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

VANCOUVER, BC, May 12, 2025 /PRNewswire/ – May 13, 2025 – Sydney, Australia

• 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:
  • Consolidated MRE statement (CV5 & CV13 spodumene pegmatites):
    • Indicated: 108.0 Mt at 1.40% Li₂O, 166 ppm Ta₂O₅, and 66 ppm Ga, and
    • 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. 
  • 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 spodumene 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 towards 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 Brinsden, President, CEO, and Managing Director, comments: “This is another 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 updated consolidated Indicated Resource of 108 Mt is a major milestone which will underpin our development studies. The 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 spodumene 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 CV13 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 8^th 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.

Table 1: NI 43-101 Mineral Resource Statement for the Shaakichiuwaanaan Project.

• 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 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 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 (ID²) 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% Li₂O 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 B₂O₃%) + 2.6202) derived from the specific gravity (“SG”) field measurements and Li₂O grade. Non-pegmatite blocks were assigned a fixed SG based on the field measurement median value of their respective lithology.

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.

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% Li₂O 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% Li₂O, 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.

In addition to lithium as the primary commodity of interest, the CV5 and CV13 pegmatites also contain a significant amount of tantalum as a potentially recoverable by-product – 108.0 Mt at 1.40% Li₂O and 166 ppm Ta₂O₅ Indicated, and 33.3 Mt at 1.33% Li₂O and 156 ppm Ta₂O₅ Inferred. Potential mineable shapes are estimated based on the lithium cut-off grade only. Additionally, domaining of higher-grade tantalum zones within the overall pegmatite have not been incorporated into the MRE. 

These tantalum grades are significant and rank Shaakichiuwaanaan as a top five tantalum pegmatite Mineral Resource in the world in terms of grade and tonnage (Figure 6).

Mineralogy completed to date indicates that tantalite is the tantalum-bearing mineral, which may be recoverable from the tailings of the primary lithium recovery process (i.e., potential valorization of waste streams). The Company is currently evaluating the potential for recovery of tantalum through an active mineral processing test program at SGS Canada’s Lakefield, ON, facility.

Tantalum is listed as a critical and strategic mineral by the province of Quebec (Canada), Canada, European Union, United Kingdom, 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 significant amounts of tantalum are currently produced in North America or Europe, with a majority of production coming out of the Democratic Republic of Congo, Rwanda, and Brazil.  

As part of the Shaakichiuwaanaan MRE update, the Company has included gallium (Ga) – 108.0 Mt at 1.40% Li₂O, 166 ppm Ta₂O₅, and 66 ppm Ga, Indicated, and 33.3 Mt at 1.33% Li₂O, 156 ppm Ta₂O₅, 65 ppm Ga, Inferred. The gallium grades were not used in generating the potential mineable shapes at CV5 and CV13. Potential mineable shapes are estimated based on the lithium cut-off grade only. Additionally, domaining of potentially higher-grade gallium zones within the overall pegmatite have not been incorporated into the MRE.

Although the recovery of gallium from pegmatite has yet to be commercialized, there is a growing interest in lithium pegmatite as a potential source. The vast majority of current gallium production comes from bauxite (aluminum ore) processing, whereby the Ga has substituted for aluminum (Al) and is extracted (at very low overall recovery) out of the spent liquor when concentrations have reached sufficient levels. However, as lithium pegmatites may contain several aluminum rich minerals in abundance (feldspar, muscovite, spodumene), Ga may be present in reasonable concentrations that may encourage extraction in downstream processing. The Company is currently evaluating a metallurgical approach to recover gallium from the lithium waste stream(s).    

Gallium is listed as a critical and strategic mineral by the province of Quebec (Canada), Canada, European Union, United Kingdom, Australia, Japan, India, South Korea, and the United States. China dominates global production of gallium and in late 2024 banned all exports of the metal to the United States, thus highlighting security of supply concerns. Gallium is used in various high-tech applications and primarily in the electronics industry as semiconductors.

In news releases dated March 2 and April 9, 2025, the Company announced the discovery of significant cesium mineralization at the CV13 Pegmatite within the Vega and Rigel zones. Initial drill results returned 11.1 m at 4.87% Cs₂O, including 7.1 m at 7.39% Cs₂O (Vega, CV24-520) and 5.0 m at 13.32% Cs₂O, including 2.0 m at 22.90% Cs₂O (Rigel, CV23-255).

However, the MRE announced herein does not include cesium. This is in part due to the cesium overlimit analytical results being received after the determined Effective Date of the MRE announced herein (January 6, 2025), the geological modelling still required, as well as the overall ongoing Feasibility Study schedule requiring a frozen and classified block model earlier in the year. The Company anticipates advancing an updated Mineral Resource to include cesium in the CV13 Pegmatite as part of a future MRE update for the Project.

