PMET Commences 2026 Summer-Fall Drill Campaign at the Shaakichiuwaanaan Property
PMET Resources Inc.
Suite 900 - 1801 McGill College, Montreal, Qc, Canada, H3A 1Z4
www.pmet.ca / TSX: PMET / ASX: PMT / OTC: PMETF / FSE: R9GA
PMET Commences 2026 Summer-Fall Drill Campaign at the
Shaakichiuwaanaan Property
May 21, 2026 – Montreal, QC, Canada May 21, 2026 – Sydney, Australia
HIGHLIGHTS
• Major 2026 summer -fall exploration campaign underway at the Shaakichiuwaanaan
Property in Québec, Canada, comprising approximately 45,000 m of drilling.
• The Shaakichiuwaanaan Camp has successfully reopened ahead of schedule, with critical
restart activities now completed and exploration teams progressively remobilizing to site.
• Drilling will focus on exploration, geotechnical, hydrogeological, and geological/resource
data collection to support the Company’s ongoing exploration and development
workstreams.
• Exploration and resource development initiatives anticipated to include:
o Step-out and infill drilling at the CV13 Pegmatite; and
o Follow-up drilling across the highly prospective CV5 – CV4 corridor, building on
the strong 2025 results at CV4, which included 27.0 m at 1.14% Li2O (CV25-
1013), and 12.0 m at 1.42% Li2O (CV25-1002B).
• Development-focused drilling to support the engineering and feasibility programs ,
anticipated to include:
o Approximately 25,000 m of drilling at the CV5 Pegmatite to support bulk sample
design, updated Feasibility Study, and detailed engineering activities; and
o Geotechnical, hydrogeological, and potential condemnation drilling over identified
infrastructure sites adjacent to the CV13 Resource.
Darren L. Smith, Executive Vice President Exploration for the Company , comments: “ The 2026
summer-fall drill campaign is designed to further test and expand known exploration targets , while
supporting the next phase of technical de -risking at Shaakichiuwaanaan as we advance CV5 and CV13
towards production. While the program includes targeted resource growth and blue -sky exploration
components, the majority of the drilling is focus ed on collecting the geological and engineering datasets
required to support upcoming study, permitting, and development milestones.”
PMET RESOURCES INC. (THE “COMPANY” OR “PMET”) (TSX: PMET) (ASX: PMT)
(OTCQX: PMETF) (FSE: R9GA) is pleased to announce the commencement of its 2026
summer-fall drilling campaign at its wholly-owned Shaakichiuwaanaan Property (the “Property” or
“Project”), located in the Eeyou Istchee James Bay region of Quebec, Canada.
The Shaakichiuwaanaan Property is the Company’s flagship asset and hosts one of the largest
pegmatite Mineral Resources 1 (Li, Cs, Ta) and Mineral Reserves 2 (Li) in the world, situated
approximately 13 km south of the regional and all -weather Trans-Taiga Road (accessible year -
round by road) and Hydro Quebec infrastructure corridor. The Company recently announced a
robust lithium -only Feasibility Study for the CV5 Pegmatite, which positions the Project as a
potential North American critical mineral powerhouse (see news release dated October 20, 2025).
The Company confirms the successful reopening of the Shaakichiuwaanaan Camp, with all critical
restart activities completed safely and ahead of schedule. The camp is now scheduled to officially
reopen on May 19, 2026 – approximately one week earlier than originally planned. Restart
activities included the recommissioning and inspection of key camp infrastructure – including
power generation, heating, water treatment, and operational support systems – all of which were
completed without any health and safety incidents.
The Company expects to complete a total of 45,000 m of drilling through to October 2026, using
between four (4) and eight (8) drill rigs. The campaign will primarily be focused on advancing the
development of the CV5 and CV13 pegmatites. This will include geotechnical, hydrogeological, and
geological/resource holes to support bulk sample design, the updated Feasibility Study, and detailed
engineering at CV5 (~25,000 m) as well as infill, step-out, and potential condemnation holes over
identified infrastructure sites adjacent to CV13 (~18,000 m) . Many holes are expected to serve
multiple technical and geological objectives , with the Company currently in the final stages of
optimizing its drill plan.
The program is also targeting follow-up drilling of previous discoveries and testing of new areas –
most notably in the CV13 area proximal to the Vega Zone and the CV5 to CV4 corridor .
