Mr. Blair Way reports

PATRIOT ANNOUNCES THE LARGEST LITHIUM PEGMATITE RESOURCE IN THE AMERICAS AT CV5, CORVETTE PROPERTY, QUEBEC, CANADA

Patriot Battery Metals Inc. has released the maiden (that is, the first) mineral resource estimate for the CV5 spodumene pegmatite at its wholly owned Corvette property, located in the Eeyou Istchee James Bay region of Quebec. The CV5 spodumene pegmatite is located approximately 13.5 kilometres south of the regional and all-weather Trans-Taiga Road and power line infrastructure corridor, and within 50 kilometres of the La-Grande 4 hydroelectric dam complex.

Darren L. Smith, company vice-president of exploration, commented: "This maiden mineral resource estimate at CV5 is the culmination of an aggressive 20-month drill campaign that kicked off with our discovery hole in fall 2021, and is nothing less than a team effort to get us here. This first resource has firmly established CV5 as a Tier 1 spodumene pegmatite asset, already ranking as the largest lithium pegmatite resource in the Americas, as well as in the top-10 resources globally.

"There remains significant potential for growth, with the resource open at both ends and to depth, along a large portion of its length, providing a clear path forward for further resource expansion. Further, there are multiple known spodumene pegmatite clusters yet to be drill tested at the property and more than 20 km of prospective trend yet to be explored. In the case of CV13, the 2022 and 2023 drill programs are anticipated to underpin a maiden mineral resource estimate in 2024 at that spodumene pegmatite cluster. We believe we have only just begun to demonstrate the scale of the lithium mineralized pegmatite system at the Corvette property," Mr. Smith added.

Blair Way, company president and chief executive officer, commented: "We could not be happier with the result of this maiden mineral resource estimate at CV5, which will be the first of multiple resource estimates for the Corvette property over the coming years. This property is now officially host to at least one deposit that is definitely a world-class asset with respect to the size, grade and metallurgy when compared to its peers."

Emphasizing Corvette's development potential, Mr. Way explained: "It firmly positions the company as a leading candidate to provide long-term spodumene supply to the North American and European markets. This is a key milestone for the company, and will underpin future economic and development studies as we look to aggressively advance this asset on the path to production. I would like to thank our shareholders for their support and, moreover, thank the exploration team for their focus and determination in delivering one of the largest spodumene pegmatite resources in the world."

The mineral resource estimate (MRE) at CV5 has firmly established it as the largest lithium pegmatite mineral resource in the Americas and eighth largest globally, returning 109.2 million tonnes at 1.42 per cent lithium oxide and 160 parts per million tantalum pentoxide inferred, at a cut-off grade of 0.40 per cent Li2O, for a total of 3,835,000 t contained lithium carbonate equivalent. The geological model underpinning the MRE interprets a single, continuous, principal spodumene pegmatite body ranging in true thickness from approximately eight metres to upward of approximately 130 m, extending over a strike length of approximately 3.7 km (drill hole to drill hole) and which is flanked by multiple subordinate lenses. Additionally, the resource and geological modelling has outlined significant potential for growth at CV5, which remains open at both ends along strike and to depth along a significant portion of its length.

This maiden MRE includes only the CV5 spodumene pegmatite (previously also termed the CV5 pegmatite cluster), and therefore does not include any of the other known spodumene pegmatite clusters on the property: CV4, CV8, CV9, CV10, CV12 and CV13. At CV5, the MRE is supported by 163 diamond drill holes completed over the 2021, 2022 and 2023 (through the end of April: drill hole CV23-190) programs, for a collective total of 56,385 m, as well as 11 outcrop channels totalling 63 m.

Based on publicly available defined mineral resource estimates completed in accordance with National Instrument 43-101, Joint Ore Reserves Committee or equivalent regulatory body, the maiden MRE for the CV5 spodumene pegmatite firmly establishes it as the largest lithium pegmatite resource in the Americas. Further, using the same source information and metrics, CV5 ranks as a top-10 lithium pegmatite resource in the world, capturing the eighth position. These metrics and context firmly establish CV5 as a Tier 1, world-class lithium pegmatite with only its first mineral resource estimate.

