Highlights

  • PMET Resources shares rose 3.79% on 22 May 2026, extending one-year gains to ~198%.
  • The company announced the commencement of its 2026 summer-fall drilling campaign at the Shaakichiuwaanaan Property in Quebec, Canada.
  • Approximately 45,000 metres of drilling are planned through October 2026.
  • Around 25,000 metres of drilling are expected at CV5 to support feasibility and engineering activities.
  • Follow-up drilling is planned across the prospective CV5-CV4 corridor after favourable 2025 intercepts.

PMET Resources Inc. (ASX:PMT) shares moved higher during the morning session on 22 May 2026, rising 3.79% to AUD 0.68 after the company announced the commencement of a large-scale summer-fall drilling campaign at its Shaakichiuwaanaan Property in Quebec, Canada.

The exploration and development update appeared to attract favourable market attention as investors assessed the scale of the planned drilling program and the company’s continued advancement of its lithium-focused development strategy.

The latest campaign includes approximately 45,000 metres of drilling scheduled through to October 2026 and is expected to support a combination of exploration, resource development, engineering and feasibility activities across the company’s flagship project.

Today’s share price movement adds to an already substantial 12-month performance for PMT shares, which remain approximately 197.83% higher over the past year as investor interest in lithium and critical mineral projects continues across the broader resources sector.

Large Drill Program Underway at Shaakichiuwaanaan

PMET confirmed that its 2026 summer-fall exploration campaign has officially commenced at the wholly owned Shaakichiuwaanaan Property, located in the Eeyou Istchee James Bay region of Quebec.

The company stated that drilling activities will involve between four and eight drill rigs across the project area as work progresses through the current field season.

According to management, the campaign is designed not only to expand and test exploration targets but also to support the next phase of technical and development activities at the CV5 and CV13 pegmatites.

The company noted that the majority of drilling will focus on gathering geological, geotechnical and hydrogeological data required for feasibility, permitting and engineering workstreams as the project advances toward future development milestones.

PMET Executive Vice President Exploration Darren Smith stated that while the campaign includes exploration upside, a significant portion of the work is centred on technical de-risking and preparation for future project development.

Camp Reopens Ahead of Schedule

Another operational milestone highlighted in the announcement was the successful reopening of the Shaakichiuwaanaan exploration camp.

The company confirmed that all key restart activities were completed safely and ahead of schedule, allowing the camp to officially reopen approximately one week earlier than initially planned.

According to PMET, restart activities included recommissioning and inspection of critical infrastructure such as:

  • power generation systems
  • heating systems
  • water treatment infrastructure
  • operational support facilities

Management stated that all restart activities were completed without any health and safety incidents.

The earlier-than-planned reopening may help support operational continuity and drilling efficiency during the 2026 field season.

Focus on CV5 and CV13 Development

A major component of the drilling program will focus on advancing development work at the CV5 and CV13 pegmatites.

The company expects approximately 25,000 metres of drilling at the CV5 Pegmatite to support:

  • bulk sample design
  • updated feasibility studies
  • detailed engineering activities

Meanwhile, roughly 18,000 metres of drilling are expected at CV13, including:

  • infill drilling
  • step-out drilling
  • potential condemnation drilling near infrastructure sites

PMET stated that many planned drill holes are expected to serve multiple geological and technical objectives simultaneously as the company continues refining its drill plan.

The campaign forms part of the company’s broader effort to support future project studies and eventual Investment decisions tied to the Shaakichiuwaanaan asset.

Exploration Targets Remain Active

In addition to development-related drilling, PMET also intends to continue follow-up exploration work across several prospective areas within the project corridor.

One area receiving attention is the CV5 to CV4 corridor, where previous drilling results delivered notable lithium intercepts during 2025.

The company highlighted prior results including:

  • 27.0 metres at 1.14% Li2O from hole CV25-1013
  • 12.0 metres at 1.42% Li2O from hole CV25-1002B

Management stated that follow-up drilling will seek to trace mineralisation further west toward the main CV5 pegmatite body.

The company also plans additional drilling near the Vega Zone in the CV13 area after identifying a new mineralised lens during earlier drilling.

PMET referenced a previous intercept of 2.3 metres at 4.65% Cs2O from drill hole CV25-999 approximately 70 metres north of the currently defined Vega Zone.

These exploration activities may help further define mineralisation potential across the broader project area while supporting future resource updates.

Supporting Future Economic Studies

According to PMET, one of the central objectives of the 2026 campaign is to collect field data required for ongoing technical studies linked to both the CV5 and CV13 pegmatites.

The company stated that drilling data will support:

  • updated feasibility work at CV5
  • permitting processes
  • engineering activities
  • future economic assessments

Importantly, PMET indicated that an updated feasibility study for the CV5 Pegmatite is expected to include tantalum as a co-product alongside lithium.

The company also plans to complete a broader Preliminary Economic Assessment (PEA) covering lithium, caesium and tantalum across the wider project by the fourth quarter of 2026.

In addition, an updated Mineral Resource Estimate is expected to be released alongside those economic studies.

These future milestones may remain important catalysts for investors monitoring the long-term development potential of the Shaakichiuwaanaan Project.

Understanding the Shaakichiuwaanaan Project

The Shaakichiuwaanaan Property represents PMET’s flagship critical minerals asset and is considered one of the larger pegmatite resource projects globally.

The project is located approximately 13 kilometres south of the Trans-Taiga Road and near Hydro-Québec infrastructure, providing year-round road access and logistical advantages for future development.

PMET previously released a lithium-only feasibility study for the CV5 Pegmatite in October 2025, outlining the project’s potential as a North American critical minerals development opportunity.

The project currently hosts:

  • Indicated Mineral Resources of 108.0 million tonnes at 1.40% Li2O and 166 ppm Ta2O5
  • Inferred Mineral Resources of 33.4 million tonnes at 1.33% Li2O and 155 ppm Ta2O5

The company also highlighted that the project hosts significant caesium mineralisation at the Rigel and Vega zones.

In late 2025, PMET declared a maiden Probable Mineral Reserve of 84.3 million tonnes at 1.26% Li2O for the CV5 Pegmatite.

According to the company, the project ranks among the larger lithium pegmatite Assets globally in terms of scale.

Why Investors Responded Positively

Today’s market reaction appears linked to the scale and strategic importance of the drilling campaign rather than a single exploration result.

The commencement of a 45,000-metre drilling program signals continued advancement of both exploration and development activities at the company’s flagship asset.

Investors may also be focusing on the company’s transition toward engineering, feasibility and permitting workstreams, which often represent important stages in the progression of large-scale Mining projects.

The inclusion of lithium, tantalum and caesium within future economic studies may further broaden market interest around the project’s critical minerals exposure.

In addition, the project’s existing resource scale, prior feasibility work and established infrastructure access continue to position Shaakichiuwaanaan as a closely watched asset within the lithium development sector.

Development Pathway Remains in Focus

While exploration upside remains an important component of the 2026 program, PMET’s latest announcement also highlights the company’s increasing emphasis on development readiness.

The collection of geological, geotechnical and hydrogeological data is expected to support future technical studies and investment decisions as management progresses toward a Final Investment Decision pathway.

As lithium markets continue evolving globally, investors are likely to remain focused on upcoming drilling updates, future resource revisions and the planned Q4 2026 economic studies.

With PMT shares already recording significant gains over the past year, today’s drilling update reinforces market attention on the company’s broader critical minerals development strategy in Quebec.