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Update on 2024 Summer-Fall Exploration and Development Activities at Shaakichiuwaanaan, Quebec, Canada

Press Release

October 27, 2024

Highlights

  • 2024 drill campaign nearly complete having drilled ~127,700 m (428 holes) at Shaakichiuwaanaan since January.
  • Results for more than 65,000 m (262 holes) remain to be reported pending final assays from the summer-fall program.
  • The 2024 infill drill campaign at the CV5 Spodumene Pegmatite further supports conversion of Inferred resources to Indicated resources, underpinning the Feasibility Study on schedule for the third quarter 2025.
  • Updated Mineral Resource Statement targeted for March/April 2025.
  • Results for approximately 10,000 m (33 holes) of follow-up drilling at the CV13 Spodumene Pegmatite’s high-grade Vega Zone remain to be reported pending final assays.
  • Geotechnical, hydrogeological, and geomechanical drilling to support the Feasibility Study anticipated to be finished within two weeks, completing the bulk of the 2024 calendar year exploration spend.
    • Includes monitoring well installation and several long-duration pump tests.
  • Various trade-offs and development studies underway in support of the Feasibility Study.
  • 2024 surface exploration complete, which included channel sampling, geological mapping, and prospecting of the broader CV Lithium Trend – results to be presented in a subsequent news release.
  • Environmental field programs have progressed to plan and a summary will be presented in a subsequent news release.

Ken Brinsden, President, CEO and Director, comments: “There has been significant activity at site throughout the year, both in new exploration and in support of Project development for CV5 as we progress the Feasibility Study. Our Preliminary Economic Assessment (“PEA”), announced August 21, 2024, outlined a compelling economic scenario for the development of Shaakichiuwaanaan’s CV5 Spodumene Pegmatite and provides significant confidence in the potential for the Project to be a lithium raw material supply powerhouse to the North American and European markets. With a Project of world class caliber, coupled with our exploration and development team expertise and commitment, we remain on track for a
Q3-2025 Feasibility Study and ESIA release.”

Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to provide an exploration and development update for its 100%-owned Shaakichiuwaanaan Property (the “Property” or “Project”) – formerly known as Corvette – located in the Eeyou Istchee James Bay region of Quebec, which is accessible year-round by all-season road and is proximal to major regional powerline infrastructure.

On August 21, 2024, the Company announced a robust Preliminary Economic Assessment (“PEA”) on the Shaakichiuwaanaan Property’s CV5 Spodumene Pegmatite, which provided a compelling economic scenario for development. In parallel with the PEA, the Company has not relented on its collection of various datasets, trade-offs and related internal studies, to support the Feasibility Study which remains on schedule for completion in the second half of 2025.

This work includes both field and desktop programs – drilling, engineering, metallurgy, channel sampling, geological mapping, environmental, social engagement, etc. – focused on the critical path needs to support the Feasibility Study and the path to potential production.

Drill Exploration (CV5 Infill and CV13 Step-out)

From early June through October 20, 2024, the Company had completed ~65,000 m (262 holes) at Shaakichiuwaanaan, resulting in a total of ~127,700 m (428 holes) completed in 2024, and over 234,000 m (nearly 800 holes) completed to date at the Property (Figure 1).

A primary objective of the drilling completed subsequent to the August 2024 Mineral Resource Estimate (“MRE”) at the CV5 Spodumene Pegmatite, is to target the upgrade of Inferred resources to Indicated resources, which correlates to a more robust Mineral Resource with a higher confidence classification required for a Feasibility Study.

Therefore, the summer-fall infill drill program targeted the Inferred classified MRE blocks included in the August 2024 PEA mine plan, in addition to those outlined through ongoing Project optimizations. Approximately 52,300 m (154 holes) were completed at CV5 as part of this program, which spanned effectively the entire 4.6 km strike length of CV5 at various depths (Figure 2, Figure 3, Figure 4, Figure 5,  and Figure 6). This drilling was completed on schedule in early October with all sample batches having now been received at the laboratory. Assays received from the lab to date are being compiled and will be reported in bulk in a subsequent news release.

The geological model for the CV5 Spodumene Pegmatite continues to be refined based on the infill drilling data and core assay results as they are received. Once validated in the fall, this geological model will underpin a classified block model for handoff to the Company’s independent engineering consultants and used for final design in the Feasibility Study mine plan.

Given the improved geological confidence expected from the extensive 2024 infill drill program at CV5, the bulk resource development drilling is now largely complete meaning total drilling expenditure will be reduced significantly from the end of the third quarter 2025.

In addition to the CV5 infill drill program, a total of approximately 10,000 m (33 holes) were completed at the CV13 Spodumene Pegmatite. These holes targeted an extension of the high-grade Vega Zone, discovered in the final days of the 2024 winter program (see news releases dated May 6 and July 7, 2024). Results from the winter drill program include 51.7 m at 1.77% Li2O, including 9.7 m at 5.16% Li2O (CV24-525) and 34.4 m at 2.90% Li2O, including 21.9 m at 3.58% Li2O (CV24-470). Results from the summer-fall drill program at CV13 will be reported in a subsequent news release once all assays have been received.

Figure 1: Drill holes completed subsequent to those included in the August 2024 MRE (green), through drill hole CV24-782.

Figure 2: The Company’s all-season road, extending south from the all-season Trans-Taiga Road, provides direct ground access for drill rigs to the CV5 Spodumene Pegmatite.

Figure 3: Four skid-mounted drill rigs ready for deployment to the southwest area of CV5 using the Company’s all-season road. No helicopter support required.

Figure 4: Trail accessible drill hole CV24-695, situated immediately proximal to CV5.

Figure 5: Barge-based drill hole CV24-697 over shallow glacial lake at CV5.

Figure 6: Drill core processing in core shack at site.

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