Several of these peer mineral resource estimates include multiple individual deposits located distal to each other although still in relative proximity to allow for joint infrastructure development (for example, Grota do Cirilo consists of five individual pegmatite deposits, Xuxa, Barreiro, Murial, Lavra do Meio and NDC; by comparison, the CV5 mineral resource consists of five immediately adjacent pegmatite dikes, of which a single, principal pegmatite dike consists of approximately 93 per cent (that is, 101.8 Mt) of the total inferred resource tonnage reported herein; in other words, the CV5 MRE consists predominantly within a single, large spodumene pegmatite body). Further, this maiden MRE includes only the CV5 spodumene pegmatite, and therefore does not include any of the other known spodumene pegmatite clusters on the property CV4, CV8, CV9, CV10, CV12 and CV13. Several of these clusters CV4, CV8, CV12 and CV13 are located within approximately seven km of the CV5 spodumene pegmatite and are therefore expected to share infrastructure in the event of development.

The sensitivity analysis for the CV5 MRE is presented herein. At a lower cut-off grade of 0.10 per cent Li2O, the deposit hosts 123.4 Mt at 1.28 per cent Li2O inferred, and illustrates continued strong grade at higher tonnages. Alternatively, at a high cut-off grade of 1.40 per cent Li2O, the deposit hosts 46.3 Mt at 2.03 per cent Li2O inferred, and illustrates a considerable tonnage at very high grade. The majority of this high-grade component at CV5 is located within the previously recognized Nova zone, which has been traced over a strike length of approximately 1.1 km from drill holes CV23-132 to 108 and includes multiple drill intersections of two to 25 m (core length) at greater than 5 per cent Li2O. These end members in cut-off grade effectively demonstrate, at the inferred level of classification, an overall very large tonnage pegmatite at strong grade (at low cut-off), with a significant tonnage component at very high grade (at high cut-off). Both of these extremes compare favourably with the current resource estimates of its global peers.

The corresponding tonnage and lithium grade at various cut-off grades for the CV5 MRE are outlined herein. In addition to evaluating sensitivities to cut-off grades, this can help relate the tonnage and grades at CV5 more directly to those calculated for peer deposits, which may have applied different cut-off grades to their resources.

The geological model is supported by drill holes through the end of the 2023 winter program (hole CV23-190).

The CV5 spodumene pegmatite has been geological modelled, based on drill hole data, to extend over a strike length of approximately 3.7 km. However, the CV5 spodumene pegmatite mineral resource estimate block model only extends over a distance of approximately 3.4 km. This is because the block model presented includes only those blocks which have satisfied specific criteria to allow a lithium grade to be classified as inferred and constrained by a conceptual open pit. Collectively, the blocks within the pit, which have a lithium value assigned, constitute the final block model of the mineral resource estimate. Geologically modelled pegmatite where blocks do not populate has not reached the threshold confidence for the inferred mineral resource category based on the classification criteria applied nor the open-pit constraint applied. Therefore, in these areas (for example, far east), there is sufficient geological confidence from the drill data to conclude mineralized pegmatite is present; however, additional drilling is required to elevate this confidence to the threshold, allowing for an inferred classification of grade and tonnage to be assigned, and for these blocks to fall within a benchmarked pit constraint.

In addition to the lithium as the primary commodity of interest, the CV5 pegmatite also contains a significant amount of tantalum as a potentially recoverable byproduct: 109.2 Mt at 1.42 per cent Li2O and 160 ppm Ta2O5, inferred. Preliminary mineralogy suggests that tantalite is the tantalum-bearing mineral at CV5, which may potentially be recoverable from the tailings of the primary lithium recovery process (that is, potential valorization of waste streams).

Tantalum is currently listed as a critical and strategic mineral by the Province of Quebec (Canada), Canada, European Union and the United States, as it is required for a range of high-technology devices and essential niche applications, including in capacitors as it has the highest capacitance of any metal. According to the U.S. Geological Survey, no tantalum is currently produced in North America or Europe.

