PMET.TO · 2023-11-23 12:00:00

Amended Announcement – Patriot Makes New Discovery at the Corvette Property as it Intercepts 100 m of Spodumene-Bearing Pegmatite at CV9, Quebec, Canada

Drill Results

triot Battery Metals Inc.

Suite 700 - 838 W. Hastings Street, Vancouver, BC, Canada, V6C 0A6

www.patriotbatterymetals.com TSX-V: PMET / ASX: PMT / OTC: PMETF / FSE: R9GA

Amended Announcement – Patriot Makes New Discovery at the

Corvette Property as it Intercepts 100 m of Spodumene-Bearing

Pegmatite at CV9, Quebec, Canada

November 23, 2023 – Vancouver, BC, Canada November 24, 2023 – Sydney, Australia

Pat

riot Battery Metals Inc. (the “Company” or “Patriot”) (TSX -V: PMET) (ASX: PMT)

(OTCQX: PMETF) (FSE: R9GA) provides an updated announcement to the announcement

dated 21 November 2023 (Vancouver, BC, Canada) and 22 November 2023 (Sydney, Australia),

which now includes a summary table of additional information (Table A) to intervals visually

observed. Table A includes an estimation of the relative abundance of spodumene content present

within the drillholes.

This visual percentage estimate of spodumene was requested by the ASX , to comply with ASX

specific regulations , and is provided to satisfy ASX listing requirements. However, visual

estimates are subjective and, in this instance, the intent was to identify the presence of spodumene,

not the grade. The company will provide details of grade when they become available.

The amended announcement follows.

Patriot Makes New Discovery at the Corvette Property as it

Intercepts 100 m of Spodumene-Bearing Pegmatite at CV9, Quebec,

Canada

November 21, 2023 – Vancouver, BC, Canada November 22, 2023 – Sydney, Australia

Highlights

• Drill hole CV23-345 hits approximately 100 m of near-continuous spodumene-bearing

pegmatite at CV9.

• Three (3) drill holes have returned continuous pegmatite intersections of 60+ m.

• Patriot has defined a p egmatite strike length of approximately 450 m by drilling and

outcrop at CV9, which remains open.

• CV9 is located approximately 14 km west of the CV5 mineral resource.

• Preliminary geological modelling indicates the CV9 Pegmatite significantly thickens to

at least 80 m width at one location and remains open in multiple directions.

• The magnitude of this variably mineralized pegmatite blow -out is significant, sharing

similarities to those present at the CV5 Pegmatite in terms of depth and scale.

• Eighteen (18) core holes (~4,000 m) have been completed in the inaugural drill program at

the CV9 Pegmatite – sample assays are pending.

• While it is early stage, the work done to date has resulted in an improvement in the

understanding of the CV9 Pegmatite as the program went on, with a number of high priority

targets now identified.

Darren L. Smith, Company Vice President of Exploration, comments: “This is a very strong start

to the drill exploration at the CV9 Pegmatite. Although no core assays have been received yet, the

presence of spodumene and the length of pegmatite encountered in multiple holes, highlighted by

an approximate 100 m near -continuous spodumene-bearing hit in the final hole of the program,

are very positive in terms of potential of this pegmatite to hold significant scale.”

Patriot Battery Metals Inc. (the “Company” or “Patriot”) ( TSX-V: PMET) (ASX: PMT)

(OTCQX: PMETF) (FSE: R9GA) is pleased to announce preliminary results of its inaugural

drill program at the CV9 Spodumene Pegmatite at its wholly owned Corvette Property (the

“Property” or “Project”), located in the Eeyou Istchee James Bay region of Quebec . The CV9

Spodumene Pegmatite is located approximately 14 km west of the CV5 Spodumene Pegmatite

(109.2 Mt at 1.42% Li 2O inferred1), 9.5 km west-northwest of the CV13 Spodumene Pegmatite ,

and 11 km south of the Trans-Taiga Road and powerline infrastructure.

