CEO.CA Chairman's Briefing

VANCOUVER, BC, Aug. 5, 2024 /CNW/ - August 6, 2024 – Sydney, Australia

HIGHLIGHTS

• The Mineral Resource Estimate for the Shaakichiuwaanaan Lithium Project (formerly known as Corvette) reaffirmed as the largest lithium pegmatite Mineral Resource in the Americas and the 8^th largest globally:
  • Consolidated Mineral Resource statement (CV5 & CV13 spodumene pegmatites)
    • 80.1 Mt at 1.44% Li₂O and 163 ppm Ta₂O₅ Indicated, and
    • 62.5 Mt at 1.31% Li₂O and 147 ppm Ta₂O₅, Inferred.  
• The Company remains on track to provide the market with a Preliminary Economic Assessment for the CV5 Spodumene Pegmatite by the end of the September quarter based on the Mineral Resource Estimate announced herein.
• Shaakichiuwaanaan Mineral Resource includes 6.9 km of collective strike length now confirmed to host continuous spodumene pegmatite Mineral Resources (4.6 km at CV5 and 2.3 km at CV13).
• Significant growth potential – both the CV5 and CV13 spodumene pegmatites remain open along strike at both ends, and to depth.
• Cut-off grade sensitivity analysis defines significant tonnage at very high grade, primarily reflecting the Nova and Vega zone discoveries at CV5 and CV13, respectively.
• Mineral Resource Estimate includes only the CV5 and CV13 spodumene pegmatites. It does not include any of the other known spodumene pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12, and CV14.
• The Company intends to aggressively advance the remaining infill drilling at CV5 to underpin a maiden ore reserve and Feasibility Study scheduled for Q3-2025.  

Darren L. Smith, Vice President of Exploration, comments: "This is a significant update to our Mineral Resource Estimate at Shaakichiuwaanaan, which now includes both the CV5 and CV13 spodumene pegmatites as well as a significant amount of resources now classified as Indicated. This resource update objectively reaffirms the Tier 1 nature of the spodumene pegmatites that define the Shaakichiuwaanaan Project. Further, with both the CV5 and CV13 pegmatites remaining open, as well as multiple spodumene pegmatite clusters on the Property still to be drill tested, significant potential for further resource growth is evident."

"Exploration success in this industry is never less than a team effort. In this regard, I would like to acknowledge the dedication, work ethic, and contributions from the exploration and development teams, our supporting service providers and consultants, and finally our Chisasibi community workers who have all helped advance Shaakichiuwaanaan through to this key milestone on the path to potential production," added Mr. Smith.  

Ken Brinsden, President, CEO, and Managing Director, comments: "This is a significant accomplishment for our team and a major milestone for the Company as we cement the Shaakichiuwaanaan Lithium Project's position as one of the most important new hard rock lithium assets globally."

"The delivery of a substantial maiden Indicated Resource of over 80 million tonnes is a major milestone which will underpin development studies, while the continued growth of the overall resource – in conjunction with the Exploration Target announced separately today – highlights the Tier-1 scale of the mineral system and the enormous potential for further growth. I am immensely proud of our team members and consultants who continue to put a significant focus on safety and quality deliverables as we move forward through the various phases of development".

"As we advance towards a Preliminary Economic Assessment in the near-term for the Shaakichiuwaanaan Project, and further towards a Feasibility Study scheduled for completion Q3 2025, the Company is firmly positioned as a leading candidate to provide long-term spodumene supply to the North American and European markets," 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 spodumene pegmatites at its 100%-owned Shaakichiuwaanaan Property (the "Property" or "Project") – formerly known as Corvette – located in the Eeyou Istchee James Bay region of Quebec. The CV5 Spodumene Pegmatite is situated approximately 13.5 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 of CV5.

The updated Consolidated MRE for the Shaakichiuwaanaan Project includes both the CV5 and CV13 spodumene pegmatites for a total of 80.1 Mt at 1.44% Li₂O Indicated and 62.5 Mt at 1.31% Li₂O Inferred, for 4.88 Mt contained lithium carbonate equivalent ("LCE") (Table 1, Figure 1, and Figure 2). Presented by resource location/name, this MRE includes 78.6 Mt at 1.43% Li₂O Indicated and 43.3 Mt at 1.25% Li₂O Inferred at CV5, and 1.5 Mt at 1.62% Li₂O Indicated and 19.1 Mt at 1.46% 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, including that of the CV5 Pegmatite on its own, reaffirms it – by a wide margin – as the largest lithium pegmatite Mineral Resource in the Americas and 8^th largest globally (Figure 1, Figure 2, Appendix 2, and Appendix 3). These metrics and context firmly reaffirm and entrench the Project as a Tier 1, world class lithium pegmatite asset.

A primary objective of the drilling completed subsequent to the July 2023 MRE, was to target a significant upgrade from Inferred resources to Indicated resources, which correlates to a more robust Mineral Resource with higher confidence classification. As a result, in addition to the overall size of the MRE increasing compared to the maiden MRE (see news release dated July 30, 2023), a significant amount of the resource has now been classified as Indicated (80.1 Mt at 1.44% Li₂O) compared to no Indicated resources being classified in the maiden MRE.

