PMET Produces High Recovery (89%) and High Grade Spodumene Concentrate (6.1% Li2O) from Innovative CV5 Sample and DMS Pilot Program
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 Produces High Recovery (89%) and High Grade Spodumene
Concentrate (6.1% Li2O) from Innovative CV5 Sample and DMS Pilot
Program
May 3, 2026 – Montreal, QC, Canada May 4, 2026 – Sydney, Australia
HIGHLIGHTS
• The program (termed “ApplePick”) utilized multiple large, angular, mineralized boulders situated
immediately down-ice of the principal CV5 outcrop (i.e., the source), which were crushed on -
site and shipped to SGS (Lakefield) as high head-grade (3.61% Li2O)1 feed for processing in a DMS
pilot plant.
• 4.47 tonnes of high -grade (6.09% Li 2O) and low -iron (0.58% Fe 2O3) spodumene
concentrate was produced at very high recovery (89.0%) from the CV5 Pegmatite using
a Dense Media Separation (“DMS”) only pilot plant.
• The concentrate produced further demonstrates the potential for the Company’s proposed DMS
only processing pathway for Shaakichiuwaanaan, through;
o High-grade and consistently large spodumene crystal nature, which contributes to high
rates of recovery using just DMS processing; and
o Reinforces prior test work demonstrating a clean ≥SC5.5 concentrate at high rates of
recovery (nominally 70%), per Feasibility development plans and planned average mined
heads grades over the life-of-mine.
• Approach allowed for the rapid and cost-effective generation of spodumene concentrate
on a larger scale , with out drilling , which further supports the Company’s future
lithium offtake and midstream product initiatives.
• DMS tailings streams from the pilot also generated significant quantities of feed material
for the Feasibility-level tantalum recovery program, which is now underway.
• New high er-grade lithia feed samples have generated the data that underpins an improved
lithium grade-recovery curve and indicates that stronger recoveries can be achieved
at the high-grade end of the curve compared to previous assumptions, which is expected to
positively impact the results of the upcoming updated Feasibility Study for the CV5
Pegmatite, as well as a Preliminary Economic Assessment for the broader Project.
• Given the success of the ApplePick program, the Company intends to launch the
‘BerryPick’ program, targeting surface pollucite samples for larger scale pilot
1 This head-grade of feed relates to the grade of composited boulders from CV5 selected as part of Project ApplePick and is not representative of
expected life-of-mine feed grade as reported in the CV5 Feasibility Study released on October 20, 2025.
testwork and concentrate sample preparation , as it engages with strategic caesium players
downstream.
Darren L. Smith, Executive Vice President Exploration, comments: “The ApplePick program further
demonstrates the potential of our DMS only processing pathway and exceeded our expectations in terms of
concentrate grade, quality, and tonnes produced . It is an excellent example of the team’s innovative thinking,
resulting in a practical and cost-effective approach to generate sample product at scale, without significant core
drilling being required.
“In addition to allowing us to be able to provide substantial quantities of spodumene concentrate from our
Shaakichiuwaanaan Project to support our offtake and midstream initiatives, ApplePick has also provided us
with significant quantities of tailings material feed to support our Feasibility -level tantalum recovery testwork
programs,” added Mr. Smith.
PMET RESOURCES INC. (THE “COMPANY” OR “PMET”) (TSX: PMET) (ASX: PMT)
(OTCQX: PMETF) (FSE: R9GA) is pleased to announce the successful production of
approximately 4.47 tonnes of high-grade (6.09% Li2O, low iron) spodumene concentrate from the CV5
Pegmatite at the Company’s wholly-owned Shaakichiuwaanaan Property (the “Property” or “Project”),
located in the Eeyou Istchee James Bay region of Quebec.
The pilot-scale program delivered a premium 6.09% Li2O spodumene concentrate at low
iron levels and very high recovery (89.0%), providing a high-quality product to advance offtake
discussions and downstream processing initiatives. This testwork has also provided a critical data point
for assessing lithium recovery from high-grade feed, in the 3% Li2O range.
The Shaakichiuwaanaan Property hosts one of the largest pegmatite Mineral Resources2 (Li, Cs, Ta)
and Mineral Reserves 3 (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).
SPODUMENE CONCENTRATE PRODUCTION (PROJECT APPLEPICK)
In the second half of 2025 , the Company devised a novel approach to cost-effectively produce
further quantities of spodumene concentrate from Shaakichiuwaanaan using a pilot scale DMS
processing facility, to satisfy third-party sample requests and support its own midstream lithium
processing development initiatives. The program, termed “ApplePick”, utilized the collection of well
2 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% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga, Inferred, and is reported
at a cut-off grade of 0.40% Li 2O (open-pit), 0.60% Li 2O (underground CV5), and 0.70% Li 2O (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.
3 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% Li 2O (open -pit) and 0.70% Li 2O
(underground). Underground development and open-pit marginal tonnage containing material above 0.37% Li2O are also included in the statement.
The Effective Date is September 11, 2025. See Feasibility Study news release dated October 20, 2025.
mineralized spodumene pegmatite boulders situated immediately down-ice of the principal CV5
outcrop that were readily accessible via all-season road and access trails. Based on the boulder s’
location, size, and angularity, the source was concluded to be from the immediately adjacent CV5
Pegmatite Deposit, and most likely the principal outcrop.
