Slides
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Shaakichiuwaanaan Project Corporate Presentation February 2026
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 2 Important Information This presentation (together with oral statements made in connection herewith, this “Presentation”) is dated February 19th, 2026, and has been prepared by PMET Resources Inc (the “Company”) and is authorised for release by Managing Director, Ken Brinsden. This Presentation and the information contained herein is for information purposes only, and all recipients agree that they will use this presentation solely for information purposes. SUMMARY INFORMATION This Presentation contains summary information about the current activities of the Company and its subsidiaries (the “Group”) which is current as at the date of this Presentation unless otherwise indicated. The information in this Presentation is of a general nature and does not purport to be complete or exhaustive. For greater certainty, this Presentation should be read in conjunction with the Company's other periodic and continuous disclosure releases, available from SEDAR+ or the ASX, including the detailed risk discussion in the Company’s most recent Annual Information Form filed on SEDAR+ and with the ASX. Certain market and industry data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. None of the Group nor its advisers or representatives have independently verified any such market or industry data provided by third parties or industry or general publications. No member of the Group gives any representations or warranties, express or implied, in relation to the statements or information in this Presentation. Readers should not construe the contents of this document as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. You should consult your own advisors as needed to make a future investment decision and determine whether you are legally permitted to make an investment under applicable legal requirements, including securities or similar laws or regulations. NO FINANCIAL PRODUCT ADVICE This Presentation is for information purposes only and is not a prospectus, offering memorandum disclosure document, product disclosure statement or other offering document under Canadian law, Australian law or the law of any other jurisdiction. This Presentation is not financial product advice or investment advice nor a recommendation to acquire, and should not be construed to constitute an offer to sell or the solicitation of an offer to buy, any securities. This Presentation shall not form the basis for or be used for any such offer or solicitation or other contract or engagement in any jurisdiction. An investment in Company securities is subject to known and unknown risks, some of which are beyond the control of the Group. Each recipient should undertake its own independent evaluation of the Group and conduct its own inquiries as to the adequacy, accuracy and completeness of the information contained herein. Readers should not construe the contents of this Presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisors in relation to such matters. CURRENCY Unless otherwise indicated all references to $ or CA$ in this release are to Canadian dollars. A foreign exchange rate of CA$1.00 = US$0.75 has been used over the life of mine. On February 19, 2026, the daily exchange rate recorded by the Bank of Canada was CA$1.00 = 0.7303. ROUNDING Certain figures, percentages, estimates, calculations of value and fractions provided in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in the Presentation. DISCLAIMER AND FORWARD-LOOKING STATEMENTS This Presentation contains “forward-looking information” or “forward-looking statements” 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 “plan”, “development”, “growth”, “continued”, “intentions”, “expectations”, “strategy”, “opportunities”, “anticipated”, “trends”, “potential”, “outlook”, “ability”, “additional”, “on track”, “prospects”, “viability”, “estimated”, “reaches”, “enhancing”, “strengthen”, “target”, “will”, “believes”, 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 in this Presentation include, but are not limited to, statements concerning: the results of the FS, including, without limitation, project economics, financial and operational parameters such as expected throughput, production, processing methods, cash costs, all-in sustaining costs, other costs, capital expenditures, free cash flow, NPV, IRR, payback period and life of mine, upside potential, including with respect to tantalum and caesium as co-products, opportunities for growth and expected next steps in the development of the project, including the timing of the FID and commissioning and future work and optimization, the economic potential of the Shaakichiuwaanaan Project, including its potential resilience to lower market cycle and additional mineral production, including tantalum and caesium, the market dynamics, the upcoming ESIA process, and other regulatory approval, including the proposed permitting and development timeline, the opportunities for additional conversion at CV5 and CV13, the anticipated production rate, the potential for the Shaakichiuwaanaan Project to become a cornerstone supplier to North American, European, and/or North Asian battery supply chains, the upcoming updates, including drill program results, the eligibility to tax credits and other governmental support programs, and the release of further project economic studies.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 3 Important Information 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, as actual results and future events could differ materially from those anticipated in such information. Key assumptions upon which the Company’s forward-looking information is based include without limitation, assumptions regarding development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the ability to achieve production and the timing thereof; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. 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. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward- looking statements include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities; actual results of exploration activities, including on the Shaakichiuwaanaan Project ; the estimation or realization of mineral reserves and mineral resources; the timing and results of estimated future production; the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital; future prices of spodumene; changes in general economic conditions; changes in the financial markets and in the demand and market price for commodities; lack of investor interest in future financings; the Company’s ability to secure permits or financing for the completion of construction activities; governmental and environmental approvals; the potential for major economies to encounter a slowdown in economic activity or a recession; and the Company’s ability to execute on plans relating to the Shaakichiuwaanaan Project. In addition, readers should review the detailed risk discussion in the Company’s most recent Annual Information Form filed on SEDAR+, with the ASX and available on the Company’s website for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations. These risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company’s business plans, financial performance and condition and may not be appropriate for other purposes. /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. Non-IFRS and other financial measures This Presentation includes non-IFRS financial measures and non-IFRS financial ratios. The Company believes that these measures provide additional insight, but these measures are not standardized financial measures prescribed under IFRS and therefore should not be confused with, or used as an alternative for, performance measures calculated according to IFRS. Furthermore, these measures should not be compared with similarly titled measures provided or used by other issuers. The non-IFRS financial measures and non-IFRS financial ratios used in this Presentation and common to the mining industry are defined below: ▪ Cash operating costs at site and cash operating costs at site per tonne: Cash operating costs at site is a non-IFRS financial measure which includes mining, processing, and site administration. Cash operating costs at site per tonne is a non-IFRS financial ratio which is calculated as cash operating costs at site divided by anticipated production expressed in tonnes. These measures capture the important components of the Company’s anticipated production and related costs and are used to indicate anticipated cost performance of the Company’s operations. ▪ Total cash operating costs (DAP Grande-Anse as POL) and total cash operating costs per tonne (DAP Grande-Anse as POL): Total cash operating costs (DAP Grande-Anse as POL) is a non-IFRS financial measure which includes mining, processing, site administration, and product transportation to Grande-Anse. Total cash operating costs (DAP Grande-Anse as POL) per tonne is a non-IFRS financial ratio which is calculated as total cash operating costs (DAP Grande- Anse as POL) divided by anticipated production expressed in tonnes. These measures capture the important components of the Company’s anticipated production and related costs and are used to indicate anticipated cost performance of the Company’s operations. ▪ All-in sustaining cost (AISC) and AISC per tonne: All-in sustaining cost is a non- IFRS financial measure which includes mining, processing, site administration, and product transportation to Grande-Anse and sustaining capital. All-in sustaining cost per tonne of spodumene concentrate is a non-IFRS financial ratio which is calculated as all-in sustaining cost divided by anticipated production expressed in tonnes. These measures capture the important components of the Company’s anticipated production and related costs and are used to indicate anticipated cost performance of the Company’s operations. The Company does not currently have operations and therefore does not have historical equivalent measures to compare and cannot therefore reconcile with historical measures.