Cesium is listed as a critical and strategic mineral by the province of Quebec (Canada), Canada, Japan, and the United States. Mineral deposits of cesium (pollucite) are extremely rare globally and represent the most fractionated component of LCT pegmatite systems, which are effectively the only primary source of cesium globally. Due to its high-density, low toxicity, biodegradable nature, and recoverability, cesium is used to support the completion of oil and gas wells at high pressure and temperature. Cesium is also used in atomic clocks, GPS, aircraft guidance systems, and telecommunications.

With the updated MRE now completed, including a significant amount of Indicated Resource now estimated at CV5, the Company is focused on completion of the remaining deliverables for the Feasibility Study. The Feasibility Study, which includes only the CV5 Pegmatite (hosting the high-grade Nova Zone), remains on schedule for CYQ3-2025, with the Company recently announcing an update on its progress on March 18, 2025.  

With respect to the cesium potential (see news releases dated March 2 and April 9, 2025), with the overlimit analysis now received, the Company is actively refining the geological models for the Vega and Rigel zones. An MRE update is anticipated to follow, which would include cesium, potentially later in 2025. Additionally, the Company will continue its exploratory drill program at CV13, focused on further delineation of the Vega and Rigel cesium zones. Various activities in support of potential development are also being considered.

The geological model underpinning the MRE for CV5 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 and remains open in multiple directions.

The geological model underpinning the MRE for CV13 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, extends over a strike length of approximately 2.5 km, and remains open in several directions.

The geological models of the CV5 and CV13 spodumene pegmatites are presented in plan, inclined, and side view in Figure 7, as well as Figure 8 to Figure 12, and Figure 20 and Figure 21, respectively. The MRE block model, block classifications, and cross-sections for CV5 and CV13 are presented in Figure 13 to Figure 19, and Figure 22 to Figure 29, respectively.

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 reasonable prospects for eventual economic extraction (“RPEEE”) in accordance with NI 43-101.

As the Company is listed on both the 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 MRE has been completed in accordance with the Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects. 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.

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 30). The La Grande-4 (LG4) hydroelectric dam complex is located approximately 40 km north-northeast of the Property. The CV5 Spodumene Pegmatite is located central to the Property, ~13 km south of KM-270 on the Trans-Taiga Road, and is accessible year-round by all-season road. The CV13 Spodumene Pegmatite is located ~3 km west-southwest of CV5.

The Property is comprised of 463 CDC mineral claims that cover an area of approximately 23,710 ha. All claims are registered 100% in the name of Lithium Innova Inc., a wholly owned subsidiary of Patriot Battery Metals Inc.

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 35). 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 amphibolites, 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.

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 both low and high relief landforms (i.e., outcrops) or present under shallow glacial till cover (Figure 31 and Figure 33). To date, the LCT pegmatites at the Property have been observed to occur within a corridor of generally ~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. To date, nine (9) distinct lithium pegmatite clusters have been reported along the CV Lithium Trend at the Property – CV4, CV5, CV8, CV9, CV10, CV12, CV13, CV14, and CV15.

The MRE reported herein is limited to only the CV5 and CV13 spodumene pegmatites (Figure 4), and represent the core area of the trend. The CV5 and CV13 pegmatites are situated along the same geological trend, with approximate strike lengths of 4.6 km and 2.5 km, respectively – as defined by drilling to date and which remain open – and are separated by a distance of ~2.6 km (Figure 4). The MRE covers ~6.9 km of the ~7.1 km of defined pegmatite trend and remains open.

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 (Figure 32 and Figure 34). 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. Additionally, both CV5 and CV13 host a significant tantalum component (tantalite). A large zone of cesium mineralization (pollucite) has also been identified at the CV13 Pegmatite.  

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 at least 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. The pegmatites that define CV5 are relatively undeformed and very competent, although they have 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 2.5 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 in the primary dykes has been traced more than 450 m down-dip (west arm) and over 800 m down-dip (near flat-lying east arm). However, due to the flat-lying to shallow dips of the pegmatite bodies, the mineralization 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 17 and Figure 27). 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 Shaakichiuwaanaan database includes 801 diamond drill holes completed over the 2021, 2022, 2023, and 2024 programs, for a collective total of 234,671 m, as well as outcrop channels totalling 800 m. The Shaakichiuwaanaan MRE, including the host geological models, are supported by 720 diamond drill holes of NQ (predominant) or HQ size, completed over the 2021, 2022, 2023, and 2024 (through the end of 2024 – drill hole CV24-787) programs, for a collective total of 227,703 m, as well 604 m of outcrop channels. This equates to 555 holes (188,695 m) and 179 m of outcrop channels at CV5, and 165 holes (39,008 m) and 425 m of outcrop channels at CV13 (Figure 37, Figure 38, and Figure 39).

