PMET.TO · 2023-03-23 12:00:00

Patriot Extends Strike Length of the CV5 Pegmatite to 3.15 km, Corvette Property,

Drill Results

Patriot 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

Quebec, Canada

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

Highlights

• Extension of the CV5 spodumene pegmatite eastwardly by a further 550 m since February.

• The CV5 spodumene pegmatite has been traced continuously by drilling (at ~50 - 150 m spacing) over a

lateral distance of at least 3.15 km and remains open along strike at both ends and to depth.

• Drilling step-outs westward from CV5 towards CV13 has commenced.

• Core samples for thirty-seven (37) drill holes have arrived at the analytical lab (SGS) with assays for the first

group of holes expected to be reported shortly.

• Six (6) core drilling rigs currently active at the CV5 Pegmatite.

• As of March 20, 2023, a total of fifty -two (52) drill holes (~20,644 m) have been completed this year , with

seven (7) holes (~1,136 m) actively coring.

o The Company has surpassed the minimum 20,000 m i nitially targeted to be completed over the

winter drill program.

Darren L. Smith, Company Vice President of Exploration, comments: “the CV5 Pegmatite continues to grow, having

been now traced continuously over a strike length of 3.15 km, drill hole to drill hole, and remains open at both ends

along strike, and at depth along most of its length. Although hindered by an uncharacteristically warm winter period,

limiting amenability of ice -based drilling, we have been able to meet an d already exceed our winter program

objectives in terms of meterage drilled and new spodumene pegmatite discovered. We are now within approximately

1.5 km of the CV4 Pegmatite cluster to the east and have just begun to step- out westwardly towards the CV13

Pegmatite cluster.

Blair Way, Company President and CEO, comments: “The Company is well funded through the recently completed

$50M flow through financing combined with our existing cash- on-hand and over $15M in outstanding warrants

supporting the Company’s continuing drill programs. There remains more than 20 km of geologically favourable

trend to be explored for new pegmatite targets and three known spodumene pegmatite clusters yet to be drill t ested.

The ongoing advancement of the CV5 Pegmatite to an initial mineral resource estimate and subsequent Pre -

Feasibility underway is expected to continue to de -risk the CV5 project area. The exploration and development team

continues to execute, and the drill bit continues to deliver. We are off to a fantastic start in 2023 and look very forward

to another transformative year for the Company.”

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

(FSE: R9GA) is pleased to provide an update on the 2023 drill campaign currently underway at its wholly owned

Corvette Property (the “Property”), located in the James Bay Region of Quebec. The winter phase of the drill campaign

is focused on the CV5 Pegm atite, located approximately 13.5 km south of the regional and all -weather Trans-Taiga

Road and powerline infrastructure and is currently accessible by winter road.

Since the last drill program update (see news release dated February 5 th, 2023), the Company is pleased to report a

further extension of the CV5 Pegmatite eastwardly by 550 m – to 3.15 km combined strike length – through

dominantly spodumene-bearing pegmatite in drill holes moving eastwardly from CV23 -108 through 125. Each hole

over this 550 m corridor has intersected various widths of continuous pegmatite, dominantly spodumene -bearing,

ranging in width from approximately 5 m to 50 m (core length).

As of March 20, 2023, the Company has completed fifty -two (52) drill holes with another seven (7) actively coring,

for a collective total of fifty -nine (59) holes and 21,780 m (CV23-105 to 163). Six (6) of these rigs are active at the

CV5 Pegmatite with one (1) rig active at a different area of the Property testing a potential infrastructure location in

support of advancing the Pre-Feasibility Study. An update on the status of the Pre-Feasibility programs will be detailed

in a forthcoming news release.

The CV5 Pegmatite has been traced as a principally continuous spodumene-mineralized body to now within

approximately 1.5 km of the CV4 Pegmatite cluster to the east (Figure 2), and within approximately 4.3 km of the

CV13 Pegmatite cluster to the west. The Company will continue to test the CV5 Pegmatite along strike at both ends .

Favourable indicators that the trend continues include the regional magnetic data suggesting a continuation of the

structural/geological trend hosting CV5, as well as the location of spodumene-pegmatite boulders suggesting the

presence of hidden spodumene-pegmatite undercover along this trend.

