PMET's premier James Bay - Quebec geology delivers further exploration success with 2.94% Li2O, 16.43% Cs2O, and 3,768ppm Ta2O5 in surface samples at its Pontois, Shaakichiuwaanaan, and Pontax properties, respectively.
MONTREAL, June 2, 2026 /PRNewswire/ - June 3, 2026 - Sydney, Australia
HIGHLIGHTS
- New high-grade caesium pegmatite discovery ("Cosma") situated ~22 km west of the cornerstone CV5 Pegmatite Deposit on the Shaakichiuwaanaan Property:
- Outcrop grab assay of 9.42% Cs2O and 267 ppm Ta2O5.
- Channel assay of 4.4 m at3.61% Cs2O and 609 ppm Ta2O5, including 0.5 m at16.43% Cs2O.
- Emerging spodumene pegmatite discovery ("Felix"), located near the western margins of Shaakichiuwaanaan, proximal to the recently acquired Pikwa Property and its Drakkar spodumene pegmatite:
- Outcrop assays including 1.80% Li2O and 1.21%Li2O.
- Multiple mineralized outcrops over ~450 m trend.
- Drakkar Pegmatite (2.45% Li2O) situated ~550 m to the southwest.
- Collectively, the Cosma, Felix, and Drakkar Li-Cs-Ta ("LCT") pegmatite clusters extend the prospective Mickel Trend to ~10.5 km in length - from CV9 to Drakkar, with only ~450 m of strike drill tested at CV9.
- New spodumene pegmatite discovery ("Skald") at the Pontois Property, with outcrop assay of 2.94% Li2O.
- New caesium pegmatite discovery ("Overload") at the Pontax Property, with outcrop assay of 7.53% Cs2O and 3,768 ppm Ta2O5.
Darren L. Smith, Executive Vice President Exploration for the Company, comments: "The recent surface exploration at Shaakichiuwaanaan has delivered multiple new discoveries with strong results that continue to support the scale and growth potential for lithium, caesium, and tantalum across the Property. The discovery of a new caesium-rich LCT pegmatite occurrence (Cosma), located along the highly prospective Mickel Trend - which also hosts the CV9, CV10, CV14, and CV15 pegmatites - supports the presence of a large, highly-evolved, and fertile LCT pegmatite system within the western area of the Property, which has seen only limited drill testing to date.
Additionally, the presence of well-mineralized LCT pegmatites at Pikwa, Pontois, and Pontax demonstrates the strength and prospectivity of the Company's broader portfolio of properties," added Mr. Smith.
PMET RESOURCES INC. (THE "COMPANY" OR "PMET") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce multiple new Li-Cs-Ta ("LCT") pegmatite discoveries at its flagship Shaakichiuwaanaan Property, as well as at its broader portfolio of properties (Pikwa, Pontois, and Pontax), all located in Eeyou Istchee James Bay, Quebec (Figure 1).
In addition to the Company's core discoveries and resources at the CV5 and CV13 pegmatites, exploration activities continue within the near-field core Shaakichiuwaanaan area and across the adjacent regional tenure (Figure 2). Collectively, the Shaakichiuwaanaan, Pikwa, and Pontois properties cover more than 70 km of continuous and highly prospective greenstone belt, which the Company believes to be the most significant trend for LCT pegmatites in North America.
The Shaakichiuwaanaan Property is the Company's flagship asset and hosts one of the largest pegmatite Mineral Resources1 (Li, Cs, Ta) and Mineral Reserves2 (Li) in the world (Figure 1 and Figure 2), situated approximately 13 km south of the regional and all-weather Trans-Taiga Road (accessible year-round by road) and Hydro Quebec infrastructure corridor. The Company recently announced a robust lithium-only Feasibility Study for the CV5 Pegmatite, which positions the Project as a potential North American critical mineral powerhouse (see news release dated October 20, 2025).
___________________________________
1
Consolidated MRE (CV5 + CV13 pegmatites) totals 108.0 Mt at 1.40% Li2O and 166 ppm Ta2O5 (Indicated), and 33.4 Mt at 1.33% Li2O and 155 ppm Ta2O5 (Inferred), at an Li2O cut-off grade of 0.40% (open-pit), 0.60% (underground CV5), and 0.70% (underground CV13). A grade constraint of 0.50% Cs2O was used
to model the Rigel and Vega caesium zones, contained entirely within CV13, with a MRE of 0.69 Mt at 4.40% Cs2O (Indicated), and 1.70 Mt at 2.40% Cs2O (Inferred). The Effective Date is June 20, 2025. Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Mineral Resources are inclusive
of Mineral Reserves.
(2) Probable Mineral Reserve of 84.3 Mt at 1.26% Li2O at the CV5 Pegmatite with a cut-off grade is 0.40% Li2O (open-pit) and 0.70% Li2O (underground). Underground development and open-pit marginal tonnage containing material above 0.37% Li2O are also included in the statement. The Effective Date is September 11, 2025. See
Feasibility Study news release dated October 20, 2025.
