PMET.TO · 2025-10-20 12:00:00

PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project Unlocking Shaakichiuwaanaan’s maiden Mineral Reserve and a key step towards final mine authorisation

Resource Estimates Economic Studies

PMET Resources Delivers Positive CV5 Lithium-Only

Feasibility Study for its Large-Scale Shaakichiuwaanaan Project

Unlocking Shaakichiuwaanaan’s maiden Mineral Reserve and a key step towards final mine

authorisation

October 20, 2025 – Montreal, QC, Canada October 21, 2025 – Sydney, Australia

Highlights

• Robust CV5 lithium-only Feasibility Study (“FS”) completed on the

Shaakichiuwaanaan Project (Project) providing a defined scope and technical

foundation which supports the upcoming Environmental and Social Impact Assessment

(ESIA) submissions.

 FS is a mandated requirement of the Environmental and Social Impact

Assessment (“ESIA”) which defines the entire scope for approvals sought and will

kick-start the final mine authorisation process keeping the Project on track with

the proposed permitting and development timeline.

• Maiden Mineral Reserve of 84.3 Mt at 1.26% Li2O Probable (2.62 Mt LCE) at

CV5.

 Opportunities remain for additional conversion at CV5 and CV13, which hosts a

Mineral Resource – inclusive of Reserves – of 108.0 Mt at 1.40% Li 2O Indicated and

33.4 Mt of 1.33% Li2O Inferred.

• FS confirms the scope for a large -scale and long-life lithium operation, based

solely on Mineral Reserve and including:

 Low strip ratio open pit mining and higher-grade underground mining;

 DMS (Dense Media Separation) only ore processing operation with less complexity

and without the need of flotation and chemical reagents;

 Spodumene concentrate production spanning ~ 20 years and a nominal steady-state

production rate of up to ~800,000 tpa SC5.5 spodumene concentrate upon achieving

full production capacity; and

 Positioning PMET Resources ( PMET) as potentially the 4 th largest spodumene

concentrate producer globally.

• Competitive total cash operating cost 1 and all-in sustaining cost (“AISC”)2 of

~$729/t (~US$544/t) and ~$800/t (~US$597/t), respectively for SC5.5, consistent with the

1 Total cash operating cost (Incoterms DAP – ‘Delivered at Place’ Grande-Anse as POL – ‘Port of Loading’ basis) includes mining,

processing, site administration, and product transportation to Grande -Anse calculated on an SC5.5 basis. They are non- IFRS

financial measures, and when expressed per tonne, non-IFRS ratios. Refer to the “Non-IFRS and other financial measures” section of

this press release for further information on these measures.

2 All-in sustaining costs (“AISC”) includes mining, processing, site administration and product transportation costs to Grande-Anse

and sustaining capital over the LOM per unit of concentrate produced during the LOM. It is a non- IFRS measure, and when

expressed per tonne, a non-IFRS ratio. Refer to the “Non-IFRS and other financial measures” section of this press release for further

information on these measures.

prior PEA estimates.

• At a long-term spodumene price of US$1,221/t (SC5.5 basis) the Project delivers

an after-tax NPV8% of ~$1,594M (US$1,190M) and after-tax IRR of ~18.1%.

• Total development capital of ~$ 1,978M (or ~$1,510M net of anticipated pre-production

credits, including the Canadian Clean Technology Manufacturing – Investment Tax Credit

(“CTM-ITC”)3 and Tax Credit Relating to Resources (“TCRR”)4).

 Underpins development of a 5 .1 Mtpa ore processing operation producing up to

800ktpa for spodumene concentrate , positioning Shaakichiuwaanaan among st the

largest hard-rock lithium projects globally.

• The CV5 Lithium -only FS confirms the technical feasibility and economic viability of

developing a large- scale, long -life spodumene pegmatite operation in the Eeyou Istchee

(James Bay) Region of Québec. With a competitive cost production profile, the Project

demonstrates resilience to lower market cycles , positioning the Project to

become a potential cornerstone supplier to North American, European, and/or Asian

battery supply chains.