The estimated true thickness of the principal body at CV5 is highly variable , both along strike and at depth, as is

typically the nature of pegmatite intrusive bodies. However, the true thickness, as indicated by ongoing geological

modelling, typically varies between 25 to 120 m – thickest under the CV5 outcrop – with significant length at 80+ m

at moderate depths. Additionally, spodumene pegmatite has been intersected as deep as 425 m vertical depth (581 m

core length in drill hole CV23-124) and remains open. The location of this intersection suggests the presence of

additional spodumene-pegmatite lenses proximal to the south of the main body. These areas are expected to be further

drill tested over the summer-fall program.

Due to lake ice conditions from the uncharacteristically warm weather over the course of the program to date, many

drill hole collars have been from land-based set-ups on the north side of the pegmatite , which are also accessible by

winter road. Fortunately, the Company has been able to effectively target the eastward extension of the CV5 Pegmatite

with considerable success as outlined herein. Ice-based drilling has recently commenced and is continuing to delineate

the eastern extension of CV5 as has been identified over the program to date. These drill holes will target pegmatite

pierce points at approximately100 m spacing and trace the pegmatite encountered at depth to surface.

Additionally, step-out drilling westwardly from the CV5 Corridor, along strike of CV22- 074 (16.9 m at 2.00% Li 2O

– see news release dated January 18, 2023 ), has recently commenced . The spodumene pegmatite is interpreted to

continue for at least another 125 m in this direction based on a mineralized outcrop present along strike , whereafter

outcrop becomes covered by a continuous till cover (Figure 1). As of March 20, 2023, the first two holes targeting

this extension were actively coring (CV23-160 and 161).

The primary objectives of the 2023 drill campaign are to further delineate the extent of the CV5 Pegmatite culminating

and in initial mineral resource estimate scheduled for Q2 2023, as well as infill drill to refine the geological model to

achieve indicated mineral resource confidence to support a Pre-Feasibility Study. Based on drill holes completed

through March 20, 2023, the CV5 Pegmatite has now been traced continuously by drilling (at ~50-150 m spacing)

over a lateral distance of at least 3.15 km (CV22-074 to CV23-125), remaining open along strike at both ends

and to depth along most of its length.

Core samples for thirty-seven (37) drill holes have arrived at the analytical lab (SGS) with core processing ongoing at

site. Logged pegmatite intersections of >2 m are presented in Table 1 and drill hole attributes in Table 2.

Table 1: Geologically logged pegmatite intersections >2 m for drill holes completed in 2023

Hole ID From

(m)

Interval

(m)

Li2O

(%)

Ta2O5

(ppm) Hole ID From

(m)

Interval

(m)

Li2O

(%)

Ta2O5

(ppm)