The Consolidated MRE statement for the Shaakichiuwaanaan Project, presented in Table 1, includes only the CV5 and CV13 spodumene pegmatites, which remain open at both ends along strike and to depth along most of their length. Therefore, this Consolidated MRE does not include any of the other known spodumene pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12, and CV14 (Figure 3 and Figure 33). Collectively, this highlights a considerable potential for resource growth 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.

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). Further, the CV5 and CV13 spodumene pegmatites are situated along the same geological trend, separated by approximately 2.9 km, and therefore this corridor is considered highly prospective for lithium pegmatite (Figure 3). This corridor remains to be drill tested; however, current interpretation of the collective dataset over the trend indicates a reasonable potential for connectivity of the pegmatite body(s). As such, given the similar mineralogy, geochemistry, host geological and structural trend, and close proximity to each other (< 3 km), 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).

The Shaakichiuwaanaan database includes 537 diamond drill holes completed over the 2021, 2022, 2023, and 2024 (through the end of April – drill hole CV24-526) programs, for a collective total of 169,526 m, as well as 88 outcrop channels totalling 520 m. The MRE is supported by 344 holes (129,673 m) and 11 outcrop channels (63 m) at CV5, and 132 holes (29,059 m) and 54 outcrop channels (340 m) at CV13.

Table 2: Shaakichiuwaanaan Mineral Resource by Pegmatite and Conceptual Mining Constraint.

SENSITIVITY ANALYSIS

The sensitivity analysis for the Shaakichiuwaanaan MRE (Table 3 and Figure 4) 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% Li₂O COG for the CV5 Pegmatite, there is a total of 30.4 Mt at 2.09 Li₂O Indicated and 13.6 Mt at 1.99 Li₂O Inferred.
• At a 1.5% Li₂O COG for the CV13 Pegmatite, there is a total of 0.7 Mt at 2.20 Li₂O Indicated and 6.6 Mt at 2.47 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% Li₂O, each within a significantly wider mineralized pegmatite zone of >2% Li₂O (Figure 16, Figure 25, and Figure 26). 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 Shaakichiuwaanaan but also its robustness in mineralized intensity defined to date.

The following Table 3 and Figure 4 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.

GEOLOGICAL AND BLOCK MODELS

The geological model underpinning the MRE for the CV5 Spodumene Pegmatite interprets a single, steeply dipping (northerly), continuous, principal spodumene pegmatite body ranging in true thickness from <10 m to more than 125 m, extending over a strike length of approximately 4.6 km (drill hole to drill hole), which is flanked by multiple subordinate lenses. At CV5, the pegmatite may extend from surface to depths of more than 450 m in some locations. The CV5 Spodumene Pegmatite, which includes the principal body and all subordinate lenses, remains open along strike at both ends and to depth along a significant portion of its length.

The geological model underpinning the MRE for the CV13 Spodumene Pegmatite interprets a series of flat-lying to moderately dipping (northerly), sub-parallel trending spodumene pegmatite bodies, of which three appear to dominate. The pegmatite ranges in true thickness from <5 m to more than 40 m, and extends over a strike length of approximately 2.3 km. The CV13 Spodumene Pegmatite, which includes all proximal pegmatite lenses, remains open along strike at both ends and to depth along a significant portion of its length.

The geological model of the CV5 Spodumene Pegmatite, which forms the bulk of the Shaakichiuwaanaan MRE, is presented in plan, inclined, and side view in Figure 5 to Figure 11. The MRE block model of the CV5 Spodumene Pegmatite, block classifications, and cross-sections are presented in Figure 12 to Figure 18.  

The geological model of the CV13 Spodumene Pegmatite is presented in plan and inclined view in Figure 19 and Figure 20, respectively. The MRE block model of the CV13 Spodumene Pegmatite, block classifications, and cross-sections are presented in Figure 21 to Figure 28.

CV5 Spodumene Pegmatite
^{Figures 7-18}

Geologically modelled pegmatite where blocks do not populate, have not reached the threshold confidence for the Inferred Mineral Resource category based on the classification criteria and/or mining constraint shape applied. Additional drilling is required to elevate confidence to the threshold allowing for an inferred classification of grade and tonnage to be assigned, and for these blocks to fall within a conceptual mining constraint shape required to satisfy RPEEE in accordance with NI 43-101.

