Marketable Tantalite Concentrates Successfully Produced from the CV5 Deposit at Shaakichiuwaanaan Testwork results progressing towards future valuable tantalite by/co-product potential arising with lithium production
PMET Resources Inc.
Suite 900 - 1801 McGill College, Montreal, Qc, Canada, H3A 1Z4
www.pmet.ca / TSX: PMET / ASX: PMT / OTC: PMETF / FSE: R9GA
Marketable Tantalite Concentrates Successfully Produced
from the CV5 Deposit at Shaakichiuwaanaan
Testwork results progressing towards future valuable tantalite by/co-product
potential arising with lithium production
September 24, 2025 – Montreal, QC, Canada September 25, 2025 – Sydney, Australia
HIGHLIGHTS
• Bench-scale testwork produces marketable tantalite concentrate from the CV5
Pegmatite’s dense media separation (“ DMS”) waste stream fractions, at favorable
grade and strong recovery.
o 8.7% Ta2O5 at 45% global recovery (MC001).
o 6.6% Ta2O5 at 49% global recovery (MC002).
o Recovery in-line with industry peers.
• Standard, low-cost mineral processing methods used which, if incorporated, will
see tantalum being recovered from the DMS waste streams.
o Tantalite is commercially recovered as a by-product from multiple lithium
pegmatite operations globally using simple, well -understood, and
conventional methods – including Greenbushes, Pilgangoora, Wodgina, and
Tanco.
o The Company believes this process will be applicable to the
Shaakichiuwaanaan Project and will not affect global lithium recovery at
CV5.
• Shaakichiuwaanaan ranks as one of the largest tantalum pegmatite Mineral
Resources1 globally in terms of both grade and tonnage:
o Indicated: 108.0 Mt at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga.
o Inferred: 33.4 Mt at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga.
• The Company is actively evaluating options to advance and incorporate the
tantalum opportunity at Shaakichiuwaanaan as a potential future by-product
value stream:
o Testwork program commences shortly to advance the tantalite recovery circuit
1 Cut-off grade is variable depending on the mining method and pegmatite (0.40% Li2O open-pit, 0.60% Li2O underground
CV5, and 0.70% Li2O underground CV13). The Effective Date of the MRE (announced July 20, 2025) is June 20, 2025
(through drill hole CV24 -787). Mineral Resources are not Mineral or Ore Reserves as they do not have demonstrated
economic viability.
design to support inclusion in any future economic studies.2
• The lithium-only, CV5 Feasibility Study (FS) is advancing towards completion and is
targeted for release in approximately 4-6 weeks.
Darren L. Smith, Executive Vice President Exploration, comments: “With the initial
recovery program for tantalite now complete, the Company has confirmed that a
marketable tantalite concentrate can be produced from the CV5 Pegmatite’s DMS waste
streams at favorable grade and strong recovery. Tantalum – which is a critical and strategic
metal in numerous jurisdictions globally and at Shaakichiuwaanaan – offers an attractive
future opportunity to realize value from a portion of the Project’s waste material.”
“A follow-up testwork program is scheduled to commence shortly, which will target data
collection sufficient to support the inclusion of the tantalum co -product opportunity at
Shaakichiuwaanaan, with a view to further enhance the economic and financial returns of
the Project,” added Mr. Smith.
PMET RESOURCES INC. (THE “COMPANY” OR “PMET”) (TSX: PMET) (ASX: PMT) (OTCQX:
PMETF) (FSE: R9GA) is pleased to advise that it has successfully produced a marketable
tantalite concentrate from bench-scale testwork programs undertaken on material from the
cornerstone CV5 Pegmatite. The CV5 Pegmatite is situated within the Company’s 100%-
owned Shaakichiuwaanaan Project (the “Property” or “Project”), located in the Eeyou
Istchee James Bay region of Quebec.
The Shaakichiuwaanaan Mineral Resource 3, comprised of the CV5 and CV13 Li-Cs-Ta
(“LCT”) pegmatites, is situated approximately 13 km south of the regional and all‑weather
Trans-Taiga Road and powerline infrastructure corridor, and is accessible year-round by
all-season road.