SHAAKICHIUWAANAAN (PLUS PIKWA AND PONTOIS)
Cosma LCT Pegmatite
Several outcropping and well-mineralised LCT pegmatite discoveries have been made at Shaakichiuwaanaan in recent surface exploration. This includes the Cosma Pegmatite (outcrop), which returned significant grades of caesium and tantalum in initial grab sampling in 2025 - 9.42% Cs2O and 267 ppm Ta2O5(0.01% Li2O). Follow-up channel sampling returned 4.4 m at3.61% Cs2O and 609 ppm Ta2O5, including 0.5 m at16.43% Cs2O (CH25-133), confirming the significance of the surface exposure (Figure 2 and Figure 3).
The Cosma Pegmatite is expressed at surface as a ~8 x 4 m white outcrop and is open in multiple directions. The outcrop is situated approximately 2.5 km along trend to the west-southwest of the CV15 pegmatite cluster and - together with the Felix and Drakkar spodumene pegmatites discussed below - now extends the Mickel LCT Pegmatite Trend to ~10.5 km (from the previous 5.5 km) (Figure 4). Of this ~10.5 km length, only the CV9 Pegmatite - at the eastern-most end of the trend - has been drill tested. Drill results at CV9 include 30.6 m at 0.80% Li2O (CV23-345), 10.8 m at 1.00% Li2O (CV23-267), and 7.7 m at 1.35% Li2O (CV23-333), with an area of the pegmatite estimated at up to 80 m true width, demonstrating significant scale potential (see news release dated April 8, 2024).
Cosma is the westernmost occurrence of caesium pegmatite encountered at Shaakichiuwaanaan to date. The discovery is very encouraging, as most caesium deposits (apart from the world-class Vega Caesium Zone at the CV13 Pegmatite held by the Company) tend to be on the order of tens- to hundreds-of-thousands of tonnes. Therefore, relatively small occurrences can mark very material discoveries - especially when exposed at surface. The Company intends to follow-up on this discovery during the 2026 surface program.
A total of 355 rock samples (outcrop, boulder, and channels) were collected during the 2025 exploration of the Shaakichiuwaanaan Property, with results ranging from <0.01 to 4.51% Li2O, <5 to 2,580 ppm Ta2O5, and <0.01 to 16.43% Cs2O. Exploration was focused on LCT pegmatite.
Felix & Drakkar LCT Pegmatites
Additionally, the Company is pleased to announce an emerging discovery of LCT Pegmatite called Felix, located near the western margins of the Shaakichiuwaanaan Property, proximal to the recently acquired Pikwa Property and its Drakkar Spodumene Pegmatite. The Felix Pegmatite is characterized by a cluster of multiple mineralized outcrops spread over a ~450 m trend, with assays including 1.80% Li2O and 1.21%Li2O in outcrop. Channel sampling at Felix is planned for the 2026 exploration field program.
The Drakkar LCT Pegmatite(2.45% Li2O in outcrop), discovered by Azimut Exploration and Soquem, is situated ~550 m to the southwest of the Felix Pegmatite on the adjoining Pikwa Property, which is now held 100% by the Company (see news release dated November 12, 2025). The Company is currently designing an inaugural surface exploration program at Pikwa, which will be focused on LCT pegmatite. Historical exploration of the Pikwa Property was focused on base and precious metals with several notable discoveries including the HyperionProspect3 (7.17 g/t Au in outcrop) and the Copperfield Prospect4 (13.45 g/t Au, 9.81 % Cu, and 37.6 g/t Ag in outcrop). However, the primary greenstone belt trend has seen only limited exploration focused on LCT pegmatite (Figure 5).
Skald LCT Pegmatite
The Skald LCT Pegmatite was discovered in 2025 during surface exploration of the Pontois Property, which is situated immediately adjacent to the western border of the Pikwa Property (Figure 5). The Skald Pegmatite is characterized by a spodumene-bearing pegmatite outcrop of ~2 m x 3 m in size (open), with a sample assay of 2.94% Li2O and 60 ppm Ta2O5. The discovery is very promising as it highlights the potential of the ~12 km's of highly prospective greenstone belt corridor at the Pikwa Property where only limited LCT pegmatite exploration has been completed historically.
Coupled with Pikwa and Shaakichiuwaanaan, the Company controls more than 70 km of the La Grande Greenstone Belt, which is considered highly prospective for LCT pegmatite and is host to the world-class CV5 (Li-Ta) and CV13 (Li-Cs-Ta) pegmatite deposits currently under development.
A total of 69 rock samples (outcrop and boulder) were collected during the 2025 exploration of the Pontois Property, with results ranging from <0.01 to 2.94% Li2O, <5 to 60 ppm Ta2O5, and <0.01% to 0.077% Cs2O. Exploration was focused on LCT pegmatite.