The company intends to continue delineating the CV5 spodumene pegmatite, as well as testing for extensions along strike, updip and downdip, where it remains open. The deposit has currently been delineated to within approximately 1.5 km of the CV4 spodumene pegmatite cluster to the east and to within approximately 3.8 km of the CV13 spodumene pegmatite cluster to the west. Based on drilling to date, geological mapping and interpretation of geophysical data sets, there is a reasonable potential for these lithium pegmatite clusters to connect subsurface, with the various pegmatite outcrops that define each cluster representing expressions of the mineralized system at surface.

Geology and geological interpretation

The property overlies a large portion of the Lac Guyer greenstone belt, considered part of the larger La Grande River greenstone belt, and is dominated by volcanic rocks metamorphosed to amphibolite facies. The claim block is dominantly host to rocks of the Guyer group (amphibolite, iron formation, intermediate to mafic volcanics, peridotite, pyroxenite and komatiite, as well as felsic volcanics). The amphibolite rocks that trend east-west (generally steeply south dipping) through this region are bordered to the north by the Magin formation (conglomerate and wacke) and to the south by an assemblage of tonalite, granodiorite and diorite in addition to metasediments of the Marbot group (conglomerate and wacke). The lithium pegmatites on the property, including at CV5, are hosted predominantly within amphibolites, metasediments and lesser ultramafics.

Exploration of the property has outlined three primary mineral exploration trends, crossing dominantly east-west over large portions of the property: Golden trend (gold), Maven trend (copper, gold and silver) and CV trend (lithium-cesium-tantalum pegmatite). The Golden trend is focused over the northern areas of the property, the Maven trend in the southern areas and the CV trend sandwiched between. Historically, the Golden trend has received the exploration focus followed by the Maven trend. However, the identification of the CV trend and the numerous lithium-tantalum pegmatites discovered to date represent a previously unknown lithium pegmatite district that was first identified in 2016/2017 by Dahrouge Geological Consulting Ltd. and the company. The company's vice-president of exploration, Darren L. Smith, MSc, PGeo, was a member of the initial team that identified the potential at Corvette, later joining the company's advisory board in 2018 and as vice-president of exploration in 2019. Mr. Smith has managed the exploration of the Corvette property since the initial work programs, including drilling of the lithium pegmatites.

To date, the lithium-cesium-tantalum (LCT) pegmatites at Corvette have been observed to occur within a corridor of approximately one km in width that extends in a general east-west direction across the property for at least 25 km -- the CV lithium trend -- with more than 20 km of trend yet to be evaluated for lithium. The core area includes an approximately 3.7-kilometre-long spodumene pegmatite (the CV5 spodumene pegmatite, also previously referred to as the CV5 pegmatite cluster), as defined by drilling. To date, seven distinct lithium pegmatite clusters have been discovered along this trend at the Corvette property: CV4, CV5, CV8, CV9, CV10, CV12 and CV13. Each of these clusters includes multiple lithium pegmatite outcrops in close proximity, oriented along the same local trend, and have been grouped to simplify exploration approach and discussion. The maiden mineral resource estimate reported herein is limited to only the CV5 spodumene pegmatite.

To date, at the CV5 spodumene pegmatite, multiple individual spodumene pegmatite dikes have been geologically modelled. However, approximately 93 per cent of the mineral resource is hosted within a single, large, principal spodumene pegmatite dike, which is flanked on both sides by multiple, subordinate, subparallel trending dikes. The principal dike is modelled to extend continuously over a lateral distance of at least 3.7 km, and remains open along strike at both ends and to depth along a large portion of its length. The width of the currently known mineralized corridor at CV5 is approximately 500 m, with spodumene pegmatite intersected as deep as approximately 430 m in CV23-156 (vertical depth from surface). The pegmatite dikes at CV5 trend south-southwest and therefore dip northerly, which is different from the host amphibolites, metasediments and ultramafics, which dip moderately in a southerly direction.

The principal spodumene pegmatite dike at CV5 ranges from approximately eight m to approximately 130 m in true width, and may pinch and swell aggressively along strike, as well as up and downdip. It is primarily the thickest at near-surface to moderate depths (less than 225 m), forming a relatively bulbous, elongated shape, which may flair to surface and to depth variably along its length. As drilling has focused over the principal dike, the immediate CV5 corridor has not been adequately drill tested, and it is interpreted that additional subordinate pegmatite lenses are situated proximal. The pegmatites that define CV5 are relatively undeformed and very competent, although they likely have some meaningful structural control.