CV13 Spodumene Pegmatite
^{Figures 19-28}

TANTALUM

In addition to the lithium as the primary commodity of interest, the CV5 Pegmatite also contains a significant amount of tantalum as a potentially recoverable by-product – 80.1 Mt at 1.44% Li₂O and 163 ppm Ta₂O₅ Indicated, and 62.5 Mt at 1.31% Li₂O and 147 ppm Ta₂O₅ Inferred. Mineralogy completed to date indicates that tantalite is the tantalum-bearing mineral, which may potentially be recoverable from the tailings of the primary lithium recovery process (i.e., potential valorization of waste streams). Additionally, the MRE suggests tantalum grades at the CV5 Pegmatite are generally higher compared to that of the CV13 Pegmatite, although grades at CV13 remain significant (Table 2). The tantalum grades were not used in generating the potential mineable shapes at CV5 and CV13

Tantalum is currently listed as a critical and strategic mineral by the province of Quebec (Canada), Canada, European Union, Australia, Japan, India, South Korea, and the United States. Tantalum is a critical component required for a range of high-tech devices, electronics, and essential niche applications, including in capacitors as it has the highest capacitance of any metal. According to the United States Geological Survey, no tantalum is currently produced in North America or Europe, with a majority of production coming out of the Democratic Republic of Congo and Rwanda.   

NEXT STEPS

The Company will continue infill drilling at the CV5 Pegmatite this summer-fall, as well as testing for extensions along strike, up dip, and down dip, where it remains open. The primary focus of the drill program is to support a further increase in MRE confidence from the Inferred category to the Indicated category. This drilling will target Inferred blocks as categorized in the MRE announced herein, with the ultimate objective of delineating a coherent body of Indicated Mineral Resource blocks to underpin a Feasibility Study scheduled for the second half of 2025.

Additionally, the Company will continue its exploratory drill program at CV13, focused on further delineation of the high-grade Vega Zone, as well as various geotechnical, hydrogeological, and geomechanical drilling in support of advancing development studies at CV5.

ASX LISTING RULE 5.8

As the Company is listed on both the Canadian Toronto Stock Exchange (the "TSX") as well as the Australian Securities Exchange (the "ASX"), there are two applicable regulatory bodies resulting in additional disclosure requirements. This Mineral Resource estimate has been completed in accordance with the Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and the Company will, in accordance with NI 43-101, prepare and file a technical report supporting the Mineral Resource Estimate on SEDAR+ within 45 days of this announcement. Additionally, in accordance with ASX Listing Rule 5.8 and the JORC 2012 reporting guidelines, a summary of the material information used to estimate the Mineral Resource for the Shaakichiuwaanaan Project is detailed below. For additional information, please refer to JORC Table 1, Section 1, 2, and 3, as presented in Appendix 1 of this announcement.

MINERAL TITLE

The Shaakichiuwaanaan Property is located approximately 220 km east of Radisson, QC, and 240 km north-northeast of Nemaska, QC. The northern border of the Property's primary claim grouping is located within approximately 6 km to the south of the Trans-Taiga Road and powerline infrastructure corridor (Figure 29). The La Grande-4 (LG4) hydroelectric dam complex is located approximately 40 km north-northeast of the Property. The CV5 Spodumene Pegmatite, part of the Shaakichiuwaanaan MRE, is located central to the Property, approximately 13.5 km south of KM270 on the Trans-Taiga Road, and is accessible year-round by all-season road. The CV13 Spodumene Pegmatite is located approximately 3 km west-southwest of CV5.

The Property is comprised of 463 CDC mineral claims that cover an area of approximately 23,710 ha with the primary claim grouping extending dominantly east-west for approximately 51 km as a nearly continuous, single claim block. All claims are registered 100% in the name of Lithium Innova Inc., a wholly owned subsidiary of Patriot Battery Metals Inc.

GEOLOGY AND GEOLOGICAL INTERPRETATION

The Property overlies a large portion of the Lac Guyer Greenstone Belt, considered part of the larger La Grande River Greenstone Belt, and is dominated by volcanic rocks metamorphosed to amphibolite facies. Rocks of the Guyer Group (amphibolite, iron formation, intermediate to mafic volcanics, peridotite, pyroxenite, komatiite, as well as felsic volcanics) predominantly underly the Property (Figure 32). The amphibolite rocks that trend east-west (generally steeply south dipping) through this region are bordered to the north by the Magin Formation (conglomerate and wacke) and to the south by an assemblage of tonalite, granodiorite, and diorite, in addition to metasediments of the Marbot Group (conglomerate, wacke) in the areas proximal to the CV5 Spodumene Pegmatite. Several regional-scale Proterozoic gabbroic dykes also cut through portions of the Property (Lac Spirt Dykes, Senneterre Dykes). The lithium pegmatites on the Property are hosted predominantly within amphibolite's, metasediments, and to a lesser extent ultramafic rocks.

Exploration of the Property has outlined three primary mineral exploration trends, crossing dominantly east-west over large portions of the Property – Golden Trend (gold), Maven Trend (copper, gold, silver), and CV Trend (Li-Cs-Ta Pegmatite). The Golden Trend is focused over the northern areas of the Property, the Maven Trend in the southern areas, and the CV Trend "sandwiched" between. Historically, the Golden Trend has received the exploration focus followed by the Maven Trend. However, the identification of the CV Trend and the numerous lithium-tantalum pegmatites discovered to date, represents a previously unknown lithium pegmatite district that was first identified in 2016/2017 by Dahrouge Geological Consulting Ltd. and the Company. The Company's Vice President of Exploration, Darren L. Smith, M.Sc., P.Geo., was a member of the initial team that identified the potential at Shaakichiuwaanaan, later joining the Company's Advisory Board in 2018, and as Vice President of Exploration in 2019. Mr. Smith has managed the exploration of the Shaakichiuwaanaan Property since the initial work programs, including drilling of the lithium pegmatites.