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 4 Important Information NI 43-101 AND JORC CODE (2012 EDITION) Mineral Reserve and Mineral Resource estimates and Exploration Results are reported in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) and the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code (2012 Edition)). Readers outside of Australia and Canada should note that they may not comply with the relevant guidelines in other countries and, in particular, may not comply with Item 1300 of Regulation S-K, which governs disclosures in registration statements filed with the SEC. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies, and therefore information contained in this Presentation describing mineral deposits, resources and reserves is not comparable to similar information made public by companies subject to the reporting and disclosure requirements of US securities laws. QUALIFIED PERSONS (QP) / COMPETENT PERSONS (CP) Mr. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101, and Competent Person as defined by the JORC Code 2012, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 1968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868), has reviewed and approved, or has prepared, as applicable, the disclosure of the exploration results and Mineral Resource technical information contained in this Presentation and has confirmed that the relevant information is an accurate representation of the available data and studies for the Shaakichiuwaanaan Project. Mr. Smith is an Executive and Vice President of Exploration for PMET Resources Inc. and holds common shares, options, Restricted Share Units (RSUs), and Performance Share Units (PSUs) in the Company. Mr. Frédéric Mercier-Langevin, Ing. M.Sc, who is a Qualified Person as defined by National Instrument 43-101, and Competent Person as defined by the JORC Code 2012, and member in good standing of Ordre des Ingénieurs du Québec (OIQ), has reviewed and approved, or has prepared, as applicable, the disclosure of the scientific and technical information contained in this Presentation and has confirmed that the relevant information is an accurate representation of the available data and studies for the Shaakichiuwaanaan Project. Mr. Mercier-Langevin is the Chief Operating and Development Officer for PMET Resources Inc. and holds common shares, options, RSUs, and PSUs in the Company. ASX COMPETENT PERSON STATEMENTS – SHAAKICHIUWAANAAN PROJECT THE INFORMATION IN THIS PRESENTATION WITH RESPECT TO THE FEASIBILITY STUDY (FS) was first released by the Company in its news release dated October 20, 2025, titled “PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study”. The Company confirms that all material assumptions underpinning the production target and forecast financial information derived from the production target in the FS news release continue to apply and have not materially changed. THE INFORMATION IN THIS PRESENTATION WITH RESPECT TO THE CV5 PEGMATITE MINERAL RESERVE ESTIMATE was reported by the Company in accordance with ASX Listing Rule 5.9 on October 20th, 2025. The Company confirms it is not aware of any new information or data that materially affects the information included in the announcement and that all material assumptions and technical parameters underpinning the estimate in the announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the competent person’s findings are presented have not been materially modified from the original market announcement. THE INFORMATION IN THIS PRESENTATION WITH RESPECT TO THE CONSOLIDATED MINERAL RESOURCE ESTIMATE was reported by the Company in accordance with ASX Listing Rule 5.8 on July 21, 2025. The Company confirms it is not aware of any new information or data that materially affects the information included in the announcements and that all material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent person’s findings are presented have not been materially modified from the original market announcements. THE INFORMATION IN THIS PRESENTATION WITH RESPECT TO EXPLORATION RESULTS was reported by the Company in accordance with ASX Listing Rule 5.7 on June 25, 2025, September 24, 2025, December 15, 2025 and February 19, 2026. The Company confirms it is not aware of any new information or data that materially affects the information included in the announcement. The Company confirms that the form and context in which the competent person’s findings are presented have not been materially modified from the original market announcement.
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PMET Resources and Shaakichiuwaanaan Overview
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 6 Shaakichiuwaanaan Project: Shaakichiuwaanaan represents an extremely rare type of pegmatite deposit — Lithium- Caesium-Tantalum (LCT) — that has concentrated three of the world's critical minerals that are in high demand, in significant quantities. This deposit stands among the elite few globally that has the potential to produce all three minerals simultaneously via relatively simple processing, creating a unique value proposition in today's critical minerals market. Rare Geology of Global Significance
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 7 Shaakichiuwaanaan Project Top 10 largest lithium1 pegmatite resource globally and the largest in the Americas The world’s largest pollucite- hosted caesium pegmatite resource2 One of the largest tantalum pegmatite resources globally3 Simple, physical recovery methods expected to lead to low operating costs, less risky and faster ramp-up of large- scale, globally-relevant production of three critical minerals. Proven, successful management team, with C$182M of cash on balance sheet to advance exploration and development towards FID. The Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, totals 108.0 Mt at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga (Indicated), and 33.4 Mt at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga (Inferred), and 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, entirely contained within the CV13 Pegmatite, with a MRE of 0.69 Mt at 4.40% Cs2O, 2.12% Li2O, and 646 ppm Ta2O5 (Indicated), and 1.70 Mt at 2.40% Cs2O, 1.81% Li2O, and 245 ppm Ta2O5 (Inferred). 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. See Slides 39-40 for further details.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 8 Use of Proceeds & Strategic Impact ➔ CV5 Updated Feasibility Study CV5 Feasibility Study update, including integration of tantalum as a co-product to enhance project economics. ➔ CV13 Preliminary Economic Assessment Advances CV13 toward PEA, with a multi-mineral scope encompassing lithium, caesium, and tantalum. ➔ De-Risking Path to FID + Exploration Drilling Significantly reduces funding risk ahead of Final Investment Decision and pursues exploration success. 48% Flow-Through Premium Over public offering price — strong investor conviction C$138 M Gross Proceeds Combination of Flow-Through, Public Offering and Overallotment C$182M Pro Forma Cash Position Strong treasury following close of all tranches Board-Level Technical Oversight A dedicated Technical Committee, chaired by Aline Côté, has been established at the Board level to provide focused, expert oversight of key technical and development workstreams — ensuring rigorous governance as the Company scales toward production. Following a successful multi-tranche financing program, the Company has secured a robust C$180M+ cash position — providing the capital runway needed to advance our flagship projects toward development milestones and Final Investment Decision The Offerings at a Glance ~C$65M — Public Offering Priced at C$5.66 per share, reflecting broad institutional demand and strong market confidence in the Company's development trajectory. ~C$65M — Flow-Through Private Placement Priced at ~C$9.30 per share — a 48% premium to the public offering price — underscoring investor conviction in the exploration upside and tax-advantaged structure. ~C$7.7M — Over-Allotment Option Partial exercise of the over-allotment option by underwriters, reflecting oversubscription and additional market appetite beyond the base deal size. Strengthening Our Financial Position 1. Refer to news release dated February 19, 2026 for further information