_________________________________
(3) See Azimut Exploration news release dated May 17, 2023.
4 See Azimut Exploration news released dated October 6, 2020.
Pontax
In 2025, surface exploration of the Company's Pontax Property resulted in the discovery of the Overload Caesium-Tantalum Showing with an outcrop sample assaying 7.53% Cs2O and 3,768 ppm Ta2O5 (Figure 6). The sample was collected from a 0.5 - 1 m wide by >50 m long white pegmatite dyke, which remains open along strike. Although not identified during field observations, the presence of pollucite (and likely columbo-tantalite) are inferred given the grades, as well as mineralogy confirming the presence of both minerals at the nearby Resisto Showing.
Next to Pikwa, the Pontax Property is the most advanced regional asset in the Company's portfolio. Prior exploration has discovered a multi-kilometre long trend containing a significant number of well-mineralized (in Li and Ta) LCT pegmatite outcrops - namely, Resisto (2.86% Li2O; 9,152 ppm Ta2O5), Inducto (2.69% Li2O; 397 ppm Ta2O5), and Capacito (3.81% Li2O; 365 ppm Ta2O5) (Figure 5). The Resisto Showing is the most significant occurrence, characterized by a swarm of white pegmatite outcrops, with channel sampling (completed in 2022) returning considerable tantalum grades - 12.1 m at 0.55% Li?O and 2,166 ppm Ta?O?, including 4.0 m at 4,596 ppm Ta?O?.
The Overload Showing is situated approximately 1.6 km along strike of the Resisto Showing, with the prospective trend now expanded to over 3.7 km between Capacito and Overload. None of the showings along this trend have been drill tested.
A total of 54 rock samples (outcrop and boulder) were collected during the 2025 exploration of the Pontax Property with results ranging from <0.01% to 2.65% Li2O, <5 to 3,768 ppm Ta2O5, and <0.01% to 7.53% Cs2O. Additionally, one sample collected from an amphibolite outcrop, approximately 35 m from the Overload Showing, assayed 1.02 g/t Au, 17 g/t Ag, and 1.11% Cu (the "Subordi" Showing). Exploration was focused on LCT pegmatite.
Next Steps
The 2025 surface exploration programs at Shaakichiuwaanaan, Pontois, and Pontax, included geological mapping, regional prospecting, and surface sampling and was focused on the discovery of new LCT pegmatite occurrences. Collectively, over 400 rock samples were collected in 2025, with notable LCT pegmatite occurrences discovered at each of the three properties. The discoveries highlight the prospective nature of the Company's broader portfolio of properties, and further enhance the prospectivity of its flagship Shaakichiuwaanaan asset.
The Company is currently planning follow-up surface work in 2026 at its Shaakichiuwaanaan, Pikwa (inaugural program), and Eastmain properties, and is evaluating options for the next stage of exploration at Pontax.
QUALITY ASSURANCE / QUALITY CONTROL (QAQC)
The Company has relied on internal laboratory checks and blank / certified reference material insertion for surface rock samples. Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.
All surface samples collected were shipped to SGS Canada's laboratory in Val-d'Or, QC, for sample preparation (code PRP90 special) which includes drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). Overlimits for Cs were completed at SGS Canada's laboratory in Lakefield, ON, by borate-fusion XRF (code GC_XRF76V).
QUALIFIED/COMPETENT PERSON
The technical and scientific information in this news release that relates to the Mineral Resource Estimate and exploration results for the Company's properties is based on, and fairly represents, information compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the related technical information in this news release.
Mr. Smith is an Executive and Vice President of Exploration for PMET Resources Inc. and holds common shares, Restricted Share Units (RSUs), Performance Share Units (PSUs), and options in the Company.
The information in this news release that relates to the Mineral Reserve Estimate and Feasibility Study is based on, and fairly represents, information compiled by Mr. Frédéric Mercier-Langevin, Ing. M.Sc., who is a Qualified Person as defined by NI 43-101, and member in good standing with the Ordre des Ingénieurs du Québec. Mr. Mercier-Langevin has reviewed and approved the related technical information in this news release.
Mr. Mercier-Langevin is the Chief Operating and Development Officer for PMET Resources Inc. and holds common shares, RSUs, PSUs, and options in the Company.
ABOUT PMET RESOURCES INC.
PMET Resources Inc. is a pegmatite critical mineral exploration and development company focused on advancing its district-scale 100%-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 at 1.26% Li2O (Probable)5. The study outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa 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.
The Project hosts a Consolidated Mineral Resource6 totalling 108.0 Mt at 1.40% Li2O and 166 ppm Ta2O5 (Indicated) and 33.4 Mt at 1.33% Li2O and 155 ppm Ta2O5 (Inferred), and ranks as a top ten lithium pegmatite globally in size. Additionally, the Project hosts the world's largest pollucite-hosted caesium pegmatite Mineral Resource at the Rigel and Vega zones with 0.69 Mt at 4.40% Cs2O (Indicated), and 1.70 Mt at 2.40% Cs2O (Inferred).