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 and Table 5). Downhole deviation surveys for each drill hole were completed with a Devico DeviGyro tool (2021 and 2024 holes), Reflex Gyro Sprint IQ tool (2022, 2023, and 2024 holes), Axis Champ Gyro (2023 and 2024 holes), or Reflex OMNI Gyro Sprint IQ (2024 holes). Survey shots were typically 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 rock units. 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 MRE.

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 depending on the resource classification being targeted. 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 m 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 depending on the resource classification being targeted. Due to the varied orientation of the pegmatite bodies along strike at CV13, hole orientations vary widely with multiple holes often being completed from the same pad.

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 or 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 ~0.5 to 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.

Core sampling protocols meet 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 (“SG”) measurements of entire pegmatite samples were collected at systematic intervals (approximately 1 SG measurement every 4-5 m) using the water immersion method. SG measurements are also collected systematically from host rock samples (i.e., non-pegmatite).

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.

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 CV24-787) 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.

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 drill spacing was 70 m or lower, blocks were estimated with at least 2 drill holes, and meeting the minimum estimation criteria parameters. Geological continuity and a minimum thickness of 2 m were mandatory, as well grade continuity demonstrated 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 MRE appropriately reflect the view of the Competent Person.

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.

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), and vein CV_160 were estimated using ordinary kriging (OK), using Leapfrog Edge.

For Ta₂O₅, a well-structured variogram was obtained for the spodumene-rich domain, the feldspar-rich domain within CV5 principal pegmatite, and vein CV_160. Therefore, Ta₂O₅ was estimated using ordinary kriging (OK). The remaining pegmatite dykes at CV5 (8) 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. For Li₂O, the ellipsoids ranges of the first pass is two (2) x 2nd structure, the second pass is one (1) x 2nd structure and the third pass is one point five (1.5) x 2nd structure. For Ta₂O₅, the ellipsoids ranges of the first pass is two (2) x 2nd structure, the second pass is one (1) x 2nd structure and the third pass is one point seventy five (1.75) x 2nd structure. For the first pass interpolation a minimum of five (5) composites and a maximum of twelve (15) 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 (15) 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.

For the CV13 Pegmatite dykes, it was determined that no capping was required for Li₂O, but Ta₂O₅ was capped at 3,000 ppm for 3 domains (CV13_100, CV13_101, and CV13_100C) and at 1,200 ppm for the remaining 20 domains. Variography analysis did not yield a well-structured variogram. On CV13, Li₂O and Ta₂O₅ were estimated using ID² in Leapfrog Edge.

The twenty-three (23) different domains were separated in 3 groups with the same orientation. Different orientated search ellipsoids per group of domains were used to select data and interpolate Li₂O and Ta₂O₅ grades respectively in successively less restrictive passes. The ellipse sizes and anisotropies were based on the variography, drillhole spacing, and pegmatite geometry. The ellipsoid ranges of the first pass is 0.5 x 2^nd structure, the second pass is one (1) x 2^nd structure and the third pass is two (2) x 2^nd structure.  For the first and second pass interpolation a minimum of three (3) composites and a maximum of eight (8) composites with a minimum of two (2) holes were needed to interpolate. For the third pass a minimum of two (2) composites with a maximum of eight (8) 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 MRE 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 MRE 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 0.70% 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.

The cut-off grade (“COG”) adopted for the MRE is 0.40% Li₂O for open-pit resources (CV5 and CV13), 0.60% Li₂O for underground resources at CV5, and 0.70% 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 40). A long term average SC 6.0 spodumene concentrate price of US $1,500 was assumed with USD/CAD exchange rate of 0.70. A royalty of 2% was applied.

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 MRE 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 7.8 (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 MRE at the CV13 Spodumene Pegmatite is mainly open-pit. A pit slope of 45° was assumed, resulting in a strip ratio of 10 (waste to minable resource) at a revenue factor of 1. Underground mining method accounts for approximately 8.5% 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 magnetic separations, which has produced 6+% Li₂O spodumene concentrates at >70% recovery on drill core samples from both the CV5 and CV13 pegmatites. Subsequent HLS as well Dense Media Separation (“DMS”) testwork on CV5 material returned a spodumene concentrate grading >5.5% Li₂O at >75% recovery, strongly indicating 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 40).

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.

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).

Full story available on Benzinga.com