At the property, including CV5, lithium mineralization is observed to occur within Li-Cs-Ta pegmatites, which may be exposed at surface as isolated high-relief, whaleback landforms (that is, outcrops). Given the proximity of some lithium pegmatite outcrops to each other at the various clusters, as well as the shallow till cover, it is probable that some of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite outcrop subsurface. Further, the high number of well-mineralized pegmatites along the trend at these clusters indicates a strong potential for a series of relatively closely spaced/stacked, subparallel and sizable spodumene-bearing pegmatite bodies, with significant lateral and depth extent, to be present.

The pegmatites at Corvette, including CV5, are very coarse-grained and off-white in appearance, with darker sections commonly composed of mica and smoky quartz, and occasionally tourmaline. Spodumene is the dominant lithium-bearing mineral identified at all the lithium occurrences documented to date. It occurs as typically centimetre- to decimetre-scale crystals that may exceed 1.5 m in length and ranges in colour from cream white to light grey to light green. Minor localized lepidolite has been observed in core and in a small number of lithium pegmatite outcrops. The CV5 spodumene pegmatite displays internal fractionation along strike and up/downdip, which is evidence by variation in mineral abundance, including spodumene and tantalite. This is highlighted by the high-grade Nova zone, which has been traced over a strike length of at least 1.1 km -- from drill holes CV23-132 to 108 -- and includes multiple drill intersections ranging from two to 25 m (core length) at greater than 5 per cent Li2O.

The CV5 spodumene pegmatite has currently been delineated to within approximately 1.5 km of the CV4 spodumene pegmatite cluster to the east and to within approximately 3.8 km of the CV13 spodumene pegmatite cluster to the west. Based on drilling to date, geological mapping and interpretation of geophysical data sets, there is a reasonable potential for some of these lithium pegmatite clusters to connect subsurface (below the glacial till) with the various pegmatite outcrops that define each cluster representing expressions of the mineralized system at surface.

Drilling techniques and classification criteria

The mineral resource estimate for the CV5 spodumene pegmatite is supported by 163 diamond drill holes of NQ (predominant) or HQ size, totalling a collective 56,385 m, and 11 outcrop channels, totalling 63 m. The drilling includes programs in 2021, in 2022 and through the end of the 2023 winter program (hole CV23-190). The 2021 and 2022 programs utilized exclusively helicopter-transportable drill rigs, with the winter 2023 program utilizing a combination of helicopter transportable and skid mounted due to the construction of a temporary winter road for that program.

Each drill hole collar was surveyed with an RTK tool (Topcon GR5 or Trimble Zephyr 3), except for one which was surveyed using a hand-held GPS (Garmin GPSMAP 64s) only. Downhole deviation surveys for each drill hole were completed with a Devico DeviGyro tool (2021 holes) or Reflex Gyro Sprint IQ tool (2022 and 2023 holes). Survey shots were continuous at approximate three- to five-metre intervals. The use of the gyro tool system negated potential deflection issues arising from minor but common pyrrhotite within the host amphibolite. All collar and downhole deviation data have been validated by the project geologists on site and by the database lead.

Drill core has not been oriented; however, downhole optical and acoustic televiewer surveys have been completed on multiple holes to assess overall structure. These data guided the current geological model supporting this maiden mineral resource estimate.

Drilling has been completed predominantly along a grid pattern at typically 100-metre spacing; however, it tightens to approximately 50 m in some places (typically over the high-grade Nova zone) and widens to approximately 150 m in a small number of places. Subsurface pegmatite piece points generally reflect the collar spacing; however, they are subject to typical downhole deviation. The initial drill holes targeting CV5, completed in 2021, assumed a southerly dip to the pegmatite, and therefore, three of four holes were oriented northerly. However, most holes completed to date are oriented southerly (typically 158 degrees) to crosscut perpendicular the steeply, northerly dipping pegmatite. Drill hole spacing and orientation are sufficient to support the geological model and resource classification applied herein.