For further information, please contact us at info@pmet.ca or by calling +1 (604) 279-8709, or visit www.pmet.ca. Please also refer to the Company's continuous disclosure filings, available under its profile at www.sedarplus.ca and www.asx.com.au, for available exploration data.
This news release has been approved by
"KEN BRINSDEN"
Kenneth Brinsden, President, CEO, & Managing Director
__________________________________
5 See Feasibility Study news release dated October 20, 2025. Probable Mineral Reserve cut-off grade is 0.40% Li2O (open-pit) and 0.70% Li2O (underground). Underground development and open-pit marginal tonnage containing material above 0.37% Li2O are also included in the statement. Effective Date of September 11, 2025.
6
The Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.70% Li2O (underground CV13). A grade constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium
zones. The Effective Date is June 20, 2025 (through drill hole CV24-787). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Mineral Resources are inclusive of Mineral Reserves.
DISCLAIMER FOR FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws.
All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "continue", "support", "potential", "to date", "prospectivity", "intends", "follow-up", "2026 program", "development", "next steps", "progress" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements include, but are not limited to, statements concerning the scale and growth potential for lithium, caesium and tantalum across the Property, the presence of a large and highly-evolved LCT pegmatite system within the western area of the Property, the strength and prospectivity of the Company's broader portfolio, the Project's potential as a North American critical mineral powerhouse, the Company's ability to follow-up on the Cosma discovery during the 2026 surface program, the prospectivity of the Company's flagship Shaakichiuwaanaan asset, the Company's ability to follow-up on surface work at Shaakichiuwaanaan and Pikwa (inaugural program) in 2026 and further progress exploration at Pontax.
Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, the ability to make discoveries, the potential of each of tantalum, lithium, caesium as a co-product, the ability to complete an updated Feasibility Study for the CV5 Pegmatite with the addition of tantalum as a co-product, as well as a Preliminary Economic Assessment for the broader Project inclusive of lithium, caesium, and tantalum, that proposed exploration work on the Property and the results therefrom will continue as expected, the accuracy of reserve and resource estimates, the classification of resources and the assumptions on which the reserve and resource estimates are based, long-term demand for lithium (spodumene), tantalum (tantalite), and caesium (pollucite) supply, and that exploration and development results continue to support management's current plans for the Property's development.
Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Readers should review the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations.
Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate. If any of the risks or uncertainties mentioned above, which are not exhaustive, materialize, actual results may vary materially from those anticipated in the forward-looking statements.
The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.
COMPETENT PERSON STATEMENT (ASX LISTING RULES)
The information in this news release that relates to the Feasibility Study ("FS") for the Shaakichiuwaanaan Project, which was first reported by the Company in a market announcement titled "PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project" dated October 20, 2025 (Montreal time) is available on the Company's website at www.pmet.ca, on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au. The production target from the Feasibility Study referred to in this news release was reported by the Company in accordance with ASX Listing Rule 5.16 on the date of the original announcement. The Company confirms that, as of the date of this news release, all material assumptions and technical parameters underpinning the production target in the original announcement continue to apply and have not materially changed.
The Mineral Resource and Mineral Reserve Estimates in this release were first reported by the Company in accordance with ASX Listing Rule 5.8 in market announcements titled "World's Largest Pollucite-Hosted Caesium Pegmatite Deposit" dated July 20, 2025 (Montreal time) and "PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project" dated October 20, 2025 (Montreal time) and are available on the Company's website at www.pmet.ca, on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au. The Company confirms that, as of the date of this news release, it is not aware of any new information or data verified by the competent person that materially affects the information included in the relevant announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant 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.
APPENDIX 1 - JORC CODE 2012 TABLE 1 (ASX LISTING RULE 5.7.1)
Section 1 - Sampling Techniques and Data
Criteria JORC Code explanation
Commentary
Sampling
techniques
Nature and quality of sampling (eg cut channels, random Prospecting rock samples were collected as grab and/or chip
chips, or specific specialized industry standard samples and represent a point location.
measurement tools appropriate to the minerals under Channel sampling followed best industry practices with a
investigation, such as down hole gamma sondes, or 3 to 5 cm wide, saw-cut channel completed across the pegmatite
handheld XRF instruments, etc). These examples should outcrop as practical, perpendicular to the interpreted pegmatite
not be taken as limiting the broad meaning of sampling. strike. Samples were collected at ~0.5 to 1 m contiguous
Include reference to intervals with the channel bearing noted, and GPS coordinate
measures taken to ensure sample representivity and the collected at the start and end points of the channel.
appropriate calibration of any measurement tools or
Surface samples collected were shipped
systems used.
Aspects to SGS Canada's laboratory in Val-d'Or, QC, for sample
of the determination of mineralization that are Material preparation (code PRP90 special) which included drying at 105°C,
to the Public Report. crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85%
In cases where 'industry standard' work has been done passing 75 microns.