Although the majority of the Company’s mineral processing test programs to date have
focused on spodumene recovery in support of the pending lithium -only Feasibility Study
on the CV5 Pegmatite, there is also significant opportunity for tantalum recovery as a
secondary product. Given the nature of tantalite (the domina nt tantalum-bearing mineral
at the Project), it commonly concentrates into the waste stream fractions of a spodumene
pegmatite’s dense media separation (“DMS”) circuit, such as that proposed to be
developed for Shaakichiuwaanaan. This presents a strong opportunity for tantalum
recovery from these waste streams using simple gravity separation and, potentially,
flotation methods.
2 Any future development and inclusion of a tantalum circuit at the Shaakichiuwaanaan Project would be subject to a
separate and final feasibility level assessment, additional environmental approvals, and economic assessment.
3 Shaakichiuwaanaan’s Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium
zones, totals 108.0 Mt at 1.40% Li 2O, 0.11% Cs2O, 166 ppm Ta 2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33%
Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga, Inferred, and is reported at a cut-off grade of 0.40% Li2O (open-pit),
0.60% Li2O (underground CV5), and 0.70% Li2O (underground CV13), with an Effective Date of June 20, 2025 (through
drill hole CV24-787). Mineral resources are not mineral reserves as they do not have demonstrated economic viability.
As part of this evaluation, two (2) master drill core composites were created from CV5 –
one representing anticipated early open -pit mine-life (MC001) and another representing
anticipated early underground mine-life (MC002). In DMS testwork on the CV5 Pegmatite’s
master composites MC001 and MC002 , approximately 75% of the total tantalum budget
reported collectively to the waste stream fractions – DMS magnetic rejects,
bypass/undersize, floats (middlings), and floats (tails).
Using a series of bench-scale gravity separation (MC002) and flotation methods (gravity
and flotation on the MC001 sample) on the magnetic reject, bypass/undersize, and
middlings fractions, the Company was able to achieve strong tantalite concentrate stage
grades at high stage recoveries ranging from 3 to >15% Ta 2O5 at 63% to 90% recovery
(Figure 1, Figure 2).
When the concentrates from these three fractions are combined , a final marketable
tantalite concentrate at strong global recovery is produced – 8.7% Ta2O5 at 45% global
recovery (MC001) and 6.6% Ta2O5 at 49% global recovery (MC002).
Although preliminary, these results present a compelling opportunity for recovery of
tantalite from the DMS waste fractions of the CV5 Pegmatite’s flowsheet using both gravity
and flotation methods . Additionally, there remains opportunity to potentially recover
tantalite from the DMS floats tails fraction, which has yet to be evaluated.
Figure 1: Block flow diagram for tantalite recovery from the CV5 Pegmatite’s underground master
drill core composite (MC002).
Figure 2: Tantalite concentrate from Mozley table testwork from CV5 drill core composite
MC001.
Tantalum has been commercially recovered from other LCT pegmatites historically
and at active mining operations today (e.g., Greenbushes, Pilgangoora, Wodgina, and
Tanco), which further de-risks the pathway to recover tantalum at Shaakichiuwaanaan.
Not all LCT pegmatites in development or production host significant enough amounts of
tantalum to warrant recovery. However, Shaakichiuwaanaan ranks as one of the largest
(and at relatively high -grade) tantalum pegmatite Mineral Resources globally 4,5
(108.0 Mt at 166 ppm Ta 2O5 Indicated, and 33.4 Mt at 155 ppm Ta 2O5 Inferred), thus
presenting a compelling opportunity for future tantalite recovery which has now been
demonstrated at the bench scale using simple, conventional, and low -cost methods.
Further, as the tantalite is recovered from the primary DMS lithium circuit waste streams,
a tantalite recovery circuit – if incorporated at Shaakichiuwaanaan – is envisioned as a
“bolt-on” with no impact on lithium recovery while still valorizing waste.