Approximately 70 m north of the currently defined Vega Zone and closer to the surface, is an
intercept from 2025 of 2.3 m at 4.65% Cs 2O (CV25-999), indicating the presence of a new
mineralized lens (see news release dated March 18, 2026) . At CV4, the Company plans to follow
up the 27.0 m at 1.14% Li2O (CV25-1013) and 12.0 m at 1.42% Li2O (CV25-1002B) intercepts
along strike and trace the mineralization further west towards the main CV5 pegmatite body (see
news release dated December 14, 2025).
The overarching objective of the 2026 campaign is to collect field data to support the various
disciplines in their advanced studies of both the CV5 and CV13 pegmatites as the Company moves
towards a Final Investment Decision . The data will also support an updated Feasibility Study for
1 The Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, totals 108.0 Mt at 1.40% Li2O, 0.11%
Cs2O, 166 ppm Ta2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li 2O, 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). A grade
constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium zones. The Effective Date is June 20, 2025 (through drill hole CV24-
787). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Mineral Resources are i nclusive of
Mineral Reserves.
2 Probable Mineral Reserve of 84.3 Mt at 1.26% Li 2O at the CV5 Pegmatite with a c ut-off grade is 0.40% Li2O (open-pit) and 0.70% Li2O
(underground). Underground development and open -pit marginal tonnage containing material above 0.37% Li 2O are also included in the
statement. The Effective Date is September 11, 2025. See Feasibility Study news release dated October 20, 2025.
the CV5 Pegmatite with the addition of tantalum as a co-product, as well as a Preliminary Economic
Assessment for the broader Project inclusive of lithium, caesium, and tantalum , scheduled for
completion in Q4 2026.
An updated Mineral Resource Estimate for the Project is also anticipated to be announced
concurrent to the economic studies.
Figure 1: Location of the principal corridor at Shaakichiuwaanaan, which is host to the CV5 and CV13 LCT
pegmatites.
QUALIFIED/COMPETENT PERSON
The technical and scientific information in this news release that relates to the Mineral Resource
Estimate and exploration results for the Company’s properties 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 (“NI 43- 101”), 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 related 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), Performance Share Units (PSUs) , and options in
the Company.
The information in this news release that relates to the Mineral Reserve Estimate and Feasibility
Study is based on, and fairly represents, information compiled by Mr. Frédéric Mercier -Langevin,
Ing. M.Sc., who is a Qualified Person as defined by NI 43-101, and member in good standing with
the Ordre des Ingénieurs du Québec. Mr. Mercier-Langevin has reviewed and approved the related
technical information in this news release.
Mr. Mercier-Langevin is the Chief Operating and Development Officer for PMET Resources Inc.
and holds common shares, RSUs, PSUs, and options in the Company.
ABOUT PMET RESOURCES INC.
PMET Resources Inc. is a pegmatite critical mineral exploration and development company focused
on advancing its district -scale 100% -owned Shaakichiuwaanaan Property located in the Eeyou
Istchee James Bay region of Quebec, Canada, which is accessible year -round by all -season road
and proximal to regional hydro-power infrastructure.
In late 2025, the Company announced a positive lithium -only Feasibility Study on the CV5
Pegmatite for the Shaakichiuwaanaan Property and declared a maiden Mineral Reserve of 84.3 Mt
at 1.26% Li2O (Probable)3. The study outlines the potential for a competitive and globally significant
high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense
Media Separation (“DMS”) only process flowsheet. Further, the results highlight
Shaakichiuwaanaan as a potential North American critical mineral powerhouse with significant
opportunity for tantalum and caesium in addition to lithium.
The Project hosts a Consolidated Mineral Resource4 totalling 108.0 Mt at 1.40% Li2O and 166 ppm
Ta2O5 (Indicated) and 33.4 Mt at 1.33% Li2O and 155 ppm Ta2O5 (Inferred), and ranks as a top ten
lithium pegmatite globally in size. Additionally, the Project hosts the world’s largest pollucite-
hosted caesium pegmatite Mineral Resource at the Rigel and Vega zones with 0.69 Mt at 4.40%
Cs2O (Indicated), and 1.70 Mt at 2.40% Cs2O (Inferred).
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.
3 See Feasibility Study news release dated October 20, 2025. Probable Mineral Reserve cut-off grade is 0.40% Li2O (open-pit) and 0.70%
Li2O (underground). Underground development and open-pit marginal tonnage containing material above 0.37% Li2O are also included in the
statement. Effective Date of September 11, 2025.