Surface
this would be relatively simple (eg 'reverse circulation sample pulps were shipped by air to SGS Canada's laboratory in
drilling was used to obtain 1 m samples from which 3 kg Burnaby, BC, where the samples were homogenized and subsequently
was pulverized to produce a 30 g charge for fire analysed for multi-element (including Li, Ta, and Cs) using
assay'). In other cases more explanation may be sodium peroxide fusion with ICP-AES/MS finish (codes
required, such as where there is coarse gold that has GE_ICP91A50 and GE_IMS91A50). Overlimits for Cs were completed at
inherent sampling problems. Unusual commodities or SGS Canada's laboratory in Lakefield, ON, by borate-fusion XRF
mineralization types (eg submarine nodules) may warrant (code GC_XRF76V).
The Hyperion
disclosure of detailed information. (535910 E, 5928948 N) and Copperfield (552749 E, 5934289 N)
surface samples reported herein are historical samples collected
in 2018 and 2019 respectively. Samples were analysed by ALS
Chemex in Val-d'Or, QC, for Au by fire assay (code Au-AA24) and
multi-element 4-acid (code ME-MS61). Overlimits for Au and Cu
were determined by codes Au-GRA22 and Cu-OG62.
Drilling
techniques
Drill type (eg core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc) and
details (eg core diameter, triple or standard tube,
depth of diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by what
method, etc).
N/A. No drill results reported.
Drill sample
recovery
Method of recording and assessing core and chip sample
recoveries and results assessed.
Measures taken to maximize sample recovery
and ensure representative nature of the samples.
Whether a relationship exists
between sample recovery and grade and whether sample
bias may have occurred due to preferential loss/gain of
fine/coarse material.
N/A. No drill results reported.
Logging
Whether core and chip samples have been geologically and The logging is qualitative by nature, and includes estimates of
geotechnically logged to a level of detail to support spodumene grain size, inclusions, and model mineral estimates.
appropriate Mineral Resource estimation, mining studies
These logging practices meet or
and metallurgical studies. exceed current industry standard practices.
Whether logging is qualitative or quantitative in
Surface sampling is not sufficient to support a
nature. Core (or costean, channel, etc) photography. mineral resource estimate.
The total length and
percentage of the relevant intersections logged.
Sub-sampling
techniques and
sample
preparation
If core, whether cut or sawn and whether quarter, half or The Company relied predominantly on internal laboratory QAQC
all core taken.
If protocols for the surface rock samples with blanks and CRMs
non-core, whether riffled, tube sampled, rotary split, inserted at the geologist's discretion.
etc and whether sampled wet or dry. All protocols employed are considered appropriate for
For all sample types, the nature, quality the sample type and nature of mineralization and are considered
and appropriateness of the sample preparation the optimal approach for maintaining representativeness in
technique.
Quality sampling.
and are considered the optimal approach for
control procedures adopted for all sub-sampling stages maintaining representativeness in sampling.
to maximize representivity of samples.
Measures taken to ensure that the
sampling is representative of the in situ material
collected, including for instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the
grain size of the material being sampled.
Quality of assay
data and
laboratory tests
The nature, quality and appropriateness of the assaying Surface samples collected were shipped to SGS Canada's laboratory
and laboratory procedures used and whether the technique in Val-d'Or, QC, for sample preparation (code PRP90 special)
is considered partial or total. which included drying at 105°C, crush to 90% passing 2 mm, riffle
For geophysical tools, spectrometers, handheld split 250 g, and pulverize 85% passing 75 microns.
XRF instruments, etc, the parameters used in determining
Surface sample pulps were shipped by air to
the analysis including instrument make and model, SGS Canada's laboratory in Burnaby, BC, where the samples were
reading times, calibrations factors applied and their homogenized and subsequently analysed for multi-element
derivation, etc. (including Li, Ta, and Cs) using sodium peroxide fusion with ICP-
Nature of quality control procedures adopted (eg AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). Overlimits
standards, blanks, duplicates, external laboratory for Cs were completed at SGS Canada's laboratory in Lakefield,
checks) and whether acceptable levels of accuracy (ie ON, by borate-fusion XRF (code GC_XRF76V).
lack of bias) and precision have been established.
The Company has primarily relied on the
laboratory's internal QAQC.
All protocols employed are considered appropriate for the sample
type and nature of mineralization and are considered the optimal
approach for maintaining representativeness in sampling.
The Hyperion (535910 E, 5928948 N) and
Copperfield (552749 E, 5934289 N) surface samples reported herein
are historical samples collected in 2018 and 2019 respectively.
Samples were analysed by ALS Chemex in Val-d'Or, QC, for Au by
fire assay (code Au-AA24) and multi-element 4-acid (code ME-
MS61). Overlimits for Au and Cu were determined by codes Au-
GRA22 and Cu-OG62.