NEXT STEPS
The tantalum recovery testwork programs are being completed by SGS Canada Inc. in
collaboration with Primero Group Americas Inc. and associated Qualified Person(s). An
expanded testwork program is currently being advanced to support tantalite recovery
process design as a separate study with the ultimate objective of providing optionality to
4 Shaakichiuwaanaan’s Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium
zones, totals 108.0 Mt at 1.40% Li 2O, 0.11% Cs2O, 166 ppm Ta 2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33%
Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga, Inferred, and is reported at a cut-off grade of 0.40% Li2O (open-pit),
0.60% Li2O (underground CV5), and 0.70% Li2O (underground CV13), with an Effective Date of June 20, 2025 (through
drill hole CV24-787). Mineral resources are not mineral reserves as they do not have demonstrated economic viability.
5 Determination based on Mineral Resource data, sourced through April 11, 2025, from corporate disclosure of NI 43 -
101, JORC, or equivalent regulatory body (see news release dated June 25, 2025).
include it as a future by-product into the overall economic development of the Project as a
“bolt-on” circuit.
Additionally, the Company intends to actively engage with potential end-users and supply
chain participants to further develop the economic opportunity in the tantalum product (s)
anticipated to be derived from the Project.
The lithium-only Feasibility Study based on the CV5 Mineral Resource component of the
overall Shaakichiuwaanaan MRE is scheduled for completion in the second half of 2025
and remains the near-term focus for the Company. The economic potential in critical metal
by-products will be assessed separately from the lithium -only Feasibility Study, with
various earlier stage studies concurrently underway to better evaluate the opportunities
present for future inclusion of caesium, tantalum, and gallium specifically.
TANTALUM MARKET
Tantalum is an essential component required for a range of high-tech devices, electronics,
superalloys, and essential niche applications including capacitors. 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
advanced electronics and 5G infrastructure, semiconductor manufacturing used in cloud
and A.I. -focused GPUs and CPUs , medical technology including impla nts 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, thus necessitating a conflict free
source of supply. Growing tantalum production from lithium pegmatites, predominantly out
of Australia at this time, is seen as a source of alternative, secure, stable, and conflict-free
supply to global markets.
Tantalum currently trades for ~US$214/kg ($97/lb) in its refined form (Ta2O5 ≥99.5%), and
$170/kg ($77/lb) as a concentrate (Ta ≥30%) , per Shanghai Metals market reporting .
Tantalum concentrate pricing is then adjusted for contained Ta 2O5, taking into account
downstream recovery of product impurity factors. Depending on the source, market growth
is forecasted at 4-6% CAGR through the end the decade.
FEASIBILITY STUDY UPDATE
The Company is advancing its Feasibility Study (FS) on the CV5 Pegmatite, focused
exclusively on lithium, which has been underway for approximately 12 months. While the
study was initially targeted for completion in Q3 2025, the significant scope of work and
rigorous compliance requirements (covering both TSX and ASX requirements) have
resulted in a slightly delayed publication date, compared to original estimates . The study
is well advanced and targeted for release over approximately the next 4-6 weeks.
The FS and the Environmental and Social Impact Assessment (ESIA) documents are pre-
requisites for the next -steps of final mine authorization . The FS scope contemplate s a
nameplate design of up to 800ktpa of spodumene concentrate production capacity ,
through staged development, and will underpin and align with the ESIA documentation.
Presentation of both the FS and ESIA to the regulators over approximately the next 3
months, maintains the Company’s previously published mine authorisation schedule
target.
QUALIFIED/COMPETENT PERSON
The information in this news release that relates to exploration results for the
Shaakichiuwaanaan Property 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 , 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 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), and Performance Share Units
(PSUs) 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 Explo ration
Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Smith consents to
the inclusion in this news release of the matters based on his information in the form and
context in which it appears.
ABOUT PMET RESOURCES INC.
