PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project

Press Release

October 20, 2025

Highlights

• Robust CV5 lithium-only Feasibility Study (“FS”) completed on the Shaakichiuwaanaan Project (Project) providing a defined scope and technical foundation which supports the upcoming Environmental and Social Impact Assessment (ESIA) submissions.
  • FS is a mandated requirement of the Environmental and Social Impact Assessment (“ESIA”) which defines the entire scope for approvals sought and will kick-start the final mine authorisation process keeping the Project on track with the proposed permitting and development timeline.
• Maiden Mineral Reserve of 84.3 Mt at 1.26% Li₂O Probable (2.62 Mt LCE) at CV5.
  • Opportunities remain for additional conversion at CV5 and CV13, which hosts a Mineral Resource – inclusive of Reserves – of 108.0 Mt at 1.40% Li₂O Indicated and 33.4 Mt of 1.33% Li₂O Inferred.
• FS confirms the scope for a large-scale and long-life lithium operation, based solely on Mineral Reserve and including:
  • Low strip ratio open pit mining and higher-grade underground mining;
  • DMS (Dense Media Separation) only ore processing operation with less complexity and without the need of flotation and chemical reagents;
  • Spodumene concentrate production spanning ~20 years and a nominal steady-state production rate of up to ~800,000 tpa SC5.5 spodumene concentrate upon achieving full production capacity; and
  • Positioning PMET Resources (PMET) as potentially the 4^th largest spodumene concentrate producer globally.
• Competitive total cash operating cost[1] and all-in sustaining cost (“AISC”)[2] of ~$729/t (~US$544/t) and ~$800/t (~US$597/t), respectively for SC5.5, consistent with the prior PEA estimates.
• At a long-term spodumene price of US$1,221/t (SC5.5 basis) the Project delivers an after-tax NPV_8% of ~$1,594M (US$1,190M) and after-tax IRR of ~18.1%.
• Total development capital of ~$1,978M (or ~$1,510M net of anticipated pre-production credits, including the Canadian Clean Technology Manufacturing – Investment Tax Credit (“CTM-ITC”)[3] and Tax Credit Relating to Resources (“TCRR”)[4]).
  • Underpins development of a 5.1 Mtpa ore processing operation producing up to 800ktpa for spodumene concentrate, positioning Shaakichiuwaanaan amongst the largest hard-rock lithium projects globally.
• The CV5 Lithium-only FS confirms the technical feasibility and economic viability of developing a large-scale, long-life spodumene pegmatite operation in the Eeyou Istchee (James Bay) Region of Québec. With a competitive cost production profile, the Project demonstrates resilience to lower market cycles, positioning the Project to become a potential cornerstone supplier to North American, European, and/or Asian battery supply chains.
• The Project offers further upside potential through ongoing optimisation initiatives, including the opportunity to adopt a more scalable development pathway up to 5.1 Mtpa to optimize capital expenditure, as well as leveraging tantalum recovery and the recent caesium discovery, which could add further value alongside spodumene production.
  • The Company has submitted an application to pursue an underground bulk sample advanced exploration program at CV5, targeting the high-grade Nova Zone, with the objective of further de-risking Project execution, supporting further design optimisation and for product validation purposes.
• A Final Investment Decision (“FID”) remains targeted for the second half of 2027, consistent with the Company’s development schedule. The decision at that time will be based on:
  • Further optimised development scenarios derived from detailed engineering;
  • Co-product recovery and the associated economic impact to the Project;
  • Prevailing market conditions in key supply chains; and
  • The Company’s commercial relationships with customers and other key players in the battery and other critical minerals supply chains.

Management Comment

Ken Brinsden, PMET Resources CEO and President, comments: “The CV5 Lithium-only Feasibility Study is a critical path item which defines the full scope and documentation necessary to formally commence and underpin the final mine authorisation process. In addition, it will facilitate our continued engagement with the government, community and industry downstream, for what is now clearly a globally significant Project. The FS encompasses a full scope to develop up to 5.1 Mtpa in ore processing capacity, matched to the upcoming ESIA submissions, that will frame approvals for the entire Project and importantly allow the Company to maintain its development timeline, while still allowing flexibility for expected ongoing optimisation that will occur during the detailed engineering phase.

Our large scale and long-life Project is ideally suited to support the emerging American, European, and Asian lithium raw materials supply chains. There are very few projects of this size & scale, quality, and low production cost that can assist in underwriting the expected capital investment supporting new supply chains and demand growth in western markets. Add to that the benefit of the other critical minerals in the Shaakichiuwaanaan resource that are expected to add further value to the Project, and you have a compelling proposition for future development.

“Further, it is widely anticipated that the overall market supply-demand balance tightens over the coming years, providing a potentially improved backdrop for spodumene pricing and a future Project FID at the appropriate scale”, added Mr. Brinsden.

PMET Resources Inc. (the “Company” or “PMET”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the results of its lithium-only CV5 Feasibility Study (“FS”) at the Company’s wholly owned Shaakichiuwaanaan Property (the “Property” or “Project”) located in the Eeyou Istchee James Bay region of Quebec, Canada.

The lithium-only Feasibility Study reaffirms the scenario presented in the Company’s 2024 Preliminary Economic Assessment (“PEA”), whereby the cornerstone CV5 Spodumene Pegmatite is developed via a hybrid model combining both open pit and underground mining methods. This scenario was confirmed to provide a solid base upon which to define the scope for approvals sought under the Company’s Environmental and Social Impact Assessment (“ESIA”) that will form the basis for final mine authorisation. With the FS being a mandated component of the ESIA, the Company will seek approvals for a broad scope to develop up to 5.1 Mtpa in processing capacity and have maximum optionality and flexibility over time to unlock the potential of the Shaakichiuwaanaan Project to position it as a leading lithium raw materials supplier to North American, European, and Asian markets.

The FS is based on a Mineral Reserve derived from the CV5 Pegmatite’s Indicated Mineral Resource component, part of the current Shaakichiuwaanaan Consolidated Mineral Resource Estimate (“MRE”), which is the largest known lithium pegmatite MRE in the Americas and one of the top 10 largest globally (see news release dated July 20, 2025).

Although no final investment decision (“FID”) has been reached for the Shaakichiuwaanaan Project, the Feasibility Study reaffirms the potential for the CV5 Pegmatite to position the Company as a globally significant spodumene concentrate producer – potentially the 4^th largest globally.

Following submission of the ESIA, and while awaiting the final mine and environmental approvals, the Company expects to further optimize the Project via various initiatives. These include (but are not limited to):

• Further refinement of Project phasing with a view to develop incrementally and optimize capital outlays;
• De-risk Project execution by pursuing an advanced exploration bulk sample program targeting the underground ore body, with emphasis on better geological understanding of the high-grade Nova Zone and to test product specification and quality at scale;
• Advance metallurgical work to support the development of a tantalum “bolt-on” recovery circuit at CV5 that could contribute meaningful co-products and further enhance the economics of the Project;
• Advance geological and metallurgical understanding of the caesium opportunity (at both CV13 and CV5) and how to integrate with the overall Project.

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