Verification of
sampling and
assaying
The verification of significant intersections by either N/A. No drill results reported.
independent or alternative company personnel. Adjustments to data include reporting lithium, caesium, and
The use of twinned holes. tantalum in their oxide forms, as it is reported in elemental
Documentation of primary form in the assay certificates. Formulas used are Li2O = Li x
data, data entry procedures, data verification, data 2.153, Ta2O5 = Ta x 1.221, and Cs2O = Cs x 1.0602
storage (physical and electronic) protocols.
Discuss any adjustment to assay
data.
Location of data
points
Accuracy and quality of surveys used to locate drill A handheld GPS was used to collect coordinate data for each non-
holes (collar and down-hole surveys), trenches, mine channel surface sample. Surface channel end-points were surveyed
workings and other locations used in Mineral Resource with an RTK Trimble Zephyr 3 to locate the individual channel
estimation. samples therein.
The
Specification of the grid system used. coordinate system used is UTM NAD83 Zone 18.
Quality and adequacy of topographic
The Company completed a property-wide LiDAR and
control. orthophoto survey in August 2022, which provides high-quality
topographic control.
The
quality and accuracy of the topographic controls are considered
adequate for advanced stage exploration and development,
including mineral resource estimation.
Data spacing and
distribution
Data spacing for reporting of Exploration Results. Surface prospecting samples are randomly distributed based on the
Whether the data spacing and location of the outcrop or boulder. Therefore, this sampling is
distribution is sufficient to establish the degree of not applicable to mineral resource estimation.
geological and grade continuity appropriate for the
Channel samples, given an accurate grade over
Mineral Resource and Ore Reserve estimation procedure(s) width locational control via surveying, may inform future mineral
and classifications applied. resource estimates.
Whether sample compositing has been applied.
Orientation of
data in relation
to geological
structure
Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which
this is known, considering the deposit type.
If the relationship between the
drilling orientation and the orientation of key
mineralized structures is considered to have introduced
a sampling bias, this should be assessed and reported if
material.
N/A. No drill results reported.
Sample security
The measures taken to ensure sample security. Samples were collected by Company staff or its consultants
following specific protocols governing sample collection and
handling. Samples were bagged, placed in large supersacs for
added security, palleted, and shipped directly to Val-d'Or, QC,
being tracked during shipment along with Chain of Custody. Upon
arrival at the laboratory, the samples were cross-referenced
with the shipping manifest to confirm all samples were accounted
for. At the laboratory, sample bags are evaluated for tampering.
As Hyperion and Copperfield
samples are historical, the Company cannot verify that respective
chain of custody.
Audits or reviews
The results of any audits or reviews of sampling A review of the sample procedures for the Company's drill programs
techniques and data. has been reviewed by several Qualified/Competent Persons through
multiple NI 43-101 technical reports completed for the Company
and deemed adequate and acceptable to industry best practices.
The most recent Technical Report includes a review of sampling
techniques and data through 2024 (drill hole CV24-787) in a
technical report titled "CV5 Pegmatite Lithium-Only Feasibility
Study NI 43-101 Technical Report, Shaakichiuwaanaan Project"
with an Effective Date of October 20, 2025, and Issue Date of
November 14, 2025.
Additionally, the Company continually reviews and evaluates its
procedures in order to optimize and ensure compliance at all
levels of sample data collection and handling.
Section 2 - Reporting of Exploration Results
Criteria JORC Code explanation
Commentary
Mineral tenement and
land tenure status
Type, reference name/number, location and The Shaakichiuwaanaan Property (formerly called "Corvette") is comprised of
ownership including agreements or material 463 Exclusive Exploration Rights ("EERs") located in the James Bay Region of
issues with third parties such as joint Quebec, with Lithium Innova Inc. (wholly owned subsidiary of PMET Resources
ventures, partnerships, overriding Inc.) being the registered title holder for all of the EERs. The northern
royalties, native title interests, border of the Property's primary EER block is located within approximately 6
historical sites, wilderness or national km to the south of the Trans-Taiga Road and powerline infrastructure
park and environmental settings. corridor. The CV5 Spodumene Pegmatite is accessible year-round by all-
The security of season road is situated approximately 13.5 km south of the regional and
the tenure held at the time of reporting all-weather Trans-Taiga Road and powerline infrastructure. The CV13 and CV9
along with any known impediments to spodumene pegmatites are located approximately 3 km west-southwest and 14 km
obtaining a licence to operate in the west of CV5, respectively.
The Company
area. holds 100% interest in the Property subject to various royalty obligations
depending on original acquisition agreements. DG Resources Management holds a
2% NSR (no buyback) on 76 claims, D.B.A. Canadian Mining House holds a 2% NSR
on 50 EERs (half buyback for $2M), OR Royalties holds a sliding scale NSR of
1.5-3.5% on precious metals, and 2% on all other products, over 111 EERs,
and Azimut Exploration holds 2% NSR on 39 EERs.