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 9 Our Development Strategy 1. See Feasibility Study for CV5 news release dated October 20, 2025. 2. Project hosts a Probable Mineral Reserve of 84.3 Mt at 1.26% Li2O (all within the CV5 Pegmatite) at a cut-off grade of 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. 3. Includes the high-grade Nova Zone (~12.1 Mt at 2.0% Li2O on a fully diluted basis, factoring in mining recovery, which is a subset of the overall Probable Mineral Reserve). 4. Refer to Appendix for supporting information. Optimize and Deliver on our Lithium Operation Unlock Value from Other Critical Minerals Diversify Downstream Up to ~800 ktpa SC5.51 A staged development for a lithium only open pit and underground mining operation, at the CV5 Spodumene Pegmatite. ✓ Simple geology, mining, and pegmatite geometry. Very high-grade subsets of the Mineral Reserve2,3. ✓ Conventional DMS-only processing flowsheet ✓ Proximal to already-built, high quality power and transportation infrastructure Caesium and Tantalum Co-Products ✓ Extract greater value by expanding production into other critical minerals over time, including caesium and tantalum. ✓ World’s largest pollucite-hosted caesium pegmatite resource4 at CV13. ✓ One of the largest tantalum pegmatite resources globally4, Lithium and Potentially Caesium Chemicals Participation in future midstream and downstream processing opportunities to capture additional value along the chemical supply chain. ✓ Opportunity to provide a lithium-enriched intermediary product or purified chemicals into the burgeoning North American, Asian, and European battery industry ✓ Potential to establish midstream and downstream processing expertise through strategic partnerships, including the potential to use low-cost renewable power with electric calcination ✓ Opportunity to develop a downstream lithium and/or caesium chemicals supply hub in North America supporting emerging supply chains.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 10 Matching Project Timeline to the Lithium Supply Gap 1st drill hole – November 2021 2021 2022 2023 2024 2025 2026 2027 Engagement with Cree First Nations Environmental Studies / ESIA Preparation Mineral Resource Estimates (MRE) ACHIEVEMENTS NEXT STEPS PEA VW / PowerCo Investment and Offtake Agreements Feasibility Study for CV5 Lithium Only Project Maiden Mineral Reserve at CV5 Lodge ESIA Applications (Provincial and Federal) NEXT STEPS Industry Engagements for Offtake and Strategic Opportunities Progress Tantalum and Caesium opportunities Federal/COMEV/COMEX Approvals Process Deliberation FID PROJECT OPTIMISATION
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 11 Matching Project Timeline to the Lithium Supply Gap Achievements Robust, lithium-only Feasibility Study1 completed on the CV5 Pegmatite supporting a nominal 19-year LOM 84.3 Mt at 1.26% Li2O Probable Mineral Reserve2 108.0 Mt @ 1.40% Li2O Indicated and 33.4 Mt @ 1.33% Li2O Inferred3 – largest lithium pegmatite Mineral Resource in the Americas Discovery of high-grade Nova (CV5), Vega (CV13), and caesium zones Strong ongoing engagement with Cree First Nations Strong ongoing engagement with strategic partners including VW and PowerCo, as a major shareholder and offtaker 1. See “PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project”, October 20, 2025. Project hosts a Probable Mineral Reserve of 84.3 Mt at 1.26% Li2O (all within the CV5 Pegmatite) at a cut-off grade of 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. Refer to Appendix for supporting information. Mineral Resources are inclusive of Mineral Reserves. Next Steps Lodge ESIA progressing Provincial and Federal permitting approvals for a 5.1 Mtpa operation Project optimization initiatives - including detailed engineering with optimized development scenarios, studies for inclusion of tantalum and caesium as co-products & underground bulk sample Continue industry engagement for additional offtake and assess strategic opportunities for funding and downstream growth Continue Cree and broader community engagement and progress Impact Benefits Agreement (IBA) discussions
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 12 Largest Lithium Pegmatite Resource in the Americas Mineral Resource data sourced through July 11, 2025, from corporate disclosure of NI 43-101, JORC, or equivalent regulatory body. Deposit/Project data presented includes the total resource tonnage. Mineral resources are presented on a 100% basis and inclusive of reserves where applicable. Data is presented for all pegmatite deposits/projects >10 Mt and >0.65% Li2O head grade. Shaakichiuwaanaan’s Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, totals 108.0 Mt at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga, Inferred, and is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.70% Li2O (underground CV13), with an Effective Date 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. See Slides 47-49 for further details. Grota do Cirilo NALMibra Galaxy Moblan Kings Mountain Adina Colina PAK + Spark WhabouchiBandeira Carolina Rose Root Separation Rapids Baixa Grande Big East AuthierFi Main and SW Georgia Lake Seymour Pontax Shaakichiuwaanaan 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% - 20 40 60 80 100 120 140 160 Grade (%Li2O) Resource Tonnes (Mt) Production Development PMET Bubble size equated to contained LCE (Mt) 1 Mt LCE 108.0 Mt at 1.40% Li2O Indicated 33.4 Mt at 1.33% Li2O Inferred 4.84 Mt contained LCE
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 13 Positioning To Become a Top 5 Producer Globally Our CV5 Lithium Only Feasibility Study (FS) targets ~ 800 ktpa and positions the Company to become the 4th largest spodumene producer of SC5.5 globally1 and largest in the Americas. We are uniquely positioned to facilitate North American, European, and Asian supply chains for ~20 years with a coarse grain (DMS), high-quality SC5.5% spodumene concentrate. 0 200 400 600 800 1000 1200 1400 1600 PMET Production – Current Production Capacity Production – Planned Expanded Capacity Development Source: Company disclosure. 1. Refer to Appendix for supporting information. Notes: Production figures have been adjusted on a 5.5% Li2O equivalent basis. Greenbushes and Pilgangoora production capacity excludes expansions pending FID (i.e. Chemical Grade Plant 4 & P2000, respectively). Capacity refers to current installed production capacity, and where not available, average annual production.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 14 Shaakichiuwaanaan Feasibility Study (FS) Key Metrics Lithium only at CV5 Estimated Mine Life Nominal Annual Production Capacity Total Cash Operating Costs AISC ~ 20 Years Targeting FID in 2027 and commissioning from late 2029 ~800 ktpa US$544/t3 (FOB Grande-Anse, Saguenay) US$597/t4 Notes: See Feasibility Study (FS) news release for CV5 dated October 20, 2025, for further details. 1. Spodumene price assumption based on market indicators and technical reports at time of FS publication. Price forecasts are typically presented on a 6% Li2O spodumene basis, but for the purpose of the FS the Company’s pricing assumption has been calibrated to SC5.5 with adjustment for lithium content on a pro rata basis (equivalent to US$1,332 SC6). 2. Project Net Capex includes Capex of C$1,784M, plus contingency of $194M less estimated CMT-ITC tax credits of $323M, less estimated TCRR of $43M and includes pre-production credits of C$102M. 3. Total cash operating cost (FOB Grande-Anse) includes mining, processing, site administration, and product transportation to Grande-Anse. It is a non-IFRS measure, and when expressed per tonne, a non-IFRS ratio. Please refer to “Non-IFRS and other financial measures” in the Important Information section for more information. 4. All-in sustaining costs (“AISC”) includes mining, processing, site administration, product transportation costs to Grande-Anse and sustaining capital over the LOM per unit of concentrate produced during the LOM. It is a non-IFRS measure, and when expressed per tonne, a non-IFRS ratio. Please refer to “Non-IFRS and other financial measures” in the Important Information section for more information. After-Tax NPV8% Real After-Tax IRR Project Net Capex2 After-Tax Payback Period C$1.6 Billion (US$1.2 Billion) US$1,221/t (SC5.5 FOB Grande-Anse)1 18% C$1,510 Million2 (US$1,127 Million) 4.7 Years
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 15 Strong NPV Growth Driven by Rising Lithium Prices Project NPV is highly sensitive to lithium spodumene concentrate pricing, with ~ C$450M of NPV(8%) change per $100/t increment in SC5.5 price1 Key Insight: Robust lithium market fundamentals drive increasing project value, given overall sensitivity in the project to increased lithium price. Tantalum & caesium co- products, CV13 expansion potential, are NOT included in the 2025 FS NPV8% sensitivity to spodumene concentrate price (US$/t SC5.5, real) Spodumene price (US$/t SC5.5, real) $700 $800 $900 $1,000 $1,100 $1,200 $1,221 $1,300 $1,400 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 C$m 5,000 4,000 3,000 2,000 1,000 - (1,000) (2,000) Post-tax NPV8% Feasibility Study (CV5, lithium-only) Spodumene Spot Prices 4,989 4,561 4,132 3,701 3,271 2,839 2,399 1,951 1,5951,499 1,029 521 (11) (556)(1,160) 1. See news release “PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project” dated October 20, 2025.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 16 A Cost-Competitive Project The current CV5 lithium-only FS demonstrates the pathway to Shaakichiuwaanaan’s potential as a globally cost-competitive supplier of spodumene. ▪ AISC of US$597/t1 ▪ Cash Operating Cost at site of only US$382/t2. ▪ Updated FS underway. ▪ Inclusion of caesium and tantalum co-product opportunities is expected to create economic benefits to the Project. Hard Rock AISC cost curve, 2035, $/t SC6 Source: Lithium Total Cost Model, Benchmark Minerals, 12 December 2025.t Notes: 1. All-in sustaining costs (“AISC”) includes mining, processing, site administration, product transportation costs to Grande-Anse and sustaining capital over the LOM per unit of concentrate produced during the LOM. It is a non-IFRS measure, and when expressed per tonne, a non-IFRS ratio. Please refer to “Non-IFRS and other financial measures” in the Important Information section for more information. 2. Cash operating cost at site includes mining, processing and site administration. It is a non-IFRS measure, and when expressed per tonne, a non-IFRS ratio. Please refer to “Non-IFRS and other financial measures” in the Important Information section for more information.
