Name of the Project
Shaakichiuwaanaan – lithium-only project.

Location
Eeyou Istchee James Bay region of Québec, Canada.

Project Owner/s
Canadian explorer PMET Resources, formerly Patriot Battery Metals Inc.

Project Description
The CV5 lithium-only feasibility study, published on October 20, 2025, has confirmed the technical feasibility and economic viability of developing a large-scale, long-life spodumene pegmatite operation. 

With a competitive cost production profile, the project has demonstrated resilience to lower market cycles, positioning it to become a potential cornerstone supplier to North American, European and/or Asian battery supply chains.

The project has estimated probable reserves of 84.3-million tonnes grading 1.26% lithium oxide  (LiO₂ ) for 1.06-million tonnes of contained LiO₂, contained lithium of 490 000 t and contained lithium carbonate equivalent.

The feasibility proposes a hybrid mining model, combining openpit and underground extraction methods. 

The openpit operation will be developed first, with Phase 1 providing an initial production capacity of about 400 000 t/y spodumene concentrate. 

In Phase 2, the underground mine will come online and will provide an additional production capacity of about 400 000 t/y spodumene concentrate, resulting in an estimated 800 000 t/y spodumene concentrate with a minimum grade of 5.5% lithium oxide, or SC5.5, for the project.

The project offers further upside potential through ongoing optimisation initiatives. These include the opportunity to adopt a more scalable development pathway of up to 5.1-million tonnes a year to optimise capital expenditure, as well as leveraging tantalum recovery and the recent caesium discovery. This could add further value alongside spodumene production. 

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The feasibility study delivers an after-tax net present value, at an 8% discount rate, of about $1.19-billion at a long-term spodumene concentrate price of $1 221/t (SC5.5 basis). The internal rate of return is estimated at 18.06% and payback at 4.7 years.

Capital Expenditure
The project requires total development capital of about $1.98-billion.

Planned Start/End Date
A final investment decision remains targeted for the second half of 2027, consistent with the company’s development schedule. 

Latest Developments
PMET Resources has identified a potentially viable pathway for producing a value-added lithium chemical following the completion of a concept study.

On-site processing could reduce the project’s long-term logistics requirements and support Canada’s objective of developing domestic critical-minerals processing capacity.

The study evaluated the potential to convert spodumene concentrate into a value-added lithium product directly at the project site. PMET reviewed seven processing flowsheet options and selected the proprietary ALi atmospheric leach process developed by Primero, a subsidiary of ASX-listed NRW Holdings, as the preferred pathway for further study.

According to PMET, the ALi process offers the strongest economic potential, significant logistics efficiencies and a relatively low technical-risk profile while minimising the project’s environmental footprint.

Bench-scale testwork undertaken by Primero on spodumene concentrate samples from Shaakichiuwaanaan produced battery-grade lithium carbonate with a purity of 99.8%.

PMET has said that combining the process with electric calcination powered by Québec’s low-cost renewable energy could reduce carbon intensity and improve efficiencies across the battery-materials supply chain.

The proposed on-site refining strategy represents a staged, longer-term growth opportunity and is not required for the development of the base spodumene concentrate project outlined in Shaakichiuwaanaan’s 2025 prefeasibility study.

Further work will assess the potential economic benefits of producing value-added products on site, including the possible introduction of electric calcination technology to take advantage of Québec’s low-cost renewable hydroelectric power.

PMET COO Frederic Mercier-Langevin has said Shaakichiuwaanaan is already a Tier-1 asset and that the concept study has identified a credible pathway for capturing additional value from the project.

Key Contracts, Suppliers and Consultants
BBA and Primero (PEA); and SGS Canada (testwork).

Contact Details for Project Information
PMET Resources, tel +1 604 279 8709 or email invest@pmet.ca.