• The Project offers further upside potential through ongoing optimisation

initiatives, including the opportunity to adopt a more scalable development pathway up

to 5.1 Mtpa to optimize capital expenditure, as well as leveraging tantalum recovery and

the recent caesium discovery, which could add further value alongside spodumene

production.

 The Company has submitted an application to pursue an underground bulk

sample advanced exploration program at CV5, targeting the high-grade Nova Zone,

with the objective of further de-risking Project execution, supporting further design

optimisation and for product validation purposes.

• A Final Investment Decision ( “FID”) remains targeted for the second half of

2027, consistent with the Company’s development schedule. The decision at that time will

be based on:

 Further optimised development scenarios derived from detailed engineering;

 Co-product recovery and the associated economic impact to the Project;

 Prevailing market conditions in key supply chains; and

 The Company’s commercial relationships with customers and other key players in the

battery and other critical minerals supply chains.

Management Comment

Ken Brinsden, PMET Resources CEO and President, comments: “ The CV5 Lithium-only Feasibility

Study is a critical path item which defines the full scope and documentation necessary to formally

commence and underpin the final mine authorisation process. In addition, it will facilitate our continued

engagement with the government, community and industry downstream, for what is now clearly a globally

3 The federal CTM-ITC (enacted on June 20, 2024) provides for up to 30% of the cost of the investment in eligible property used

for eligible activities through a refundable investment credit mechanism. See table 3 for a full breakdown of the capital cost estimate.

4 The provincial Tax Credit Relating to Resources (“TCRR”) provides a refundable tax credit of up to 45% of the cost of eligible

exploration and development expenses for "critical" and "strategic" minerals . See table 3 for a full breakdown of the capital cost

estimate. A cap of $100 million per five-year period was introduced to limit expenses eligible for the credit.

significant Project. The FS encompasses a full scope to develop up to 5.1 Mtpa in ore processing capacity,

matched to the upcoming ESIA submissions, that will frame approvals for the entire Project and importantly

allow the Company to maintain its development timeline, while still allowing flexibility for expected ongoing

optimisation that will occur during the detailed engineering phase.

Our large scale and long -life Project is ideally suited to support the emerging American , European, and

Asian lithium raw materials supply chains. There are very few projects of this size & scale, quality, and low

production cost that can assist in underwriting the expected capital investment supporting new supply

chains and demand growth in western markets. Add to that the benefit of the other critical minerals in the

Shaakichiuwaanaan resource that are expected to add further value to the Project, and you have a

compelling proposition for future development.

“Further, it is widely anticipated that the overall market supply-demand balance tightens over the coming

years, providing a potentially improved backdrop for spodumene pricing and a future Project FID at the

appropriate scale”, added Mr. Brinsden.

PMET Resources Inc. (the “Company” or “PMET ”) (TSX: PMET) (ASX: PMT)

(OTCQX: PMETF) (FSE: R9GA) is pleased to announce the results of its lithium -only CV5

Feasibility Study (“FS”) at the Company’s wholly owned Shaakichiuwaanaan Property ( the

“Property” or “Project”) located in the Eeyou Istchee James Bay region of Quebec, Canada.

The lithium-only Feasibility Study reaffirms the scenario presented in the Company’s

2024 Preliminary Economic Assessment (“PEA”), whereby the cornerstone CV5

Spodumene Pegmatite is developed via a hybrid model combining both open pit and underground

mining methods. This scenario was confirmed to provide a solid bas e upon which to define the

scope for approvals sought under the Company’s Environmental and Social Impact Assessment

(“ESIA”) that will form the basis for final mine authorisation. With the FS being a mandated

component of the ESIA, the Company will seek approvals for a broad scope to develop up to 5.1

Mtpa in processing capacity and have maximum optionality and flexibility over time to unlock the

potential of the Shaakichiuwaanaan Project to position it as a leading lithium raw materials supplier

to North American, European, and Asian markets.

The FS is based on a Mineral Reserve derived from the CV5 Pegmatite ’s Indicated Mineral

Resource component, part of the current Shaakichiuwaanaan Consolidated Mineral Resource

Estimate (“MRE”), which is the largest known lithium pegmatite MRE in the Americas and one of

the top 10 largest globally (see news release dated July 20, 2025).

