Mr. Blair Way reports

PATRIOT BATTERY METALS RESPONDS TO SHORT REPORT

Patriot Battery Metals Inc. is aware of a recent report published by Night Market Research (short report).

This response has been provided in accordance with ASIC Information Sheet 255 (Activist short selling campaigns in Australia) and following a request from Australian Securities Exchange (ASX).

The short report includes numerous claims about Patriot's management of the company and promotion of the technical fundamentals of the Corvette deposit, which the company asserts are factually inaccurate and misleading.

Patriot has sought legal advice on the short report and refutes the key conclusions made by Night Market Research. The report has been published without consultation of the company or the opportunity for fact checking. Night Market Research has indicated that it holds a short interest position in Patriot, hence it will realize gains from a decline in Patriot's share price.

1. Patriot's maiden resource timing and size

Patriot can confirm that the maiden resource for Corvette will be released publicly in the coming weeks. The resource is expected to be a large-scale and high-grade lithium deposit when benchmarked against other hardrock lithium projects globally.

In accordance with its previous announcements, the company confirms that management secured additional financing to expand the exploration program in late 2022, to further appraise and define the CV5 pegmatite. This is a common practice for early-stage mining development projects.

Patriot has publicly released its lithium drilling results to date through Toronto Stock Exchange/ASX announcements and its entire drill hole database is available on its corporate website -- this transparency allows market participants to conduct their own assessment of the resource.

The company further released additional drilling results as per its TSX/ASX announcement titled "Patriot announces final core assay results from its 2023 winter drill program, including 108 m at 2.44 per cent Li2O [lithium oxide], at the CV5 pegmatite, Corvette property, Quebec, Canada," dated July 10, 2023.

2. Patriot's response to media speculation of corporate activity

Patriot is aware of a recent Australian Financial Review (AFR) article dated July 9, 2023, which noted potential corporate M&A (merger and acquisition) activity involving the company.

Whilst Patriot has received strong inbound interest in relation to Corvette from a range of Tier 1 global mining and chemicals companies, the company can confirm that it has not received any takeover or corporate proposals to date.

Patriot has appointed a range of advisers and key personnel to support the continued development and financing of Corvette, as an independent lithium company. Consequently, management's focus is on advancing a maiden resource, accelerating exploration drilling, progressing permitting, and advancing environmental and study work, whilst considering its financing options in parallel.

3. Other matters

Patriot can confirm that it has historically used media agencies to assist with market awareness of Patriot, which is not uncommon for microcap stocks. This includes a contractual engagement with JWC Market Awareness Group Inc. (JWC), which commenced in August, 2021, and was discontinued after six months, in January, 2022. At the termination of this contract, Patriot's market capitalization was approximately $20-million.

The company also notes that its board and management team have significant experience in the lithium industry. Ken Brinsden, Patriot's chairman, was previously managing director and chief executive officer of Pilbara Minerals, prior to joining Patriot.

Patriot's current share structure (including information on basic shares, warrants, options and fully diluted shares outstanding) can be found on the company's website.

Additional details with respect to Patriot's options and warrants can be found in the company's MD&A (management's discussion and analysis) dated March 31, 2023, and the ASX release of CDIs on issue dated July 6, 2023.

Accordingly, the trading halt is lifted and the company's securities will recommence trading on the TSX on July 10, 2023, and the ASX on July 11, 2023.

About Patriot Battery Metals Inc.

Patriot Battery is a hardrock lithium exploration company focused on advancing its district-scale 100-per-cent-owned Corvette property located in the Eeyou Istchee James Bay region of Quebec, Canada. The Corvette property is one of the largest and highest-grade hardrock lithium projects being explored, with over 50 kilometres of strike length over a 214-square-kilometre land package and over 70 lithium-bearing pegmatite outcrops identified to date.

The Corvette property is situated proximal to the all-weather Trans Taiga Road and Hydro-Quebec power line infrastructure in the Eeyou Istchee James Bay region of Quebec. The property hosts significant lithium potential highlighted by the CV5 pegmatite, which has been traced by drilling over a strike length of at least 3.7 kilometres with spodumene pegmatite encountered as deep as a 425-metre vertical depth.

We seek Safe Harbor.