At the Property, including CV5 and CV13, lithium mineralization is observed to occur within lithium-cesium-tantalum ("LCT") pegmatites, which may be exposed at surface as isolated high relief 'whale-back' landforms (i.e., outcrops) (Figure 30 and Figure 31). Given the proximity of some lithium pegmatite outcrops to each other at the various clusters, as well as the shallow till cover, it is probable that some of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite 'outcrop' subsurface. Further, the high number of well-mineralized pegmatites along the trend at these clusters indicates 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.

To date, the LCT pegmatites at the Property have been observed to occur within a corridor of approximately 1 km in width that extends in a general east-west direction across the Property for at least 25 km – the 'CV Lithium Trend' – with significant areas of prospective trend that remain to be assessed. The core area of the trend includes the CV5 and CV13 spodumene pegmatites with approximate strike lengths of 4.6 km and 2.3 km, respectively, as defined by drilling to date and which remain open. Further, the CV5 and CV13 spodumene pegmatites are situated along the same geological trend, separated by approximately 2.9 km of highly prospective lithium pegmatite trend (Figure 3). This corridor remains to be drill tested; however, current interpretation of the collective dataset indicates a reasonable potential for connectivity of the pegmatite body(s) that define the CV5 and CV13 pegmatites.

To date, eight (8) distinct lithium pegmatite clusters have been discovered along the CV Lithium Trend at the Property – CV4, CV5, CV8, CV9, CV10, CV12, CV13, and CV14. Each of these clusters includes multiple lithium pegmatite outcrops in close proximity, oriented along the same local trend, and have been grouped to simplify exploration approach and discussion (Figure 33). The Mineral Resource Estimate reported herein is limited to only the CV5 and CV13 spodumene pegmatites (Figure 3).

The pegmatites at the Property, including CV5 and CV13, are very coarse-grained and off-white in appearance, with darker sections commonly composed of mica and smoky quartz, and occasionally tourmaline. Spodumene is the dominant lithium-bearing mineral identified at all the lithium occurrences documented to date. It occurs as typically centimetre to decimetre-scale crystals that may exceed 1.5 m in length and range in colour from cream-white, to light-grey, to light-green. Minor localized lepidolite has been observed in core and in a small number of lithium pegmatite outcrops.

To date, at the CV5 Spodumene Pegmatite, multiple individual spodumene pegmatite dykes have been geologically modelled. However, a vast majority of the Mineral Resource is hosted within a single, large, principal spodumene pegmatite dyke, which is flanked on both sides by multiple, subordinate, sub-parallel trending dykes. The CV5 Spodumene Pegmatite, including the principal dyke, is modelled to extend continuously over a lateral distance of at least 4.6 km and remains open along strike at both ends and to depth along a large portion of its length. The width of the currently known mineralized corridor at CV5 is approximately ~500 m, with spodumene pegmatite intersected at depths of more than 450 m in some locations (vertical depth from surface). The pegmatite dykes at CV5 trend west-southwest (approximately 250°/070° RHR), and therefore dip northerly, which is different than the host amphibolites, metasediments, and ultramafics which dip moderately in a southerly direction.

The principal spodumene pegmatite dyke at CV5 ranges from <10 m to more than 125 m in true width, and may pinch and swell aggressively along strike, as well as up and down dip. It is primarily the thickest at near-surface to moderate depths (<225 m), forming a relatively bulbous, elongated shape, which may flair to surface and to depth variably along its length. As drilling has focused over the principal dyke, the immediate CV5 corridor has not been adequately drill tested and it is interpreted that additional subordinate pegmatite lenses are situated proximal, especially in the southcentral areas of the deposit. The pegmatites that define CV5 are relatively undeformed and very competent, although likely have some meaningful structural control.

The geological model underpinning the MRE for the CV13 Spodumene Pegmatite interprets a series of flat-lying to moderately dipping (northerly), sub-parallel trending spodumene pegmatite bodies, of which three appear to dominate. The pegmatite bodies are coincident with the apex of a regional structural flexure whereby the pegmatite manifests a west arm trending ~290° and an east arm trending ~230°. Drilling to date indicates the east arm includes significantly more pegmatite stacking compared to the west, and also carries a significant amount of the overall CV13 Pegmatite tonnage and grade, highlighted by the high-grade Vega Zone.

