Significant Mineral Resource Upgrade at Shaakichiuwaanaan Lithium Project to Underpin Impending Feasibility Study Representing an increase of ~30% and ~306% in Indicated Resources at CV5 and CV13, respectively
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
Significant Mineral Resource Upgrade at Shaakichiuwaanaan
Lithium Project to Underpin Impending Feasibility Study
Representing an increase of ~30% and ~306% in Indicated Resources at CV5 and CV13,
respectively
May 12, 2025 – Vancouver, BC, Canada May 13, 2025 – Sydney, Australia
HIGHLIGHTS
• The updated consolidated Mineral Resource Estimate (“MRE”) reaffirms the
Shaakichiuwaanaan Lithium Project as a Tier-1, world-class asset and positions it as the
largest lithium pegmatite Indicated Mineral Resource in the Americas:
o Consolidated MRE statement (CV5 & CV13 spodumene pegmatites):
o Indicated: 108.0 Mt at 1.40% Li2O, 166 ppm Ta2O5, and 66 ppm Ga, and
o Inferred: 33.3 Mt at 1.33% Li2O, 156 ppm Ta2O5, and 65 ppm Ga.
• The MRE update represents an increase of ~30% and ~306% in Indicated Resources at the
CV5 and CV13 pegmatites compared to the August 2024 MRE, respectively , with overall
contained lithium carbonate equivalent (“LCE”) of 3.75 Mt Indicated and 1.09 Mt Inferred.
• Importantly, the high-grade Nova Zone (CV5) has now been fully delineated to an
Indicated classification, as well as a significant portion of the high- grade Vega Zone
(CV13) where size and lithium grade notably increased.
• The Company remains on track to deliver a maiden Ore Reserve and Feasibility Study
for its CV5 Spodumene Pegmatite in CYQ3-2025 based on this updated MRE.
• The MRE includes 6.9 km of collective strike length confirmed to host continuous
spodumene pegmatite Mineral Resources (4.6 km at CV5 and 2.3 km at CV13).
• Significant resource growth potential – both the CV5 and CV13 spodumene
pegmatites remain open in multiple directions , as well as other spodumene pegmatite
clusters at the Property that remain to be drill tested.
• Other high-grade/value critical/strategic metals such as tantalum, cesium and now
gallium have been identified at the Property with potential to become meaningful future
by-products.
o Cesium within the CV13 Pegmatite is anticipated to be included in a
future MRE update for the Project.
• The MRE includes only the CV5 and CV13 s podumene pegmatites. It does not
include any of the other known spodumene pegmatite clusters on the Property – CV4,
CV8, CV9, CV10, CV12, CV14, and the recently discovered CV15 (fall 2024).
Darren L. Smith, Executive and Vice President of Exploration for the Company, comments: “The
results of the updated MRE at CV5 have exceeded our expectations with over 100 Mt of Indicated
Resources now defined, of which the vast majority resides within only a single pegmatite dyke and includes
the high-grade Nova Zone . Additionally, at the CV13 Pegmatite while delineating the high -grade Vega
Zone, a total of 6.1 Mt at 1.87% Li2O of Indicated Resources has now been defined, representing a 306%
increase in Indicated tonnage and a 16% increase in Indicated grade compared to the August 2024 MRE.”
“Collectively, this updated MRE represents a significant increase in resource confidence and an important
derisking event for the Project as it advances to wards Feasibility on the path to production.
Shaakichiuwaanaan continues to demonstrate its Tier -1, world-class nature and robustness as it further
positions itself to be a key player in the lithium raw materials industry.”
Ken Bri nsden, President, CEO, and Managing Director , comments: “This is a nother significant
accomplishment for our team and a key milestone for the Company as we approach the completion of
our Feasibility Study on the CV5 Pegmatite, which remains on schedule for CYQ3-2025. It further cements
the position of the Shaakichiuwaanaan Project as one of the most important hard rock lithium assets in
development globally.”
“The delivery of a substantial updat ed consolidated Indicated Resource of 108 Mt is a major milestone
which will underpin our development studies . T he continued derisking of the overall resource, while
maintaining tonnage and grade, as well as the significant presence of other strategic and critical metals
like tantalum, cesium , and now gallium , highlights the Tier -1 scale of the mineral system and the
considerable potential for further growth and value creation for shareholders.”
“As we advance towards a Feasibility Study , the Company is firmly positioned to be able to provide long-
term future spodumene supply and other critical metals to the North American and European markets .
The combination of scale, management quality, balance sheet strength, and our high-quality strategic
partnerships allows us to remain confident in the success of our strategy,” added Mr. Brinsden.
