Mr. Blair Way reports

PATRIOT MAKES NEW DISCOVERY AT THE CORVETTE PROPERTY AS IT INTERCEPTS 100 M OF SPODUMENE-BEARING PEGMATITE AT CV9, QUEBEC, CANADA

Patriot Battery Metals Inc. has released preliminary results of its inaugural drill program at the CV9 spodumene pegmatite at its wholly owned Corvette property, located in the Eeyou Istchee James Bay region of Quebec. The CV9 spodumene pegmatite is located approximately 14 kilometres west of the CV5 spodumene pegmatite (109.2 million tonnes at 1.42 per cent Li2O inferred (1)), 9.5 km west-northwest of the CV13 spodumene pegmatite, and 11 km south of the Trans-Taiga Road and power line infrastructure.

A total of 18 holes, for approximately 4,000 m of NQ coring, were completed this summer-fall in the inaugural drill program at the CV9 spodumene pegmatite. The company is pleased to report that wide intervals of pegmatite, dominantly spodumene bearing, have been returned from multiple drill holes at CV9, including:

• 100 metres in drill hole CV23-345 (includes approximately one m of non-pegmatite dilution);
• 76 m in drill hole CV23-315;
• 70 m and 27 m in drill hole CV23-333;
• 37 m in drill hole CV23-326;
• 23 m in drill hole CV23-304.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The pegmatite drill logs for all 18 holes will be formally and fully logged over the next two weeks, and core sample assays for the entire pegmatite interval are anticipated to be received from the lab and reported by the company in late first quarter 2024.

Although the company does not comment on the grade of the pegmatite intervals reported, several drill holes are noted as having pegmatite intervals that are spodumene bearing based on preliminary geological logging. Readers are cautioned that the potential content and quantities of spodumene are conceptual in nature, there has been insufficient exploration by the company or its qualified person at the property to define a mineral resource, and it is uncertain whether further exploration will result in these targets being delineated as a mineral resource. Spodumene-bearing pegmatite refers to the visually identified presence of the mineral spodumene at a minimum trace level (that is, 0.1 to 5 per cent), within the respective interval, which occurs as discrete mineral crystals of varying size, abundance and orientation hosted within a quartz-feldspar pegmatite with accessory muscovite and occasional tourmaline. For the relevant drill holes, the abundance of spodumene may vary widely over the interval and, where present, has been preliminarily logged at a trace level or higher. However, the company notes these are preliminary logs, which are primarily used for an initial assessment of the drill hole to guide the immediate future drill targeting. Preliminary estimates of spodumene content may change on final logging; however, the determination as to the presence of spodumene within an interval is unlikely to change. The company makes no assertions as to spodumene contents beyond spodumene being identified as present within the interval (that is, greater than 0.1 to 5 per cent) and therefore should not be relied upon as an indication of grade. The presence of spodumene is a determining factor in indicating if the pegmatite is spodumene bearing, and, in turn, its presence is a positive indicator of potential for the CV9 pegmatite target.

Preliminary logs for all pegmatite drill intercepts greater than two m and drill hole attributes are presented herein. Drill core from holes completed at the CV9 pegmatite is currently being processed at site, and no core sample assays have been received yet.

A primary objective of the inaugural drill program at CV9 was to determine the geometry and orientation of the pegmatite system. Therefore, drill holes were completed at a variety of orientations from multiple collar locations with results consistently improving over the course of the program as understanding of the pegmatite geometry improved. The last eight holes all returned continuous core-length pegmatite intercepts greater than 10 m, including three intersections of 60-plus m.

The CV9 pegmatite is currently interpreted to be a single principal dike, which outcrops at surface, has a steep northerly dip and is moderately plunging to the east-southeast. A strike length of approximately 450 m has been defined to date by drilling and outcrop, which remain open. The width of the dike is variable; however, preliminary geological modelling indicates the CV9 pegmatite significantly thickens to at least 80-metre width at one location and remains open in multiple directions. The thickening is delineated by three wide variably mineralized spodumene-bearing pegmatite intersections at different orientations, 70 m (CV23-333), 76 m (CV23-315) and 100 m (CV23-345), all core length. The magnitude of this variably mineralized pegmatite blowout is significant, sharing similarities to those present at the CV5 pegmatite in terms of depth and scale. This is a very positive observation for this early phase of drill exploration at the CV9 pegmatite and suggests a strong potential for significant scale to be present.

The company will refine the geological model for CV9 upon the receipt of assays, and a follow-up drill program will be developed to expand upon the success discussed herein.

The 2023 summer-fall program included the inaugural drill testing of the CV9 spodumene pegmatite, in addition to the continued drill delineation of the CV5 and CV13 spodumene pegmatites. Core sample assays remain to be announced for more than 140 drill holes completed over the program, including all 18 holes completed at CV9. Assays for CV9 drill core samples are not expected to be received (and reported) until first quarter 2024.

Core processing is continuing at site with drilling temporarily paused for the onset of winter. Drilling will resume in early January with a ramp-up to 10 drill rigs. Core samples from a large number of drill holes have arrived at the laboratory with processing under way, and shipments are back to their regular weekly schedule. Results are anticipated to be reported in batches per pegmatite (CV5, CV13 and CV9) as received.

(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.

Although the company does not comment on the grade of the pegmatite intervals reported, several are noted as spodumene bearing based on preliminary geological logging. Spodumene-bearing pegmatite refers to the visually identified presence of the mineral spodumene, within the respective interval, as discrete mineral crystals of varying size and orientation hosted within a quartz-feldspar pegmatite. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

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 indicate 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 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 kilometres 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 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.

We seek Safe Harbor.