Approximately 9.5 tonnes of mineralized boulders were collected at the site via backhoe and
transported, via all-season road, to the Company’s mobile crusher located adjacent to camp (Figure 1,
Figure 2, and Figure 3). The boulders were crushed to roughly fist size (~10 cm) and placed directly
into bulk bags via the crusher’s conveyor (Figure 4 and Figure 5). The bulk bags were shipped to SGS
Canada’s Lakefield - Ontario, facility where the samples were further sized and processed
through a Dense Media Separation (“DMS”) pilot plant (Figure 6 and Figure 7).
The DMS pilot produced approximately 4.47 tonnes of high-grade 6.09% Li2O spodumene
concentrate at a low iron content (0.58% Fe2O3) and a high recovery of 89.0%. A portion of the
concentrate was then run through a standard magnetic separation circuit which resulted in the
production of 1.65 tonnes of 6.32% Li 2O (0.45% Fe 2O3) concentrate in the non -magnetic fraction ,
leaving 2.70 tonnes of 6.09% Li2O (0.58% Fe2O3) concentrate without magnetic separation.
SHAAKICHIUWAANAAN PROJECT BENEFITS
The program produced significantly more concentrate than expected, in part due to the high head -
grade (3.61% Li 2O) of the composited boulders , but also due to the achievement of a higher -than-
expected lithia recovery (89.0%). Importantly, this has further derisked the Company’s proposed
DMS-only flowsheet and provides a key additional data point on the lithium recovery curve for the
Project where, normally, feed grades in the 3% range are either not tested or otherwise typically not
available at most projects.
Considering the tenor of the high-grade Nova (CV5) and Vega (CV13) zones at Shaakichiuwaanaan,
this data point represents a valuable addition to the grade-recovery curve and indicates that stronger
recoveries can be achieved at the high-grade end of the curve compared to previous assumptions. At
a feed grade of 2% Li 2O, the results of Project ApplePick indicate an updated recovery
curve with an implied global lithium recovery improvement of 2 -3% compared to
Feasibility Study assumptions 4. This new lithium recovery data will be incorporated into the
updated Feasibility Study for the CV5 Pegmatite, as well as a Preliminary Economic Assessment for the
broader Project, scheduled to be announced in Q4-2026.
Additionally, the program has provided the Company with significant quantities of spodumene
concentrate to facilitate future offtake discussions and midstream initiatives. The a vailability of
concentrate samples (especially for DMS-only processing) for technical evaluation is a valuable
component in the development of a spodumene pegmatite project as it provides a tangible basis for
engagement with potential partners and offtake counterparties, as well as providing feed for midstream
evaluation.
4 See Feasibility Study news release dated October 20, 2025.
Another benefit stemming from the ApplePick program is that the scale of the DMS pilot allowed a
significant quantity of tailings material to be generated. As is typically the case with lithium pegmatites,
the tailings material normally hosts most of the tantalum and needs to be processed separately to be
recovered. The Company is currently completing a feasibility-level tantalum recovery program at SGS
(Lakefield) using these tailings as feed, which will then be followed by a variability program on drill core
from the CV5 Pegmatite.
POLLUCITE CONCENTRATE PRODUCT (PROJECT BERRYPICK)
In light of the success of the ApplePick program, the Company is currently evaluating options for
collecting a larger surface sample of pollucite pegmatite (caesium) at the Property. This project, named
‘BerryPick’ would aim to serve a similar purpose to ApplePick, by enabling the production of a larger
volume of pollucite concentrate (i.e., several hundred kilograms to one tonne ) samples to support
future offtake discussions as well as midstream/downstream caesium product evaluation.
The BerryPick Project is in the early stages of planning with locations at CV13 and CV12 (please refer
to Figure 1 below) being targeted, where pollucite has been mapped at surface and strong grades have
been documented5 in channel sampling. Pollucite occurrences are very rare and are typically significantly
smaller than lithium pegmatite occurrences, making sample collection at scale more challenging but
also of high value . In contrast to most projects , at Shaakichiuwaanaan, several surface sample
occurrences provide a strong target for a larger surface sampling program, such as that envisaged by
BerryPick.
Additionally, XRT ore sorting using a different/larger size fraction will aid in the development and final
design of the pollucite recovery flowsheet design.
5 See news releases dated March 2 and April 9, 2025.
Figure 1: Location immediately adjacent to outcropping CV5 Pegmatite where the spodumene pegmatite
boulders were collected.
Figure 2: Backhoe collecting spodumene pegmatite mineralized boulders immediately down-ice of the principal
CV5 outcrop (adjacent to the southwest side of the CV5 Pegmatite).
Figure 3: Spodumene pegmatite boulders ready for crusher located proximal to Camp Shaakichiuwaanaan.
Figure 4: Crushing of spodumene pegmatite boulders into bulk bags.
Figure 5: Crushed spodumene pegmatite ready for shipment to the SGS (Lakefield) facility in Ontario for DMS
processing with a head-grade assaying 3.61% Li2O
Figure 6: Dense Media Separation (“DMS”) pilot operation at SGS (Lakefield) facility in ON, Canada.
Figure 7: DMS spodumene concentrate (after magnetic separation) assaying 6.32% Li2O and 0.45% Fe2O3.