Although no final investment decision (“FID”) has been reached for the Shaakichiuwaanaan Project,

the Feasibility Study reaffirms the potential for the CV5 Pegmatite to position the Company as a

globally significant spodumene concentrate producer – potentially the 4th largest globally.

Following submission of the ESIA, and while awaiting the final mine and environmental approvals,

the Company expects to further optimize the Project via various initiatives. These include (but are

not limited to):

• Further refinement of Project phasing with a view to develop incrementally and

optimize capital outlays;

• De-risk Project execution by pursuing an advanced exploration bulk sample

program targeting the underground ore body , with emphasis on better geological

understanding of the high-grade Nova Zone and to test product specification and quality

at scale;

• Advance metallurgical work to support the development of a tantalum “bolt -

on” recovery circuit at CV5 that could contribute meaningful co -products and further

enhance the economics of the Project;

• Advance geological and metallurgical understanding of the caesium

opportunity (at both CV13 and CV5) and how to integrate with the overall Project.

The Company expects that these opportunities (and potentially others), as they are assessed and

mature over time, will be instrumental in realizing the Project’s full potential.

This announcement has been prepared in accordance with the JORC Code (2012) and the ASX

Listing Rules. A technical report prepared in accordance with National Instrument 43- 101

Standards of Disclosure for Mineral Projects (“NI 43- 101”), detailing the FS and the MRE, will be

filed on SEDAR+ within 45 days of this announcement.

Unless otherwise indicated, all references to “$” or “CA$” in this release are to Canadian dollars

and references to “US$” in this release are to US dollars. A foreign exchange conversation rate of

1.34 CA$/US$ has been used over the life-of-mine (“LOM”).

Feasibility Summary

The lithium-only FS for Shaakichiuwaanaan’s CV5 Pegmatite is a mandated requirement to formally

commence the Company’s final mine authorisation process. It confirms the Project’s technical and

economic viability while providing a broad project scope for the Company’s ESIA submissions.

Together, the FS and ESIAs (Federal and Provincial levels) will be matched to the full-scale scope

for a mining and processing operation of up to 5.1 Mtpa and will be filed in tandem to advance the

final mine authorisation process in Que bec, a critical step in maintaining the Company’s

development timeline and positioning Shaakichiuwaanaan as one of the next major lithium

operations in North America.

PMET Resources engaged external consultant G Mining Services Inc. as lead consultant, with

contributions from Primero Group Americas Inc. (Primero), AtkinsRéalis Group Inc., BBA Inc.,

Paterson & Cooke Canada Inc. (Paterson & Cooke) , Vision Geochemistry Ltd., Alius Mine

Consulting, WSP Global Inc., Mailloux Hydrogeologie and GCM Expert, to prepare an independent

Feasibility Study and Technical Report for the CV5 Pegmatite (lithium -only) at the

Shaakichiuwaanaan Project.

The FS confirms that the CV5 Pegmatite, with a nameplate design production rate of approximately

800,000 tonnes per annum of SC5.5 spodumene concentrate, has the potential to position PMET

among the top four spodumene concentrate producers globally. With planned ore processing

capacity of up to 5.1 Mtpa and production spanning approximately 20 years, the Project reaffirms

its global standing as a large-scale, long-life lithium pegmatite operation.

Shaakichiuwaanaan also maintains its competitive cost position, supported by projected AISC 2

(SC5.5, DAP Grande-Anse as POL basis) of ~$800/t (~US$597/t), consistent with the Company’s

PEA. This cost profile underscores the Project’s overall resilience to challenging market conditions

and to what the Company believes to be conservative long -term pricing assumptions, enhancing

the Project’s ability to deliver substantial upside from improved pricing and stronger market

conditions.

