Mr. Kenneth Brinsden reports

PATRIOT ANNOUNCES FINAL 2023 DRILL HOLE RESULTS FOR THE CV13 AND CV9 PEGMATITES, CORVETTE, QUEBEC, CANADA

Patriot Battery Metals Inc. has released the remaining core assay results for drill holes completed in September to November, 2023, at the CV13 and CV9 spodumene pegmatites. The Corvette property, wholly owned by the company, is located in the Eeyou Istchee James Bay region of Quebec. The CV13 and CV9 spodumene pegmatites are located approximately three kilometres west-southwest and 14 kilometres west of the CV5 spodumene pegmatite, respectively, which hosts a maiden mineral resource estimate of 109.2 million tonnes at 1.42 per cent lithium oxide inferred (1) and is situated approximately 13.5 km south of the regional and all-weather Trans-Taiga Road and power line infrastructure.

CV13 pegmatite and 2023 drill results

Drill results for the remaining 20 drill holes completed in 2023 at the CV13 spodumene pegmatite are reported herein. These holes primarily target the near-surface and downdip extension of the principal pegmatite body along its western and eastern limbs.

Results are highlighted by drill hole CV23-311, which returned 28.7 metres at 1.49 per cent Li2O, including 20.4 m at 2.03 per cent Li2O, and represents a newly discovered zone at shallow depth (approximately 135-metre vertical depth from surface). This is the widest mineralized drill intercept reported to date from CV13. Additionally, the sum of all pegmatite intercepts in the hole totalled 71 m over 13 separate intervals, which is also the most pegmatite encountered in a single drill hole at CV13 reported to date. Although some of these additional intercepts have low to moderate spodumene contents, the presence of a marked increase in pegmatite intercepts downhole is significant and indicates a stacking of pegmatite dikes. Stacking of pegmatite dikes is an indicator of a potentially larger total volume of pegmatite, which may have a reasonable potential to thicken and/or coalesce into a larger body downdip, updip or along strike. This area is of keen interest for follow-up.

The most eastern drill hole (CV23-365) completed in 2023 at CV13, also the final hole of the 2023 drill program, returned 19.7 m at 0.43 per cent Li2O, including 6.3 m at 1.22 per cent Li2O. This is significant as it builds upon the 30-plus-metre pegmatite intersections from the 2022 drill holes in the area that were only weakly mineralized. The mineralized interval in CV23-365 supports a thickening of the pegmatite in this area, which is also confirmed to be accompanied by material levels of spodumene mineralization. This area of CV13 is also of keen interest for follow-up.

Moving northwest along the western arm at CV13, drill hole CV23-324 returned a strong intercept of 20.2 m at 1.16 per cent Li2O, including 15.4 m at 1.49 per cent Li2O. Geological cross-sections of this area interpret mineralized spodumene pegmatite traced downdip at least 280 m (approximately 130-metre vertical depth from surface). Moving farther northwest along the western arm, the principal pegmatite thins to span greater than five m at places, although it remains open and is often well mineralized. Results reported herein include 12.6 m at 0.80 per cent Li2O, including 8.8 m at 1.07 per cent Li2O (CV23-346), 7.8 m at 1.53 per cent Li2O (CV23-336) and 6.3 m at 0.82 per cent Li2O, including 2.5 m at 2.02 per cent Li2O (CV23-360).

The CV13 spodumene 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 are 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 greater than 150 m). Through 2023, the CV13 spodumene pegmatite has been traced by drilling over an approximate 2.3-kilometre strike length and remains open along strike at both ends and to depth. Its most eastern drill hole is situated approximately three km along geological trend to the southwest of the CV5 spodumene pegmatite. This highly prospective corridor, also coincident with a local structural and magnetic trend, remains to be drill tested.

In 2024, through April 4, approximately 10,000 m in additional drilling has been completed at CV13 with core assays remaining to be reported for all of these holes. A maiden mineral resource estimate for CV13 is planned to be announced in third quarter 2024, which will form part of a larger MRE for the Corvette project, including both the CV5 and CV13 spodumene pegmatites.