All drill holes were completed by Fusion Forage Drilling Ltd. of Hawkesbury, Ont. Procedures at the drill followed industry best practices with drill core placed in either four- or five-foot-long flat, square-bottom wooden boxes (except for hole CV22-083, which used half-moon-shaped wooden boxes), with the appropriate hole and box ID noted and block depth markers placed in the box. Core recovery typically exceeds 90 per cent. Once full, the boxes were fibre taped shut with wooden lids at the drill and box slung north by helicopter to a laydown area on the Trans-Taiga Road (KM270 or KM277), where they were then transported by truck to Mirage Lodge for processing.

Channel sampling followed industry best practices with a three- to five-centimetre-wide, saw-cut channel completed across the pegmatite outcrop as practical, perpendicular to the interpreted pegmatite strike. Samples were collected at approximately one-metre contiguous intervals with the channel bearing noted, and GPS co-ordinate collected at the start and end points of the channel. Channel samples were transported along the same route as drill core for processing at Mirage Lodge.

Sampling and subsampling techniques

Core sampling protocols met industry standard practices. Upon receipt at the core shack at Mirage Lodge, all drill core is pieced together, oriented to maximum foliation, metre marked, geotechnically logged (TCR, RQD, ISRM and Q-method (since midwinter 2023)), alteration logged, geologically logged (rock type) and sample logged on an individual sample basis. Wet and dry core box photos are also collected of all core drilled regardless of perceived mineralization. Specific gravity measurements of entire pegmatite samples were collected at systematic intervals (approximately one SG measurement every four or five m) using the water immersion method.

Core sampling was guided by rock type as determined during geological logging (that is, by a geologist). All pegmatite intervals were sampled in their entirety, regardless of whether spodumene mineralization was noted or not (to ensure an unbiased sampling approach) in addition to approximately one to three m of sampling into the adjacent host rock (dependent on pegmatite interval length) to bookend the sampled pegmatite. The minimum individual sample length is typically 0.3 to 0.5 m, and the maximum sample length is typically 2.0 m. Targeted individual pegmatite sample lengths are 1.0 m. All drill core was saw-cut, using an Almonte automatic core saw in 2022 and 2023, with one half-core collected for assay and the other half-core remaining in the box for reference.

Channels were geologically logged upon collection on an individual sample basis; however, they were not geotechnically logged. Channel recovery was effectively 100 per cent.

The logging of drill core and channels was qualitative by nature and included estimates of spodumene grain size, inclusions and model mineral estimates. These logging practices meet or exceed current industry standard practices and are of appropriate detail to support a mineral resource estimation and disclosure herein.

All core samples were bagged and sealed individually, and then placed in large supersacs for added security, palleted, and shipped by third party transport, or directly by representatives of the company, to the designated sample preparation laboratory (Activation Laboratories Ltd. in Ancaster, Ont., in 2021, SGS Canada Inc. in Lakefield, Ont., in 2022 and 2023, and SGS Canada in Val d'Or, Que., in 2023) being tracked during shipment along with chain of custody documentation. Upon arrival at the laboratory, the samples were cross-referenced with the shipping manifest to confirm all samples were accounted for and had not been tampered with.

Sample analysis method

Core samples collected from 2021 drill holes were shipped to Activation Laboratories in Ancaster, Ont., for standard sample preparation (code RX1), which included crushing to 80 per cent passing 10 mesh, followed by a 250-gram riffle split and pulverizing to 95 per cent passing 105 microns. All 2021 core sample pulps were analyzed, at the same lab, for multielement (including lithium) by four-acid digestion with ICP-OES finish (package 1F2) and tantalum by INAA (code 5B), with any samples returning greater than 8,000 parts per million lithium by 1F2 reanalyzed for lithium by code 8-4 acid ICP assay. Activation Laboratories is a commercial lab with the relevant accreditations (ISO 17025) and is independent of the company.