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Upcoming Catalysts and Opportunities
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 18 Upcoming Catalysts for PMET 1. Company anticipates a response to its application for a proposed 50 kt bulk sample program at CV5 in H1-2026. Subject to such a response and receipt of further required authorizations and funding the Company aims to commence the bulk sample program toward the end of calendar year 2026. 1 Q1 2026 ESIA Submission Targeting formal submission of the Environmental and Social Impact Assessment for CV5, a critical regulatory milestone PMET is entering a transformational period with multiple value-driving milestones across permitting, metallurgy, exploration, and commercial partnerships throughout 2026 and beyond. 2 3 4 5 6 H1 2026 Nova Zone Bulk Sample Application Expected regulatory progress for Nova Zone bulk sampling, an accelerated pathway to improve geological understanding, improved partnership interactions and product qualification processes.1 H2 2026 Updated Feasibility Study Updated Feasibility Study (FS) for CV5 incorporating tantalum recovery economics and optimized mine sequencing. CV13 PEA/Scoping Study Inclusive of lithium, caesium, and tantalum Q2 2026 Metallurgy Update Additional metallurgical results for caesium and tantalum recovery processes. H2 2026 2026 Drill Program Results Exploration results from the expanded drilling campaign, targeting resource expansion, and grade confirmation. Ongoing Strategic Partnership Discussions Active negotiations with downstream partners for offtake agreements and strategic investments in lithium, caesium and tantalum.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 19 Co-Products - Opportunity to Create Substantial Value Tantalum and caesium present significant revenue potential beyond the primary spodumene concentrate production. These high-value metals have potential to substantially enhance project economics when integrated into the processing flowsheet. Tantalum Market Tantalum spot prices1 are currently around US$240/kg Tantalum's current supply base is heavily reliant on the DRC and Rwanda (65%), with non-conflict sources of the mineral highly sought after. Caesium Market Caesium carbonate2 price is currently above $220/kg Pollucite (caesium) mineral concentrate3 price agreement reported in the public domain in February 2025 for $300/t per 1% Cs2O (5% minimum), when caesium carbonate was $120/kg Current primary supply of caesium is highly concentrated, with users downstream interested in diverse supply chain development Source: 1. Q4 Tantalum report – CPM, January 2026; 2, The Global Caesium Industry – CPM. January 2026 3: Grid Metals Sign Caesium Agreement with Tanco. https://gridmetalscorp.com/site/assets/files/5429/2025_02_18_tanco_agreement.pdf
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 20 World’s largest pollucite-hosted caesium pegmatite Mineral Resource confirmed at Shaakichiuwaanaan1 ▪ Rigel Caesium Zone ✓ Indicated: 163,000 t at 10.25% Cs2O, 1.78% Li2O, and 646 ppm Ta2O5. ▪ Vega Caesium Zone ✓ Indicated: 530,000 t at 2.61% Cs2O, 2.23% Li2O, and 172 ppm Ta2O5. ✓ Inferred: 1,698,000 t at 2.40% Cs2O, 1.81% Li2O, and 245 ppm Ta2O5. ▪ Total contained caesium of 30.5 kt Cs2O Indicated and 40.8 kt Cs2O Inferred, highlighting its scale and global significance. ▪ New Caesium discovery at the Helios Zone2 ▪ High-grade caesium – is an exceptionally rare and valuable critical metal discovered at the CV13 Pegmatite, hosted in pollucite. Plan view footprints of the Vega and Rigel caesium zone geological models based on a 0.5% Cs 2O grade constraint within the wider CV13 Pegmatite body. 1. Refer to Press Release, July 20, 2025 “World’s Largest Pollucite-Hosted Caesium Pegmatite Mineral Resource Defined at Shaakichiuwaanaan” 2. Refer to Press Release, January 21, 2026 “Wide, High-Grade Lithium Intercepts at Vega Zone, and New High-Grade Discovery at CV13” Caesium Resource
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 21 ▪ Applications currently focused on heavy media for the O&G drilling industry, catalysts, pharmaceuticals and the medical industry (Medical Imaging, i.e. MRI machines), as well as atomic clocks and GPS (two critical defense uses). ▪ However, emerging application in the solar panel industry could prove to be a game-changer in improving panel efficiency, stability and life span, potentially leading to increased demand for caesium. ▪ Efficiency improvements of almost 35% have been seen in R&D for thin-film solar panels using a perovskite structure with caesium. ✓ Blue and Green = current technologies (silicon and cadmium telluride (CdTe) panels) ✓ Red and Gold = emerging caesium perovskite panels ✓ Efficiency levels already higher after approximately only 10 years of R&D with caesium perovskite. Source: NREL (U.S. Department of Energy’s primary national laboratory for energy systems). https://www.nrel.gov/pv/interactive-cell-efficiency Current and Future Uses of Caesium
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 22 • Tantalum is a critical and strategic metal in the major jurisdictions of the Western world. • The majority of the current supply (approximately 65%) comes from the DRC and Rwanda. • It is currently trading at around $260/kg, within a range of $176 to $260/kg over the last 12 months1. • Shaakichiuwaanaan mineral resource estimate (MRE)2: • 108.0 Mt at 1.40% Li₂O, 166 ppm Ta₂O₅, and 66 ppm Ga (indicated), and • 33.4 Mt at 1.33% Li₂O, 155 ppm Ta₂O, and 65 ppm Ga (inferred). • Shaakichiuwaanaan ranks as one of the largest tantalum pegmatite deposits in the world. Source: 1. Q4 Tantalum report – CPM, January 2026. 2. The Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, totals 108.0 Mt at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga (Indicated), and 33.4 Mt at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga (Inferred), and 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, entirely contained within the CV13 Pegmatite, with a MRE of 0.69 Mt at 4.40% Cs2O, 2.12% Li2O, and 646 ppm Ta2O5 (Indicated), and 1.70 Mt at 2.40% Cs2O, 1.81% Li2O, and 245 ppm Ta2O5 (Inferred). 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. See Slide 50 for further details. One of the World’s Largest Tantalum Pegmatite Resources
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 23 Tantalum Recovery A “bolt-on” tantalum recovery circuit has potential to generate additional revenue with modest upfront CapEx investment expected Early-stage analysis results of bench-scale testwork on CV5 Pegmatite’s dense media separation (“DMS”) waste stream fractions has been promising1. Using these preliminary results and designing minor diversions to some of the process streams (i.e., “bolt-on circuits”), could facilitate tantalite recovery in the following areas: ▪ DMS sinks magnetic and DMS middling streams, and ▪ DMS bypass stream (requires installation of the Phase 2 pastefill preparation plant for grinding). An expanded testwork program is currently being advanced to support tantalite recovery process design as a separate study with the ultimate objective of providing optionality to include it as a future by-product into the overall economic development of the Project as a “bolt-on” circuit. Concentrate from Mozley table testwork from CV5 drill core composite MC0012 Very coarse-grained tantalite crystals proximal to large spodumene crystal at ~217 m depth in drill hole CV23-109 at the CV5 Pegmatite. Core grades 1,688 ppm Ta2O5 over 0.5 m (216.5 m to 217.0 m)1 1. See “Work Programs Commence to Unlock Tantalum as a High-Value By-Product Critical Metal Opportunity” dated June 25, 2025. 2. See “Marketable Tantalite Concentrates Successfully Produced from the CV5 Deposit at Shaakichiuwaanaan” dated September 24, 2025.