Core sample assays for drill holes reported herein from the CV13 spodumene pegmatite are presented in an attached table for all pegmatite intersections greater than two m.

CV9 spodumene pegmatite and 2023 drill results

Drill results for all 18 drill holes completed in 2023 at the CV9 spodumene pegmatite are reported herein. These drill holes are the first to test the spodumene pegmatite outcrop in the area. Wide intervals of variably mineralized spodumene-bearing pegmatite were intersected in this maiden drill program at CV9. Results include:

• 99.9 m at 0.39 per cent Li2O, including 30.6 m at 0.80 per cent Li2O (CV23-345);
• 15.7 m at 0.76 per cent Li2O, including 10.8 m at 1.00 per cent Li2O (CV23-267);
• 17.9 m at 0.69 per cent Li2O, including 8.6 m at 1.03 per cent Li2O (CV23-310);
• 7.7 m at 1.35 per cent Li2O (CV23-333).

The results are encouraging and confirm widespread spodumene mineralization is present at depth at CV9. The pegmatite intersected in drill hole at CV9 is variably mineralized (typically 1 per cent Li2O) demonstrated over seven- to 10-plus-metre intervals in addition to wider and more moderately mineralized zones (for example, 30.6 m at 0.80 per cent Li2O in CV23-345). High grades of spodumene pegmatite were also intercepted with multiple holes returning individual sample grades over 2 per cent Li2O, including a peak sample high of 4.28 per cent Li2O (over 0.6 m) in CV23-345 -- the last drill hole of the program at CV9.

Of particular significance is the demonstrated thickening of pegmatite from greater-than-five-metre to approximately 80-metre interpreted true width at depth. This is a strong indication of overall tonnage potential in the system. Additionally, due to internal fractionation of pegmatitic melts, it is common to have strong variability in grades over short distances, which may result in low to moderate grades being immediately proximal to high grades. This, coupled with the common presence of spodumene in the system, is very encouraging and supports a considerable potential for wide and well-mineralized intervals of spodumene pegmatite to be present at CV9 along strike and/or at depth.

Following the maiden 2023 drill program, the interpreted orientation of the CV9 spodumene pegmatite is steeply dipping northerly, with a possible plunge easterly, which is similar to the general orientation of the CV5 spodumene pegmatite. At CV9, variably mineralized spodumene pegmatite has been traced by drilling and outcrop over a distance of approximately 450 m and remains open along strike at both ends and at depth. The spodumene is typically present as centimetre (up to decimetre) size crystals hosted within a smoky quartz-feldspar pegmatite, with accessory tourmaline and mica.

Core sample assays for drill holes reported herein from the CV9 spodumene pegmatite are presented in the attached tables.

A total of 42 drill holes completed in 2023 remain to be reported, all from the CV5 spodumene pegmatite. At the Corvette property in 2024, through April 4, approximately 57,000 m of drilling have been completed: 47,000 m at CV5 and 10,000 m at CV13, with 11 drill rigs active at site. The 2024 winter drill program is expected to wrap up by the end of April with drilling at the property scheduled to resume in early June.

An updated mineral resource estimate for the Corvette project, including both the CV5 and CV13 spodumene pegmatites, is planned for third quarter 2024. The MRE update will focus on an increase in confidence from the inferred to indicated categories for CV5, as well as a maiden estimate for CV13.

(1) The CV5 mineral resource estimate (109.2 million tonnes at 1.42 per cent Li2O and 160 parts per million tantalum pentoxide inferred) is reported at a cut-off grade of 0.40 per cent Li2O with 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. Largest in the Americas based on contained lithium carbonate equivalent.

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, 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, crushing to 90 per cent passing two millimetres, riffle splitting at 250 grams and pulverizing at 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 4.4-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, eight distinct clusters of lithium pegmatite have been discovered across the Corvette property: CV4, CV5, CV8, CV9, CV10, CV12, CV13 and the recently discovered CV14. 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.

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 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 remains 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.