Concept Study Identifies Potential Refining Pathway at Shaakichiuwaanaan to Battery-Grade Lithium Carbonate

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Examine highlights potential to provide a value-added lithium chemical at web site, providing additional alternatives to cut back logistics depth over time and aligning with Canada’s and Québec’s goals for home processing of crucial minerals

MONTREAL, June 15, 2026 /PRNewswire/ — June 15, 2026 – Sydney, Australia

Highlights

Idea research accomplished evaluating future potential to course of spodumene focus right into a value-added lithium product, instantly on the Shaakichiuwaanaan web site.
Following a structured assessment of seven processing flowsheet choices to provide a “worth added” lithium product, the research recognized Primero’s (NRW Holdings (ASX: NWH) subsidiary “Primero”) proprietary ALi® atmospheric leach course ofas the popular value-added pathway for additional research, given:
- its total financial potential, robust logistics effectivity advantages and technical danger profile, and
- its alignment with the Firm’s sustainability goals by practising environmental care in processing and minimizing the Undertaking’s environmental footprint.
Bench scale testwork on Shaakichiuwaanaan spodumene focus samples has been undertaken by Primero in Perth – Western Australia utilizing the ALi® course of, producing a 99.8% Li₂CO₃ battery-grade lithium carbonate.
If mixed with the use of electrical calcination by Québec’s low-cost renewable vitality, on-site value-added processing has future potential to cut back carbon depth and enhance efficiencies inside the battery supplies provide chain.
Helps the Québec and Canada’s goals for home, value-added processing, in line with their respective Crucial Minerals Methods.
The On-Web site Refining Technique is a staged, long term, development alternative and isn’t required for the present proposed improvement of the bottom spodumene focus challenge outlined within the 2025 Feasibility Examine.
Subsequent steps – future work anticipated to find out find out how to seize additional financial advantages of value-added merchandise at web site together with potential introduction {of electrical} calcination expertise to leverage the total potential of Québec’s renewable and low-cost hydroelectric energy.

Frederic Mercier-Langevin, Chief Operations/Improvement Officer for the Firm feedback: “Shaakichiuwaanaan is already a Tier-1 asset beneath our 2025 Feasibility Examine, and this idea research probably identifies a reputable pathway to seize further worth on prime of it. Changing spodumene focus to a “worth added” and probably battery-grade lithium chemical on-site might ship a lower-cost, lower-carbon flowsheet powered by Québec hydroelectricity.

“Bench scale outcomes on Shaakichiuwaanaan concentrates point out battery-grade purity is probably achievable and the logistics financial savings could possibly be materials. Importantly, topic to additional take a look at work and demonstration at scale being undertaken, this could possibly be a staged value-add alternative for Shaakichiuwaanaan for future improvement past the bottom spodumene challenge. Additional research work now underway will proceed to check and decide the trail ahead,” added Mr. Mercier-Langevin.

Ken Brinsden, President, CEO & Managing Director feedback: “For many years the trade has mined hard-rock lithium in a single place and refined it in one other, typically abroad, which is hardly essentially the most environment friendly provide chain answer. The work we’re reporting immediately factors to the potential for a redefinition of the availability chain. It could possibly be a reputable alternate pathway, demonstrated at bench scale with our spodumene concentrates, to refine battery-grade lithium on the mine gate in a steady Western, low-carbon provide chain. That is the form of trade step-change, supported by Shaakichiuwaanaan’s premier geology, that drew me to this Undertaking.”

PMET Assets Inc. (the “Firm” or “PMET”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is happy to report on initiatives to develop value-added lithium chemical merchandise at its 100%-owned Shaakichiuwaanaan Undertaking (the “Undertaking”), situated within the Eeyou Istchee James Bay area of Quebec, Canada.

The Undertaking’s 2025 Feasibility Examine base case has already demonstrated the useful resource scale and grade that contributes to the low-cost of a spodumene focus produced at Shaakichiuwaanaan.¹ The Undertaking additionally advantages from being adjoining to among the lowest-cost renewable hydroelectric energy in North America. With these strategic benefits as a backdrop, the Firm is progressing the Undertaking’s additional evaluation and improvement progress of its CV5 lithium-only challenge, with remaining mine authorization and intensive neighborhood session processes underway.

As a part of its said development and diversification technique to additional add worth to the Undertaking, the Firm has now accomplished a Idea Examine assessing the potential to course of spodumene focus into higher-value lithium chemical merchandise instantly at web site. The work types a part of the Firm’s broader long-term development technique to seize the potential further worth inside the lithium provide chain whereas establishing a lower-carbon, Western-facing lithium chemical compounds platform in Québec. The Idea Examine relies on low-level financial and technical assessments that aren’t adequate to assist the Firm publishing manufacturing targets and financial outcomes or to offer assurance of an financial improvement case. The Idea Examine doesn’t represent a preliminary financial evaluation, pre-feasibility research, or feasibility research as outlined beneath NI 43-101. Given the uncertainties concerned, traders shouldn’t make any funding resolution primarily based solely on the outcomes of the Idea Examine.

A Potential redefinition of the North American Lithium Chemical compounds Provide

The Firm believes the Shaakichiuwaanaan Undertaking has the potential over its life to assist an improved and extra environment friendly lithium chemical compounds provide chain mannequin, leveraging Québec’s ample low-cost renewable hydroelectric energy, strategic location inside North America and proximity to key European and North American markets. Spodumene focus produced at Shaakichiuwaanaan is predicted to be a uncooked materials feed for a high-value chemical trade that’s, to today, largely carried out outdoors of Canada.

Producing a extra concentrated, value-added lithia product on web site is predicted to offer the next advantages:

– Redefine the lithium worth chain mannequin by finding electrical calcination and a few or the entire chemical conversion on the mine web site, capturing vital logistical advantages by materially decreasing shipped volumes and prices by the manufacturing of a concentrated greater lithia content material product;

– Leverage Québec’s renewable and low-cost hydroelectric energy to assist a lower-carbon lithium chemical provide chain, with the potential to boost sustainability and materially cut back logistics-related emissions and fossil-fuel dependence;

– Creation of a western-facing lithium chemical provide chain, supporting western mineral sovereignty and re-shoring worth historically retained by downstream spodumene converters outdoors of Québec and Canada; and

– Improve Undertaking worth by the transformation of spodumene into the next lithia content material product that has the potential to command greater values and probably broadening the Undertaking’s customer-base.