The Shaakichiuwaanaan Property does not overlap any atypically sensitive
environmental areas or parks, or historical sites to the knowledge of the
Company. There are no known hinderances to operating at the Property, apart
from the goose harvesting season (typically mid-April to mid-May) where the
communities request helicopter flying not be completed, and potentially
wildfires depending on the season, scale, and location.
EER expiry dates for the Shaakichiuwaanaan Property range from
July 2026 to July 2028.
The Pikwa,
Pontois, and Pontax properties are comprised of 509, 31, and 80 Exclusive
Exploration Rights ("EERs"), respectively, located in the James Bay Region of
Quebec. The EERs are held 100% (with title transfer pending) by 14352891
Canada inc. (wholly owned subsidiary of PMET Resources Inc.).
The Pikwa, Pontois, and Pontax properties are subject to
royalties of 2% (no buyback), 2% (half buyback for $1M), and 3% (no buyback),
respectively.
EER expiry dates for the
Pikwa Property range from June 2026 to February 2028, with renewals pending
for multiple claims.
EER expiry dates for
the Pontois Property range from December 2027 to December 2028.
EER expiry dates for the Pontax Property range from June
2026 to March 2027, with renewals pending for multiple claims.
Exploration done by
other parties
Acknowledgment and appraisal of exploration At the Shaakichiuwaanaan Property, no previous exploration targeting LCT
by other parties. pegmatites has been conducted by other parties. For a summary of previous
exploration undertaken by other parties at Shaakichiuwaanaan, please refer to
the most recent NI 43-101 Technical Report. Historical exploration focused on
base and precious metals.
At the Pontois
and Pontax Properties, no previous exploration targeting LCT pegmatites has
been conducted by other parties. Historical exploration focused on base and
precious metals.
At the Pikwa Property,
historical exploration focused on base and precious metals. However,
exploration for LCT pegmatite was completed circa 2024 and is considered
limited in nature compared to the overall exploration completed at the
Property.
Geology
Deposit type, geological setting and style The Shaakichiuwaanaan, Pikwa, and Pontois properties overlie a large portion
of mineralization. of the Lac Guyer Greenstone Belt, considered part of the larger La Grande
River Greenstone Belt and is dominated by volcanic rocks metamorphosed to
amphibolite facies. The claim block is dominantly host to rocks of the Guyer
Group (amphibolite, iron formation, intermediate to mafic volcanics,
peridotite, pyroxenite, komatiite, as well as felsic volcanics). The
amphibolite rocks that trend east-west (generally steeply south dipping)
through this region are bordered to the north by the Magin Formation
(conglomerate and wacke) and to the south by an assemblage of tonalite,
granodiorite, and diorite, in addition to metasediments of the Marbot Group
(conglomerate, wacke). Several regional-scale Proterozoic gabbroic dykes
also cut through portions of the Property (Lac Spirt Dykes, Senneterre
Dykes).
The geological setting is
prospective for multiple commodities over several different deposit styles
including orogenic gold (Au), volcanogenic massive sulphide (Cu, Au, Ag),
komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and LCT pegmatite (Li, Cs,
Ta, Ga, Rb).
Exploration of the
Shaakichiuwaanaan Property has outlined three primary mineral exploration
trends crossing dominantly east-west over large portions of the Property -
Golden Trend (gold), Maven Trend (copper, gold, silver), and CV Trend
(lithium, caesium, tantalum). The CV4, CV5, CV8, CV12, and CV13 pegmatites
are situated within the CV Trend.
The
pegmatites at Shaakichiuwaanaan are categorized as Li-Cs-Ta ("LCT")
pegmatites. LCT mineralization at the Property is observed to occur within
quartz-feldspar pegmatite. The pegmatite is often very coarse-grained and
off-white in appearance, with darker sections commonly composed of mica and
smoky quartz, and occasional tourmaline.
Core assays and ongoing mineralogical studies, coupled with field mineral
identification and assays confirm spodumene as the dominant lithium-bearing
mineral on the Shaakichiuwaanaan Property, with no significant petalite,
lepidolite, lithium-phosphate minerals, or apatite present. The spodumene
crystal size of the pegmatites is typically decimeter scale, and therefore,
very large. The pegmatites also carry significant tantalum (tantalite) and
caesium (pollucite). Gallium is present in spodumene and feldspar via
substitution with Al.
The Pontax Property
overlies a the Pontax/Chambois Greenstone Belt, extending southwest from the
Eastmain River Greenstone Belt.
Drill hole Information
A summary of all information material to
the understanding of the exploration
results including a tabulation of the
following information for all Material
drill holes:
easting and northing of the
drill hole collar
elevation or RL
(Reduced Level - elevation above sea level
in metres) of the drill hole collar
dip
and azimuth of the hole
down hole
length and interception depth
hole
length.
