Mr. Blair Way reports

PATRIOT BATTERY METALS ANNOUNCES AMENDMENTS TO SHAREHOLDER MEETING MATTERS

Patriot Battery Metals Inc. has amended a matter which is to be voted upon at its annual general and special shareholder meeting scheduled to be held on Tuesday, Sept. 19, 2023.

In its information circular dated Aug. 11, 2023, sent to shareholders of Patriot Battery in connection with the meeting, the company proposed to put to such shareholders a resolution approving the company's amended omnibus equity incentive plan, as more particularly set out in the circular.

Following distribution of the circular and discussions with various stakeholders, the company now believes it would be preferable to remove the proposed provision in the plan providing that certain awards to restricted participants under the plan be settled in shares purchased on the market, initially implemented to accommodate Australian Securities Exchange requirements, which were not applicable to the company prior to its ASX listing in late 2022. With this deletion, the plan for which annual renewal approval is sought, as required by the rules of the TSX Venture Exchange, will be substantially similar to the plan approved at the last annual general meeting of shareholders held on March 3, 2023, with certain changes which are largely administrative in nature.

At the meeting, the company intends to propose to shareholders, for their consideration and approval, a version of the resolution contained in the circular, amended as follows:

• 1. The amended omnibus equity incentive plan, as further amended in the manner described in the press release of the company dated Sept. 13, 2023, such further amended amended omnibus plan as filed on SEDAR+ on or about Sept. 13, 2023, and the reservation for issuance thereunder of a maximum aggregate number of common shares of the company equal to 10 per cent of the company's issued and outstanding shares from time to time, is hereby confirmed, ratified and approved as the omnibus equity plan of the company, and the company has the ability to grant options and other awards under the amended omnibus plan.

Other than the deletion of the provisions related to restricted participants contained in article 9 of the originally proposed amended plan, and consequential amendments resulting from the deletion of such article 9, all other changes described in the circular relating to the plan remain unchanged.

As a result of the deletion of article 9 and its associated provisions, Patriot Battery will not be able to grant awards to restricted participants under the plan to be settled in shares purchased on the market. Consequently, Patriot Battery will not be able to rely on the exception in ASX listing Rule 10.16(b) to the general rule in ASX listing Rule 10.14 requiring shareholder approval for the issue of securities to directors (or their associates) under an employee incentive scheme.

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 million tonnes at 1.42 per cent Li2O and 160 parts per million Ta2O5 (at a cut-off of 0.40 per cent 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 kilometres of prospective trend that remain to be assessed.

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