Mr. Blair Way reports

PATRIOT DISCOVERS NEW HIGH-GRADE ZONE AT THE CV13 SPODUMENE PEGMATITE, CORVETTE PROPERTY, QUEBEC, CANADA

Patriot Battery Metals Inc. has released core assays for the first series of drill holes completed at the CV13 spodumene pegmatite as part of the continuing 2023 summer-fall drill program being completed at its wholly owned Corvette property, located in the Eeyou Istchee James Bay region of Quebec. At the property, the CV13 spodumene pegmatite is located approximately 3.15 kilometres along strike to the southwest of the CV5 spodumene pegmatite. The CV5 spodumene pegmatite, with a maiden mineral resource estimate of 109.2 million tonnes at 1.42 per cent lithium oxide inferred (1), is situated approximately 13.5 kilometres south of the regional and all-weather Trans-Taiga Road and power line infrastructure.

Core assay results from the first series of drill holes completed this year at the CV13 spodumene pegmatite have returned the highest-grade assays reported to date. Specifically, these drill holes have identified a newly discovered high-grade lithium zone: 12.7 metres at 2.46 per cent Li2O, including 7.6 m at 3.82 per cent Li2O (CV23-191), 8.0 m at 2.86 per cent Li2O, including 4.3 m at 5.03 per cent Li2O (CV23-195), 10.2 m at 2.70 per cent Li2O, including 5.8 m at 4.48 per cent Li2O (CV23-198), and 10.7 m at 2.79 per cent Li2O, including 7.3 m at 3.94 per cent Li2O (CV23-200). Additionally, drill hole CV23-195 returned two samples assaying greater than 6 per cent Li2O, including 1.2 m at 6.41 per cent Li2O.

The new high-grade zone at CV13 is located near surface (approximately 40- to 50-metre vertical depth), and remains open in multiple directions with a current strike length of approximately 170 m. Additionally, in an adjacent drill hole (CV23-271), situated approximately 60 m to the west, an approximate 1.3-metre-long, inclusion-free and cream-white spodumene crystal was intersected -- assays pending -- and may represent an extension of this high-grade zone. Such high grades of lithium are not typical in lithium-cesium-tantalum pegmatite systems, and this, coupled with the very large sizes of spodumene crystals, highlights the unique and world-class nature of the LCT pegmatite system at Corvette.

The discovery of a new and near-surface high-grade zone at CV13 provides multiple opportunities, that the company will investigate, for defining an initial production location (or locations) (that is, mining starter pit) that is complementary to the CV5 mineral resource. With significant mineralization delineated farther west at CV5 and at CV13, lake development at CV5 could come later in the mine schedule.

The principal spodumene pegmatite dike at CV13 is geologically modelled to be shallowly dipping to the north, covering an extensive area, and remains open along strike at both ends and to depth. The mineralized trend at CV13 extends for approximately 2.3 km as defined by outcrop and drilling through 2022. The drill holes completed in 2023 along this trend have confirmed a continuous, variably mineralized spodumene pegmatite extending along at least 1.1 km of this trend and remain open.

Pegmatite intersections of the upper dike are up to 26 m (core length) over the 37 drill holes (approximately 7,300 m) completed in 2023 through Oct. 9. A lower pegmatite dike, which also has a shallow and northerly dip, has been tested in multiple drill holes in 2023; however, it remains of secondary focus at this time due to more variability in thickness and mineralization.

The very high grades of lithium in drill core returned from CV13 to date, coupled with the large spodumene crystals, as well as similar textures and gangue mineralogy as CV5, support the interpretation that both CV13 and CV5 share the same plumbing system and may potentially form one continuous pegmatite body subsurface. However, a significant amount of drill testing remains to be completed along this corridor to confirm this interpretation. Through Sept. 18, 2023, drilling had closed the gap between the CV13 and CV5 spodumene pegmatites to approximately 3.15 km.

CV13 metallurgy

A heavy liquid separation (HLS) test program assessed the liberation and recovery characteristics of spodumene at different locations along the collective approximately 2.3-kilometre trend that defines the CV13 pegmatite (see news release dated July 4, 2023). The testwork returned very positive results with lithium recoveries ranging from 67 per cent to 77 per cent at an interpolated spodumene concentrate grade of 6.00 per cent Li2O and less than 0.70 per cent Fe2O3. Recoveries also remained strong on the lower-grade samples, which is a testament to the coarse-grained nature of the spodumene, making it more amenable to liberation. Collectively, the preliminary HLS results strongly indicate that a dense media separation (DMS) only operation at CV13 is applicable.

To date, the metallurgical data collected from CV5 and CV13 are highly encouraging and demonstrate that a DMS only flow sheet is applicable to both pegmatites. Further, the data suggest that both pegmatites could be jointly crushed and feed the same process plant, while maintaining high recoveries into a marketable spodumene concentrate of 5.5 per cent Li2O.

Due to the road closures in western parts of the Eeyou Istchee James Bay extending significantly past the date in which the company was able to recommence drill operations at the property, the delivery of drill core samples to the laboratory was significantly delayed. However, core samples from a large number of drill holes have arrived at the laboratory with processing under way. Results will be reported in batches as received.

(1) The CV5 mineral resource estimate (109.2 Mt at 1.42 per cent Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.40 per cent Li2O with an effective date of June 25, 2023 (through drill hole CV23-190). Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

Quality assurance/quality control (QA/QC)

A quality assurance/quality control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches at a rate of approximately 5 per cent. Additionally, an 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.

All core samples collected were shipped to SGS Canada's laboratory in Val d'Or, Que., for sample preparation (code PRP89 special), which includes drying at 105 C, crush to 90 per cent passing two millimetres, riffle split 250 grams and pulverize 85 per cent passing 75 microns. The 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).

About the CV lithium trend

The CV lithium trend is an emerging spodumene pegmatite district discovered by the company in 2017, and is interpreted to span more than 50 kilometres across the Corvette property. The core area includes the approximate 4.35-kilometre-long CV5 spodumene pegmatite, which hosts a maiden mineral resource estimate of 109.2 Mt at 1.42 per cent Li2O inferred (1).

To date, seven distinct clusters of lithium pegmatite have been discovered across the Corvette property: CV4, CV5, CV8, CV9, CV10, CV12 and CV13. Given the proximity of some pegmatite outcrops to each other, as well as the shallow till cover in the area, 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 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.

Qualified/competent person

The information in this news release that relates to exploration results for the Corvette property is based on, and fairly represents, information compiled by Darren L. Smith, MSc, 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 (geologist permit No. 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member No. 87868). Mr. Smith has reviewed and approved the technical information in this news release.

Mr. Smith is vice-president of exploration for Patriot Battery and holds common shares and options in the company.

Mr. Smith 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 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the Joint Ore Reserves Committee Code). Mr. Smith 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 mineral resource estimate of 109.2 Mt at 1.42 per cent Li2O inferred (1) and ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent 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.

(1) The CV5 mineral resource estimate (109.2 Mt at 1.42 per cent Li2O and 160 parts per million Ta2O5 inferred) is reported at a cut-off grade of 0.40 per cent Li2O with an effective date of June 25, 2023 (through drill hole CV23-190). Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

We seek Safe Harbor.