Choosing the Course of: Seven Choices, One Most well-liked Pathway

The Firm engaged Primero Group to finish a Idea Examine to guage potential value-added processing routes for the spodumene focus produced on the Shaakichiuwaanaan Undertaking. The first goals of the Examine had been to:

Scale back the logistics related to transporting 5.5% Li₂O Spodumene Focus (SC5.5) over lengthy distances (844 km trucking to Matagami with subsequent 1,075 km rail path to transport port);
Consider whether or not producing an industrial or battery grade lithium chemical might enhance market flexibility and challenge worth; and
Determine essentially the most technically and economically sturdy processing path to progress into future research phases.

Part 1 of the Examine supplied an idea degree evaluation of seven different flowsheets for chemical processing choices, with the aim of narrowing down choices to progress to a Part 2 evaluation, which centered on detailed refinement of product pathways. Inside the Part 2 evaluation, each Acid Roast and Atmospheric Leach choices had been thought-about.

The Atmospheric Leach choice (by Primero’s proprietary ALi® course of) was discovered to ship the strongest total efficiency within the areas that almost all affect long-term Undertaking worth. At a conceptual degree, it delivered the bottom comparable capital prices and working prices, reagent and trucking burden, HSE and environmental dangers and the shortest payback interval with the best total potential monetary return. Because of the preliminary nature of the Idea Examine, Australian disclosure regulation prohibits the Firm from presenting potential manufacturing and financial situations. Additional detailed work is required earlier than such data will be offered (see Subsequent Steps – PEA Examine beneath).

ALi® Course of Description

The ALi® flowsheet recovers lithium from beta spodumene by an atmospheric (low-pressure, lower-temperature) leach, stepping by ion trade, earlier than producing lithium carbonate by precipitation. Not like the standard high-temperature sulfuric acid roast that dominates hard-rock lithium refining, the atmospheric leach route is designed to function with decrease vitality depth, decrease reagent consumption and leading to a cleaner residue stream. Finding it on the mine gate retains conversion near the orebody and to the Undertaking’s anticipated low-cost renewable energy, regionalising a step within the provide chain that’s conventionally carried out offshore.

ALi® is one in all a brand new technology of ‘acid-free’ lithium conversion flowsheets that replaces the standard high-temperature sulfuric-acid roast (being the long-standing standard trade route), with alkaline chemistry. The strategy is designed to cut back reagent depth and concentrated-acid dealing with, decrease the method waste burden, whereas producing a extra benign, probably reusable residue.

In creating the ALi® course of, Primero has processed a number of tonnes of third occasion spodumene focus at its Pilot scale facility, producing a number of hundred kilograms of battery grade lithium carbonate. The identical amenities have processed a smaller scale spodumene focus pattern from Shaakichiuwaanaan to provide battery grade product, additional supporting the proof of idea being utilized by PMET to its downstream processing initiative.

The identical acid-free strategy (albeit leaching at high-pressure) is used at Tesla’s lithium refinery in Texas, the highest-profile commercial-scale instance to this point. Tesla refines spodumene on the chemical conversion facility in Texas, quite than transport focus offshore for conversion. ALi® would apply that very same precept on the Shaakichiuwaanaan mine gate, whereas focusing on battery-grade lithium carbonate.

ALi® Course of – Part Two Testwork

As a part of Part 2 of the Idea Examine, a bench-scale take a look at program was carried out on roughly 10kg of an alpha spodumene lithium focus by ALS Metallurgy (Balcatta, Western Australia). The lithium focus used was generated from the dense media separation of fabric sourced from Shaakichiuwaanaan through the ApplePick program²

The focus was calcined (laboratory) at 1,050°C for half-hour, ensuing within the conversion of 98.8% of the spodumene from the alpha to the beta part. After milling, 2.2kg of the milled calcine was used for lithium extraction take a look at work, using Primero’s proprietary ALi® refining course of (Determine 1 and Determine 2). The method resulted in a laboratory lithium extraction of 93.6%, primarily based on beta spodumene lithium, with total course of restoration of 92.5%, inclusive of calcination.

Figure 1: Bench-scale testwork in progress at ALS Metallurgy (Balcatta, Western Australia).
Determine 1: Bench-scale testwork in progress at ALS Metallurgy (Balcatta, Western Australia).

Figure 2: Applepick concentrate sample, processed at ALS Balcatta in Western Australia.
Determine 2: Applepick focus pattern, processed at ALS Balcatta in Western Australia.

A high-grade lithium carbonate product, ready by crystallization of carbonate leach options was analysed by Intertek (Perth, Western Australia). The purity was discovered to be 99.8% Li₂CO₃, and all contaminants of concern had been discovered to be properly inside 2023 Chinese language requirements for lithium carbonate³ tolerances, thereby probably making the product appropriate for battery grade carbonate.

Transport Logistics

By introducing the chemical conversion on the mine web site, the Idea Examine naturally recognized the chance to considerably cut back transport and logistics prices, given the overall tonnage of fabric to move (each reagents and product) could be considerably lowered, resulting in a pure discount of the variety of vans on the highway each day.

Additional particulars pertaining to the general value-added merchandise evaluation course of and outcomes will be present in Appendix 1.

Subsequent Steps – PEA Examine

Based mostly on the outcomes outlined above, manufacturing of lithium carbonate utilizing Primero’s ALi® Atmospheric Leach course of was discovered to have the potential to ship essentially the most favorable total Undertaking consequence each from an financial and sustainability perspective. It combines robust relative economics in comparison with different choices with decrease operational complexity and the best enchancment in logistics (each amount and nature of fabric to be hauled over appreciable distances).

The potential to generate a battery-grade product, commanding greater product worth and improved marketability, represents significant upside that warrants advancing this flowsheet additional. Whereas the extra standard Acid Roast choice stays a technically possible different, its greater prices and danger profile and relatively much less useful logistics make it much less engaging as the first improvement path for operation at web site.

