Mr. Ken Brinsden reports

PATRIOT ANNOUNCES CLOSING OF C$69 MILLION STRATEGIC INVESTMENT, OFFTAKE AND STRATEGIC PARTNERSHIP WITH VOLKSWAGEN AND POWERCO

Patriot Battery Metals Inc. has closed its previously announced private placement for proceeds of $69-million or $48-million (U.S.) to Volkswagen Group (Volkswagen or VW).

Following the closing of the strategic investment, Volkswagen now owns approximately 9.9 per cent of Patriot's issued and outstanding common shares on a non-diluted basis.

The proceeds from the strategic investment will be used for exploration, development and completion of a feasibility study on the company's Shaakichiuwaanaan lithium project in Quebec, Canada, as well as for general and working capital purposes.

Ken Brinsden, Patriot's chief executive officer and managing director, said: "We are both pleased and proud to welcome VW as a strategic shareholder. Their investment in Patriot represents a significant step forward for the company, while working towards the delivery of one of the more important lithium raw materials projects globally.

"As a high-grade and large-scale resource in North America, Shaakichiuwaanaan is well placed to help meet the substantial demand growth for lithium that is forecast through to the end of this decade and beyond, and in the process to grow key Western supply chains.

"We look forward to working closely with PowerCo SE and VW to support their significant investment in North American markets," he added.

As previously outlined in the company's announcement of Dec. 18, 2024, in relation to the strategic investment, the parties have entered into the following:

• Binding offtake term sheet between Patriot and Volkswagen's wholly owned and vertically integrated battery manufacturer, PowerCo SE, for Patriot to supply 100,000 tonnes of spodumene concentrate (SC 5.5 target) per year over a 10-year term.
• Investor rights agreement whereby Volkswagen will have certain rights including the right to participate in future equity raises by the company and provide a voting support covenant in favour of management, in each case subject to certain customary conditions.
• Non-binding memorandum of understanding (the MoU) to establish a continuing strategic relationship between PowerCo and Patriot to jointly explore and collaborate on shared strategic objectives, including opportunities for the future development of the Shaakichiuwaanaan project centred around establishing a cost-competitive, sustainable and ESG-(environmental, social and governance)-compliant battery supply chain that will attract government support and incentives and the potential development of a chemical conversion facility.

For additional details regarding the terms and details of the strategic investment, including the offtake, investor rights agreement and MoU, please refer to the company's press release dated Dec. 18, 2024.

About Patriot Battery Metals Inc.

Patriot Battery Metals is a hardrock lithium exploration company focused on advancing its district-scale, 100-per-cent-owned Shaakichiuwaanaan property (formerly known as Corvette), located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and is proximal to regional powerline infrastructure. The Shaakichiuwaanaan mineral resource, which includes the CV5 and CV13 spodumene pegmatites, totals 80.1 million tonnes at 1.44 per cent lithium oxide indicated and 62.5 million tonnes at 1.31 per cent Li2O inferred, and ranks as the largest lithium pegmatite resource in the Americas, and the eighth-largest lithium pegmatite resource in the world. Additionally, the Shaakichiuwaanaan property hosts multiple other spodumene pegmatite clusters that remain to be drill tested, as well as significant areas of prospective trend that remain to be assessed.

Competent person statement (ASX Listing Rule 5.23)

The mineral resource estimate in this release was reported by the company in accordance with ASX Listing Rule 5.8 on Aug. 5, 2024. The company confirms that, as of the date of this announcement, it is not aware of any new information or data verified by the competent person that materially affect the information included in the announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The company confirms that, as at the date of this announcement, the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.

The production target referred to in this release was reported by the company in accordance with ASX Listing Rule 5.16 on Aug. 21, 2024. The company confirms that, as of the date of this announcement, all material assumptions and technical parameters underpinning the production target in the original announcement continue to apply and have not materially changed.

We seek Safe Harbor.