Mr. Blair Way reports

PATRIOT DRILLS 56.6 M AT 1.37% LI2O IN STEP-OUT HOLE AND COMPLETES FINAL HOLE OF 2023 PROGRAM AT THE CV5 PEGMATITE, QUEBEC, CANADA

Patriot Battery Metals Inc. has released further drill results, as well as completed the final hole of its 2023 drill campaign at the Corvette property, with core processing continuing at site. The Corvette property, wholly owned by the company, is located in the Eeyou Istchee James Bay region of Quebec. The 2023 drill campaign included holes completed at the CV5, CV13 and CV9 pegmatites. 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. The CV13 and CV9 spodumene pegmatites are located approximately three kilometres west-southwest and 14 kilometres west of CV5, respectively.

A total of 266 holes, for approximately 78,100 metres of coring, have been completed over the 2023 drill campaign. Of these, 177 holes, totalling approximately 45,700 m, have been completed during the summer-fall program: 82 holes (approximately 26,600 m) at CV5, 74 holes (approximately 14,900 m) at CV13, 18 holes (approximately 4,050 m) at CV9 and three holes (approximately 150 m) at the KM-270 camp. Collectively, to date, the company has completed over 350 drill holes, totalling approximately 105,500 m, targeting lithium pegmatite across the property.

The company continues to process drill core from the 2023 program on site and is expected to have core samples from the final holes into the lab early in the new year. Going forward, the company will only report pegmatite drill intercepts at the same time as the respective core assays are announced in compliance with applicable Australian Securities Exchange and TSX Venture Exchange rules. The change is intended to allow for reporting of results in the most appropriate manner available between the ASX and TSX regulatory regimes.

Drill core sample assay results for 27 holes are reported herein. Core sample assays for more than 125 holes completed over the summer-fall 2023 drill program remain to be announced.

Blair Way, company president, chief executive officer and director, commented: "It is hard to understate the success of the 2023 drill campaign, including our recently completed summer-fall program. In addition to underpinning a maiden mineral resource estimate midyear, which established CV5 as a world-class deposit and one of the largest lithium pegmatites globally, we have extended the strike length of CV5 to 4.35 km with drill results over additional prospective strike remaining to be reported. Further, drilling this summer-fall at CV13 has confirmed continuous pegmatite of at least 1.1 km in strike length, with drill results for an additional 1.2 km of prospective strike remaining to be reported, and initial drill testing at CV9 has outlined a potentially large and fertile pegmatite over at least 450 m of strike length. The 2023 program has firmly demonstrated the world-class scale of the system at Corvette, and is poised for continued growth over the next few months as additional assays from the program are reported."

CV5 pegmatite

New drill results reported herein continue to demonstrate that the CV5 spodumene pegmatite remains well mineralized over its previously announced western extension (see news release dated Sept. 25, 2023) and outside of the June, 2023, mineral resource estimate block model (see news release dated July 31, 2023). Results are presented herein and include:

• 56.6 metres at 1.37 per cent Li2O and 9.9 m at 3.58 per cent Li2O (CV23-231);
• 50.1 m at 1.17 per cent Li2O, 38.0 m at 1.44 per cent Li2O and 17.2 m at 2.20 per cent Li2O (CV23-223);
• 48.4 m at 1.21 per cent Li2O, including 11.0 m at 3.42 per cent Li2O (CV23-211);
• 29.2 m at 1.35 per cent Li2O, including 8.4 m at 3.50 per cent Li2O (CV23-240);
• 25.6 m at 1.98 per cent Li2O and 33.4 m at 0.80 per cent Li2O (CV23-222).

Very strong grades over material widths are present over the western extension at CV5, including at least four intervals of five-plus m at 3.4-per-cent-plus Li2O (drill holes CV23-208, 211, 231 and 240) in assays reported to date. Further drill delineation of the area is a high priority for the company.

Additionally, infill drilling at CV5 continues to return wide and well-mineralized spodumene pegmatite intercepts. Results announced herein include 67.1 m at 1.56 per cent Li2O, including 13.0 m at 3.44 per cent Li2O (CV23-241), and 63.0 m at 1.13 per cent Li2O (CV23-230).