The testwork accomplished to this point has considerably superior this potential value-add alternative for the Shaakichiuwaanaan Undertaking – which is already demonstrated as a Tier-1 lithium asset by the 2025 Feasibility Examine – offering a compelling motive to proceed with the initiative to unlock this extra upside. The subsequent part of labor will due to this fact concentrate on advancing the Ali® course of in the direction of a PEA degree of element, inclusive of the next:

Extra testwork to assist flowsheet design and environmental testwork for residue characterization;
Flowsheet improvement, together with choice to provide battery-grade lithium carbonate;
Detailed logistics research, with the intent of totally fleshing out synergistic alternatives between inbound reagents and outbound product transport;
Willpower of residue administration and disposal necessities, together with investigation of potential to offset cement prices in underground mine pastefill primarily based on pozzolanic properties of ALi® residue streams;
The inclusion of electrical calcination tools (kiln) is predicted to harness Québec’s renewable, low-cost hydro-electric energy, decreasing working prices and additional decreasing the Undertaking’s carbon footprint – constructing on the preliminary emissions advantages delivered by lowered trucking and fossil-fuel dependence.

The subsequent part of labor is predicted to be accomplished over the subsequent calendar 12 months and can inform whether or not, when and the way the value-added merchandise alternative might probably be built-in into the broader Shaakichiuwaanaan improvement plan sooner or later. The initiative is being superior as a staged value-add development alternative and isn’t required for the present proposed improvement of the bottom spodumene focus challenge contemplated within the 2025 Feasibility Examine.

Offered this subsequent stage of labor continues to assist the potential for the applying of the ALi® course of at Shaakichiuwaanaan, additional improvement steps, such because the deployment of the method at pilot-scale, would possible be required.

Certified/Competent Individual

The technical and scientific data on this information launch that pertains to the Mineral Useful resource Estimate, and exploration outcomes for the Firm’s properties relies on, and pretty represents, data compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who’s a Certified Individual as outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks (“NI 43-101”), and member in good standing with the Ordre des Géologues du Québec (Geologist Allow quantity 01968), and with the Affiliation of Skilled Engineers and Geoscientists of Alberta (member quantity 87868). Mr. Smith has reviewed and authorised the associated technical data on this information launch.

Mr. Smith is an Govt and Vice President of Exploration for PMET Assets Inc. and holds frequent shares, Restricted Share Items (RSUs), Efficiency Share Items (PSUs), and choices within the Firm.

The knowledge on this information launch that pertains to the Mineral Reserve Estimate and Feasibility Examine and the bench-scale testwork outcomes relies on, and pretty represents, data compiled by Mr. Frédéric Mercier-Langevin, Ing. M.Sc., who’s a Certified Individual as outlined by NI 43-101, and member in good standing with the Ordre des Ingénieurs du Québec. Mr. Mercier-Langevin has reviewed and authorised the associated technical data on this information launch.

Mr. Mercier-Langevin is the Chief Working and Improvement Officer for PMET Assets Inc. and holds frequent shares, RSUs, PSUs, and choices within the Firm.

About PMET Assets Inc.

PMET Assets Inc. is a pegmatite crucial mineral exploration and improvement firm centered on advancing its district-scale 100%-owned Shaakichiuwaanaan Property situated within the Eeyou Istchee James Bay area of Quebec, Canada, which is accessible year-round by all-season highway and proximal to regional hydro-power infrastructure.

In late 2025, the Firm introduced a optimistic lithium-only Feasibility Examine on the CV5 Pegmatite for the Shaakichiuwaanaan Property and declared a maiden Mineral Reserve of 84.3 Mt at 1.26% Li₂O (Possible)⁴. The research outlines the potential for a aggressive and globally vital high-grade lithium challenge focusing on as much as ~800 ktpa spodumene focus utilizing a easy Dense Media Separation (“DMS”) solely course of flowsheet. Additional, the outcomes spotlight Shaakichiuwaanaan as a possible North American crucial mineral powerhouse with vital alternative for tantalum and caesium along with lithium.

The Undertaking hosts a Consolidated Mineral Useful resource⁵ totaling 108.0 Mt at 1.40% Li₂O and 166 ppm Ta₂O₅ (Indicated) and 33.4 Mt at 1.33% Li₂O and 155 ppm Ta₂O₅ (Inferred), and ranks as a prime ten lithium pegmatite globally in dimension. Moreover, the Undertaking hosts the world’s largest pollucite-hosted caesium pegmatite Mineral Useful resource on the Rigel and Vega zones with 0.69 Mt at 4.40% Cs₂O (Indicated), and 1.70 Mt at 2.40% Cs₂O (Inferred).

For additional data, please contact us at information@pmet.ca or by calling +1 (604) 279-8709, or go to www.pmet.ca. Please additionally seek advice from the Firm’s steady disclosure filings, obtainable beneath its profile at www.sedarplus.ca and www.asx.com.au, for obtainable exploration information.

This information launch has been authorised by

“KEN BRINSDEN”

Kenneth Brinsden, President, CEO, & Managing Director

Disclaimer for Ahead-Trying Info

This information launch accommodates “forward-looking statements” and “forward-looking data” inside the which means of relevant securities legal guidelines.

All statements, apart from statements of current or historic details, are forward-looking statements. Ahead-looking statements contain recognized and unknown dangers, uncertainties and assumptions and accordingly, precise outcomes might differ materially from these expressed or implied in such statements. You’re therefore cautioned to not place undue reliance on forward-looking statements. Ahead-looking statements are sometimes recognized by phrases similar to “plan”, “improvement”, “development”, “continued”, “intentions”, “expectations”, “rising”, “evolving”, “technique”, “alternatives”, “anticipated”, “developments”, “potential”, “outlook”, “capacity”, “further”, “on monitor”, “prospects”, “viability”, “estimated”, “reaches”, “enhancing”, “strengthen”, “goal”, “believes”, “subsequent steps” or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “could”, “might”, “would”, “would possibly” or “will” be taken, happen or be achieved.