The CV13 Pegmatite ranges in true thickness from <5 m to more than 40 m and extends continuously over a collective strike length of approximately 2.3 km, along its west and east arms. The CV13 Spodumene Pegmatite, which includes all proximal pegmatite lenses, remains open along strike at both ends and to depth along a significant portion of its length. Spodumene mineralization has been traced more than 400 m down-dip; however, due to the typically shallow dips of the pegmatite bodies, is only ~200 m vertical depth from surface.

Both the CV5 and CV13 spodumene pegmatites display internal fractionation along strike and up/down dip, which is evidenced by variation in mineral abundance including spodumene and tantalite. This is highlighted by the high-grade Nova Zone (CV5) and Vega Zone (CV13), each situated at the base of their respective pegmatite lenses, and traced over a significant distance with multiple drill hole intercepts (core length) ranging from 2 to 25 m (CV5) and 2 to 10 m (CV13) at >5% Li₂O, respectively, each within a significantly wider mineralized zone of >2% Li₂O (Figure 16 and Figure 26). The Vega Zone is situated approximately 6 km south-west and along geological trend of the Nova Zone. Both zones share several similarities including lithium grades and very coarse decimetre to metre size spodumene crystals. However, both pegmatite zones have distinct orientations whereby the Vega Zone is relatively flat-lying to shallow dipping while the Nova Zone is steeply dipping to vertical.

The CV5 Spodumene Pegmatite (4.6 km in strike length) has currently been delineated to within approximately 1.5 km of the CV4 Spodumene Pegmatite to the east, and to within approximately 2.9 km of the CV13 Spodumene Pegmatite (2.3 km in strike length) to the west (Figure 3). The CV12 Spodumene Pegmatite cluster is situated ~2.4 km northwest along strike of CV13. Collectively, this area of the CV Lithium Pegmatite trend extends nearly 15 km, of which 6.9 km is confirmed by drilling to be continuous spodumene pegmatite hosting defined Mineral Resources, with ~8 km of this highly prospective trend remaining to be drill tested.

The scale of LCT pegmatite present along this local trend (CV12 through CV4), as well as the similar mineralogy and very coarse spodumene crystal size, suggests a deeply rooted and common 'plumbing' system and source of the lithium mineralized bodies discovered to date. The area of the CV Lithium Trend, extending from CV12 easterly to CV4, is therefore highly prospective with data collected to date suggesting a reasonable potential for lithium pegmatite to be present throughout this trend, and potentially continuously. Due to a veil of glacial till cover, there is poor outcrop exposure, therefore requiring significant drill testing to confirm continuity.

DRILLING TECHNIQUES AND CLASSIFICATION CRITERIA

The Shaakichiuwaanaan Mineral Resource Estimate, including the CV5 and CV13 spodumene pegmatites is supported by 537 diamond drill holes of NQ (predominant) or HQ size, completed over the 2021, 2022, 2023, and 2024 (through the end of April – drill hole CV24-526) programs, for a collective total of 169,526 m, as well as eighty-eight (88) outcrop channels totalling 520 m. This equates to 344 holes (129,673 m) and eleven (11) outcrop channels (63 m) at CV5, and 132 holes (23,059 m) and fifty-four (54) outcrop channels (340 m) at CV13 (Figure 34, Figure 35, and Figure 36).

Each drill hole collar was surveyed with an RTK tool (Topcon GR5 or Trimble Zephyr 3), with some minor exceptions that were surveyed using a handheld GPS (Garmin GPSMAP 64s) only (Table 4). Downhole deviation surveys for each drill hole were completed with a Devico DeviGyro tool (2021 holes), Reflex Gyro Sprint IQ tool (2022, 2023, and 2024 holes), Axis Champ Gyro (2023 holes), or Reflex OMNI Gyro Sprint IQ (2024 holes). Survey shots were continuous at approximate 3-5 m intervals. The use of the gyro tool system negated potential deflection issues arising from minor but common pyrrhotite within the host amphibolite. All collar and downhole deviation data have been validated by the project geologists on site, and by the database lead.

Drill core has not been oriented; however, downhole optical and acoustic televiewer surveys have been completed on multiple holes, at both CV5 and CV13, to assess overall structure. This data guided the current geological models supporting this Mineral Resource Estimate.

At CV5, drill hole collar spacing is dominantly grid based. Several collars are typically completed from the same pad at varied orientations targeting pegmatite pierce points of ~50 to 100 m spacing. The initial drill holes targeting CV5, completed in 2021, assumed a southerly dip to the pegmatite and therefore three (3) of four (4) holes were oriented northerly. However, most holes completed to date are oriented southerly (typically 158°), to cross-cut perpendicular the steeply, northerly dipping pegmatite, apart from drill holes targeting specific structure or areas of the pegmatite.

At CV13, drill hole spacing is a combination of grid based (at ~100 spacing) and fan based. Several collars are typically completed from the same pad at varied orientations targeting pegmatite pierce points of ~50 to 100 m spacing. Due to the varied orientation of the pegmatite bodies along strike at CV13, hole orientations may vary widely.

Drill hole spacing and orientation at the CV5 and CV13 pegmatites is sufficient to support the geological models and resource classifications applied herein.