CV23-105 96.65 100.68 4.0 CV23-128 101.5 131.4 29.9

104.0 114.7 10.7 CV23-129 102.0 199.2 97.2

222.7 306.4 83.7 CV23-130 145.5 246.7 101.2

310.2 321.7 11.5 CV23-131 78.4 81.7 3.3

338.0 357.2 19.2 157.4 165.8 8.4

366.4 386.7 20.3 179.3 194.2 14.9

CV23-106 155.2 161.0 5.8 CV23-132 145.7 154.9 9.2

274.1 317.2 43.1 164.0 294.3 130.3

317.8 406.3 88.5 CV23-133 542.7 546.6 3.9

CV23-107 195.0 198.4 3.4 550.4 554.4 3.9

293.2 358.6 65.4 CV23-134 6.1 8.8 2.7

378.0 380.5 2.6 123.3 224.6 101.3

CV23-108 294.7 348.6 54.0 CV23-135 46.0 55.0 9.0

CV23-109 91.9 94.5 2.6 CV23-136 325.6 351.2 25.6

164.5 224.6 60.1 CV23-137 46.2 70.8 24.6

CV23-110 125.4 130.9 5.5 71.5 76.1 4.6

184.4 269.4 85.0 CV23-138 4.0 7.1 3.2

390.1 392.4 2.4 126.0 213.2 87.2

CV23-111 156.1 159.1 3.1 215.2 248.5 33.3

227.7 235.7 8.0 265.3 273.0 7.7

253.4 262.0 8.6 CV23-139 390.1 429.6 39.5

CV23-112 125.9 131.2 5.2 463.8 466.4 2.5

205.7 239.4 33.7 474.3 476.3 2.0

CV23-113 195.5 198.7 3.2 CV23-140 334.8 339.6 4.8

235.8 252.6 16.9 344.6 378.1 33.5

255.3 269.2 13.9 389.1 400.2 11.1

CV23-114 144.9 157.6 12.7 402.6 406.6 4.0

251.4 307.6 56.3 CV23-141 125.6 133.0 7.4

324.9 330.9 6.0 240.3 341.5 101.2

CV23-115 198.0 214.8 16.9 362.0 378.2 16.2

230.6 253.1 22.6 CV23-142 169.7 193.1 23.4

288.7 293.9 5.3 289.6 294.4 4.8

301.3 325.1 23.8 CV23-143

CV23-116 306.8 378.8 71.9 CV23-144

CV23-117 188.9 200.3 11.4 CV23-145

281.4 283.4 2.1 CV23-146

CV23-118 241.1 272.0 30.8 CV23-147

CV23-119 136.8 139.7 2.9 CV23-148

225.6 231.8 6.1 CV23-149

CV23-120 239.9 242.2 2.3 CV23-150 35.8 38.7 2.9

245.2 320.4 75.2 CV23-151

CV23-121 104.3 112.4 8.2 CV23-152

175.7 179.0 3.3 CV23-153

191.5 225.3 33.9 CV23-154

238.0 240.3 2.3 CV23-155

245.2 277.6 32.4 CV23-156

CV23-122 199.8 203.2 3.4 CV23-157

251.2 260.9 9.7 CV23-158

CV23-123 104.0 107.2 3.2 CV23-159

190.9 201.3 10.4 CV23-160

CV23-124 177.5 184.0 6.5 CV23-161

255.8 302.2 46.4 CV23-162

304.6 309.5 4.9 CV23-163

467.1 469.7 2.5

523.8 528.5 4.7

577.1 588.3 11.2

CV23-125 450.6 480.4 29.8

CV23-126

CV23-127 125.7 128.5 2.8

239.5 283.0 43.5

372.9 379.0 6.1

380.2 396.9 16.7

Assays Pending

Not Sampled

Assays Pending

Not Sampled

Assays Pending

Not Sampled

Assays Pending

N/A regional hole for infrastructure

Actively coring

No pegmatite intersected

Logging not complete

Actively coring

Assays Pending

No pegmatite intersected

Assays Pending Assays Pending

Assays Pending

Assays Pending Assays Pending

Assays Pending

Assays Pending Assays Pending

Assays Pending

Assays Pending Assays Pending

Assays Pending

Assays Pending Assays Pending

Assays Pending

Assays Pending Assays Pending

Assays Pending

No pegmatite intersected

Logging not complete

No pegmatite intersected

Assays Pending

No pegmatite intersected

Logging not complete

No pegmatite intersected

Logging not complete

N/A regional hole for infrastructure

Logging not complete

(1) All intervals are core length. True width of intervals is not confirmed. Geological

modelling is ongoing; (2) Drill holes CV23-144, 145, 147, 149, 150, 153, 155, 157, 158,

159, & 163 have been completed for hydrogeolgical purposes

Actively coring

N/A regional hole for infrastructure

Assays Pending

Figure 1: Drill hole locations completed through March 20, 2023, at the CV5 Pegmatite

Figure 2: CV5 Corridor (i.e., CV5 through CV4 pegmatite clusters)

Figure 3: Lake-ice pad preparation for drilling completed over newly defined 550 m strike length at CV5

Table 2: Drill hole attributes

Hole ID Substrate Total Depth (m) Azimuth (°) Dip (°) Easting Northing Elevation (m) Core Size Cluster