Ahead-looking statements embody, however will not be restricted to, statements regarding the potential to course of spodumene focus into higher-value lithium chemical merchandise instantly at web site, together with anticipated recoveries and product high quality, the potential for transport and different logistics price reductions the place spodumene focus is processed instantly at web site, the preparation and launch of a preliminary financial evaluation (PEA) with respect to the processing of spodumene focus at web site inside the subsequent calendar 12 months, the issues that such PEA will think about and the timing thereof, the Firm’s long-term development technique to seize further worth inside the lithium provide chain whereas establishing a lower-carbon, Western-facing lithium chemical compounds platform in Québec, the choice, development and potential industrial software of ALi®’s course of ideas on the Shaakichiuwaanaan Property, the potential Undertaking consequence each from an financial and sustainability perspective by producing lithium carbonate utilizing Primero’s ALi® Atmospheric Leach course of, the potential to generate a battery-grade product at scale with enhanced marketability and worth, the potential of on-site value-added processing to cut back carbon depth and enhance efficiencies inside the battery supplies provide chain, the Firm’s plans to advance additional technical research, testwork, pilot-scale actions and engineering work, the potential integration of value-added processing into the Undertaking’s improvement plan, acquiring the required authorizations, approvals and permits for processing amenities, the preliminary nature of the Idea Examine and its capacity to assist additional technical and financial analysis , and the preparation and launch of an up to date Feasibility Examine within the second half of 2026.

Ahead-looking statements are primarily based upon sure assumptions and different necessary elements that, if unfaithful, might trigger precise outcomes to be materially completely different from future outcomes expressed or implied by such statements. There will be no assurance that forward-looking statements will show to be correct. Key assumptions upon which the Firm’s forward-looking data relies embody, with out limitation, the power of the Firm to leverage Québec’s renewable and low-cost hydroelectric energy and different required infrastructure, the power of the Firm to efficiently develop, scale, function and implement ALi® and its Atmospheric Leach choice on the Shaakichiuwaanaan Property and the technical, financial and industrial viability of such course of, that the outcomes of the Idea Examine and different testwork could also be indicative of potential future efficiency, the Firm’s capacity to realize battery-grade carbonate, the power to realize anticipated discount in transportation prices, the accuracy of reserve and useful resource estimates, the classification of sources and the assumptions on which the reserve and useful resource estimates are primarily based, long-term demand and pricing for lithium (spodumene), tantalum (tantalite), and caesium (pollucite) provide, that exploration and improvement outcomes proceed to assist administration’s present plans for the Shaakichiuwaanaan Property improvement, the supply and price of reagents, consumables and tools, the Firm’s capacity to acquire required authorizations, approvals and permits for value-added processing, that the Idea Examine outcomes, that are preliminary in nature and never primarily based on a PEA or feasibility research, will assist additional development of the challenge and the power of the Firm to finish the proposed PEA.

Ahead-looking statements are additionally topic to dangers and uncertainties going through the Firm’s enterprise, any of which might have a cloth antagonistic impact on the Firm’s enterprise, monetary situation, outcomes of operations and development prospects. Readers ought to assessment the detailed danger dialogue within the Firm’s most up-to-date Annual Info Kind filed on SEDAR+, for a fuller understanding of the dangers and uncertainties that have an effect on the Firm’s enterprise and operations.

Though the Firm believes its expectations are primarily based upon affordable assumptions and has tried to determine necessary elements that might trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking statements, there could also be different elements that trigger actions, occasions or outcomes to not be as anticipated, estimated or supposed. There will be no assurance that forward-looking data will show to be correct. If any of the dangers or uncertainties talked about above, which aren’t exhaustive, materialize, precise outcomes could differ materially from these anticipated within the forward-looking statements.

The forward-looking statements contained herein are made solely as of the date hereof. The Firm disclaims any intention or obligation to replace or revise any forward-looking statements, whether or not on account of new data, future occasions or in any other case, besides to the extent required by relevant regulation. The Firm qualifies all of its forward-looking statements by these cautionary statements.

Competent Individual Assertion (ASX Itemizing Guidelines)

The knowledge on this information launch that pertains to the Feasibility Examine (“FS”) for the Shaakichiuwaanaan Undertaking, which was first reported by the Firm in a market announcement titled “PMET Assets Delivers Optimistic CV5 Lithium-Solely Feasibility Examine for its Giant-Scale Shaakichiuwaanaan Undertaking” dated October 20, 2025 (Montreal time) is accessible on the Firm’s web site at www.pmet.ca, on SEDAR+ at www.sedarplus.ca and on the ASX web site at www.asx.com.au. The manufacturing goal from the Feasibility Examine referred to on this information launch was reported by the Firm in accordance with ASX Itemizing Rule 5.16 on the date of the unique announcement. The Firm confirms that, as of the date of this information launch, all materials assumptions and technical parameters underpinning the manufacturing goal within the authentic announcement proceed to use and haven’t materially modified.

The Mineral Useful resource and Mineral Reserve Estimates on this launch had been first reported by the Firm in accordance with ASX Itemizing Guidelines 5.8 and 5.9 in market bulletins titled “World’s Largest Pollucite-Hosted Caesium Pegmatite Deposit” dated July 20, 2025 (Montreal time) and “PMET Assets Delivers Optimistic CV5 Lithium-Solely Feasibility Examine for its Giant-Scale Shaakichiuwaanaan Undertaking” dated October 20, 2025 (Montreal time) and can be found on the Firm’s web site at www.pmet.ca, on SEDAR+ at www.sedarplus.ca and on the ASX web site at www.asx.com.au. The Firm confirms that, as of the date of this information launch, it’s not conscious of any new data or information verified by the competent person who materially impacts the knowledge included within the related announcement and that each one materials assumptions and technical parameters underpinning the estimates within the related announcement proceed to use and haven’t materially modified. The Firm confirms that, as on the date of this announcement, the shape and context during which the competent individual’s findings are offered haven’t been materially modified from the unique market announcement.

Appendix 1 – JORC Code 2012 Desk 1 (ASX Itemizing Rule 5.8.2)

Part 1 – Sampling Methods and Information

Standards

JORC Code rationalization

Commentary

Sampling strategies

Nature and high quality of sampling (eg lower channels, random chips, or particular specialised trade commonplace measurement instruments applicable to the minerals beneath investigation, similar to down gap gamma sondes, or handheld XRF devices, and so forth). These examples shouldn’t be taken as limiting the broad which means of sampling.
Embrace reference to measures taken to make sure pattern representivity and the suitable calibration of any measurement instruments or methods used.
Elements of the dedication of mineralization which might be Materials to the Public Report.
In circumstances the place ‘trade commonplace’ work has been accomplished this may be comparatively easy (eg ‘reverse circulation drilling was used to acquire 1 m samples from which 3 kg was pulverized to provide a 30 g cost for fireplace assay’). In different circumstances extra rationalization could also be required, similar to the place there’s coarse gold that has inherent sampling issues. Uncommon commodities or mineralization varieties (eg submarine nodules) could warrant disclosure of detailed data.