All drill holes were completed by Fusion Forage Drilling Ltd. of Hawkesbury, ON. Procedures at the drill followed industry best practices with drill core placed in either 4 or 5 ft long, typically flat, square-bottom wooden boxes with the appropriate hole and box ID noted and block depth markers placed in the box. Core recovery typically exceeds 90%. Once full, the box was fibre taped shut with wooden lids at the drill and transported (helicopter and truck) to Mirage Lodge for processing.

Channel sampling followed industry best practices with a 3 to 5 cm wide, saw-cut channel completed across the pegmatite outcrop as practical, perpendicular to the interpreted pegmatite strike. Samples were collected at ~1 m contiguous intervals with the channel bearing noted, and GPS coordinate collected at the start and end points of the channel. Channel samples were transported along the same route as drill core for processing at Mirage Lodge.

SAMPLING AND SUB-SAMPLING TECHNIQUES

Core sampling protocols met industry standard practices. Upon receipt at the core shack at Mirage Lodge, all drill core is pieced together, oriented to maximum foliation, metre marked, geotechnically logged (TCR, RQD, ISRM, and Q-Method (since mid-winter 2023)), alteration logged, geologically logged (rock type), and sample logged on an individual sample basis. Wet and dry core box photos are also collected of all core drilled, regardless of perceived mineralization. Specific gravity measurements of entire pegmatite samples were collected at systematic intervals (approximately 1 SG measurement every 4-5 m) using the water immersion method.

Core sampling was guided by rock type as determined during geological logging (i.e., by a geologist). All pegmatite intervals were sampled in their entirety, regardless of whether spodumene mineralization was noted or not (in order to ensure an unbiased sampling approach) in addition to ~1 to 3 m of sampling into the adjacent host rock (dependent on pegmatite interval length) to "bookend" the sampled pegmatite. The minimum individual sample length is typically 0.3-0.5 m and the maximum sample length is typically 2.0 m. Targeted individual pegmatite sample lengths are 1.0 to 1.5 m. All drill core was saw-cut, using an Almonte automatic core saw in 2022, 2023, and 2024 with one half-core collected for assay, and the other half-core remaining in the box for reference.

Channels were geologically logged upon collection on an individual sample basis; however, were not geotechnically logged. Channel recovery was effectively 100%.

The logging of drill core and channels was qualitative by nature, and included estimates of spodumene grain size, inclusions, and model mineral estimates. These logging practices meet or exceed current industry standard practices and are of appropriate detail to support a Mineral Resource estimation and disclosure herein.

All core samples were bagged and sealed individually, and then placed in large supersacs for added security, palleted, and shipped by third party transport, or directly by representatives of the Company, to the designated sample preparation laboratory (Activation Laboratories Ltd. ("Activation Laboratories") in Ancaster, ON, in 2021, SGS Canada Inc. ("SGS Canada") in either Lakefield, ON, Val-d'Or, QC, or Radisson, QC, in 2022, 2023, and 2024, being tracked during shipment along with chain of custody documentation. A small number of holes were sent for sample preparation to SGS Canada's Sudbury, ON, and Burnaby, BC, facilities in 2022. Upon arrival at the laboratory, the samples were cross-referenced with the shipping manifest to confirm all samples were accounted for and had not been tampered with.

SAMPLE ANALYSIS METHOD AND QUALITY CONTROL

Core samples collected from 2021 drill holes were shipped to Activation Laboratories in Ancaster, ON, for standard sample preparation (code RX1) which included crushing to 80% passing 10 mesh, followed by a 250 g riffle split and pulverizing to 95% passing 105 microns. All 2021 core sample pulps were analyzed, at the same lab, for multi-element (including lithium) by four-acid digestion with ICP-OES finish (package 1F2) and tantalum by INAA (code 5B), with any samples returning >8,000 ppm Li by 1F2 reanalyzed for Li by code 8-4 Acid ICP Assay. Activation Laboratories is a commercial lab with the relevant accreditations (ISO 17025) and is independent of the Company.

Core samples collected from 2022 and 2023 drill holes CV22-015 through CV23-107 were shipped to SGS Canada's laboratory in either Lakefield, ON (vast majority), Sudbury, ON (CV22-028, 029, 030), or Burnaby, BC (CV22-031, 032, 033, and 034), for standard sample preparation (code PRP89) which included drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. Core samples collected from 2023 drill holes CV23-108 through 365 were shipped to SGS Canada's laboratory in Val-d'Or, QC, for standard sample preparation (code PRP89). Core samples collected from 2024 drill holes were shipped to SGS Canada's laboratory in either Val-d'Or, QC, or Radisson, QC, for a sample preparation (code PRP90 special) which includes drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns.

All 2022, 2023, and 2024 (through drill hole CV24-526) core sample pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). SGS Canada is a commercial lab with the relevant accreditations (ISO 17025) and is independent of the Company.