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Market Dynamics
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 25 ▪ Battery demand mix going towards BESS, almost 4x larger market share by 2030 vs 2020. • BESS now represents approximately 35% of incremental lithium demand. ▪ Total battery demand expected to triple from 2025 to 2030 in Benchmark’s high-case. ▪ Upside surprises that could further bolster lithium demand: • Buses, commercial and HD trucks. • Boats and ferries • Drones. Long-Term BESS Tailwinds
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 26 1.3Mt 2Mt Long-Term Supply Gap Aligned with Shaakichiuwaanaan’s Production Timeline Targeted PMET commercial production for Phase 1 (2030) and Phase 2 (2032) aligned with supply gaps1. 1.0 2.0 3.0 4.0 5.0 6.0 7.0 6.5 -0.5 0.0 0.5 1.5 2.5 3.5 4.5 5.5 Mt LCE 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2040 2032 2033 2034 2035 2036 2037 2038 2039 2031 Supply Demand Shortfall Supply and Demand, Upside Scenario 483Kt The 2030 supply gap is equal to approx. five (5) Shaakichiuwaanaan’s at full production of ≈ 100Kt/LCE Source: Graph: Benchmark Minerals “Supply Demand Price Forecast Q4 2025”. 1. Shaakichiuwaanaan full production of ≈ 100Kt/LC E or ≈ 800Kt/year of spodumene. Please refer to Feasibility Study (FS) NI 43-101 technical report.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 27 Market Balance: Already gone? RBC believe that 2025 was already in deficit1. Secular deficits are forecasted due to sustained growth and underinvestment in the raw materials supply capacity. Lithium chemical balance (kt LCE) 2022 2024 2024 2025 2026 2027 2028 2029 Supply (base case) LCE kt 754 1,022 1,312 1,523 1,769 1,978 2,177 2,290 Recycling LCE kt 11 15 20 26 30 35 40 44 Net supply (base) LCE kt 765 1,038 1,332 1,550 1,800 2,014 2,217 2,333 Demand (excl inventory impact) LCE kt 780 989 1,213 1,571 1,860 2,084 2,336 2,614 Other LCE kt 780 989 1,213 1,571 1,860 2,084 2,336 2,614 Net balance (base) LCE kt (15) 49 119 (21) (60) (71) (119) (281) Balance as % of demand (base) 1 = Operating, base case, highly probably and care and maintenance, net re-porocessing -2% 5% 10% -1% -3% -3% -5% -11% Lithium Chemical balance Source: 1. RBC: Lithium Market Pricing Outlook: Structural ESS Upgrades Drive Higher LCE Demand, December 2025.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 28 Price action similar to previous undersupplied cycles. Historical LCE Price Recovery Timeline1 Days From LCE Price Bottom $/t Chinese LCE Benchmark from Bottom 0 50 100 150 200 250 300 350 400 450 500 $ 90,000 $ 80,000 $ 70,000 $ 60,000 $ 50,000 $ 40,000 $ 30,000 $ 20,000 $ 10,000 $ 0 Rally from Jul/2020 Bottom (~$5k/t) Rally from Jul/2014 Bottom (~$6k/t) Rally from June/2025 Bottom (~$8k/t) Source: 1. Bloomberg LCE Price History.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 29 On average, actual solar installations have been 3-4x higher than five-year forecasts (see graph to the right).1 Analysts could be underestimating lithium demand like they underestimated solar power manufacturing and installation growth. A key to adoption of solar power has been the rapid and consistent reduction in cost of the technology (below). We believe the same can happen with BESS using lithium- ion batteries2. What if Demand Surprises (again) like it did for solar? 2023 USD/kWh LCOE 2010 2023 Solar PV 0.460 0.044 -90% Source: 1. Arcane Capital Advisors, International Energy Agency analysis and projections through their World Energy Outlook series (annual). 2. Rho Motion, BESS Outlook Q2 2025.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 30 Half of China’s heavy truck sales could be EVs by 2028, CATL says ▪ Buses and trucks could surprise battery demand numbers. • Global medium and heavy-duty EV truck sales have nearly tripled YoY; China market share for EV trucks was 20% in 20251. ▪ Battery sizes are 4-20x larger than EVs2: • Buses/coaches: 200-500 KWh. • Medium duty: 200-500 KWh. • Heavy duty: 200-1,000 KWh. Growth Surprises? Source: 1. Bloomberg NEF “China’s Electric Truck Boom Poses New Threat to Demand for LNG”, January 27, 2026. 2. Rho Motion, “Bus & Truck Appendix” Q3 2025. Reuters “Half of China's heavy truck sales could be EVs by 2028, CATL says”, May 17th, 2025
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Environment and Community Relations
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 32 Ongoing Stakeholder Engagement Cree Nation of Chisasibi – Primary Community ▪ Continuous and ongoing in-person events and community presence ▪ Meetings & presentation: tallyman family, leadership and general community members. ▪ Targeted Focus Group interviews with key organizations ▪ Mine site visits for key Chisasibi stakeholders ▪ Special events: Truth & Reconciliation, Ceremony at Shaakichiuwaanaan ▪ PMET Participation in community events ▪ Office in Chisasibi Commercial Center ▪ Community Liaison Coordinator
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 33 Ongoing Stakeholder Engagement Communication with various stakeholders ▪ Cree Nation Government ▪ Cree Nation of Mistissini ▪ Cree Nation of Wemindji ▪ Private lease owner ▪ Eeyou Itschee James Bay Regional Government and local municipalities (Radisson, Matagami) ▪ Quebec Government: Société Plan Nord, MRNF, MELCCFP , MEIE, Hydro-Québec, SDBJ ▪ Canada: Canada Impact Assessment Agency, Fisheries and Oceans Canada, Transport Canada, Environment Canada
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 34 All Stakeholders # of engagements (2025) All Stakeholders # of engagements (Since 2022) Ongoing Stakeholder Engagement 102 387
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 35 First Nation People Local employment and business opportunities Economic Opportunities ▪ 37% spend on in Indigenous companies or JVs (Oct-Dec 2025) ▪ Primary companies & JVs: o Muskw o Domco o Meeyobin Iywaashtin o Petronor o Niigaan
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Company Information
