Study identified Primero’s proprietary ALi atmospheric leach process as a preferred pathway, with bench-scale work producing 99.8% battery-grade lithium carbonate from Shaakichiuwaanaan concentrate. PMET also has a Memorandum of Understanding with Mitsui & Co., Ltd. and Microwave Chemical Co., Ltd. to evaluate microwave-assisted electric calcination using Québec hydroelectricity. For caesium, PMET is working with Koch Technology Solutions to assess proprietary pathways to convert pollucite concentrates into higher-value caesium chemicals.

What is the purpose of PMET’s 2026 “BerryPick” large-scale sampling program?

The BerryPick sampling program, scheduled for September 2026, is targeting the collection of substantially larger quantities of material from Shaakichiuwaanaan. The material will support further generation of pollucite concentrate for downstream caesium chemical testwork as part of the company’s value-added processing evaluations.

How large is the tantalum and caesium opportunity at Shaakichiuwaanaan relative to global supply?

The Project’s tantalum endowment forms part of one of the largest tantalum pegmatite resources in the world, and its Rigel and Vega zones host what is described as the world’s largest pollucite-hosted caesium pegmatite Mineral Resource. The company states that these co-products could help Canada reshape current supply chains for tantalum and caesium, which are presently dominated by production from a limited number of countries.

Who are the Qualified Persons responsible for the technical information in the release?

The Mineral Resource Estimate and exploration results are based on information compiled by Darren L. Smith, M.Sc., P.Geo., a Qualified Person under NI 43-101 and PMET’s Executive and Vice President of Exploration. The Mineral Reserve Estimate and Feasibility Study are based on information compiled by Frédéric Mercier-Langevin, Ing. M.Sc., also a Qualified Person under NI 43-101 and PMET’s Chief Operating and Development Officer. Both hold equity-based interests in the company and have reviewed and approved the related technical information.