With the summer-fall 2023 drill program completed, the company has extended the CV5 pegmatite to approximately 4.35-kilometre total strike length that remains open (see news release dated Sept. 25, 2023) with drill results for an additional 0.25 km of prospective strike length remaining to be reported. The CV5 maiden mineral resource estimate (109.2 million tonnes at 1.42 per cent Li2O, inferred (1)) includes only approximately 3.4 km of the current 4.35-kilometre strike length, thereby outlining significant and tangible potential for resource expansion. Already, the maiden mineral resource estimate for CV5 denotes it as the largest lithium pegmatite deposit in the Americas (1) and is well positioned to become an important source of spodumene for the growing battery supply chain of North America.

Collectively, the summer-fall 2023 program has drill tested an additional 900 m of strike length over the CV5 area with results reported for only 650 m of this. This drilling was completed in the west as stepouts toward CV13, closing the gap remaining to be drill tested between the two pegmatites to 2.9 km.

CV13 pegmatite

At the CV13 pegmatite, drill results continue to demonstrate a well-mineralized upper pegmatite dike of comparable widths to those reported in drill hole in 2022. Drill results are presented herein and include:

• 19.2 m at 1.74 per cent Li2O (CV23-215);
• 14.8 m at 1.36 per cent Li2O (CV23-210);
• 11.2 m at 1.02 per cent Li2O (CV23-235);
• 9.7 m at 1.07 per cent Li2O (CV23-213).

The lower pegmatite dike remains more variably mineralized compared with the upper dike with results including 10.0 m at 0.83 per cent Li2O (CV23-218). The company will continue to strategically test the lower pegmatite dike for abrupt thickening (that is, a blowout) coincident with the presence of spodumene mineralization.

At CV13, the summer-fall 2023 drilling has extended the pegmatite to approximately 1.1 km in strike length and remains open (see news release dated Oct. 19, 2023) with drill results for an additional approximately 1.2 km of prospective strike length remaining to be reported. The CV13 pegmatite is currently interpreted to be characterized by a principal upper dike and a secondary lower dike, as well as several subordinate subparallel dikes, and is collectively geologically modelled to be shallowly dipping northerly. The principal dike (the upper dike) dips typically between 20 and 25 degrees, and has been traced at depth to at least 300 m downdip (vertical depth from surface of approximately 140 m) and remains open.

CV9 pegmatite

Farther west at the property, approximately 9.5 km west-northwest of CV13, initial drill testing of the CV9 pegmatite has delineated a current strike length of at least 0.45 km and remains open, with three holes returning continuous pegmatite intersections of 60-plus m (see news release dated Nov. 22, 2023). The CV9 pegmatite is currently interpreted to consist of a single principal dike, which outcrops at surface, has a steep northerly dip and is moderately plunging to the east-southeast. Assays remain to be reported for all drill holes completed at CV9 and are anticipated to be received in late January/early February, 2024.

Drill program wrap-up 2023 and 2024 winter drill program plans

The summer-fall 2023 drill program, although hindered by regional forest fires for multiple months, was highly successful with a collective pegmatite strike length of at least 5.9 km now defined: 4.35 km and open (CV5), 1.1 km and open (CV13), and 0.45 km and open (CV9), as well as results pending over an additional 1.5 km of prospective strike length and more than 125 drill holes. The pegmatite remains open along strike at both ends at each of the CV5, CV13 and CV9 pegmatites, with multiple spodumene pegmatite outcrop clusters remaining to be drill tested: CV4, CV8, CV10 and CV12 (only one shallow hole completed to date).

Core processing is continuing at site and is expected to continue through to the holidays to clear the remaining backlog. Core sample assays for the summer-fall 2023 program are anticipated to be received and reported over the next three or four months, and are highly dependent on laboratory turnaround times. Results remain to be reported for more than 125 drill holes completed over the summer-fall 2023 program, including approximately 1.5 km of potentially new pegmatite strike length.

Drilling at the property is scheduled to resume in early January, 2024, with a ramp-up to 10 drill rigs, as well as an expansion to the core shack and processing area to handle the larger volumes of core expected and minimize future backlog. The objectives of the 2024 winter drill program will be multipronged and focus on: (1) infill drilling of the CV5 pegmatite to support an upgrade in resource confidence from the inferred category to the indicated category; (2) continued delineation of the CV13 pegmatite; and (3) potential continued drill exploration at the CV9 pegmatite and the approximate 80-metre-wide blowout of the dike at shallow depth.

Quality assurance/quality control

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 lithium and tantalum) 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 million tonnes 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 (Standards of Disclosure for Mineral Projects), 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 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 remains 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.