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 37 Proven Management Team with a Track Record of Value Creation Ken Brinsden CEO, President, Director B.Eng. (Mining), MAUSIMM, MAICD YEARS Over 30 years EXPERIENCE CEO & MD, Pilbara Minerals ACHIEVEMENTS Developed Pilbara Minerals from exploration to production, with company growth rising to achieve ASX top 50 companies' status Natacha Garoute CFO CPA, LLB YEARS Over 20 years EXPERIENCE CFO, Champion Iron Ore CFO & Corporate Secretary, Roxgold ACHIEVEMENTS Extensive experience in Quebec in financial and capital markets, raised. $1B + financing for developers and producers Frédéric Mercier- Langevin Eng., M.Sc COO/CDO YEARS Over 20 years EXPERIENCE COO, Wesdome Gold Mines, General Mine Manager, Agnico Eagle ACHIEVEMENTS Led IBA negotiations with First Nations as COO, ramped up from commissioning to production a 380koz/annum gold mine. Darren L. Smith Executive Vice President, Exploration M.Sc., P. Geo YEARS Over 20 years EXPERIENCE Strong focus on rare earth elements, and rare metals (Li, Ta, Nb). Director, VP Exploration, and Sr. Technical Advisor for several junior mineral exploration companies ACHIEVEMENTS Instrumental to the discovery of the Ashram (REE-F) and Shaakichiuwaanaan (Li-Cs-Ta-Ga) deposits; Project development; QP/CP Alex Eastwood Executive Vice President, Commercial BEc, LLB YEARS Nearly 30 years EXPERIENCE Chief Commercial & Legal Officer, Pilbara Minerals ACHIEVEMENTS Key commercial executive of Pilbara Minerals from exploration to production on the ASX 50 Grace Barrasso Executive Vice President, Corporate Affairs M.Sc YEARS Nearly 25 years EXPERIENCE VP – Environment and Sustainability, ArcelorMittal Mining Environment and Community Relations, Xstrata Canada and Mauritania ACHIEVEMENTS Lead on ESIA and resettlement projects in W. Africa. Olivier Caza-Lapointe Head of Investor Relations YEARS Over 15 years EXPERIENCE Executive Director — Institutional Sales, CIBC; equity trading, CDPQ Independent Directors Pierre Boivin (Chairman) Mélissa Desrochers Brian Jennings Aline Côté Director Blair Way
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 38 Corporate Structure Capital Structure In Millions Basic Shares Outstanding 183.6 Dilutive Securities 11.3 Fully Diluted Shares 194.9 Market Cap (as February 20th, 2026) : C$962M Cash (as of December 31st, 2025 + Net Proceeds of February 2026 Financings) C$182M Liquidity (Average Daily Volume, last 12 months) TSX 474K ASX (CDIs, 10:1 ratio with TSX shares) 3.6M Combined (TSX shares equivalent) 834K
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 39 Shareholder Register 30% 25% 14% 31% APAC 30% North America 25% Europe 14% CDS and other 31% 16% 16% 27% 13% 3% 25% Corporate 16% HNV/family office 16% Institutional 27% Retail Insider 3% CDS and other 25%
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Appendix
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 41 Track Record of Drilling Success Largest lithium pegmatite resource in the Americas delivered in under 3 years 2021-2023: Foundation • 2021: Discovery hole – 147 m @ 0.92% Li2O (CF21-001)1. • 2022: Discovery of high-grade Nova Zone2. • 2023: Maiden MRE (Inferred) - largest in the Americas • 362 Drill holes (~107,000 m) completed at the Shaakichiuwaanaan Property by the end of 2023 2024: Expansion • Updated MRE: Significant Indicated Resource determined • 431 holes (~128,000 m) completed to support resource conversion to indicated and PEA 2025: Continued Discovery at Scale • World's largest pollucite-hosted caesium pegmatite MRE determined. • MRE update and maiden Mineral Reserve (Li) determined • 245 holes (~57,000 m) of drilling to support the FS 1. Refer to press release “Patriot Battery Metals Drills 0.93% Li2O over 146.8 m, including 1.09% Li2O over 73.0 m, in First Drill Hole at the Corvette-FCI Property, James Bay, QC” dated November 29th, 2021. 2. Refer to press release “Patriot drills 52.2 m of 3.34% Li2O, including 15.0 m of 5.10% Li2O, in Easternmost Drill Hole from the 2022 Drill Campaign at the CV5 Pegmatite, Quebec, Canada” dated January 29, 2023.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 42 Underground Bulk Sample – access to the Nova Zone Accessing the underground mineralization at CV5, including targeting high-grade lithium-caesium-tantalum intercepts within the high-grade Nova Zone, to improve geological understanding. ▪ Authorisation process underway for ~2,300 m underground ramp and ancillary infrastructure to a depth of 215 m ▪ 2 locations targeted – 125 m depth (Upper Bulk Sample) and 215 m depth (Lower Bulk Sample) representing a wide range of grades for lithium, caesium, and tantalum. ▪ The high-grade core of the underground – Nova Zone – targeted which contains 12.1 Mt at 2.0% Li2O on a fully diluted basis, factoring in mining recovery1. Accelerating development into the Nova Zone has potential to meaningfully improve Project economics. 1. Is included within the Project’s a Probable Mineral Reserve of 84.3 Mt at 1.26% Li2O (all within the CV5 Pegmatite) at a cut-off grade of 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.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 43 The program is expected to generate approximately 50,000 tonnes of mineralized material to: ▪ Validate the characteristics and continuity of the CV5 Deposit by acquiring representative, mine-scale samples and information; ▪ Validate extraction method assumptions and evaluate ground response to development and mining technique; ▪ Confirm feasibility of chosen processing method and associated recovery assumptions; ▪ Validate characteristics of the product concentrate(s) and tailings generated. Subject to approvals timeline and funding, early works could begin toward the end of calendar 2026. Underground Bulk Sample – access to the Nova Zone Accessing the underground mineralization at CV5, including targeting high-grade lithium-caesium-tantalum intercepts within the high-grade Nova Zone, to improve geological understanding.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 44 NI 43-101 Mineral Resource Statement CV5 AND CV13 PEGMATITES Conceptual Mining Constraint Pegmatite Classification Tonnes (t) Li2O (%) Cs2O (%) Ta2O5 (ppm) Ga (ppm) Contained LCE (Mt) Open-Pit 97,757,000 1.39 0.09 163 66 3.35 Underground 4,071,000 1.08 0.06 186 66 0.11 101,828,000 1.38 0.09 164 66 3.46 Open-Pit 5,745,000 1.16 0.09 163 61 0.17 Underground 8,153,000 1.24 0.07 136 60 0.25 13,898,000 1.21 0.08 147 60 0.41 Open-Pit 5,996,000 1.89 0.60 201 76 0.28 Underground 167,000 0.85 0.06 132 60 0.00 6,163,000 1.86 0.59 199 76 0.28 Open-Pit 18,020,000 1.44 0.32 168 70 0.64 Underground 1,462,000 1.05 0.08 75 55 0.04 19,482,000 1.41 0.30 161 69 0.68 Indicated 107,991,000 1.40 0.11 166 66 3.75 Inferred 33,380,000 1.33 0.21 155 65 1.09 Total CV5 + CV13 CV13 Inferred CV5 Indicated CV5 Inferred CV13 Indicated Total Total Total Caesium Zone Classification Tonnes (t) Cs2O (%) Li2O (%) Ta2O5 (ppm) Contained Cs2O (t) Indicated 163,000 10.25 1.78 646 16,708 Inferred - - - - - Indicated 530,000 2.61 2.23 172 13,833 Inferred 1,698,000 2.40 1.81 245 40,752 Indicated 693,000 4.40 2.12 283 30,541 Inferred 1,698,000 2.40 1.81 245 40,752 Vega Rigel + Vega Rigel Consolidated MRE Caesium Zone MRE The Consolidated MRE cut-off grade is variable depending on the mining method and pegmatite (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, which are entirely within the CV13 Pegmatite’s open-pit mining shape. The Effective Date of the MREs 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.