PATRIOT BATTERY METALS INC. (THE “COMPANY” OR “PATRIOT”) (TSX: PMET) (ASX:
PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce an updated consolidated
Mineral Resource Estimate (“MRE” or “Consolidated MRE”) for the CV5 and CV13 s podumene
pegmatites at its 100%-owned Shaakichiuwaanaan Property (the “Property” or “Project”) located
in the Eeyou Istchee James Bay region of Quebec . The CV5 Spodumene Pegmatite is situated
approximately 13 km south of the regional and all ‑weather Trans -Taiga Road and powerline
infrastructure corridor, and is accessible year -round by all -season road. The CV13 Spodumene
Pegmatite is located approximately 3 km west-southwest along geological trend of CV5.
The updated Consolidated MRE for the Project includes both the CV5 and CV 13 spodumene
pegmatites and totals 108.0 Mt at 1.40% Li2O Indicated and 33.3 Mt at 1.33% Li2O Inferred,
for a contained lithium carbonate equivalent (“LCE”) of 3.75 Mt Indicated and 1.09 Mt Inferred
(Table 1, Figure 1, and Figure 2). Presented by resource location/name, this MRE includes 101.8
Mt at 1.38% Li2O Indicated and 13.9 Mt at 1.21% Li2O Inferred at CV5, and 6.1 Mt at 1.87% Li2O
Indicated and 19.4 Mt at 1.42% Li2O Inferred at CV13. The cut-off grade is variable depending on
the mining method and pegmatite (see footnotes in Table 1 for details). Mineral Resources are not
Mineral Reserves as they do not have demonstrated economic viability.
The Consolidated MRE for the Shaakichiuwaanaan Project, the third MRE for the Project ,
continues to reaffirm it as the largest lithium pegmatite Mineral Resource in the Americas
and 8th largest globally (Figure 1, Figure 2, Appendix 2 through 4). Additionally, the MRE now
ranks as the largest lithium pegmatite Indicated Mineral Resource in the Americas
(Figure 3). These metrics and context entrench the Project as a Tier 1, world-class lithium
pegmatite asset.
Since the last MRE ( August 2024), the focus of drilling at the CV5 Pegmatite has been on infill
(targeting ~50 m spaced pegmatite pierce points ) to support an upgrade in Mineral Resource
confidence from the Inferred category to the Indicated category . The overarching objective of
defining the additional Indicated Resources is to underpin the Company’s maiden Ore Reserve and
Feasibility Study for the CV5 Pegmatite – on schedule for CYQ3-2025 – and which is anticipated
to have a production scenario similar to that outlined in the 2024 Preliminary Economic
Assessment (see news release dated August 21, 2024)
The Consolidated MRE statement for the Shaakichiuwaanaan Project, presented in Table 1,
includes only the CV5 and CV13 spodumene pegmatites, which remain open in multiple directions.
Therefore, this Consolidated MRE does not include any of the other known spodumene pegmatite
clusters on the Property – CV4, CV8, CV9, CV10, CV12, CV14, and the recently discovered CV15
(Figure 4 and Figure 36). Collectively, this highlights considerable potential for resource
growth in lithium , and other critical and strategic metals , which could support a larger or
extended mining operation, through continued drill exploration at the Property.
The Mineral Resource statement and relevant disclosure, sensitivity analysis, peer comparison,
geological and block model views, and cross -sections are presented in the following figures and
tables. A detailed overview of the MRE and Project is presented in the following sections in
accordance with ASX Listing Rule 5.8.
MINERAL RESOURCE STATEMENT (NI 43-101)
Table 1: NI 43-101 Mineral Resource Statement for the Shaakichiuwaanaan Project.
Pegmatite Classification Tonnes
(t)
Li2O
(%)
Ta2O5
(ppm)
Ga
(ppm)
Contained LCE
(Mt)
CV5 &
CV13
Indicated 107,955,000 1.40 166 66 3.75
Inferred 33,280,000 1.33 156 65 1.09
• Mineral Resources were prepared in accordance with National Instrument 43 -101 – Standards for Disclosure of
Mineral Projects (“NI 43-101”) and the CIM Definition Standards (2014). Mineral Resources that are not Mineral
Reserves do not have demonstrated eco nomic viability. This estimate of Mineral Resources may be materially
affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, economic, or other relevant
issues.
• The independent Competent Person (CP), as defined under JORC, and Qualified Person (QP), as defined by
NI 43-101 for this estimate is Todd McCracken, P.Geo., Director – Mining & Geology – Central Canada, BBA
Engineering Ltd. The Effective Date of the estimate is January 6, 2025 (through drill hole CV24-787).
• Estimation was completed using a combination of inverse distance squared (ID 2) and ordinary kriging (OK) for
CV5 and inverse distance squared (ID2) for CV13 in Leapfrog Edge software with dynamic anisotropy search
ellipse on specific domains.
