Highlights

  • The CV5 Feasibility Study is supported by a Probable Mineral Reserve of 84.3Mt at 1.26% Li₂O.
  • The project is designed for up to approximately 800ktpa of SC5.5 spodumene concentrate at full production capacity.
  • PMET continues to target a Final Investment Decision in H2'CY27 while advancing detailed engineering, permitting and financing.
  • The latest substantive update on 22 July 2026 was a non-binding Letter of Intent with the Cree Nation of Chisasibi supporting continued engagement around the project assessment process.

PMET Resources Inc. (ASX:PMT), formerly Patriot Battery Metals, is advancing the 100%-owned Shaakichiuwaanaan lithium project in Quebec’s Eeyou Istchee James Bay region.

The project contains one of the largest known lithium pegmatite resources in the Americas and is centred on the CV5 and CV13 spodumene pegmatites.

PMET’s strategy has gradually expanded beyond lithium alone. The broader project also hosts caesium, tantalum and gallium, creating potential for additional critical-mineral products if technical studies demonstrate economic recovery.

The company’s latest substantive update came on 22 July 2026, when PMET signed a non-binding Letter of Intent with the Cree Nation of Chisasibi to support continued engagement and participation in the environmental and project-assessment process.

Feasibility Base

The current development case is anchored by the CV5 lithium-only Feasibility Study completed in October 2025.

The study established a Probable Mineral Reserve of 84.3Mt grading 1.26% Li₂O, equivalent to approximately 2.62Mt of lithium carbonate equivalent.

The reserve underpins a hybrid Mining plan combining an initial open pit with a later underground operation.

The project is designed around Dense Media Separation processing rather than a more complex flotation circuit.

At full capacity, the planned operation has a nominal ore-processing rate of approximately 5.1Mtpa.

PMET is targeting production of up to approximately 800,000 tonnes per annum of SC5.5 spodumene concentrate once both phases are operating.

Project Economics

The Feasibility Study outlines a mine life of approximately 19 years.

Life-of-mine spodumene concentrate production is estimated at approximately 13.3Mt, with average production of around 694ktpa.

Using a long-term SC5.5 spodumene price assumption of USD 1,221 per tonne, the study generated an after-tax NPV8 of approximately CAD 1.59 billion and an after-tax internal rate of return of 18.1%.

Total development Capital is estimated at approximately CAD 1.98 billion.

After anticipated pre-production credits and Canadian investment tax credits, the estimate falls to approximately CAD 1.51 billion.

The development model is intentionally staged, allowing PMET to consider capital phasing and optimisation before making a final investment commitment.

Latest Engagement

The 22 July 2026 Letter of Intent with the Cree Nation of Chisasibi is relevant to the project’s permitting and social-development pathway.

PMET has been engaging with Chisasibi since 2022 regarding exploration and the proposed development.

The new agreement creates a framework for continued discussions while environmental assessment work progresses.

Community engagement is particularly important in northern Quebec because project development intersects with Indigenous rights, traditional land use and long-term regional impacts.

The Letter of Intent is non-binding and does not represent final project approval or an impact-benefit agreement.

However, it provides a clearer structure for the consultation process as Shaakichiuwaanaan moves through federal and provincial assessment.

Permitting Progress

PMET formally submitted the Environmental and Social Impact Assessment for CV5 to federal and provincial authorities in April 2026.

The submission was an important step because the Feasibility Study is a core technical input into the mine-authorisation process.

PMET is seeking approvals for the broader 5.1Mtpa development scope.

This gives the company flexibility to build the project in phases while maintaining approval coverage for the full development concept.

The company continues environmental baseline studies, engineering and stakeholder engagement while regulators assess the submission.

Final mine authorisation remains one of the most important conditions before construction can proceed.

Financing Path

Financing is advancing alongside permitting.

In May 2026, PMET received government-backed letters of support connected with potential project financing.

In June, Société Générale provided a Letter of Interest regarding possible financing for Shaakichiuwaanaan.

These indications are not binding commitments, but they broaden the pool of potential funding sources.

PMET also completed approximately CAD 138 million of equity financings in February 2026.

The proceeds are being used to advance the updated feasibility work, critical-mineral opportunities, drilling and broader development activities.

For PMET, the key challenge will be structuring the substantial construction funding requirement without placing excessive pressure on Shareholder capital.

Caesium Opportunity

Caesium is becoming a more significant part of the project story.

On 12 July 2026, PMET reported extraction of more than 97% of caesium from pollucite concentrate during bench-scale testwork.

The work demonstrated several potential routes to value-added caesium chemicals.

Earlier drilling at the Vega and Rigel zones had already confirmed high-grade pollucite-hosted caesium mineralisation.

PMET believes the caesium resource could eventually become a valuable co-product alongside lithium.

However, caesium is not included in the current lithium-only Feasibility Study economics.

Further process development, product qualification and economic assessment are therefore required before any contribution can be incorporated into the project development case.

Refining Strategy

PMET is also considering whether more lithium value can be retained at the mine site.

In June 2026, the company announced a technology collaboration with Mitsui and Microwave Chemical Co. to evaluate microwave calcination.

This followed a concept study examining potential production of battery-grade lithium carbonate at Shaakichiuwaanaan.

On-site refining could reduce transportation intensity and move PMET further downstream.

However, the current mine-development plan remains based on spodumene concentrate.

Any integrated refining operation would need separate technical, economic and financing assessment before being added to the base-case development.

Final Takeaway

PMET Resources has moved Shaakichiuwaanaan well beyond the exploration stage.

The CV5 Feasibility Study provides a defined 84.3Mt reserve and a pathway toward a large-scale spodumene operation capable of producing up to approximately 800ktpa at full capacity.

The company is now advancing the harder development work: permitting, community engagement, financing and detailed engineering.

The 22 July 2026 agreement with the Cree Nation of Chisasibi adds structure to the consultation process, while recent financing indications support the broader funding strategy.

For PMET Resources (ASX:PMT), the central milestone remains the targeted H2'CY27 Final Investment Decision.

Caesium, tantalum and potential Downstream lithium processing provide additional upside, but successful execution of the core CV5 lithium development remains the main determinant of the project’s near-term progress.