The FS delivers an after -tax NPV 8% of ~ $1,594M (~US$1,190M) at a long -term spodumene

concentrate price of US$1,221/t (SC5.5 basis). While reflecting higher capital intensity than

outlined in the PEA, total development capital of ~$1,978M (or ~$1,510M, net of anticipated pre-

production credit, CTM -ITC and TCRR) is consistent with the overall scale of the Project and

prudently accounts for seasonal and construction realities in Northern Québec. The FS estimate

is inclusive of an 11% Project contingency.

Importantly, the FS confirms that Shaakichiuwaanaan is both technically feasible and economically

viable, and positions the Project to become a cornerstone supplier to the North American ,

European, and Asian EV supply chains. The combination of scale, longevity, and cost

competitiveness, together with the ability to supply a coarse, high quality SC5.5 spodumene

concentrate, provides a strong platform for future growth.

The Company will now advance to the next stage of development with detailed engineering, which

will build on the FS to define an optimised and scalable development pathway aimed at maximising

long-term value. This work will evaluate optimisation initiatives such as st aging of capital, design

refinements and operational efficiencies, while also assessing opportunities to capture incremental

value through tantalum recovery and the recent high-grade caesium discovery at CV13.

To support this optimisation process and further de-risk the Project, the Company is preparing to

advance its CV5 exploration program in the form of an underground bulk sample, which will

provide data to validate key design assumptions, test product specification and quality at scale, and

confirm mine plan enhancements.

In parallel, the completion of the FS positions the Company to now advance discussions with

customers, strategic investors and government stakeholders, reflecting the Shaakichiuwaanaan

Project’s importance to develop a robust western-facing battery supply chain.

The FID (targeted for H2 2027) will take into account detailed engineering and optimised

outcomes, prevailing market conditions, and the Company’s commercial relationships and

customer requirements across the battery supply chain.

Feasibility Study Outcomes

The Project is expected to yield an annual production rate of up to ~800,000 tpa of spodumene

concentrate (SC5.5 basis). Based on this production rate, over the mine life, the Project is expected

to generate an estimated after-tax NPV8% of ~ $1,594 billion (~US$1.190 billion) and after-tax IRR

of ~18.1% using a long-term spodumene concentrate price of US$1.221/t (SC5.5 basis).

This spodumene concentrate price is derived from a basket of reference sources including

Benchmark Intelligence’s long -term market analysis, consensus forecasts from leading financial

institutions, and recent NI 43- 101 technical report disclosures. These references indicate that

spodumene concentrate prices for SC5.5 generally cluster in a range of US$1,100–1,350/t.

Therefore, a price assumption within this range is considered to fairly represent foreseeable

longer-term market conditions applicable to the Project development scenario within the context

of current and future market expectations.

Table 1: Summary of Estimated Project Economics

Financial Results Unit CA$ US$

Long term price assumption (5.5% Li2O) $/t 1,636 1,221

Pre-Tax NPV0% M$ 8,358 6,237

Pre-Tax NPV8% M$ 2,514 1,876

After-Tax NPV0% M$ 5,418 4,043

After-Tax NPV8% M$ 1,594 1,190

Pre-Tax IRR % 19.87%

After-Tax IRR % 18.06%

Pre-Tax Payback Period year 4.9

After-Tax Payback Period year 4.7

Table 2: Estimated Production Metrics

Key Metrics Unit Value

Open Pit, Phase 1 Construction and Ramp Up Phase (incl. detailed engineering &

procurement) year 3.4

Open Pit, Phase 1 Construction and Ramp Up Phase (from breaking ground) year 2.5

Underground, Phase 2 Expansion Construction and Ramp Up Phase year 3.6

Life of Mine (LOM) year 19

Open Pit

Ore Mined Mt 49.2

Waste Mined (including pre-stripping) Mt 167.5

Total Tonnes Mined Mt 216.7

LOM Open Pit Strip Ratio (waste tonnes: ore tonnes) w:o 3.4:1

Underground

Ore Mined Mt 35.1

Waste Mined Mt 5.2

Total Tonnes Mined Mt 40.3

Total

Total Mineral Reserve (Open Pit + Underground) mined and processed Mt 84.3

Nominal Process Plant Feed Rate Mtpa 5.1

Average Process Plant Feed Rate Mtpa 4.4

Average Li2O recovery % 68.9

Average Feed Grade % 1.26

LOM Spodumene Concentrate Mt 13.3

Spodumene Concentrate Grade % 5.5

Nominal Spodumene Concentrate Production Rate ktpa 801.6

LOM Average Spodumene Concentrate Production Rate ktpa 693.8

Capital Expenditures

The development strategy for the Project outlined in the FS employs a similar approach as the