CV23-105 Land 452.0 158 -65 571832.1 5931386.7 376.5 NQ CV5

CV23-106 Land 491.0 158 -65 571923.8 5931445.2 378.7 NQ CV5

CV23-107 Land 428.2 158 -65 572029.5 5931469.1 377.9 NQ CV5

CV23-108 Land 461.0 158 -65 572118.4 5931506.1 374.0 NQ CV5

CV23-109 Land 392.1 158 -45 571832.3 5931386.2 376.5 NQ CV5

CV23-110 Land 431.0 158 -45 571866.1 5931434.5 375.7 NQ CV5

CV23-111 Land 356.0 158 -45 572029.3 5931480.2 377.9 NQ CV5

CV23-112 Land 377.1 158 -45 571930.4 5931445.3 378.7 NQ CV5

CV23-113 Land 389.0 158 -45 572118.5 5931505.7 374.2 NQ CV5

CV23-114 Land 500.1 158 -55 571865.9 5931434.7 375.7 NQ CV5

CV23-115 Land 431.1 158 -45 572055.0 5931536.2 373.7 NQ CV5

CV23-116 Land 476.0 158 -65 572214.1 5931538.6 375.4 NQ CV5

CV23-117 Land 566.1 158 -75 571865.9 5931434.7 375.7 NQ CV5

CV23-118 Land 437.1 158 -45 572214.1 5931538.6 375.4 NQ CV5

CV23-119 Land 389.0 158 -45 572099.4 5931442.2 373.8 NQ CV5

CV23-120 Land 443.0 158 -45 572147.5 5931559.9 373.7 NQ CV5

CV23-121 Land 454.7 158 -48 571774.3 5931422.4 375.2 NQ CV5

CV23-122 Land 403.9 158 -45 572167.6 5931496.0 375.3 NQ CV5

CV23-123 Land 386.0 158 -45 571997.7 5931407.9 374.2 NQ CV5

CV23-124 Land 653.0 158 -45 571955.3 5931497.9 374.4 NQ CV5

CV23-125 Land 545.0 158 -65 572649.6 5931666.6 378.0 NQ CV5

CV23-126 Land 83.1 158 -47 571680.9 5931383.6 375.3 NQ CV5

CV23-127 Land 548.0 158 -59 571680.9 5931383.8 375.3 NQ CV5

CV23-128 Land 362.0 158 -45 571212.0 5931077.7 376.5 NQ CV5

CV23-129 Land 380.0 158 -45 571100.3 5931096.5 375.6 NQ CV5

CV23-130 Land 377.0 158 -45 571171.8 5931167.6 374.9 NQ CV5

CV23-131 Ice 454.9 158 -45 571907.3 5931366.9 373.2 NQ CV5

CV23-132 Land 374.0 158 -49 571068.0 5931148.3 374.7 NQ CV5

CV23-133 Land 604.8 220 -45 572649.6 5931666.6 368.3 NQ CV5

CV23-134 Land 331.0 158 -45 571282.4 5931169.0 385.4 NQ CV5

CV23-135 Land 360.6 158 -60 571171.6 5931167.9 374.9 NQ CV5

CV23-136 Ice 403.9 158 -45 572240.8 5931603.3 373.1 NQ CV5

CV23-137 Land 389.0 158 -65 571067.9 5931148.6 374.7 NQ CV5

CV23-138 Land 359.1 158 -60 571282.4 5931169.0 385.4 NQ CV5

CV23-139 Ice 565.9 158 -65 572395.7 5931619.5 375.5 NQ CV5

CV23-140 Ice 545.3 158 -65 572302.9 5931582.1 375.5 NQ CV5

CV23-141 Land 400.9 158 -65 571774.3 5931422.4 375.2 NQ CV5

CV23-142 Land 359.0 158 -71 571387.0 5931189.0 376.8 NQ CV5

CV23-143 Land TBD 158 -45 572649.6 5931666.6 368.3 NQ CV5

CV23-144 Land 25.7 - -90 570327.8 5930346.1 386.8 HQ CV5

CV23-145 Land 53.0 - -90 569637.0 5930849.0 378.0 HQ CV5

CV23-146 Ice TBD 158 -45 572302.9 5931582.1 375.5 NQ CV5

CV23-147 Land 185.0 - -90 571124.0 5931098.0 378.0 NQ CV5

CV23-148 Land TBD 158 -58 571387.0 5931189.0 376.8 NQ CV5

CV23-149 Land 199.7 - -90 572122.0 5944355.2 357.6 HQ n/a

CV23-150 Land TBD - -90 571427.0 5931156.0 378.0 NQ CV5

CV23-151 Ice TBD 158 -45 572395.7 5931619.5 375.5 NQ CV5

CV23-152 Land TBD 158 -47 570717.6 5931103.1 374.6 NQ CV5

CV23-153 Land TBD - -90 571790.0 5931391.0 378.0 NQ CV5

CV23-154 Ice TBD 158 -65 572488.4 5931657.0 375.5 NQ CV5

CV23-155 Land Active - -90 571684.0 5930750.0 378.0 HQ CV5

CV23-156 Land Active 176 -67 572646.2 5931666.8 378.0 NQ CV5

CV23-157 Land TBD - -90 570665.0 5931140.0 378.0 NQ CV5

CV23-158 Land TBD - -90 572137.2 5944485.8 351.0 HQ n/a

CV23-159 Land Active - -90 570525.0 5931143.0 378.0 HQ CV5

CV23-160 Land Active 158 -45 569567.8 5930477.0 379.1 NQ CV5

CV23-161 Land Active 158 -45 569632.8 5930449.4 384.8 NQ CV5

