Highlights

  • The updated CV5 feasibility study estimates an after-tax NPV8 of approximately CA$5.1 billion.
  • Probable reserves total 83.0 million tonnes grading 1.27% lithium oxide and 148 ppm tantalum pentoxide.
  • Phase 1 prioritises underground Mining and a 2.2 million-tonne annual processing plant.
  • Investment and commissioning remain conditional on approvals, funding and further engineering.

PMET Resources Inc. (ASX:PMT) is developing the Shaakichiuwaanaan lithium project in Québec, Canada, including the CV5 pegmatite deposit. Its November 2026 updated feasibility study introduces an underground-first development sequence and a planned tantalum by-product stream. The resulting financial estimates are modelled project outcomes, not Earnings already generated or a commitment to begin construction.

Changes to the CV5 Development Sequence

PMET Resources Inc. (ASX:PMT) now proposes that Phase 1 access the higher-grade Nova Zone by underground mining, with a starter open pit supplementing initial ore. A 2.2-million-tonne-per-year dense-media separation plant is designed to produce up to approximately 560,000 tonnes annually of SC5.5 spodumene concentrate during the first three production years.

Phase 2 would introduce a second processing train and larger-scale open-pit operations, raising combined nominal ore treatment capacity to 5.1 million tonnes per year. The updated study models up to approximately 800,000 tonnes of annual spodumene concentrate output after expansion and a mine life of approximately 20 years. These are study estimates subject to implementation.

Reserves and Project Economics

The updated CV5 probable mineral reserve reported by PMET Resources Inc. (ASX:PMT) comprises 83.0 million tonnes grading 1.27% lithium oxide and 148 parts per million tantalum pentoxide. Tantalum recovery is incorporated into the plan as a separate product stream, and its expected revenues are credited against lithium operating costs.

At the study assumptions of US$1,788 per tonne of spodumene concentrate and US$120 per pound of contained tantalum pentoxide, after-tax net present value at an 8% discount rate is approximately CA$5.1 billion. The corresponding after-tax internal rate of return is around 40.4%. These figures are highly dependent on Commodity pricing and engineering assumptions and must not be confused with realised financial performance.

Costs, Capital and Timing

PMET Resources Inc. (ASX:PMT) estimates average life-of-mine cash operating cost, delivered free on board at Québec ports and after tantalum credit, at CA$594 per tonne of spodumene concentrate. The corresponding All-In Sustaining Cost is approximately CA$657 per tonne. These are forecast unit costs rather than current operating expenditure.

The updated plan estimates total development capital of approximately CA$1.675 billion net of anticipated pre-production and tax credits, compared with approximately CA$2.063 billion before those deductions. The distinction matters because forecast credits must be realised to reduce effective funding requirements. Initial commissioning is targeted for late 2029, subject to approvals and Investment decisions.

Approvals and Remaining Decisions

PMET Resources Inc. (ASX:PMT) has not made a final investment decision. It is working through environmental and social assessment processes, detailed engineering and funding arrangements. Its stated target is a final investment decision in late 2027, dependent on obtaining approvals and financing.

The company also plans a separate assessment of development Options involving CV5 and CV13, potentially considering lithium, tantalum and caesium. That possible additional scenario does not form part of an approved mine plan. Sensitivity to selling prices, capital costs, construction schedules and remote-site logistics remains important when reading the feasibility outcomes.

Key Insights

PMET Resources Inc. (ASX:PMT) has revised CV5 around earlier underground access and tantalum recovery, producing different economic and production estimates. The model depends on defined commodity prices, capital assumptions and project timing. Approvals, financing and a formal investment decision remain necessary before construction can proceed.