PEA, i.e. a hybrid mining model combining open pit and underground extraction methods . The

open pit operation is developed first , with Phase 1 providing an initial production capacity of

~400,000 tpa spodumene concentrate . The underground mine comes online second as Phase 2

and provides an additional production capacity of ~400,000 tpa spodumene concentrate, resulting

in ~800,000 tpa nameplate capacity for the Project. Total development capital of ~$1,978M (or

$1,510M, net of a nticipated pre-production credit and CTM -ITC and TCRR tax credits) will

underpin the entire Project , delivering 5.1 Mtpa processing capacity and up to ~800,000 tpa of

spodumene concentrate capacity , positioning Shaakichiuwaanaan amongst the largest lithium

pegmatite projects globally.

Initial Capital Costs include all construction and pre-production costs up to the date of commercial

production, including some pre -investment into the Phase 2 underground mine as well as early

engineering and procurement expenses incurred in 2027 prior to FID . Expansion Capital is all

construction costs to develop the Phase 2 (underground and the associated additional processing

facility) incurred post commercial production.

Table 3: Summary of Estimated Capital Expenditures

Capital Expenditure

Phase 1

Initial

Capital

Cost

(M$)

Phase 2

Initial

Capital

Cost

(M$)

Total

Initial

Capital

Cost

(M$)

Phase 2

Expansion

Capital

Cost

(M$)

Total

Devel.

Capital

Cost

(M$)

LOM

Sust.

Capital

Cost

(M$)

Total

Capital

Cost

(M$)

100 – Infrastructure 124.9 - 124.9 24.8 149.7 30.8 180.5

200 – Power and Electrical 173.8 - 173.8 46.2 220.0 25.0 245.1

300 – Water Management 128.2 - 128.2 18.7 146.9 100.5 247.3

400 – Surface Operations 18.6 - 18.6 - 18.6 11.9 30.5

500 – Mining 120.0 99.1 219.1 36.4 255.5 550.5 806.0

600 – Process Plant 217.3 20.1 237.4 167.0 404.4 - 404.4

700 – Construction Indirects 262.8 0.1 262.9 123.8 386.7 - 386.7

800 – General Services / Owner’s Cost 99.8 4.7 104.5 13.4 117.9 31.6 149.6

900 – Pre-production, Start-up, Comm. 73.3 9.3 82.6 1.5 84.1 186.1 270.2

Total Initial Capital Expenditures

(Excl. Contingency) 1,218.7 133.3 1,352.0 431.8 1,783.8 936.4 2,720.3

990 – Contingency 130.7 15.0 145.7 48.7 194.4 - 194.4

Total Initial Capital Expenditures 1,349.4 148.3 1,497.7 480.5 1978.2 936.4 2,914.7

Less: Pre-Prod1. Credit net of TC/RC &

Royalties (101.7) - (101.7) - (101.7) - (101.7)

Total Initial Capex Net of Pre-

Production Credit 1,247.7 148.3 1,396.0 480.5 1,876.5 936.4 2,813.0

Less: CTM-ITC Tax Credit (210.1) - (210.1) (113.2) (323.3) (36.5) (359.8)

Less: TCRR Tax Credit (29.0) (14.3) (43.3) - (43.3) (13.8) (57.1)

Total Initial Capex Net of Pre-Prod &

Tax Credit 1,008.6 134.0 1,142.6 367.3 1,509.9 886.1 2,396.0

100: Infrastructure includes site roads, bridges, truck shop, mine dry and offices, administrative building, camp facilities as well as the fuel and explosives storage

and infrastructure earthworks. 200: Power and Electrical includes the main electrical powerline and substations as well as secondary power generation and

power distribution at site. 300: Water Management relates to all infrastructure required to collect, manage and treat fresh water, potable water, process water

contact and non-contact water. 400: Surface operations relates to construction, process plant and G&A mobile equipment. 500: Mining includes haul roads,

open pit equipment purchase, pit surface preparation and some underground infrastructure (ventilation and compressors). 600: Process plant includes capital

expenditures for the first production train with a capacity of 2.5 Mtpa and certain early works from the second production train with an additional capacity of

2.5 Mtpa. 700: Construction Indirects include project management and logistics, temporary construction infrastructure and equipment, energy and engineering.

