Mr. Blair Way reports

PATRIOT BATTERY METALS ANNOUNCES CLOSING OF A C$109 MILLION STRATEGIC INVESTMENT WITH ALBEMARLE CORPORATION

Patriot Battery Metals Inc. has closed its previously announced private placement of approximately $109-million in Patriot by Albemarle Corp.

Following closing of the Strategic Investment, Albemarle now owns approximately 4.9% of Patriot's issued and outstanding Common Shares on a fully-diluted in-the-money basis, or 6.4% on a non-diluted, issued and outstanding basis. The Common Shares subscribed by Albemarle are subject to a restriction on resale of four months and one day from the date hereof.

The proceeds from the Strategic Investment will be used to accelerate the development activities at the Company's Corvette Lithium Project (the "Property") and for general corporate purposes.

In connection with the Strategic Investment, Patriot and Albemarle have also entered into (i) an investor rights agreement (the "Investor Rights Agreement") for a twelve-month term whereby, subject to certain conditions, Albemarle will have the right to receive notices regarding participation in future equity capital raises to maintain its ownership level, and (ii) a non-binding memorandum of understanding (the "MOU") to assess partnership opportunities to study the viability of a downstream lithium hydroxide plant integrated with the Property and located in Canada or the United States, including options in the Province of Quebec.

For additional details regarding the terms and details of the Strategic Investment, including the Investor Rights Agreement and the MOU, please refer to the Company's press release dated July 31, 2023. The full text of the Investor Rights Agreement will be made available under the Company's profile at www.sedarplus.ca and www.asx.com.au following the date hereof.

About Patriot Battery Metals Inc.

Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100% owned Corvette Property located in the Eeyou Istchee James Bay region of Quebec, Canada, and proximal to regional road and powerline infrastructure. The Corvette Property hosts the CV5 Spodumene Pegmatite with a maiden inferred mineral resource estimate of 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 (at a cut-off of 0.40% Li2O), and ranks as the largest lithium pegmatite resource in the Americas, and one of the top 10 largest lithium pegmatite resources 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 remain to be assessed.

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