Core samples collected from 2022 and 2023 drill holes CV22-015 through CV23-107 were shipped to SGS Canada's laboratory in either Lakefield, Ont. (vast majority), Sudbury, Ont. (CV22-028, 029 and 030), or Burnaby, B.C. (CV22-031, 032, 033 and 034), for standard sample preparation (code PRP89), which included drying at 105 C, crush to 75 per cent passing two millimetres, riffle split 250 grams and pulverize 85 per cent passing 75 microns. Core samples collected from 2023 drill holes CV23-108 through 190 were shipped to SGS Canada's laboratory in Val d'Or, Que., for standard sample preparation (code PRP89). All 2022 and 2023 core sample pulps were shipped by air to SGS Canada's laboratory in Burnaby, B.C., where the samples were homogenized and subsequently analyzed for multielement (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE-ICP91A50 and GE-IMS91A50). SGS Canada is a commercial lab with the relevant accreditations (ISO 17025) and is independent of the company.

A quality assurance/quality control (QAQC) protocol following industry best practices was incorporated into the drill programs and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates, at a rate of approximately 5 per cent each. Additionally, analysis of pulp-split and coarse-split sample duplicates was completed to assess analytical precision at different stages of the laboratory preparation process, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation at a secondary lab (SGS Canada in 2021, and ALS Canada in 2022 and 2023).

All channel samples collected were shipped to SGS Canada's laboratory in Lakefield, Ont., for standard preparation. Pulps were analyzed at SGS Canada's laboratory in either Lakefield, Ont. (2017), or Burnaby, B.C. (2022), for multielement (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish. A QAQC protocol following industry best practices was incorporated into the channel programs and included systematic insertion of quartz blanks and certified reference materials into sample batches.

Criteria used for classification

The Corvette resource classification has been completed in accordance with the Joint Ore Reserves Committee 2012 reporting guidelines. All reported mineral resources have reasonable prospects for eventual economic extraction.

Blocks were considered as inferred when the drill spacing was 140 m or lower and meeting the minimum estimation criteria limits. There is no indicated or measured classified blocks. Smaller pegmatite dikes with lower level of information/confidence were also not classified.

Classification volumes are created around contiguous blocks at the stated spacing criteria with consideration for the selected mining method. The mineral resource estimates appropriately reflect the view of the competent person.

Estimation methodology

Compositing was done every 1.0 m. Unsampled intervals were assigned a grade of 0.0005 per cent Li and 0.25 ppm Ta. Capping was done after compositing. Based on the statistical analysis, capping varies by lithological domain. For the spodumene-rich domain within the CV5 principal pegmatite, no capping was required for Li2O, but Ta2O5 was capped at 1,500 ppm. For the feldspar-rich domain within the CV5 principal pegmatite, a capping of 2 per cent Li2O and 1,500 ppm Ta2O5 was applied. For the parallel dikes, a capping of 4 per cent Li2O and 1,000 ppm Ta2O5 was applied.

Variography was done both in Leapfrog Edge and Supervisor. For Li2O, a well-structured variogram model was obtained for the CV5 principal pegmatite's spodumene-rich domain. For the CV5 principal pegmatite, both domains (spodumene-rich and feldspar-rich domains) were estimated using ordinary kriging (OK), using Leapfrog Edge and validated using Datamine Studio RM.

For Ta2O5, the spodumene-rich domain and the feldspar-rich domain within CV5 principal pegmatite did not yield well-structured variograms. Therefore, Ta2O5 was estimated using inverse distance square (ID2).

The remaining pegmatite dikes (seven) domains did not yield well-structured variograms for either Li2O and Ta2O5, and therefore were estimated using inverse distance square (ID2), also using Leapfrog Edge.

Three oriented search ellipsoids were used to select data and interpolate Li2O and Ta2O5 grades in successively less restrictive passes. The ellipse sizes and anisotropies were based on the variography, drill hole spacing and pegmatite geometry. The ellipsoids were 67.5 m by 45 m by 7.5 m, 135 m by 90 m by 15 m and 180 m by 120 m by 20 m. A minimum of five composites and a maximum of 12 composites were selected during interpolation with a minimum of two holes needed to interpolate during the first two passes. For the third pass, a minimum of three composites with a maximum of 15 without a minimum per hole was used. Variable search ellipse orientations (dynamic anisotropy) were used to interpolate for the seven parallel dikes. Spatial anisotropy of the dikes is respected during estimation using Leapfrog Edge's variable orientation tool. The search ellipse follows the trend of the central reference plane of each dike.