Feed samples to the DMS processing had been comprised of angular spodumene pegmatite boulders interpreted to be sourced from the CV5 Pegmatite.
The boulders had been situated instantly down-ice to the southwest of the principal outcrop of the CV5 Pegmatite and had been of comparable dimension, located in shut proximity to one another, and uncovered at floor.
Based mostly on location, dimension, angularity, and mineralogy of the boulders, in addition to an understanding of glacial motion within the area, the supply is interpreted with excessive confidence to be the CV5 Pegmatite, and almost definitely the principal outcrop.
Due to this fact, though not in-situ samples, primarily based on location, dimension, angularity, and mineralogy, the boulders are thought-about fairly consultant of the CV5 Pegmatite physique as it’s – with excessive confidence – their interpreted supply.
Boulders had been chosen primarily based on estimated spodumene share as the first goal was to maximise the quantity of spodumene focus produced.

Drilling strategies

Drill kind (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, and so forth) and particulars (eg core diameter, triple or commonplace tube, depth of diamond tails, face-sampling bit or different kind, whether or not core is oriented and in that case, by what methodology, and so forth).

N/A. No drill outcomes reported.

Drill pattern restoration

Technique of recording and assessing core and chip pattern recoveries and outcomes assessed.
Measures taken to maximise pattern restoration and guarantee consultant nature of the samples.
Whether or not a relationship exists between pattern restoration and grade and whether or not pattern bias could have occurred on account of preferential loss/acquire of effective/coarse materials.

N/A. No drill outcomes reported.

Logging

Whether or not core and chip samples have been geologically and geotechnically logged to a degree of element to assist applicable Mineral Useful resource estimation, mining research and metallurgical research.
Whether or not logging is qualitative or quantitative in nature. Core (or costean, channel, and so forth) pictures.
The full size and share of the related intersections logged.

N/A. No drill outcomes reported.

Sub-sampling strategies and pattern preparation

If core, whether or not lower or sawn and whether or not quarter, half or all core taken.
If non-core, whether or not riffled, tube sampled, rotary break up, and so forth and whether or not sampled moist or dry.
For all pattern varieties, the character, high quality and appropriateness of the pattern preparation method.
High quality management procedures adopted for all sub-sampling phases to maximise representivity of samples.
Measures taken to make sure that the sampling is consultant of the in situ materials collected, together with as an illustration outcomes for discipline duplicate/second-half sampling.
Whether or not pattern sizes are applicable to the grain dimension of the fabric being sampled.

The boulders had been crushed at web site, utilizing a mechanical crusher, to roughly 10 cm and composited into bulk baggage for transport. On the laboratory (SGS Lakefield, ON), the obtained samples had been additional crushed and screened to -9.5 mm/+0.8 mm for use as feed to the DMS circuit.
Downstream Processing
The next metallurgical testwork has been undertaken on DMS focus and subsequent course of liquors and merchandise:
- Calcination
- Leaching
- Ion trade
- Precipitation
The DMS focus was oven-dried at 105°C for 12 hours to take away free moisture previous to stage-crushing to 100% passing 3 mm in preparation for head assay evaluation (chemical and mineralogy) and calcination. After mixing, a consultant subsample of the -3 mm materials was collected for the top chemical evaluation.
The X-ray diffraction (XRD) evaluation on the as-received DMS focus and LRC residue was carried out by McKnight Mineralogy utilizing a Panalytical Aeris Analysis Powder Diffractometer to acquire XRD traces on the samples. Working circumstances had been 40kV/15mA, Fe Kß filter, step scan 0.01/29 secs˚2Ɵ at, 1/4˚ divergence and a 1.0˚ ant-scatter slit. Scan vary was 5° to 90° 2Ɵ utilizing a PixCel linear detector. Phases had been recognized by pc search-match of the 2025 ICSD, ICDD and COD Databases. Quantitative outcomes have been decided with full sample Rietveld refinement software program.
The chemical head assay of the DMS focus was carried out by the ALS inhouse analytical laboratory utilizing the next analytical strategies:
o Sodium Peroxide (Na₂O₂) fusion – adopted by ICP for the evaluation of Lithium, Arsenic, Caesium, Rubidium.
o Lithium Metaborate (LiBO₂) fusion – end with XRF for the evaluation of Aluminium, Calcium, Iron, Potassium, Magnesium, Sodium, Phosphorus and Silicon.
A consultant subsample of the calcined spodumene was taken for chemical assay and sizzling acid solubility Digest for α to β Conversion evaluation.
A consultant subsample of the leached slurry was taken for evaluation to find out the atmospheric leaching efficiency.
On the conclusion of the precipitation take a look at, a remaining liquor subsample was taken for chemical assay. The washed Lithium Carbonate was oven dried at 105°C to till the mass remained fixed and submitted to the Intertek laboratory for low detection restrict chemical evaluation.

High quality of assay information and laboratory checks

The character, high quality and appropriateness of the assaying and laboratory procedures used and whether or not the method is taken into account partial or whole.
For geophysical instruments, spectrometers, handheld XRF devices, and so forth, the parameters utilized in figuring out the evaluation together with instrument make and mannequin, studying instances, calibrations elements utilized and their derivation, and so forth.
Nature of high quality management procedures adopted (eg requirements, blanks, duplicates, exterior laboratory checks) and whether or not acceptable ranges of accuracy (ie lack of bias) and precision have been established.

DMS focus underwent an ordinary analytical preparation process at SGS Canada’s Lakefield facility. Samples had been then assayed by lithium borate fusion XRF for entire rock / oxides (code GC_XRF72MET), aqua regia ICP-MS (code GC_IMS91AC2) for multi-element, and four-acid ICP-OES for multi-element (code GC_ICP92A50).
The Firm has relied on the laboratory’s inner QAQC.
Testwork strategies are thought-about applicable for the extent of analysis and outcomes focused.
Downstream Processing
The next metallurgical testwork has been undertaken on DMS focus and subsequent course of liquors and merchandise:
- Calcination
- Leaching
- Ion trade
- Precipitation
All strong samples are totally washed with water and dried
Ultimate samples are homogenised and riffled to offer a consultant sub pattern.
Assay sub samples are reconciled to go assays to substantiate accuracy of outcomes.
Samples have been analysed by exterior laboratories utilising trade commonplace strategies.
Testwork strategies are thought-about applicable for the extent of analysis and outcomes focused.
Customary trade practices for QA/QC utilized to all pattern preparation and metallurgical assays.