If the
exclusion of this information is justified
on the basis that the information is not
Material and this exclusion does not
detract from the understanding of the
report, the Competent Person should
clearly explain why this is the case.
N/A. No drill results reported.
Data aggregation
methods
In reporting Exploration Results, weighting
averaging techniques, maximum and/or
minimum grade truncations (eg cutting of
high grades) and cut-off grades are
usually Material and should be stated.
Where
aggregate intercepts incorporate short
lengths of high grade results and longer
lengths of low grade results, the
procedure used for such aggregation should
be stated and some typical examples of
such aggregations should be shown in
detail.
The assumptions used for any reporting of
metal equivalent values should be clearly
stated.
N/A. No drill results reported.
Relationship between
mineralization widths
and intercept lengths
These relationships are particularly
important in the reporting of Exploration
Results.
If the geometry of the mineralization
with respect to the drill hole angle is
known, its nature should be reported.
If it is not
known and only the down hole lengths are
reported, there should be a clear
statement to this effect (eg 'down hole
length, true width not known').
N/A. No drill results reported.
Diagrams
Appropriate maps and sections (with scales) Please refer to the figures included herein as well as those posted on the
and tabulations of intercepts should be Company's website.
included for any significant discovery
being reported. These should include, but
not be limited to a plan view of drill
hole collar locations and appropriate
sectional views.
Balanced reporting
Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low and
high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
Reporting is balanced.
Other substantive
exploration data
Other exploration data, if meaningful and All work discussed below pertains to the Shaakichiuwaanaan Property.
material, should be reported including
The Company is currently completing site
(but not limited to): geological environmental work over the CV5 and CV13 pegmatite area. No endangered flora
observations; geophysical survey results; or fauna have been documented over the Property to date, and several sites
geochemical survey results; bulk samples - have been identified as potentially suitable for mine infrastructure.
size and method of treatment;
The Company has completed a bathymetric survey
metallurgical test results; bulk density, over the shallow glacial lake which overlies a portion of the CV5 Spodumene
groundwater, geotechnical and rock Pegmatite. The lake depth ranges from <2 m to approximately 18 m, although
characteristics; potential deleterious or the majority of the CV5 Spodumene Pegmatite, as delineated to date, is
contaminating substances. overlain by typically <2 to 10 m of water.
The Company has completed significant metallurgical testing comprised of HLS
and magnetic testing, which has produced 6+% Li2O spodumene concentrates at
>70% recovery on both CV5 and CV13 pegmatite material. A DMS test on CV5
Pegmatite material returned a Subsequent and more expansive DMS pilot
programs completed, including with non-pegmatite dilution, produced results
in line with prior testwork, confirming a DMS-only flowsheet is applicable.
Piloting to date (using both drill core and boulders) has collectively
produced over 4.5 tonnes of spodumene concentrate grading over 5.5% Li2O.
The Company has also produced a marketable
lithium hydroxide concentrate from CV5's spodumene concentrate.
The Company has produced marketable tantalite concentrates at bench-
scale from the CV5 Pegmatite's DMS (spodumene) tailings fractions. The
testwork used gravity or gravity + flotation methods to produce tantalite
concentrates grading 8.7% Ta2O5 at 45% global recovery (MC001) and 6.6% Ta2O5
at 49% global recovery (MC002).
The Company
has produced marketable pollucite concentrates at bench-scale from the CV13
Pegmatite's Vega Caesium Zone. The testwork used XRT ore sorting to produce
concentrates of 11.5% Cs2O and 20.0% Cs2O at an overall 88% recovery.
Various mandates required for advancing the Project
have been completed or are ongoing, including but not limited to,
environmental baseline, metallurgy, geomechanics, hydrogeology, hydrology,
stakeholder engagement, geochemical characterization, as well as
transportation and logistical studies. A Feasibility Study for lithium-only
on the CV5 Pegmatite was announced October 20, 2025.
Further work
The nature and scale of planned further The Company intends to continue drilling the pegmatites of the
work (eg tests for lateral extensions or Shaakichiuwaanaan Property, primarily targetting lithium, caesium, and
depth extensions or large-scale step-out tantalum as the primary commodities of interest. This is anticipated to
drilling). includes step-out and infill drilling.
Diagrams clearly highlighting the areas Further drilling is anticipated to support the development of the CV5 and
of possible extensions, including the main CV13 pegmatites (i.e., resource, geotechnical, geomechanical, and
geological interpretations and future hydrogeological).
Metallurgical test
drilling areas, provided this information programs evaluating the recovery of lithium, caesium, and tantalum are
is not commercially sensitive. ongoing.
Surface prospecting, rock
sampling, and mapping is planned to continue across the Company's portfolio
of properties focused on LCT pegmatite.
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SOURCE PMET Resources Inc.
Olivier Caza-Lapointe, Head, Investor Relations, T: +1 (514) 913-5264, E: ocazalapointe@pmet.ca