Patriot Albemarle MOU Concluded
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
PATRIOT ALBEMARLE MOU CONCLUDED
May 15, 2024 – Vancouver, BC, Canada May 15, 2024 – Sydney, Australia
Highlights
• Both parties have mutually agreed not to extend the MOU, enabling Patriot to explore a
broader range of strategic partnerships within the downstream lithium sector.
• Patriot has and continues to attract significant attention across the industry, reinforcing its
position as a pivotal supplier of high-quality raw materials for lithium-ion batteries outside of
China.
• Patriot maintains a constructive ongoing relationship with Albemarle.
Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT)
(OTCQX: PMETF) (FSE: R9GA) announces today that the Memorandum of Understanding
(“MOU”) 9-month term with Albemarle has concluded and will not be extended. Patriot expects to fully
engage with other downstream companies in the Lithium supply chain and as such all the rights granted
to Albemarle have expired, including an y levels of exclusivity in respect of future mine production and
links to downstream chemical conversion facilities.
As the scale and quality of Patriot’s Corvette Project has become increasingly evident, the Company has
received significant interest from participants in the lithium industry, given the potential for Corvette to
be a large and high -quality raw material supplier for the future of lithium -ion battery supply chains ex-
China. Enabling the company to fully engage with other downstream companies has been determined
to be in the best interests of shareholders.
Since signing the MOU Albemarle and Patriot have worked together on the many technical aspects of
an integrated project , advancing the scope of mine concentrate production and opportunities for a
downstream lithium hydroxide plant integrated with the Corvette project. Further, the funding provided
by Albemarle’s strategic investment enabled a robust work program includ ing installation of critical
capital works such as the camp , all-weather access road and the recently completed eleven rig winter
drill program.
Ken Brinsden, President and CEO of Patriot, expressed his appreciation for the partnership: "Our
collaboration with Albemarle has been extremely valuable. We are proud of the progress we've made
and are excited by the intense market interest in the Corvette project. As we move forward, Patriot is
eager to expand its operations and explore new partnerships that support the growing demand for
lithium raw materials and chemicals in North America and Europe.
We also look forward to continuing our productive relationship with Albemarle in a flexible, non -
exclusive format", Mr Brinsden added.
As a result of the MOU conclusion the Investor Rights Agreement (“IRA”) between Patriot and
Albemarle Corporation dated August 3, 2023 was terminated in accordance with its terms. Following
the termination all of the rights granted to Albemarle, including exclusivity, have expired providing Patriot
with the flexibility to engage with multiple potential partners and further its strategic goals.
Patriot remains committed to maximizing shareholder value by capitalizing on the strategic opportunities
available within the evolving landscape of the global lithium market.
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. 6 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 t he 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.
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% 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. Largest lithium pegmatite resource in the Americas based on
contained LCE.
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 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 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 remains to be assessed.
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% 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. Largest lithium pegmatite resource in the Americas based on
contained LCE.
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 strategy, future operations, technical assessments, prospects, plans and objectives of
management are forward -looking statements that involve risks and uncertainties. Forward -looking
statements are typically identified by words such as “plan”, “expect”, “estimate”, “intend”, “anticipate”,
“believe”, or variations of such words and phrases or statements that certain actions, events or results
“may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
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 that proposed
exploration and mineral resource estimate work on the Corvette Property will continue as expected,
and that exploration and development results continue to support management’s current plans for
Corvette Property development
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 forward-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 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 finding s are presented have not been materially modified from the original market
announcement.