Verification of sampling and assaying

The verification of great intersections by both unbiased or different firm personnel.
Using twinned holes.
Documentation of main information, information entry procedures, information verification, information storage (bodily and digital) protocols.
Talk about any adjustment to assay information.

N/A. No drill outcomes reported.
Changes to information embody reporting lithium, and tantalum of their oxide types, as it’s reported in elemental type within the assay certificates. Formulation used are Li₂O = Li x 2.153.

Location of knowledge factors

Accuracy and high quality of surveys used to find drill holes (collar and down-hole surveys), trenches, mine workings and different places utilized in Mineral Useful resource estimation.
Specification of the grid system used.
High quality and adequacy of topographic management.

Boulders had been collected from a discipline situated at roughly 570039 E, 5930560 N as decided by handheld GPS.
The coordinate system used is UTM NAD83 Zone 18.
The Firm accomplished a property-wide LiDAR and orthophoto survey in August 2022, which offers high-quality topographic management.
The standard and accuracy of the topographic controls are thought-about sufficient for superior stage exploration and improvement, together with Mineral Useful resource estimation.

Information spacing and distribution

Information spacing for reporting of Exploration Outcomes.
Whether or not the info spacing and distribution is adequate to ascertain the diploma of geological and grade continuity applicable for the Mineral Useful resource and Ore Reserve estimation process(s) and classifications utilized.
Whether or not pattern compositing has been utilized.

Feed samples to the DMS processing had been comprised of angular spodumene pegmatite boulders collected from the identical boulder discipline instantly down-ice to the southwest of the principal outcrop of the CV5 Pegmatite. The supply of those boulders is interpreted with excessive confidence to be the CV5 Pegmatite, and almost definitely the principal outcrop.
Because the boulders are by definition not in-situ, the info derived from them is just not adequate to tell a Mineral Useful resource Estimate.
A number of boulders had been composited right into a single pattern for the DMS pilot run.

Orientation of knowledge in relation to geological construction

Whether or not the orientation of sampling achieves unbiased sampling of potential buildings and the extent to which that is recognized, contemplating the deposit kind.
If the connection between the drilling orientation and the orientation of key mineralized buildings is taken into account to have launched a sampling bias, this must be assessed and reported if materials.
N/A. No drill outcomes reported.

N/A. No drill outcomes reported.

Pattern safety

The measures taken to make sure pattern safety.

The pattern for testwork remained beneath the custody of SGS Canada Inc. as in addition they accomplished the testwork and geochemical evaluation.

Audits or evaluations

The outcomes of any audits or evaluations of sampling strategies and information.

A assessment of the pattern procedures for the Firm’s drill packages has been reviewed by a number of Certified/Competent Individuals by a number of NI 43-101 technical studies accomplished for the Firm and deemed sufficient and acceptable to trade finest practices. The newest Technical Report features a assessment of sampling strategies and information by 2024 (drill gap CV24-787) in a technical report titled “CV5 Pegmatite Lithium-Solely Feasibility Examine NI 43-101 Technical Report, Shaakichiuwaanaan Undertaking” with an Efficient Date of October 20, 2025, and Subject Date of November 14, 2025.
Moreover, the Firm frequently evaluations and evaluates its procedures with a purpose to optimize and guarantee compliance in any respect ranges of pattern information assortment and dealing with.

Part 2 – Reporting of Exploration Outcomes

Standards

JORC Code rationalization

Commentary

Mineral tenement and land tenure standing

Sort, reference title/quantity, location and possession together with agreements or materials points with third events similar to joint ventures, partnerships, overriding royalties, native title pursuits, historic websites, wilderness or nationwide park and environmental settings.
The safety of the tenure held on the time of reporting together with any recognized impediments to acquiring a licence to function within the space.

The Shaakichiuwaanaan Property (previously known as “Corvette”) is comprised of 463 CDC claims situated within the James Bay Area of Quebec, with Lithium Innova Inc. (wholly owned subsidiary of PMET Assets Inc.) being the registered title holder for the entire claims. The northern border of the Property’s main declare block is situated inside roughly 6 km to the south of the Trans-Taiga Street and powerline infrastructure hall. The CV5 Spodumene Pegmatite is accessible year-round by all-season highway is located roughly 13.5 km south of the regional and all–climate Trans-Taiga Street and powerline infrastructure. The CV13 and CV9 spodumene pegmatites are situated roughly 3 km west-southwest and 14 km west of CV5, respectively.
The Firm holds 100% curiosity within the Property topic to varied royalty obligations relying on authentic acquisition agreements. DG Assets Administration holds a 2% NSR (no buyback) on 76 claims, D.B.A. Canadian Mining Home holds a 2% NSR on 50 claims (half buyback for $2M), OR Royalties holds a sliding scale NSR of 1.5-3.5% on valuable metals, and a pair of% on all different merchandise, over 111 claims, and Azimut Exploration holds 2% NSR on 39 claims.
The Property doesn’t overlap any atypically delicate environmental areas or parks, or historic websites to the data of the Firm. There are not any recognized hinderances to working on the Property, aside from the goose harvesting season (sometimes mid-April to mid-Might) the place the communities request helicopter flying not be accomplished, and probably wildfires relying on the season, scale, and placement.
Declare expiry dates vary from July 2026 to July 2028.

Exploration accomplished by different events

Acknowledgment and appraisal of exploration by different events.

No earlier exploration focusing on LCT pegmatites has been carried out by different events on the Undertaking.

For a abstract of earlier exploration undertaken by different events on the Undertaking, please seek advice from the newest NI 43-101 Technical Report.

Geology

Deposit kind, geological setting and elegance of mineralization.