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 45 Cut-off grade of 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. Area Classification Tonnes (Mt) Li2O (%) Contained LCE (t) Proven - - - Probable 49.2 1.12 1.36 Proven - - - Probable 35.1 1.45 1.26 Proven - - - Probable 84.3 1.26 2.62 Open-Pit Underground NI 43-101 Mineral Reserve Statement CV5 PEGMATITE
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 46 Peer Comparison Information – Production Capacity Name Ticker Project Name Stage Degree of Study Price Assumption (US$/t SC6) Mine Life Information Source - Current Production Capacity Information Source - Planned Expanded Capacity Pilbara Minerals PLS Pilgangoora Production ASX announcement dated August 25, 2025 ASX announcement dated August 25, 2025 MinRes MIN Bald Hill Care & Maintenance ASX announcement dated February 21, 2024 Arcadium Lithium ALTM Nemaska Development PFS $2, 34 S-K 1300 Technical Report dated September 8, 2023 AVZ AVZ Manono On Hold ASX announcement dated November 17, 2022 Critical Elements CRE Rose Development FS $2,359 17 Press Release dated August 29, 2023 Ganfeng 002460 Goulamina Production ASX announcement dated December 6, 2021 Sayona SYA NAL Production ASX announcement dated September 15, 2025 ASX announcement dated September 15, 2025 Piedmont PLL Carolina Lithium Development BFS $900 11 ASX announcement dated December 15, 2021 Liontown LTR Kathleen Valley Production ASX announcement dated September 25, 2025 ASX announcement dated November 11, 2021 Core Lithium CXO Finniss Care & Maintenance ASX announcement dated July 30, 2021 Atlantic Lithium ALL Ewoyaa Development DFS $1,695 12 ASX announcement dated April 16, 2024 IGO IGO Greenbushes Production ASX announcement dated Auguest 28, 2025 ASX announcement dated Auguest 28, 2025 MinRes MIN Wodgina Production ASX announcement dated July 30, 2025 Albemarle MinRes MIN Mt Marion Production ASX announcement dated July 26, 2024 ASX announcement dated February 21, 2024 Arcadium Lithium ALTM Galaxy Development FS $2,022 19 ASX announcement dated September 25, 2023 Wesfarmers WES Mt Holland Development FS $550 50 Press release dated June 12, 2023 Latin Resources LRS Salinas Development PEA $1,853 11 ASX announcement dated August 15, 2024 Arcadium ALTM Mt Cattlin Care & Maintenance NYSE announcement dated February 22, 2024 AMG Critical Materials AMG Mibra Production AMG Lithium Resources AMG Lithium Resources Savannah Resources SAV Mina do Barroso Development Scoping Study $1, 14 Press release dated June 12, 2023 Develop Global DVP Dome North Development Scoping Study $1,393 7 ASX announcement dated May 7, 2024 Global Lithium GL1 Manna Development Scoping Study $2,727 10 ASX announcement dated February 14, 2023 Sayona SYA Moblan Development DFS $1,990 21 ASX announcement dated February 20, 2024 Green Technology GT1 Seymour Development PEA $2,213 15 ASX announcement dated December 7, 2023 Sibanye Stillwater SSW Keliber Development PFS $1,042 16 Sibanye Stillwater - Keliber Lithium Project Rock Tech RCK Georgia Lake Development PFS $1,600 9 Rock Tech Lithium - Projects Lithium Ionic LTH Bandeira Development DFS $2,212 18.5 Press release dated September 17, 2025 Albemarle ALB Kings Mountain Development n/a n/a 10 Albemarle Kings Mountain Mine Project Overview Factsheet - June 2024 Sigma SGML Grota do Cirilo Production Sigma Lithium Investor Presentation - June 2024 Sigma Lithium Investor Presentation - June 2024 PMET Resources PMET Shaakichiuwaanaan Development FS $1,221 20 PMET
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 47 Peer Comparison Information – Lithium Pegmatite Mineral Resources (Americas) Note: Mineral resources are presented on a 100% basis and inclusive of reserves where noted. Estimates may have been prepared under different estimation and reporting regimes and may not be directly comparable. PMET Resources accepts no responsibility f or the accuracy of peer mineral resource data as presented. Details on the tonnes, category, grade, and cut-off for mineral resources of each company noted herein are found within the respective information sources provided. Mineral Resource data sourced through July 11, 2025, from corporate disclosure of NI 43-101, JORC, or equivalent regulatory body. Deposit/Project data presented includes the total resource tonnage. Mineral resources are presented on a 100% basis and inclusive of reserves where applicable. Data is presented for all pegmatite deposits/projects >10 Mt and >0.65% Li2O head grade. Shaakichiuwaanaan’s Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, totals 108.0 Mt at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga, Inferred, and is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.70% Li2O (underground CV13), with an Effective Date June 20, 2025 (through drill hole CV24-787). Mineral resources are not mineral reserves as they do not have demonstrated economic viability. Company Project Stage Inclusive of Reserves Mineral Resources Information Source(s)Measured Indicated Inferred Mt %Li2O Mt %Li2O Mt %Li2O PMET Resources Inc. Shaakichiuwaanaan Development - – – 108.0 1.4% 33.4 1.3% TSX announcement dated July 20, 2025 Sigma Lithium Corporation Grota do Cirilo Production Y 45.8 1.4% 47.4 1.4% 13.7 1.4% Investor Presentation April 2025 Rio Tinto Ltd. Galaxy Development Y – – 55.4 1.2% 55.9 1.3% Arcadium 2023 10-K Sayona Mining Ltd. 60% / Investissement Québec 40% Moblan Development Y 6.0 1.5% 59.1 1.2% 28.0 1.1% ASX announcement dated August 27, 2024 Albemarle Corporation Kings Mountain Development - – – 46.8 1.4% 42.9 1.1% SEC filing dated February 15, 2023 Sayona Mining Ltd. (pending merger with Piedmont Lithium Inc.) NAL Production Y 0.9 1.1% 71.1 1.1% 15.8 1.1% ASX announcement dated August 27, 2024 Winsome Resources Ltd. Adina Development - – – 61.4 1.1% 16.5 1.2% ASX announcement dated May 28, 2024 Pilbara Minerals Ltd. Colina Development - 28.6 1.3% 38.6 1.2% 3.6 1.1% ASX announcement dated May 30, 2024 Frontier Lithium Inc. 92.5% / Mitsubishi Corporation 7.5% PAK + Spark Development Y 16.4 1.6% 20.5 1.5% 18.6 1.5% Definitive Feasibility Study dated 28, May 2025 Rio Tinto Ltd. 50% / Investissement Québec 50% Whabouchi Development Y – – 46.0 1.4% 8.3 1.3% S-K 1300 Technical Report dated September 8, 2023 Lithium Ionic Corp. Bandeira Development Y 3.4 1.4% 23.9 1.3% 18.6 1.3% Press release dated May 6, 2025 Sayona Mining Ltd. (pending merger with Piedmont Lithium Inc.) Carolina Development Y – – 28.2 1.1% 15.9 1.0% Press release dated October 21,2021 Critical Elements Lithium Corporation Rose Development Y – – 30.6 0.9% 2.4 0.8% TSX announcement dated August 29, 2023 AMG Lithium GmbH Mibra Production - 3.4 1.0% 16.9 1.1% 4.2 1.0% Euronext announcement dated April 3, 2017 Green Technology Metals Ltd. Root Development - – – 10.0 1.3% 10.1 1.1% ASX announcement dated April 3, 2025 Li-FT Power Ltd. Big East Development - – – – – 16.5 1.1% TSXV announcement dated October 1, 2024 SCR-Sibelco NV 60% / Avalon Advanced Materials Inc. 40% Separation Rapids Development - 4.3 1.3% 8.7 1.4% 2.3 1.5% TSX announcement dated February 27, 2025 Sayona Mining Ltd. (pending merger with Piedmont Lithium Inc.) Authier Development Y 6.0 1.0% 8.1 1.0% 2.9 1.0% ASX announcement dated April 14, 2023 Lithium Ionic Corp. Baixa Grande Development - 1.1 1.2% 5.4 1.1% 12.9 1.0% Press release dated January 14, 2025 Li-FT Power Ltd. Fi Main and SW Development - – – – – 13.8 1.0% TSXV announcement dated October 1, 2024 Rock Tech Lithium Inc. Georgia Lake Development Y – – 10.6 0.9% 4.2 1.0% TSX announcement dated November 15, 2022 Green Technology Metals Ltd. Seymour Development - – – 6.1 1.3% 4.1 0.7% ASX announcement dated November 17, 2023 Cygnus Metals Ltd. 51% / Stria Lithium Inc. 49% Pontax Development - – – – – 10.1 1.0% ASX announcement dated August 14, 2023