• Drill hole composites at 1 m in length. Block size is 10 m x 5 m x 5 m with sub-blocking.
• Both underground and open-pit conceptual mining shapes were applied as constraints to demonstrate reasonable
prospects for eventual economic extraction. Cut-off grades for open-pit constrained resources are 0.40% Li2O for
both CV5 and CV13, and for underground constrained resources are 0.60% Li2O for CV5 and 0.70% Li 2O for
CV13. Open-pit and underground Mineral Resource constraints are based on a long-term average spodumene
concentrate price of US$1,500/tonne (6% basis FOB Bécancour) and an exchange rate of 0.70 USD/CAD.
• Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
• Tonnage and grade measurements are in metric units.
• Conversion factors used: Li2O = Li x 2.153; LCE (i.e., Li2CO3) = Li2O x 2.473, Ta2O5 = Ta x 1.221.
• Densities for pegmatite blocks (both CV5 & CV13) were estimated using a linear regression function (SG = 0.0674x
(Li2O% + 0.81 x B 2O3%) + 2.6202) derived from the specific gravity (“SG”) field measurements and Li 2O grade.
Non-pegmatite blocks were assigned a fixed SG based on the field measurement median value of their respective
lithology.
Figure 1: MRE tonnage vs grade chart highlighting Shaakichiuwaanaan as the largest lithium
pegmatite Mineral Resource in the Americas. Mineral Resource data sourced through April 11,
2025, from corporate disclosure pursuant to NI 43-101, JORC, or equivalent regulatory body.
Deposit/Project data presented includes the total resource tonnage. Mineral resources are
presented on a 100% basis and inclusive of reserves where applicable. Data is presented for all
pegmatite deposits/projects >10 Mt and >0.65% Li 2O head grade. See Appendix 2 through 4 for
further details and supporting information.
Figure 2: MRE tonnage vs grade chart highlighting Shaakichiuwaanaan as the 8 th largest lithium
pegmatite Mineral Resource in the world. See comments under Figure 1 and Appendix 2 through
4 for further details and supporting information.
Figure 3: MRE tonnage vs grade chart highlighting Shaakichiuwaanaan as the largest lithium
pegmatite Indicated Mineral Resource in the Americas . See comments under Figure 1 and
Appendix 2 through 4 for further details and supporting information.
The Shaakichiuwaanaan MRE covers a collective strike length of approximately 6.9 km, drill hole
to drill hole (4.6 km at CV5, and 2.3 km at CV13) . The CV5 and CV13 pegmatites are situated
along the same geological trend, separated by approximately 2.6 km of prospective trend (Figure
4). As such, given the similar mineralogy, geochemistry, host geological and structural trend, and
close proximity to each other, the MREs for the CV5 and CV13 pegmatites have been presented
as a consolidated MRE for the Project ( Table 1). The MRE is further detailed below with respect
to conceptual mining constraint shapes by resource location/name (Table 2).
Table 2: Shaakichiuwaanaan Mineral Resource by Pegmatite and Conceptual Mining Constraint.
Cut-
off
Grade
Li2O
(%)
Conceptual
Mining
Constraint
Pegmatite Classification Tonnes
(t)
Li2O
(%)
Ta2O5
(ppm)
Ga
(ppm)
Contained
LCE
(Mt)
0.40 Open-Pit
CV5 Indicated
97,757,000 1.39 163 66 3.35
0.60 Underground 4,071,000 1.08 186 66 0.11
Total 101,828,000 1.38 164 66 3.46
0.40 Open-Pit
CV5 Inferred
5,745,000 1.16 163 61 0.17
0.60 Underground 8,153,000 1.24 136 60 0.25
Total 13,898,000 1.21 147 60 0.41
0.40 Open-Pit
CV13 Indicated
5,960,000 1.90 200 76 0.28
0.70 Underground 167,000 0.86 131 60 0.00
Total 6,127,000 1.87 198 76 0.28
0.40 Open-Pit
CV13 Inferred
17,920,000 1.45 169 70 0.64
0.70 Underground 1,462,000 1.05 75 55 0.04
Total 19,382,000 1.42 162 69 0.68
All Table 1 footnotes are applicable.
Figure 4: Extent of the Shaakichiuwaanaan MRE with respect to the spodumene pegmatite clusters
in the area , highlighting potential for resource growth . CV5 and CV13 remain open in multiple
directions.
SENSITIVITY ANALYSIS
The sensitivity analysis for the Shaakichiuwaanaan MRE (Table 3 and Figure 5) is presented as the
sum of the open-pit and underground constrained and classified resources at the same cut-off. The
sensitivity analysis by cut-off grade (“COG”) defines significant tonnage at very high-
grade, primarily reflecting the Nova Zone at CV5 and Vega Zone at CV13.