A total of eighteen (18) holes , for approximately 4,000 m of NQ cor ing, were completed this

summer-fall in the inaugural drill program at the CV9 Spodumene Pegmatite (Figure 1 and Figure

2). The Company is pleased to report that wide intervals of pegmatite, dominantly spodumene-

bearing, have been returned from multiple drill holes at CV9, including:

• 100 m in drill hole CV23-345 (includes ~1 m of non-pegmatite dilution),

• 76 m in drill hole CV23-315,

• 70 m and 27 m in drill hole CV23-333,

• 37 m in drill hole CV23-326, and

• 23 m in drill hole CV23-304

Table A: Spodumene-bearing pegmatite with respect to intervals for drill holes CV23 -304, 315,

326, 333, and 345 as listed above.

Visual estimates of mineral abundance should never be considered a proxy or substitute for

laboratory analyses where concentrations or grades are the factor of principal economic interest.

Visual estimates also potentially provide no information regarding impurities or deleterious

physical properties relevant to valuations. The pegmatite drill logs for all eighteen (18) holes will

be formally and fully logged over the next two weeks and core sample assays for the entire

pegmatite interval are anticipated to be received from the lab, and reported by the Company, in

late Q1 2024.

Although the Company does not comment on the grade of the pegmatite intervals reported, several

drill holes are noted as having pegmatite intervals that are spodumene -bearing based on

preliminary geological logging. Readers are cautioned that the potential content and quantities of

spodumene are conceptual in nature; there has been insufficient exploration by the Company or its

qualified person at the Property to define a mineral resource; and it is uncertain whether further

exploration will result in these targets being delineated as a mineral resource. Spodumene-bearing

pegmatite refers to the visually identified presence of the mineral spodumene at a minimum trace

level (i.e., 0.1 to 5%), within the respective interval, which occurs as discrete mineral crystals of

varying size, abundance, and orientation hosted within a quartz-feldspar pegmatite with accessory

muscovite and occasional tourmaline. For the relevant drill holes, the abundance of spodumene

may vary widely over the interval and, where present, has been preliminarily logged at a trace level

or higher. However, the Company notes these are preliminary logs, which are primarily used for

an initial assessment of the drill hole to guide the immediate future drill targetting. Preliminary

estimates of s podumene content may change on final logging; however, the determination as to

the presence of spodumene within an interval is unlikely to change. The Company makes no

assertions as to spodumene contents beyond spodumene being identified as present within the

interval (i.e., greater than 0.1 – 5% ) and therefore should not be relied upon as an indication of

grade. The presence of spodumene is a determining factor in indicating if the pegmatite is

Hold ID From

(m)

(

Interval

(m)

Preliminary Estimated

Spodumene Content

CV23-304 39.3 63.0 23. 7 0.1 - 5%

CV23-315 155.9 171.7 15.8 0.1 - 5%

CV23-326 14.8 27.3 12.5 0.1 - 5%

74.6 101.7 27.1 0.1 - 5%

109.5 179.6 70.1 0.1 - 5%

CV23-345 128.5 229.4 100.9 0.1 - 5%

CV23-333

spodumene-bearing and, in turn, its presence is a positive indicator of potential for the CV9

Pegmatite target.

Figure 1: Drill holes completed at the CV9 Spodumene Pegmatite.

Preliminary logs for all pegmatite drill intercepts >2 m are presented in Table 1, and drill hole

attributes in Table 2. Drill core f rom holes completed at the CV9 Pegmatite is currently being

processed at site and no core sample assays have been received yet.

Table 1: Preliminary pegmatite logs for drill holes completed at the CV9 Spodumene Pegmatite

A primary objective of the inaugural drill program at CV9 wa s to determine the geometry and

orientation of the pegmatite system. Therefore, drill holes were completed at a variety of

orientations from multiple collar locations (Figure 1) with results consistently improving over the

course of the program as understanding of the pegmatite geometry improved. The last eight (8)

holes all returned continuous core-length pegmatite intercepts >10 m, including three (3)

intersections of 60+ m (see Figure 1 and Table 1).

The CV9 Pegmatite is currently interpreted to be 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

approximately 450 m has been defined to date by drilling and outcrop, which remains open

(Figure 1). The width of the dyke is variable; however, preliminary geological modelling indicates

the CV9 Pegmatite significantly thickens to at least 80 m width at one location and remains

open in multiple directions. The thickening is delineated by three (3), wide, variably mineralized

spodumene-bearing pegmatite intersections at different orientations – 70 m (CV23 -333), 76 m

(CV23-315), and 100 m (CV23-345), all core length. The magnitude of this variably mineralized

pegmatite blow-out is significant, sharing similarities to those present at the CV5 Pegmatite in

terms of depth and scale. This is a very positive observation for this early phase of drill exploration

at the CV9 Pegmatite and suggests a strong potential for significant scale to be present.