Parent cells of 10 m by five m by five m, subblocked four times in each direction (for minimum subcells of 2.5 m in x, 1.25 m in y and 1.25 m in z), were used. Subblocks are triggered by the geological model. Li2O and Ta2O5 grades are estimated on the parent cells and automatically populated to subblocks.

The block model is rotated around the Z axis (Leapfrog 340 degrees).

Iron grades were assigned to the block model based on the median value of individual lithologies.

Hard boundaries between all the pegmatite domains were used for all Li2O and Ta2O5 estimates.

The mineral resource estimate includes blocks within the pit shell above the cut-off grade of 0.40 per cent Li2O.

Validation of the block model was performed using swath plots in each of the three axes, nearest-neighbour grade estimates, global means comparisons, and visual inspection in 3-D and along plan views and cross-sections.

Cut-off grade and basis for selection

The cut-off grade (COG) adopted for the mineral resource estimate is 0.40 per cent Li2O. It has been determined based on operational cost estimates, primarily through benchmarking, for mining (open-pit methods), tailings management, general and administrative, and concentrate transport costs from the mine site to Becancour, Que., as the base case. Process recovery assumed a dense media separation (DMS) only operation at 70-per-cent overall recovery into a 5.5-per-cent-lithium-oxide spodumene concentrate. A spodumene concentrate price of $1,500 (U.S.) was assumed with a U.S.-dollar/Canadian-dollar exchange rate of 0.76. A royalty of 2 per cent was applied.

Mining and metallurgical methods and other modifying factors considered

Mineral resources that are not mineral reserves do not have demonstrated economic viability. This estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, economic or other relevant issues.

The extraction scenario constraint retained for the maiden mineral resource estimate at the CV5 spodumene pegmatite is open pit. Only material included in the pit shell is included in the mineral resource statement. A pit slope of 45 degrees was assumed, resulting in a strip ratio of six (waste to minable resource).

The metallurgical assumptions are supported by metallurgical test programs completed by SGS Canada at its Lakefield, Ont., facility. The testwork included heavy liquid separation (HLS) and magnetics, which have produced 6-plus per cent Li2O spodumene concentrates at greater-than-70-per-cent recovery. A subsequent dense media separation test on CV5 spodumene pegmatite material returned a spodumene concentrate grading 5.8 per cent Li2O at 79-per-cent recovery, strongly indicating potential for a DMS only operation to be applicable. For the mineral resource pit shell, an overall recovery of 70 per cent to produce a 5.5-per-cent-lithium-oxide spodumene concentrate was used.

Various mandates required for advancing the project toward economic studies have been initiated, including, but not limited to, environmental baseline, metallurgy, geomechanics, hydrogeology, hydrology, stakeholder engagement and geochemical characterization, as well as concentrate transport and logistical studies.

Qualified/competent person

The information in this news release that relates to the mineral resource estimate for the CV5 spodumene pegmatite, as well as other relevant technical information for the Corvette property, is based on, and fairly represents, information compiled by Todd McCracken, PGeo, who is a qualified person as defined by National Instrument 43-101 and a member in good standing with the Ordre des Geologues du Quebec and with the Professional Geoscientists of Ontario. Mr. McCracken has reviewed and approved the technical information in this news release.

Mr. McCracken is director, mining and geology, Central Canada, of BBA Inc. and is independent of the company. Mr. McCracken does not hold any securities in the company.

Mr. McCracken has sufficient experience which is relevant to the style of mineralization, type of deposit under consideration and to the activities being undertaken to qualify as a competent person as described by the Joint Ore Reserves Committee Code, 2012. Mr. McCracken consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears.

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, and proximal to regional road and power line infrastructure. The Corvette property hosts the CV5 spodumene pegmatite with a maiden inferred mineral resource estimate of 109.2 Mt at 1.42 per cent Li2O and 160 ppm Ta2O5 (at a cut-off of 0.40 per cent Li2O), ranks as the largest lithium pegmatite resource in the Americas, and is the eighth-largest lithium pegmatite resource in the world. Additionally, the Corvette property hosts multiple other spodumene pegmatite clusters that remain to be drill tested, as well as more than 20 km of prospective trend that remains to be assessed.

Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The effective date of the mineral resource estimate is June 25, 2023 (through drill hole CV23-190).

We seek Safe Harbor.