Patriot Achieves Key Permitting Milestone for Corvette with Receipt of Guidelines from the Ministry
Patriot Battery Metals Inc.
Suite 700 - 838 W. Hastings Street, Vancouver, BC, Canada, V6C 0A6
www.patriotbatterymetals.com TSX: PMET / ASX: PMT / OTC: PMETF / FSE: R9GA
LEGAL\63309512\1
Patriot Achieves Key Permitting Milestone for Corvette with Receipt of
Guidelines from the Ministry
April 16, 2024 – Vancouver, BC, Canada April 17, 2024 – Sydney, Australia
Highlights
• Patriot has received the Guidelines from the MELCCFP, advancing the approvals process
for the Project, as expected the guidelines from COMEV were clear and consistent with other
proposed mining projects of this scale and nature in Eeyou Istchee.
• Patriot will be in a position to provide a more fulsome update to the market with next steps
for anticipated submission of the ESIA in the coming weeks.
• The Company anticipates submission of the complete ESIA to MELCCFP in late CY25.
Patriot Battery Metals Inc. (the “Company” or “Patriot”) ( TSX: PMET) (ASX: PMT) ( OTCQX:
PMETF) (FSE: R9GA) is pleased to announce that it has received its guidelines from the Québec
Government (Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune
et des Parcs or “MELCCFP”) for its wholly owned Corvette Project (the “Project”) located i n the Eeyou
Istchee James Bay region of Quebec. As per the process, the MELCCFP sought input from the Evaluating
Committee known as “COMEV”, a committee composed of members appointed by the Cree Nation
Government, the Government of Québec, and the Canadian Government. The guidelines received outline
the scope and nature of the impact study that must be undertaken for the Project
Ken Brinsden, President and CEO of Patriot commented: “The guidelines for the Corvette project outline
MELCCFP’s requirements for the Project’s Environmental and Social Impact Assessment (ESIA) and
provide the Company with the roadmap to completing the ESIA . We are eager to continue our baseline
data collection which started in 2022 as we advance the permitting and study phases of Corvette.”
Alix Drapack, Vice President of ESG, Patriot, commented: “The guidelines from COMEV were clear and
consistent with other proposed mining projects of this scale and nature in Eeyou Istchee and were as
expected. We are looking forward to continuing our discussions on the Project with the tallyman and his
family and the Cree community of Chisasibi.
The Company is currently evaluating the Corvette Project as a potential hard rock spodumene mining
operation. The Company is well-funded and is carrying out an intensive in-fill drilling on CV-5 this winter
and a regional exploration campaign on the Corvette area during the summer and fall season. An updated
NI 43-101 resource estimate on the Corvette project is planned for release in CYQ3 2024. The Company
commenced collection of environmental baseline data at the Project in 2022 and will continue to co llect
data in accordance with the newly received guidelines. The Company will provide regular updates on the
progress of the work programs associated with the completion of the ESIA and submission of the ESIA is
anticipated in late 2025.
The Corvette Project is highlighted by t he CV5 Spodumene Pegmatite which hosts a maiden mineral
resource estimate of 109.2 Mt at 1.42% Li2O inferred1 and ranks as the largest lithium pegmatite resource
in the Americas based on contained lithium carbonate equivalent (LCE), and one of the top 10 largest
lithium pegmatite resources in the world. T he CV5 Spodumene Pegmatite is located approximately
13.5 km south of the regional and all -weather Trans -Taiga Road and powerline infrastructure, and
approximately 50 km from the La-Grande 4 hydroelectric power station in the Eeyou Istchee James Bay
region of Quebec (Figure ).
1 The CV5 mineral resource estimate (109.2 Mt at 1.42% Li 2O and 160 ppm Ta2O5 inferred) is reported
at a cut -off grade of 0.40% Li 2O 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.
Figure 1: Corvette Project, CV5 Spodumene Pegmatite, and regional infrastructure
About the CV Lithium Trend
The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017
and is interpreted to span more than 50 kilometres across the Corvette Property. The core area includes
the approximate 4.4 km long CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate
of 109.2 Mt at 1.42% Li2O inferred1.
To date, eight (8) distinct clusters of lithium pegmatite have been discovered across the Corvette Property
– CV4, CV5, CV8, CV9, CV10, CV12, CV13, and the recently discovered CV14. Given the proximity of
some pegmatite outcrops to each other, as well as the shallow till cover in the area, it is probable that some
of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite “outcrop”
subsurface.
Qualified/Competent Person
The information in this news release that relates to exploration results for the Corvette 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 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 based on his information in
the form and context in which it appears.
About Patriot Battery Metals Inc.
Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district -
scale 100% owned Corvette Property located in the Eeyou Istchee James Bay region of Quebec, Canada,
and proximal to regional road and powerline infrastructure. The Corvette Property hosts the CV5
Spodumene Pegmatite with a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1 and
ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate
equivalent (LCE), and one of the top 10 largest lithium pegmatite resources in the world. Additionally,
the Corvette Property hosts multiple other spodumene pegmatite clusters that remain to be drill tested, as
well as more than 20 km of prospective trend that remain to be assessed.
1 The CV5 mineral resource estimate (109.2 Mt at 1.42% Li 2O and 160 ppm Ta2O5 inferred) is reported
at a cut -off grade of 0.40% Li 2O 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.
For further information, please contact us at [email protected] 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
Brad Seward
Vice President, Investor Relations
T: +61 400 199 471
Olivier Caza-Lapointe
Head, Investor Relations – North America
T: +1 (514) 913-5264
Disclaimer for Forward-looking Information
This news release contains “forward-looking information” or “forward-looking statements” within the meaning of
applicable securities laws and other statements that are not historical facts. Forward -looking statements are
included to provide information about management’s current expectations and plans that allows investors and
others to have a better understanding of the Company’s business plans and financial performance and condition.
All statements, other than statements of historical fact included in this news release, regarding the Company’s
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statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or
be achieved. In particular and without limitation, this news release contains forward-looking statements pertaining
to the Company’s “ESIA” process and its aims with respect to bringing the Corvette Project into production,
including with respect to creating sustainable value and benefits for host communities, shareholders and employees.
Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could
cause the actual results, performance or achievements of the Company to be materially different from future results,
performance or achievements expressed or implied by such information or statements. There can be no assurance
that such information or statements will prove to be accurate. Key assumptions upon which the Company’s forward-
looking information is based include the total funding requi red to complete the development of the Company’s
Corvette Project.
Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been
used. 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. Some of the risks the Company faces and the uncertainties that could cause actual results to
differ materially from those expressed in the forward -looking statements include, among others, the ability to
execute on plans relating to the Company’s Corvette Project, including the timing thereof. In addition, readers are
directed to carefully review the detailed risk discussion in the Company’s most recent Annual Information Form
filed on SEDAR+, which discussion is incorporated by reference in this news release, 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 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, as actual results and future events could differ materially from those anticipated in such information. As
such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or
uncertainties materialize, actual results may vary materially from those anticipated in the for ward-looking
statements found herein. Due to the risks, uncertainties and assumptions inherent in forward -looking statements,
readers should not place undue reliance on forward-looking statements.
Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding
the Company’s business plans, financial performance and condition and may not be appropriate for other purposes.
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 Rule 5.22)
The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule
5.8 on July 31, 2023. The Company confirms it is not aware of any new information or data that materially affects
the information included in the previous announcements and that all material assumptions and technical
parameters underpinning the estimates in the previous announcements continue to apply and have not materially
changed.