• At a 1.5% Li 2O COG for the CV5 Pegmatite, there is a total of 35.8 Mt at 2.01 Li2O
Indicated and 3.5 Mt at 1.98 Li2O Inferred.
• At a 1.5% Li2O COG for the CV13 Pegmatite, there is a total of 3.4 Mt at 2.62 Li2O
Indicated and 6.7 Mt at 2.36 Li2O Inferred.
Both the Nova and Vega zones have been traced over a significant distance/area with multiple drill
hole intercepts (core length) ranging from 2 to 25 m (CV5) and 2 to 10 m (CV13) at >5% Li 2O,
each within a significantly wider mineralized pegmatite zone of >2% Li2O (Figure 17, Figure 26, and
Figure 27). These zones are located approximately 6 km apart, along the same geological trend,
and emphasize not only the scale of the entire mineralized system at the Property but also its
robustness in mineralized intensity defined to date.
The following Table 3 and Figure 5 outline the corresponding tonnage and lithium grade at various
cut-off grades for the Shaakichiuwaanaan MRE. In addition to evaluating sensitivities to cut -off
grades, this table can help relate the tonnage and grades at Shaakichiuwaanaan more directly to
those calculated for peer deposits, which may have applied different cut -off grades to their
resources.
Table 3: Sensitivity Analysis for the Shaakichiuwaanaan MRE.
1. This table should not be interpreted as a Mineral Resource. The table presents the sum of the open -pit and underground
constrained and classified resources at the same cut-off. The data is presented to demonstrate the Mineral Resource tonnage
and grade sensitivity to various cut- off grades. The selected cut -off grade for the base case is 0.40% Li2O with the revenue
factor 1 pit shell constraint for CV5 and CV13, with a 0.60% Li2O and 0.70% Li2O underground cut-off grade for CV5 and
CV13, respectively.
2. Errors may occur in totals due to rounding.
Tonnes ≥ cut-
off
Average grade
(Li2O) ≥ cut-off
(%)
Tonnes ≥ cut-
off
Average grade
(Li2O) ≥ cut-off
(%)
Tonnes ≥ cut-
off
Average grade
(Li2O) ≥ cut-off
(%)
Tonnes ≥ cut-off
Average grade
(Li2O) ≥ cut-off
(%)
0.1 119,190,000 1.21 15,400,000 1.13 6,680,000 1.74 22,280,000 1.27
0.2 109,390,000 1.30 14,980,000 1.16 6,510,000 1.78 21,140,000 1.33
0.3 104,540,000 1.35 14,540,000 1.19 6,320,000 1.83 20,210,000 1.38
0.4 101,450,000 1.38 13,960,000 1.22 6,100,000 1.88 19,300,000 1.43
0.5 98,570,000 1.41 13,340,000 1.26 5,850,000 1.94 18,220,000 1.48
0.6 95,710,000 1.43 12,550,000 1.30 5,590,000 2.01 17,070,000 1.55
0.7 92,100,000 1.46 11,560,000 1.36 5,330,000 2.07 15,910,000 1.61
0.8 87,030,000 1.50 10,480,000 1.42 5,090,000 2.13 14,620,000 1.69
0.9 80,870,000 1.55 9,530,000 1.48 4,870,000 2.19 13,390,000 1.76
1.0 73,450,000 1.62 8,480,000 1.54 4,630,000 2.26 12,120,000 1.85
1.1 65,580,000 1.68 7,430,000 1.61 4,390,000 2.32 10,830,000 1.94
1.2 57,490,000 1.76 6,420,000 1.69 4,150,000 2.39 9,630,000 2.04
1.3 49,640,000 1.84 5,370,000 1.77 3,910,000 2.46 8,540,000 2.15
1.4 42,290,000 1.92 4,230,000 1.89 3,670,000 2.53 7,580,000 2.25
1.5 35,760,000 2.01 3,480,000 1.98 3,400,000 2.62 6,650,000 2.36
1.6 30,050,000 2.10 2,870,000 2.07 3,130,000 2.71 5,870,000 2.47
1.7 25,190,000 2.19 2,370,000 2.16 2,850,000 2.82 5,190,000 2.57
1.8 21,000,000 2.27 1,980,000 2.25 2,630,000 2.91 4,590,000 2.68
1.9 17,360,000 2.36 1,600,000 2.34 2,450,000 2.99 4,100,000 2.78
2.0 14,260,000 2.45 1,340,000 2.42 2,270,000 3.07 3,700,000 2.87
CV5 Spodumene Pegmatite CV13 Spodumene Pegmatite
Cut-off
grade (%)
Indicated Inferred Indicated Inferred