CV23-162 Ice Active 158 -45 572488.4 5931657.0 375.5 NQ CV5

CV23-163 Land Active - -90 571922.9 5944531.1 346.7 HQ n/a

(1) Coordinate system NAD83 / UTM zone 18N; (2) All drill holes are diamond drill; (3) Azimuths and dips presented are those 'planned' and may vary

off collar/downhole; (4) Drill holes CV23-144, 145, 147, 149, 150, 153, 155, 157, 158, 159, & 163 have been completed for hydrogeolgical purposes

About the CV Lithium Trend

The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and spans

more than 25 -km across the Corvette Property. The core area includes an approximate 3.15 km long spodumene

pegmatite (the ‘CV5 Pegmatite’) and multiple proximal secondary spodumene pegmatite lenses. This corridor has

returned drill intercepts of 156.9 m at 2.12% Li 2O, including 25.0 m at 5.04% Li 2O or 5.0 m at 6.36% Li 2O

(CV22-083), 159.7 m at 1.65% Li2O (CV22-042), 131.2 m at 1.96% Li 2O (CV22-100), and 52.2 m at 3.34% Li 2O,

including 15.0 m at 5.10% Li2O (CV22-093).

To date, six (6) distinct clusters of lithium pegmatite have been discovered across the Property – CV5 Pegmatite and

associated lenses , CV4, CV8 -12, CV9, CV10, and the recently discovered CV13. 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. Further, t he high

number of well -mineralized pegmatites along the trend indicate a strong potential for a series of relatively closely

spaced/stacked, sub -parallel, and sizable spodumene -bearing pegmatite bodies, with significant lateral and depth

extent, to be present.

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, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit

number 1968), and with the Association of Professional Engineers and Geoscientist s 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 a Senior Geologist and Project Manager

with Dahrouge Geological Consulting Ltd. Mr. Smith 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 JORC Code,

2012. 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 mineral exploration company focused on the acquisition and development of mineral

properties containing battery, base, and precious metals.

The Company’s flagship asset is the 100% owned Corvette Property, located proximal to the Trans -Taiga Road and

powerline infrastructural corridor in the James Bay Region of Québec. The land package hosts significant lithium

potential highlighted by the 3.15 km long CV5 spodumene pegmatite with drill intercepts of 156.9 m at 2.1 2% Li2O,

including 25.0 m at 5.04% Li 2O or 5.0 m at 6.36% Li 2O (CV22-083), 159.7 m at 1.65% Li 2O (CV22-042), 131.2 m

at 1.96% Li2O (CV22-100), and 52.2 m at 3.34% Li 2O, including 15.0 m at 5.10% Li 2O (CV22-093). Additionally,

the Property hosts the Golden Gap Trend with grab samples of 3.1 to 108.9 g/t Au from outcrop and 7 m at 10.5 g/t

Au in drill hole, and the Maven Trend with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop.

The Company also holds 100% ownership of the Freeman Creek Gold Property in Idaho, USA which hosts two

prospective gold prospects - the Gold Dyke Prospect with a 2020 drill hole intersection of 12 m at 4.11 g/t Au and

33.0 g/t Ag, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75%

Cu.

The Company’s other assets include the Pontax Lithium -Gold Property, QC; and the Hidden Lake Lithium Property,

NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.

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