800: General Services / Owner’s costs include general and administrative costs, security, IT, owner’s costs, logistics, taxes and insurances as well as camp

operations costs, h ealth & s afety and e nvironment services. 900: Pre-Production costs relate to operating costs incurred in processing and mining prior to

achieving commercial production. 990: An overall contingency has been applied to all direct and indirect costs based on quality and engineering level of inputs.

1. Pre-Production credits relate to spodumene concentrate revenues expected to be realized during the ramp-up period before reaching commercial production.

Operating Costs

Operating costs have been derived from first principles using supplier quotations whenever

available and/or using available benchmarks, adjusted for inflation. All operating costs assume

owner-run operations, except for overburden removal for the open pit and for years 1-2 of the

underground development, that are assumed to be performed by a contractor.

The estimated cash operating cost5 at site is $511.9/t (US$382/t), to which transportation costs

of $217.2/t (US$162.1/t) (inclusive of trucking to Matagami and train to Grande -Anse port) are

added, for a t otal cash operating c ost (DAP Grande-Anse as POL) 6 of $729.1/t (US$544.1/t) of

spodumene concentrate. LOM Sustaining Capital Costs are expected to average $70.7/t

(US$52.7/t), yielding an a ll-in sustaining c ost7 of $799.8/t, or US$ 596.8/t of spodumene

concentrate.

Table 4: Estimated Cash Operating Costs per Tonne of Concentrate

(SC5.5 – DAP Grande-Anse as POL basis)

Financial Results CA$/t US$/t

Mining 320.1 238.9

Processing 91.2 68.0

Site Administration 100.7 75.1

Cash Operating Cost at Site5 511.9 382.0

Transportation cost 217.2 162.1

Total Cash Operating Cost (DAP Grande-Anse as POL)6 729.1 544.1

Sustaining Capital 70.7 52.7

All-In Sustaining Cost – (DAP Grande-Anse as POL)7 799.8 596.8

Revenue and Market Pricing Assumption

Price forecasts in the market are generally presented on a 6 .0% Li ₂O spodumene concentrate

(“SC6”) basis. For the purpose of this FS, the Company’s pricing assumption has been calibrated

to SC5.5 by adjusting for targeted lithium content on a pro rata basis. Consistent with the PEA

scenario, the assumed pricing reflects pricing for FOB Australia terms as a comparable price for

the Company’s product excluding shipping costs.

In preparing this FS, PMET has followed the Canadian Institute of Mining (CIM) disclosure

guidelines, which require long -term price assumptions benchmarked against independent

consensus forecasts and peer technical reports. This ensures that the pricing assumptions adopted

are transparent, defensible and robust.

5 Cash operating cost at site includes mining, processing, and site administration, it is a non-IFRS measure, and when expressed per tonne, a non-IFRS ratio.

Refer to the “Non-IFRS and other financial measures” section of this press release for further information on these measures.

6 Total cash operating cost (DAP Grande-Anse as POL) includes mining, processing, site administration, and product transportation to Grande-Anse. It is a non-

IFRS measure, and when expressed per tonne, a non-IFRS ratio. Refer to the “Non-IFRS and other financial measures” section of this press release for further

information on these measures.

7 All-in sustaining costs (“AISC”) includes mining, processing, site administration, and product transportation costs to Grande-Anse and sustaining capital over

the LOM per unit of concentrate produced during the LOM.. It is a non-IFRS measure, and when expressed per tonne, a non-IFRS ratio. Refer to the “Non-IFRS

and other financial measures” section of this press release for further information on these measures.

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