A Quality Assurance / Quality Control (QAQC) protocol following industry best practices was incorporated into the drill programs and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates (through hole CV23-190 only), at a rate of approximately 5% each. Additionally, analysis of pulp-split and coarse-split (through hole CV23-365 only) sample duplicates were completed to assess analytical precision at different stages of the laboratory preparation process, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation at a secondary lab (SGS Canada in 2021, and ALS Canada in 2022, 2023, and 2024).

Channel samples collected in 2017 were shipped to SGS Canada's laboratory in Lakefield, ON, for standard preparation. Pulps were analyzed at SGS Canada's laboratory in either Lakefield, ON, (2017), or Burnaby, BC (2022), for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish. All subsequent channel samples were shipped to Val-d'Or, QC for standard sample preparation with the pulps shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).

A QAQC protocol following industry best practices was incorporated into the channel programs and included systematic insertion of quartz blanks and certified reference materials into sample batches.

CRITERIA USED FOR CLASSIFICATION

The Shaakichiuwaanaan resource classification has been completed in accordance with the NI 43-101, JORC 2012, and CIM Definition Standards for Mineral Resources and Reserves reporting guidelines. All reported Mineral Resources have been constrained by conceptual open-pit or underground mineable shapes to demonstrate reasonable prospects for eventual economic extraction ("RPEEE").

Blocks were classified as Indicated when:

• Demonstrated geological continuity and minimum thickness of 2 m.
• The drill spacing was 70 m or lower and meeting the minimum estimation criteria parameters.
• Grade continuity at the reported cut-off grade.

Blocks were classified Inferred when drill spacing was between 70 m and 140 m and meeting the minimum estimation criteria parameters. Geological continuity and a minimum thickness of 2 m were also mandatory.  There are no measured classified blocks. Pegmatite dykes or extension with lower level of information / confidence were also not classified.

Classification shapes are created around contiguous blocks at the stated criteria with consideration for the selected mining method. The Mineral Resource Estimate appropriately reflect the view of the Competent Person.

ESTIMATION METHODOLOGY

Compositing was done every 1.0 m. Unsampled intervals were assigned a grade of 0.0005% Li and 0.25 ppm Ta. Capping was done after compositing. Based on the statistical analysis capping varies by lithological domain.

CV5 Parameters 

For the spodumene-rich domain within the CV5 principal pegmatite, no capping was required for Li₂O, but Ta₂O₅ was capped at 3,000 ppm. For the feldspar-rich domain within the CV5 principal pegmatite, a capping of 3.5% Li₂O and 1,500 ppm Ta₂O₅ was applied. For the parallel dykes a capping of 5% Li₂O and 1,200 ppm Ta₂O₅ was applied.

Variography was done both in Leapfrog Edge and Supervisor. For Li₂O, a well-structured variogram model was obtained for the CV5 principal pegmatite's spodumene-rich domain. For the CV5 principal pegmatite, both domains (spodumene-rich and feldspar-rich domains) were estimated using ordinary kriging (OK), using Leapfrog Edge.

For Ta₂O₅, the spodumene-rich domain and the feldspar-rich domain within CV5 principal pegmatite did not yield well-structured variograms. Therefore, Ta₂O₅ was estimated using Inverse Distance Squared (ID²).

The remaining pegmatite dykes at CV5 (8) domains did not yield well-structured variograms for either Li₂O and Ta₂O₅ and therefore were estimated using Inverse Distance Squared (ID²), also using Leapfrog Edge.

Three (3) orientated search ellipsoids were used to select data and interpolate Li₂O and Ta₂O₅ grades in successively less restrictive passes. The ellipse sizes and anisotropies were based on the variography, drillhole spacing, and pegmatite geometry. The ellipsoids were 100 m x 50 m x 30 m, 200 m x 100 m x 60 m, and 400 m x 200 m x 120 m. For the first pass interpolation a minimum of five (5) composites and a maximum of twelve (12) composites with a minimum of two (2) holes were needed to interpolate. For the second and third pass a minimum of three (3) composites with a maximum of twelve (12) without a minimum per hole was used. Variable search ellipse orientations (dynamic anisotropy) were used to interpolate for the eight (8) parallel dykes. Spatial anisotropy of the dykes is respected during estimation using Leapfrog Edge's Variable Orientation tool. The search ellipse follows the trend of the central reference plane of each dyke.

CV13 Parameters

For the CV13 Pegmatite dykes, it was determined that no capping was required for Li₂O, but Ta₂O₅ was capped at 1,500 ppm.

Variography analysis did not yield a well-structured variogram. On CV13, Li₂O and Ta₂O₅ were estimated using ID² in Leapfrog Edge.