PMET Resources 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 Quebec, Canada, which is accessible
year-round by a ll-season road and is proximal to regional powerline infrastructure. The
Project hosts the world’s largest 6 pollucite-hosted caesium pegmatite Mineral Resource 7
6 Determination based on Mineral Resource data, sourced through July 11, 2025, from corporate disclosure.
7 The Consolidated MRE cut-off grade is variable depending on the mining method and pegmatite (0.40% Li2O open-pit, 0.60% Li2O
underground CV5, and 0.70% Li2O underground CV13). A grade constraint of 0.50% Cs2O was used to model the Rigel and Vega
caesium zones, which are entirely within the CV13 Pegmatite’s open -pit mining shape. The Effective Date of the MREs is June 20,
2025 (through drill hole CV24 -787). Mineral Resources are not Mineral or Ore Reserves as they do not have demonstrated
economic viability.
at the Rigel and Vega zones with 0.69 Mt at 4.40% Cs2O, Indicated, and 1.70 Mt at 2.40%
Cs2O, Inferred. Additionally, the Project hosts a Consolidated Mineral Resource, which
includes the Rigel and Vega caesium zones, totalling 108.0 Mt at 1.40% Li2O, 0.11% Cs2O,
166 ppm Ta 2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li 2O, 0.21% Cs 2O,
155 ppm Ta 2O5, and 65 ppm Ga, Inferred, and ranks as the largest lithium pegmatite
resource in the Americas, and in the top ten globally.
For further information, please contact us at [email protected] or by calling +1 (604) 279-8709,
or visit www.pmet.ca. 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,
“KEN BRINSDEN”
Kenneth Brinsden, President, CEO, & Managing Director
Olivier Caza-Lapointe
Head, Investor Relations
T: +1 (514) 913-5264
APPENDIX 1 – JORC CODE 2012 TABLE 1 (ASX LISTING RULE 5.8.2)
Section 1 – Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling
techniques
• Nature and quality of sampling (eg
cut channels, random chips, or
specific specialized industry
standard measurement tools
appropriate to the minerals under
investigation, such as down hole
gamma sondes, or handheld XRF
instruments, etc). These examples
should not be taken as limiting the
broad meaning of sampling.
• Include reference to measures
taken to ensure sample
representivity and the appropriate
calibration of any measurement
tools or systems used.
• Aspects of the determination of
mineralization that are Material to
the Public Report.
• In cases where ‘industry standard’
work has been done this would be
relatively simple (eg ‘reverse
• Feed fraction to the tantalum test work reported
herein was the Dense Media Separation (“DMS”)
magnetic rejects , middlings, and
bypass/undersize. This sample was initially
derived from a drill core (half-core) composite from
the CV5 Pegmatite.
Criteria JORC Code explanation Commentary
circulation drilling was used to
obtain 1 m samples from which 3 kg
was pulverized to produce a 30 g
charge for fire assay’). In other
cases more explanation may be
required, such as where there is
coarse gold that has inherent
sampling problems. Unusual
commodities or mineralization types
(eg submarine nodules) may
warrant disclosure of detailed
information.
Drilling
techniques
• Drill type (eg core, reverse
circulation, open -hole hammer,
rotary air blast, auger, Bangka,
sonic, etc) and details (eg core
diameter, triple or standard tube,
depth of diamond tails, face -
sampling bit or other type, whether
core is oriented and if so, by what
method, etc).
• N/A. No drill results reported.
Drill sample
recovery
• Method of recording and assessing
core and chip sample recoveries
and results assessed.
• Measures taken to maximize
sample recovery and ensure
representative nature of the
samples.
• Whether a relationship exists
between sample recovery and
grade and whether sample bias
may have occurred due to
preferential loss/gain of fine/coarse
material.
• N/A. No drill results reported.
Logging • Whether core and chip samples
have been geologically and
geotechnically logged to a level of
detail to support appropriate
Mineral Resource estimation,
mining studies and metallurgical
studies.
• Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel, etc) photography.
• The total length and percentage of
the relevant intersections logged.
• N/A. No drill results reported.