Mr. Kenneth Brinsden reports

PMET RESOURCES SUBMITS ENVIRONMENTAL AND SOCIAL IMPACT ASSESSMENT (ESIA) FOR THE SHAAKICHIUWAANAAN CV5 LITHIUM PROJECT TO FEDERAL AND PROVINCIAL GOVERNMENTS

PMET Resources Inc. has submitted the environmental and social impact assessment (ESIA) for its 100-per-cent-owned Shaakichiuwaanaan lithium project, located in the Eeyou Istchee James Bay region of Quebec.

Highlights

• ESIA submission: PMET Resources has submitted its environmental and social impact assessment (ESIA) for the Shaakichiuwaanaan CV5 lithium project, marking the most significant milestone in the project's permitting journey to date. The project is subject to both a provincial and federal impact assessment, both of which have been submitted for review by respective authorities.
• Technical foundation: The ESIA, together with the feasibility study released in October, 2025, provides the comprehensive data required for government review of the Shaakichiuwaanaan lithium project. The ESIA submission marks the culmination of over four years of rigorous baseline data collection, technical evaluations, and extensive engagement with the Cree communities, local stakeholders and government partners across all regulatory levels.
• The ESIA encompasses a comprehensive multidisciplinary analysis covering:
  • Environmental baseline studies: air quality, water resources, terrestrial and aquatic ecosystems, soil, and geology;
  • Indigenous consultation and engagement: extensive dialogue with the Cree Nation, cultural heritage and traditional land use;
  • Socio and economic assessment: impacts on employment, community infrastructure and supply chain benefits;
  • Cumulative effects assessment: assessment of combined impacts with other projects in the region;
  • Climate and greenhouse gas considerations: the climate resilience and accounting of total greenhouse gas emissions from the project is included;
  • Impact mitigation and management: detailed strategies to minimize environmental and social effects.

Grace Barrasso, PMET executive vice-president of environmental, social and governance, and corporate affairs, commented: "The submission of this ESIA represents the culmination of years of rigorous scientific field work and meaningful dialogue with our Cree partners. Our goal is to develop Shaakichiuwaanaan as a model for sustainable critical mineral extraction in North America, ensuring that the environmental and social values of the Eeyou Istchee are protected while contributing to the global energy transition."

Ken Brinsden, PMET chief executive officer and president, stated: "Moving from discovery to a formal ESIA submission and a completed feasibility study in roughly four years is a testament to the quality and scale of Shaakichiuwaanaan and the dedication of our team. Congratulations to our team and external advisers for their contributions to our premier project, creating a strong platform for our continuing engagement with the Cree and regulators as our project continues down the development pipeline."

The ESIA is a critical regulatory requirement under Section 22 of the James Bay and Northern Quebec Agreement (JBNQA). Concurrently with the provincial submission, PMET will also be submitting the ESIA to the federal Impact Assessment Agency of Canada (IAAC). These submissions, alongside the positive CV5 lithium-only feasibility study delivered in late 2025, forms the dual pillars of the government's mine authorization process. Together, these documents detail the technical viability, environmental safeguards and social integration of the proposed hybrid open-pit and underground mine.

Looking ahead

Following submission of the ESIA, the federal government will initiate a public review period to invite comments from communities, regulators and project stakeholders. The report will be available on the Shaakichiuwaaan mining project page published on the Canadian Impact Assessment Registry and Quebec portals.

The company remains committed to maintaining a transparent and timely approval process, working closely with all levels of government and the Cree Nation to bring this world-class lithium asset into production over the coming years.

About PMET Resources Inc.

PMET Resources is a pegmatite critical mineral exploration and development company focused on advancing its district-scale 100-per-cent-owned Shaakichiuwaanaan property located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and proximal to regional hydro-power infrastructure.

In late 2025, the company announced a positive lithium-only feasibility study on the CV5 pegmatite for the Shaakichiuwaanaan property and declared a maiden mineral reserve of 84.3 Mt (million tonnes) at 1.26 per cent Li2O (lithium oxide) (probable). The study outlines the potential for a competitive and globally significant high-grade lithium project targeting up to approximately 800,000 tpa (tonnes per annum) spodumene concentrate using a simple dense media separation (DMS) only process flowsheet. Further, the results highlight Shaakichiuwaanaan as a potential North American critical mineral powerhouse with significant opportunity for tantalum and caesium in addition to lithium.

We seek Safe Harbor.