Project Shaakichiuwaanaan

The Shaakichiuwaanaan Mineral Resource is the largest lithium pegmatite deposit in the Americas and is one of the top 10 largest globally. In addition to its world-class lithium potential, the Project hosts some of the world’s largest resources of other critical minerals, including tantalum, caesium, and gallium.

Located in Quebec’s Eeyou Istchee James Bay region, the Project is 100% owned by PMET RESOURCES. It offers year-round access via an all-season road and sits just 14 km south of Hydro-Québec’s transmission corridor, ensuring strong infrastructure support. The consolidated land package spans 463 claims covering 23,710 ha and more than 50 km of highly prospective lithium trend along the La Grande Greenstone Belt. Development is carried out in consultation with communities and land users.

The 2024 Preliminary Economic Assessment (PEA), no longer current, outlined Shaakichiuwaanaan as a potential North American lithium powerhouse. Plans called for production of up to 800 ktpa of high-grade spodumene concentrate using a simple, cost-effective Dense Media Separation (DMS) flowsheet, with an estimated [20+] -year mine life. The PEA was based on lithium only and did not include other critical metal opportunities such as tantalum and caesium.

The PEA is no longer current and should not be relied on by investors. It was by definition preliminary in nature and included Inferred Mineral Resources that were considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There was no certainty that the PEA would be realized. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The basis for the PEA and the qualifications and assumptions made in connection with the PEA were disclosed in such technical report filed by the Company in September 2024 on SEDAR+ and on the ASX website, which has been superseded by the August 2025 Mineral Resource Estimate (MRE)-based Technical Report. The Company is currently completing a FS for lithium only on the CV5 Pegmatite and is scheduled to be announced in the second half of 2025. The FS will update the information extracted from the PEA.

For the purposes of ASX Listing Rule 5.19, the production target and forecast financial information from the PEA referred to in this Technical Report was reported by the Company in accordance with ASX Listing Rule 5.16 on August 21, 2024.

A Unique Project

Shaakichiuwaanaan is Cree for “climbing up a hill or mountain”. This name evokes a geographical landmark, but it also has a symbolic dimension: the ascent it describes reflects the challenges we must overcome together throughout our journey.

Shaakichiuwaanaan is not only the largest lithium pegmatite deposit in the Americas, but also a flagship Project to demonstrate the value and positive impact of establishing close collaboration with the local Indigenous communities, and environmentally conscious and sustainable practices.

Through the Shaakichiuwaanaan Project, PMET is demonstrating its commitment to building lasting partnerships with Indigenous and local communities through shared prosperity and cultural respect.

The DMS Advantage

The DMS-only processing approach planned for Shaakichiuwaanaan delivers faster, cleaner, and lower-cost lithium processing and recovery—making the Project more efficient and scalable.

Highlights:

• Simple DMS-only processing plant
• Phased approach could see the installation of a 2.5Mtpa1 processing plant in Stage 1 and another 2.5Mpta processing plant in Stage 2
• The conceptual processing flowsheet includes a crushing plant, followed by a DMS-only processing plant, and finally dewatering
• Average Life of Mine recovery rate expected to be 69.5%2

Permitting Pathway

Shaakichiuwaanaan is being developed under the JBNQA framework, ensuring structured and predictable permitting process.

Shaakichiuwaanaan is located on Category III lands within the Eeyou Istchee Cree Territory in Quebec’s James Bay region, meaning the Project falls under the James Bay and Northern Quebec Agreement (JBNQA), which provides a structured permitting framework for resource development, management, and meaningful Indigenous consultation.

PMET has worked closely with the Cree authorities and local talleymen since day one to establish strong and collaborative relationships. The next step in the process is to submit an Environmental and Social Impact Assessment (ESIA) to COMEX. Typical permitting timelines from ESIA submittal to Project approval is between 9 to 28 months.     

The latest Mineral Resource Estimate (MRE)¹ re-affirms Shaakichiuwaanaan as the largest lithium pegmatite Mineral Resource in the Americas and one of the top 10 largest globally, while also ranking it also as the region’s largest Indicated Mineral Resource in the Americas, cementing its status as a Tier 1, world-class lithium pegmatite asset.

Indicated Resource (CV5 & CV13):

• 108.0 Mt at 1.40% Li₂O, 0.11% Cs2O, 166 ppm Ta₂O₅, 66 ppm Ga
• Contained LCE: 3.75 Mt

Inferred Resource (CV5 & CV13):

• 33.4 Mt at 1.33% Li₂O, 0.21% Cs2O, 155 ppm Ta₂O₅, 65 ppm Ga
• Contained LCE: 1.09 Mt

Mineral Resource Estimate Summary:

• Prepared under NI 43-101 and CIM (2014) standards.
• Estimate led by Todd McCracken, P.Geo., BBA Engineering.
• Methods: ID2 and Ordinary Kriging (CV5); ID2 (CV13).
• Cut-off grades: 0.40% Li₂O (open pit CV5 & CV13), 0.60–0.70% Li₂O (underground).
• Based on US$1,500/t spodumene (6% basis FOB Bécancour), 0.70 USD/CAD FX rate.
• Includes both open-pit and underground mining constraints.

Effective Date is June 20, 2025

On August 5, 2024, the Company released an Exploration Target for the Shaakichiuwaanaan Project. The Exploration Target has been presented as an approach to assess the potential endowment of the Project or the potential to host additional Mineral Resources of lithium pegmatite, subject to the success of future mineral exploration at the Property, and outside of that already defined.

The Exploration Target (also known as a “Target for Further Exploration”) for the Shaakichiuwaanaan Project is approximately:

• 146 Mt to 231 Mt at 1.0% to 1.5% Li2O.

The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. The Exploration Target has been determined based on the interpretation of a consolidated dataset of surface rock sample descriptions and assays, outcrop mapping and descriptions, drill hole logs and core sample assays, geophysical surveys, and remote sensing data (refer to “Methodology of Determination for the Exploration Target” for more information about the base on which the disclosed potential quantity and grade has been determined).

The Exploration Target is in addition to (i.e., does not include) the current 2025 MRE and only considers the CV Lithium Trend and areas immediately proximal to the Shaakichiuwaanaan Property.  

The Company intends to test the validity of the Exploration Target in future exploration programs at the Project, extending over several years. Systematic diamond drilling (NQ core size) of the known spodumene pegmatite clusters and corridors between and proximal to these clusters, which collectively form the basis of the Exploration Target, will be the primary method of exploration.  

The Exploration Target was completed by BBA Engineering Ltd., a consultant independent of the Company, and reported in accordance with NI 43-101 and Clause 17 of the JORC Code on August 5, 2024.