Hole ID From

(m)

Interval

(m)

Li2O

(%)

Ta2O5

(ppm) Hole ID From

(m)

Interval

(m)

Li2O

(%)

Ta2O5

(ppm)

CV23-247 No pegmatite intersected CV23-310 63.4 75.4 12.0 Assays pending

CV23-254 No pegmatite intersected 77.0 94.9 17.9 Assays pending

CV23-261 51.1 58.0 6.9 Assays pending CV23-315 155.9 171.7 15.8 Assays pending

CV23-264 48.1 51.3 3.2 Assays pending 186.1 262.2 76.1 Assays pending

97.6 99.5 2.0 Assays pending CV23-326 14.8 27.3 12.5 Assays pending

CV23-267 31.9 34.9 3.0 Assays pending 30.8 68.6 37.8 Assays pending

35.4 38.2 2.8 Assays pending 79.1 82.0 2.9 Assays pending

41.3 43.5 2.3 Assays pending CV23-333 48.8 53.9 5.1 Assays pending

58.7 63.4 4.7 Assays pending 58.2 60.2 2.1 Assays pending

68.3 84.0 15.7 Assays pending 74.6 101.7 27.1 Assays pending

87.8 94.1 6.3 Assays pending 109.5 179.6 70.1 Assays pending

CV23-275 No >2 m pegmatite intersections CV23-341 131.3 147.8 16.5 Assays pending

CV23-278 36.2 44.2 8.0 Assays pending 149.7 151.8 2.1 Assays pending

CV23-281 11.0 24.1 13.1 Assays pending 168.1 177.4 9.3 Assays pending

46.0 49.1 3.1 Assays pending CV23-345 14.3 24.3 10.0 Assays pending

CV23-284 11.6 24.9 13.4 Assays pending 81.3 88.7 7.4 Assays pending

69.5 72.2 2.7 Assays pending 128.5 164.9 36.4 Assays pending

CV23-289 12.5 21.2 8.7 Assays pending 166.0 229.4 63.4 Assays pending

61.7 63.7 2.0 Assays pending 269.5 271.9 2.4 Assays pending

CV23-296 18.6 25.5 6.9 Assays pending 315.3 324.6 9.3 Assays pending

153.7 165.0 11.3 Assays pending

186.7 190.6 3.9 Assays pending

205.2 207.5 2.3 Assays pending

CV23-304 39.3 63.0 23.7 Assays pending

(1) All intervals are core length and presented for all pegmatite

intervals >2 m; (2) Pegmatite logs for all drill holes are preliminary

and may change upon final validation.

The Company will refine the geological model for CV9 upon the receipt of assays and a follow -

up drill program will be developed to expand upon the success discussed herein.

Figure 2: Location of the CV9 Spodumene Pegmatite on the Corvette Property.

Figure 3: Spodumene mineralized outcrop at the CV9 Pegmatite (looking west-northwest).

Figure 4: Drill hole CV23-247 at the CV9 Pegmatite (looking northerly).

The 2023 summer -fall program included the inaugural drill testing of the CV9 Spodumene

Pegmatite, in addition to the continued drill delineation of the CV5 and CV13 spodumene

pegmatites. Core sample assays remain to be announced for more than 140 drill holes completed

over the program, including all 18 holes completed at CV9. Assays for CV9 drill core samples are

not expected to be received (and reported) until Q1 2024.

Core processing is continuing at site with drilling temporarily paused for the onset of winter;

drilling will resume in early January with a ramp up to ten (10) drill rigs . Core samples from a

large number of drill holes have now arrived at the laboratory with processing underway, and

shipments are now back to their regular weekly schedule. Results are anticipated to be reported in

batches per pegmatite (CV5, CV13, and CV9) as received.

Table 2: Attributes for drill holes reported herein at the CV9 Spodumene Pegmatite

1 The CV5 mineral resource estimate (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at

a cut-off grade of 0.40% Li2O with effective date of June 25, 2023 (through drill hole CV23-190). Mineral

resources are not mineral reserves as they do not have demonstrated economic viability.