Three (3) orientated search ellipsoids were used to select data and interpolate Li₂O and Ta₂O₅ grades in successively less restrictive passes. The ellipse sizes and anisotropies were based on the variography, drillhole spacing, and pegmatite geometry. The ellipsoids were 80 m x 60 m x 10 m, 160 m x 120 m x 20 m, and 320 m x 240 m x 40 m. For the first pass interpolation a minimum of five (5) composites and a maximum of twelve (12) composites with a minimum of two (2) holes were needed to interpolate. For the second and third pass a minimum of three (3) composites with a maximum of twelve (12) without a minimum per hole was used. Variable search ellipse orientations (dynamic anisotropy) were used to interpolate the dykes. Spatial anisotropy of the dykes is respected during estimation using Leapfrog Edge's Variable Orientation tool. The search ellipse follows the trend of the central reference plane of each dyke.

Parent cells of 10 m x 5 m x 5 m, subblocked four (4) times in each direction (for minimum subcells of 2.5 m in x, 1.25 m in y, and 1.25 m in z were used. Subblocks are triggered by the geological model. Li₂O and Ta₂O₅ grades are estimated on the parent cells and automatically populated to subblocks.

The CV5 and CV13 block model is rotated around the Z axis (Leapfrog 340°). Hard boundaries between all the pegmatite domains were used for all Li₂O and Ta₂O₅ estimates. For CV5, the Mineral Resource Estimate includes blocks within the pit shell above the cut-off grade of 0.40% Li₂O or all blocks within underground mining shapes constructed with a 0.60% cut-off grade. For CV13, the Mineral Resource Estimate includes blocks within the pit shell above the cut-off grade of 0.40% Li₂O or all blocks within underground mining shapes constructed with a 0.80% cut-off grade.

Validation of the block model was performed using Swath Plots, nearest neighbours grade estimates, global means comparisons, and by visual inspection in 3D and along plan views and cross-sections.

CUT-OFF GRADE AND BASIS FOR SELECTION

The cut-off grade ("COG") adopted for the Mineral Resource Estimate is 0.40% Li₂O for open-pit resources (CV5 and CV13), 0.60% Li₂O for underground resources at CV5, and 0.80% Li₂O for underground resources at CV13. It has been determined based on operational cost estimates, primarily through benchmarking, for mining (open-pit and underground methods), tailings management, G&A, and concentrate transport costs from the mine site to Bécancour, QC, as the base case. Process recovery assumed a Dense Media Separation (DMS) only operation at approximately 70% average recovery into a 5.5% Li₂O spodumene concentrate (Figure 37). A spodumene concentrate price of US $1,500 was assumed with USD/CAD exchange rate of 0.76. A royalty of 2% was applied.

MINING & METALLURGICAL METHODS AND PARAMETERS, AND OTHER MODIFYING FACTORS CONSIDERED

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, economic, or other relevant issues.

The extraction scenario constraint retained for the Mineral Resource Estimate at the CV5 Spodumene Pegmatite is mainly open-pit. A pit slope ranging between 45° and 53° was assumed, resulting in a strip ratio of 8.3 (waste to minable resource) at a revenue factor of 1. Underground long hole mining method accounts for approximately 11% of CV5 resources.

The extraction scenario constraint retained for the maiden Mineral Resource Estimate at the CV13 Spodumene Pegmatite is mainly open-pit. A pit slope of 45° was assumed, resulting in a strip ratio of 9.8 (waste to minable resource) at a revenue factor of 1. Underground mining method accounts for approximately 7% of CV13 resources

The metallurgical assumptions are supported by metallurgical test programs completed by SGS Canada at their Lakefield, ON, facility. The testwork included Heavy Liquid Separation ("HLS") and magnetics, which has produced 6+% Li₂O spodumene concentrates at >70% recovery on drill core samples from both the CV5 and CV13 pegmatites. A subsequent Dense Media Separation ("DMS") test on CV5 Spodumene Pegmatite material returned a spodumene concentrate grading 5.8% Li₂O at 79% recovery, strongly indicating potential for a DMS only operation to be applicable. For the Mineral Resource conceptual mining shapes, based on a grade versus recovery curve of the test work completed to date, an average recovery of approximately 70% to produce a 5.5% Li₂O spodumene concentrate was used (Figure 37).

Various mandates required for advancing the Project towards economic studies have been initiated, including but not limited to, environmental baseline, metallurgy, geotechnical, geomechanics, hydrogeology, hydrology, stakeholder engagement, geochemical characterization, as well as concentrate transport and logistical studies.

QUALIFIED/COMPETENT PERSON

The information in this news release that relates the Mineral Resource Estimate for the Shaakichiuwaanaan Project (CV5 and CV13 spodumene pegmatites), as well as other relevant technical information for the Property, is based on, and fairly represents, information compiled by Mr. Todd McCracken, P.Geo., who is a Qualified Person as defined by NI 43-101, and member in good standing with the Ordre des Géologues du Québec and with the Professional Geoscientists of Ontario. Mr. McCracken has reviewed and approved the technical information in this news release.

Mr. McCracken is Director – Mining & Geology – Central Canada, of BBA Engineering Ltd. and is independent of the Company. Mr. McCracken does not hold any securities in the Company.

Mr. McCracken 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. McCracken consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears.

Table 4: Attributes for drill holes and channels included in the Shaakichiuwaanaan MRE (CV5).