4 The Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, totals 108.0 Mt at 1.40% Li2O, 0.11%
Cs2O, 166 ppm Ta2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li 2O, 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). A grade
constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium zones. The Effective Date is June 20, 2025 (through drill hole CV24-
787). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Mineral Resources are inclusive of
Mineral Reserves.
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
DISCLAIMER FOR FORWARD-LOOKING INFORMATION
This news release contains “forward -looking statements” and “forward -looking information”
within the meaning of applicable securities laws.
All statements, other than statements of present or historical facts, are forward -looking
statements. Forward -looking statements involve known and unknown risks, uncertainties and
assumptions and accordingly, actual results could differ materially from those expressed or implied
in such statements. You are hence cautioned not to place undue reliance on forward- looking
statements. Forward-looking statements are typically identified by words such as “2026 summer-
fall”, “underway”, “progressively remobilizing”, “ongoing”, “development”, “next phase”, “further”,
“advance”, “ upcoming”, “ scheduled”, “potential”, “expects”, “ focused”, “ currently in the final
stages”, “objectives”, “towards”, “anticipated” 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 statements include, but are not limited to, statements concerning the 2026
summer-fall exploration campaign, , the ability (i) to collect the geological and engineering datasets
required to support upcoming study, permitting and development milestones , the Project’s
potential to become a North American critical mineral powerhouse, (ii) of the 2026 campaign to
collect field data to support the various disciplines in their advanced studies of both the CV5 and
CV13 pegmatites, (iii) to complete an updated Feasibility Study for the CV5 Pegmatite with the
addition of tantalum as a co-product, as well as a Preliminary Economic Assessment for the broader
Project inclusive of lithium, caesium, and tantalum and (iv) to complete an updated Mineral
Resource Estimate for the Project concurrent to the economic studies.
.
Forward-looking statements are based upon certain assumptions and other important factors that,
if untrue, could cause actual results to be materially different from future results expressed or
implied by such statements. There can be no assurance that forward-looking statements will prove
to be accurate. Key assumptions upon which the Company’s forward-looking information is based
include, without limitation, the ability to make discoveries, the potential of each of tantalum,
lithium, caesium as a co-product, the ability to collect all the contemplated date and complete the
intended studies within the expected timeframes, the obtention of all required regulatory
approvals, that proposed exploration work on the Property and the results therefrom will
continue as expected, the accuracy of reserve and resource estimates, the classification of
resources and the assumptions on which the reserve and resource estimates are based, long-term
demand for lithium (spodumene), tantalum (tantalite), and caesium (pollucite) supply, and that
exploration and development results continue to support management’s current plans for the
Property’s development.
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. Readers should review the detailed risk
discussion in the Company’s most recent Annual Information Form filed on SEDAR+, 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. If any of the risks or
uncertainties mentioned above, which are not exhaustive, materialize, actual results may vary
materially from those anticipated in the forward-looking statements.
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 RULES)
The information in this news release that relates to the Feasibility Study (“FS”) for the
Shaakichiuwaanaan Project, which was first reported by the Company in a market announcement
titled “ PMET Resources Delivers Positive CV5 Lithium -Only Feasibility Study for its Large -Scale
Shaakichiuwaanaan Project” dated October 20, 2025 (Montreal time) is available on the Company’s
website at www.pmet.ca , on SEDAR+ at www.sedarplus.ca and on the ASX website at
www.asx.com.au. The production target from the Feasibility Study referred to in this news release
was reported by the Company in accordance with ASX Listing Rule 5.16 on the date of the original
announcement. The Company confirms that, as of the date of this news releas e, all material
assumptions and technical parameters underpinning the production target in the original
announcement continue to apply and have not materially changed.
The Mineral Resource and Mineral Reserve Estimates in this release were first reported by the
Company in accordance with ASX Listing Rule 5.8 in market announcements titled "World's Largest
Pollucite-Hosted Caesium Pegmatite Deposit " dated July 20, 2025 (Montreal time) and “ PMET
Resources Delivers Positive CV5 Lithium -Only Feasibility Study for its Large- Scale Shaakichiuwaanaan
Project” dated October 20, 2025 (Montreal time) and are available on the Company’s website at
www.pmet.ca, on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au. The
Company confirms that, as of the date of this news release, it is not aware of any new information
or data verified by the competent person that materially affects the information included in the
relevant announcement and that all material assumptions and technical parameters underpinning
the estimates in the relevant announcement continue to apply and have not materially changed.
The Company confirms that, as at the date of this announcement, the form and context in which
the competent person’s findings are presented have not been materially modified from the original
market announcement.