The Property overlies a big portion of the Lac Guyer Greenstone Belt, thought-about a part of the bigger La Grande River Greenstone Belt and is dominated by volcanic rocks metamorphosed to amphibolite facies. The declare block is dominantly host to rocks of the Guyer Group (amphibolite, iron formation, intermediate to mafic volcanics, peridotite, pyroxenite, komatiite, in addition to felsic volcanics). The amphibolite rocks that pattern east-west (typically steeply south dipping) by this area are bordered to the north by the Magin Formation (conglomerate and wacke) and to the south by an assemblage of tonalite, granodiorite, and diorite, along with metasediments of the Marbot Group (conglomerate, wacke). A number of regional-scale Proterozoic gabbroic dykes additionally lower by parts of the Property (Lac Spirt Dykes, Senneterre Dykes).
The geological setting is potential for a number of commodities over a number of completely different deposit types together with orogenic gold (Au), volcanogenic huge sulphide (Cu, Au, Ag), komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and LCT pegmatite (Li, Cs, Ta, Ga, Rb).
Exploration of the Property has outlined three main mineral exploration developments crossing dominantly east-west over giant parts of the Property – Golden Development (gold), Maven Development (copper, gold, silver), and CV Development (lithium, caesium, tantalum). The CV4, CV5, CV8, CV12, and CV13 pegmatites are located inside the CV Development.
The pegmatites at Shaakichiuwaanaan are categorized as Li-Cs-Ta (“LCT”) pegmatites. LCT mineralization on the Property is noticed to happen inside quartz-feldspar pegmatite. The pegmatite is usually very coarse-grained and off-white in look, with darker sections generally composed of mica and smoky quartz, and occasional tourmaline.
Core assays and ongoing mineralogical research, coupled with discipline mineral identification and assays affirm spodumene because the dominant lithium-bearing mineral on the Property, with no vital petalite, lepidolite, lithium-phosphate minerals, or apatite current. The spodumene crystal dimension of the pegmatites is often decimeter scale, and due to this fact, very giant. The pegmatites additionally carry vital tantalum (tantalite) and caesium (pollucite). Gallium is current in spodumene and feldspar through substitution with Al.

Drill gap Info

A abstract of all data materials to the understanding of the exploration outcomes together with a tabulation of the next data for all Materials drill holes:
- easting and northing of the drill gap collar
- elevation or RL (Diminished Stage – elevation above sea degree in metres) of the drill gap collar
- dip and azimuth of the opening
- down gap size and interception depth
- gap size.
If the exclusion of this data is justified on the premise that the knowledge is just not Materials and this exclusion doesn’t detract from the understanding of the report, the Competent Individual ought to clearly clarify why that is the case.

N/A. No drill outcomes reported.

Information aggregation strategies

In reporting Exploration Outcomes, weighting averaging strategies, most and/or minimal grade truncations (eg chopping of excessive grades) and cut-off grades are normally Materials and must be said.
The place mixture intercepts incorporate brief lengths of excessive grade outcomes and longer lengths of low grade outcomes, the process used for such aggregation must be said and a few typical examples of such aggregations must be proven intimately.
The assumptions used for any reporting of steel equal values must be clearly said.

N/A. No drill outcomes reported.

Relationship between mineralization widths and intercept lengths

These relationships are notably necessary within the reporting of Exploration Outcomes.
If the geometry of the mineralization with respect to the drill gap angle is thought, its nature must be reported.
If it’s not recognized and solely the down gap lengths are reported, there must be a transparent assertion to this impact (eg ‘down gap size, true width not recognized’).

N/A. No drill outcomes reported.

Diagrams

Acceptable maps and sections (with scales) and tabulations of intercepts must be included for any vital discovery being reported. These ought to embody, however not be restricted to a plan view of drill gap collar places and applicable sectional views.

Please seek advice from the figures included herein in addition to these posted on the Firm’s web site.

Balanced reporting

The place complete reporting of all Exploration Outcomes is just not practicable, consultant reporting of each high and low grades and/or widths must be practiced to keep away from deceptive reporting of Exploration Outcomes.

Reporting is balanced.

Different substantive exploration information

Different exploration information, if significant and materials, must be reported together with (however not restricted to): geological observations; geophysical survey outcomes; geochemical survey outcomes; bulk samples – dimension and methodology of therapy; metallurgical take a look at outcomes; bulk density, groundwater, geotechnical and rock traits; potential deleterious or contaminating substances.

The Firm is at the moment finishing web site environmental work over the CV5 and CV13 pegmatite space. No endangered flora or fauna have been documented over the Property to this point, and a number of other websites have been recognized as probably appropriate for mine infrastructure.
The Firm has accomplished a bathymetric survey over the shallow glacial lake which overlies a portion of the CV5 Spodumene Pegmatite. The lake depth ranges from <2 m to roughly 18 m, though the vast majority of the CV5 Spodumene Pegmatite, as delineated to this point, is overlain by sometimes <2 to 10 m of water.
The Firm has accomplished vital metallurgical testing comprised of HLS and magnetic testing, which has produced 6+% Li₂O spodumene concentrates at >70% restoration on each CV5 and CV13 pegmatite materials. A DMS take a look at on CV5 Pegmatite materials returned a Subsequent and extra expansive DMS pilot packages accomplished, together with with non-pegmatite dilution, produced outcomes in step with prior testwork, confirming a DMS-only flowsheet is relevant. Piloting to this point (utilizing each drill core and boulders) has collectively produced over 4.5 tonnes of spodumene focus grading over 5.5% Li2O.
The Firm has additionally produced a marketable lithium hydroxide focus from CV5’s spodumene focus.
The Firm has produced marketable tantalite concentrates at bench-scale from the CV5 Pegmatite’s DMS (spodumene) tailings fractions. The testwork used gravity or gravity + flotation strategies to provide tantalite concentrates grading 8.7% Ta₂O₅ at 45% world restoration (MC001) and 6.6% Ta₂O₅ at 49% world restoration (MC002).
The Firm has produced marketable pollucite concentrates at bench-scale from the CV13 Pegmatite’s Vega Caesium Zone. The testwork used XRT ore sorting to provide concentrates of 11.5% Cs₂O and 20.0% Cs₂O at an total 88% restoration.
Varied mandates required for advancing the Undertaking have been accomplished or are ongoing, together with however not restricted to, environmental baseline, metallurgy, geomechanics, hydrogeology, hydrology, stakeholder engagement, geochemical characterization, in addition to transportation and logistical research. A Feasibility Examine for lithium-only on the CV5 Pegmatite was introduced October 20, 2025.
The Firm has produced battery-grade lithium carbonate (Li₂CO₃) at bench scale by the ALi® course of on the unbiased laboratory ALS Metallurgy in Perth, Western Australia. Lithium restoration from DMS focus to remaining product was 92.5%.