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 48 Peer Comparison Information – Lithium Pegmatite Mineral Reserves (Americas) Note: Mineral reserves are presented on a 100% basis. Estimates may have been prepared under different estimation and reporting regimes and may not be directly comparable. PMET Resources accepts no responsibility for the accuracy of peer mineral resource data as presented. Details on the tonnes, category, grade, and cut-off for mineral resources of each company noted herein are found within the respective information sources provided. For peer Projects, Mineral Reserve data sourced through July 11, 2025, from corporate disclosure of NI 43-101, JORC, or equivalent regulatory body. Deposit/Project data presented includes the total reserve tonnage. Data is presented for all pegmatite deposits/projects >10 Mt and >0.65% Li2O head grade. The Mineral Reserve data for PMET Resources’ Shaakichiuwaanaan Project, Effective Date September 11, 2025, is presented herein comparative purposes. The Shaakichiuwaanaan Project hosts a Probable Mineral Reserve of 84.3 Mt at 1.26% Li2O (all within the CV5 Pegmatite) at a cut-off grade of 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. Company Project Stage Mineral Reserves Information Source(s) Proven Probable Mt %Li2O Mt %Li2O PMET Resources Inc. Shaakichiuwaanaan Development – – 84.3 1.3% TSX announcement dated October 20, 2025. Sigma Lithium Corporation Grota do Cirilo Production 39.9 1.3% 36.4 1.3% Investor Presentation April 2025 Rio Tinto Ltd. Galaxy Development – – 37.3 1.3% Arcadium 2023 10-K Sayona Mining Ltd. 60% / Investissement Québec 40% Moblan Development – – 34.5 1.4% ASX announcement dated November 19, 2024 Albemarle Corporation Kings Mountain Development – – – – Sayona Mining Ltd. (pending merger with Piedmont Lithium Inc.) NAL Production 0.2 1.1% 19.9 1.1% ASX announcement dated November 19, 2024 Winsome Resources Ltd. Adina Development – – – – Pilbara Minerals Ltd. Colina Development – – – – Frontier Lithium Inc. 92.5% / Mitsubishi Corporation 7.5% PAK + Spark Development 16.2 1.6% 14.9 1.4% Definitive Feasability Study dated 28, May 2025 Rio Tinto Ltd. 50% / Investissement Québec 50% Whabouchi Development 10.5 1.4% 27.7 1.3% S-K 1300 Technical Report dated September 8, 2023 Lithium Ionic Corp. Bandeira Development 2.3 1.2% 14.9 1.2% Bandeira Lithium Project Araçuaí–Itinga NI 43-101 Feasibility Study Technical Report Sayona Mining Ltd. (pending merger with Piedmont Lithium Inc.) Carolina Development – – 18.3 1.1% ASX announcement dated November 19, 2024 Critical Elements Lithium Corporation Rose Development – – 26.3 0.9% TSX announcement dated August 29, 2023 AMG Lithium GmbH Mibra Production – – – – Green Technology Metals Ltd. Root Development – – – – Li-FT Power Ltd. Big East Development – – – – SCR-Sibelco NV 60% / Avalon Advanced Materials Inc. 40% Separation Rapids Development – – – – Sayona Mining Ltd. (pending merger with Piedmont Lithium Inc.) Authier Development 6.2 0.9% 5.1 1.0% ASX announcement dated November 19, 2024 Lithium Ionic Corp. Baixa Grande Development – – – – Li-FT Power Ltd. Fi Main and SW Development – – – – Rock Tech Lithium Inc. Georgia Lake Development – – 7.3 0.8% TSX announcement dated November 15, 2022 Green Technology Metals Ltd. Seymour Development – – – – Cygnus Metals Ltd. 51% / Stria Lithium Inc. 49% Pontax Development – – – –
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TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 49 Peer Comparison Information – Tantalum Pegmatite Mineral Resources (Global) Note: Mineral resources are presented on a 100% basis and inclusive of reserves where noted. Estimates may have been prepared under different estimation and reporting regimes and may not be directly comparable. Patriot Battery Metals accepts no responsibility for the accuracy of peer mineral resource data as presented. Details on the tonnes, category, grade, and cut-off for mineral resources of each company noted herein are found within the respective information sources provided. Mineral Resource data sourced through July 11, 2025, from corporate disclosure of NI 43-101, JORC, or equivalent regulatory body. Deposit/Project data presented includes the total resource tonnage. Mineral resources are presented on a 100% basis and inclusive of reserves where applicable. Data is presented for all pegmatite deposits/projects reporting Ta resources to the knowledge of the Company. Shaakichiuwaanaan’s Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, totals 108.0 Mt at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga, Inferred, and is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.70% Li2O (underground CV13), with an Effective Date June 20, 2025 (through drill hole CV24-787). Mineral resources are not mineral reserves as they do not have demonstrated economic viability. Company Project Stage Inclusive of Reserves Mineral Resources Information Source(s)Measured Indicated Inferred Mt Ta2O5 ppm Mt Ta2O5 ppm Mt Ta2O5 ppm Pilbara Minerals Ltd. Pilgangoora Production Y 16.5 144 314 106 76.6 124 Annual Report 2024 AVZ Minerals Limited 75% / La Congolaise d’Exploitation Minière SA 25% Manono Development Y 132.0 44 367 42 342.0 51 ASX announcement dated January 31, 2024 PMET Resources Inc. Shaakichiuwaanaan Development – – – 108 166 33.3 156 TSX announcement dated July 20, 2025 Liontown Resources Ltd. Kathleen Valley Production Y 19.0 149 109 131 26.0 118 ASX announcement dated October 30, 2024 Zhejiang Huayou Cobalt Co., Ltd. Arcadia Development Y 15.8 113 46 124 11.2 119 ASX announcement dated October 11, 2021 AMG Lithium GmbH Mibra Production – 3.4 359 17 335 4.2 337 Euronext announcement dated April 3, 2017 Andrada Mining Ltd. Uis Production – 27.3 110 18 105 32.7 89 AIM announcement dated February 6, 2025 Frontier Lithium Inc. 92.5% / Mitsubishi Corporation 7.5% PAK + Spark Development – 16.4 94 21 131 18.6 197 Definitive Feasability Study dated 28, May 2025 Sinomine Resource Group Co., Ltd. Tanco Production – – – – – 10.7 200 2024 Annual Report Delta Lithium Ltd. Yinnetharra Tantalum Development – – – 27 95 12.9 117 ASX announcement dated March 31, 2025 Wildcat Resources Ltd. Tabba Inahara Development – – – 70 65 4.1 80 ASX announcement dated Novemeber 28, 2024 Critical Elements Lithium Corporation Rose Development Y – – 31 118 2.4 129 TSX announcement dated August 29, 2023 Delta Lithium Ltd. Mt Ida Development – – – 8 224 6.8 154 ASX announcement dated October 3, 2023 Global Lithium Resources Ltd. Manna Development – – – 33 52 18.7 50 ASX announcement dated June 12, 2024 Rio Tinto Ltd. Mt Cattlin Development Y 0.2 154 10 155 4.8 177 ASX announcement dated November 28, 2024 Delta Lithium Ltd. Yinnetharra Development – – – 16 77 5.8 69 ASX announcement dated March 31, 2025 Green Technology Metals Ltd. Seymour Development – – – 6 149 4.1 100 ASX announcement dated November 17, 2023