Additional work

The character and scale of deliberate additional work (eg checks for lateral extensions or depth extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of potential extensions, together with the primary geological interpretations and future drilling areas, supplied this data is just not commercially delicate.

The Firm intends to proceed drilling the pegmatites of the Shaakichiuwaanaan Property, primarily targetting lithium, caesium, and tantalum as the first commodities of curiosity. That is anticipated to consists of step-out and infill drilling.
Additional drilling is anticipated to assist the event of the CV5 and CV13 pegmatites (i.e., useful resource, geotechnical, geomechanical, and hydrogeological).
Metallurgical take a look at packages evaluating the restoration of lithium, caesium, and tantalum are ongoing.
Floor prospecting, rock sampling, and mapping is deliberate to proceed throughout the Property centered on LCT pegmatite.

APPENDIX 1

Part 1: Choices Evaluation

Seven flowsheet choices had been evaluated throughout three processing routes (Acid Roast, Strain Leach and Atmospheric Leach) in addition to three completely different merchandise (lithium carbonate, lithium sulfate and lithium phosphate).

Part 1 supplied an idea degree comparability of all course of choices, with the aim of narrowing down choices to progress to a Part 2, centered on detailed refinement of product pathways.

The seven (7) choices had been evaluated utilizing a multi-factor evaluation utilizing a mix of qualitative and quantitative elements:

CapEx;
OpEx;
Product and Reagents Logistics;
Reagent Sourcing and Availability;
Know-how Maturity;
Restoration Danger;
Flowsheet complexity;
Product advertising;
Residue Dealing with;
Labour Availability.

The foremost challenge drivers – similar to CAPEX, OPEX, expertise maturity, product and reagent logistics and reagent sourcing – had been assigned heavier relative weighting to replicate their elevated affect on challenge viability. The remaining classes had been thought-about secondary classes and assessed utilizing a lighter relative weighing. Quantitative metrics had been scored proportionally primarily based on relative efficiency throughout the choices, whereas qualitative standards had been evaluated utilizing engineering judgement knowledgeable by trade precedent and operational expertise.

Part 1 shortlisted two lithium carbonate pathways to be superior to the subsequent stage for extra detailed evaluation; the Atmospheric Leach course of achieved the best rating, with the Acid Roast course of coming in second place.

Part II: Idea Examine

The Part 2 design foundation constructed upon the Part 1 assumptions whereas incorporating up to date course of parameters. Whereas Part 1 assigned 100% lithium restoration to all choices for idea–degree comparability and to isolate CAPEX/OPEX and logistics variations, Part 2 launched extra reasonable restoration assumptions, with a decrease restoration utilized to the Atmospheric Leach choice to account for the novel expertise. This assumption impacts consumptions, product mass, and trucking necessities.

Part II Outcomes

Because of the preliminary nature of the Idea Examine, Australian disclosure regulation prohibits the Firm from presenting potential manufacturing and financial situations. Additional detailed work is required earlier than such data will be offered (see Subsequent Steps – PEA Examine above).

The reagent portions had been estimated utilizing the refined recoveries and materials balances and the logistics had been re-evaluated for Part 2, calculating the inbound (reagents) and outbound (product) transportation necessities for each choices for comparability in opposition to the outbound-only transportation necessities of the spodumene focus (base case).

The Examine outlined that, past the anticipated discount in transportation prices as a result of inherent vital drop in quantity from focus to carbonate, the 2 choices might seize various levels of synergies between outbound vans leaving web site with product and returning to web site with reagents, synergies that don’t exist beneath the bottom case the place spodumene focus vans go away the mine web site full and return empty.

Based mostly on the above, the Examine concluded that introducing value-added merchandise on the mine web site might considerably cut back transport and logistics prices, given the overall tonnage of fabric to move (each reagents and product) could be considerably lowered, resulting in a pure discount of the variety of vans on the highway each day.

The Atmospheric Leach choice was discovered to ship the strongest total efficiency within the areas that almost all affect long-term challenge worth, delivering the bottom capital prices, working prices, reagent and trucking burden, HSE and environmental dangers and the shortest payback interval with the best potential monetary return.

Though the Acid Roast choice advantages from better course of maturity and current industrial references, these benefits are outweighed by its greater reagent demand, elevated logistics necessities, extra complicated residue administration, and better sensitivity to market and working circumstances.

1	See Feasibility Examine information launch dated October 20, 2025.
2	See information launch « PMET Produces Excessive Restoration (89%) and Excessive Grade Spodumene Focus (6.1% Li2O) from Modern CV5 Pattern and DMS Pilot Program » dated Might 3, 2026.
3	https://www.chinesestandard.web/PDF-EN/YST582-2023EN-P10P-H7920H-642640.pdf
4	See Feasibility Examine information launch dated October 20, 2025. Possible Mineral Reserve cut-off grade is 0.40% Li₂O (open-pit) and 0.70% Li₂O (underground). Underground improvement and open-pit marginal tonnage containing materials above 0.37% Li₂O are additionally included within the assertion. Efficient Date of September 11, 2025.
5	The Consolidated MRE (CV5 + CV13 pegmatites), which incorporates the Rigel and Vega caesium zones, totals 108.0 Mt at 1.40% Li₂O, 0.11% Cs₂O, 166 ppm Ta₂O₅, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li₂O, 0.21% Cs₂O, 155 ppm Ta₂O₅, and 65 ppm Ga, Inferred, and is reported at a cut-off grade of 0.40% Li₂O (open-pit), 0.60% Li₂O (underground CV5), and 0.70% Li₂O (underground CV13). A grade constraint of 0.50% Cs₂O was used to mannequin the Rigel and Vega caesium zones. The Efficient Date is June 20, 2025 (by drill gap CV24-787). Mineral Assets will not be Mineral Reserves as they don’t have demonstrated financial viability. Mineral Assets are inclusive of Mineral Reserves.

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