Significant Mineral Resource Upgrade at Shaakichiuwaanaan Lithium Project to Underpin Impending Feasibility Study Representing an increase of ~30% and ~306% in Indicated Resources at CV5 and CV13, respectively
May 12, 2025 – Vancouver, BC, Canada May 13, 2025 – Sydney, Australia
HIGHLIGHTS
- The updated consolidated Mineral Resource Estimate (“MRE”) reaffirms the Shaakichiuwaanaan Lithium Project as a Tier-1, world-class asset and positions it as the largest lithium pegmatite Indicated Mineral Resource in the Americas:
- Consolidated MRE statement (CV5 & CV13 spodumene pegmatites):
- Indicated: 108.0 Mt at 1.40% Li2O, 166 ppm Ta2O5, and 66 ppm Ga, and
- Inferred: 33.3 Mt at 1.33% Li2O, 156 ppm Ta2O5, and 65 ppm Ga.
- Consolidated MRE statement (CV5 & CV13 spodumene pegmatites):
- The MRE update represents an increase of ~30% and ~306% in Indicated Resources at the CV5 and CV13 pegmatites compared to the August 2024 MRE, respectively, with overall contained lithium carbonate equivalent (“LCE”) of 3.75 Mt Indicated and 1.09 Mt Inferred.
- Importantly, the high-grade Nova Zone (CV5) has now been fully delineated to an Indicated classification, as well as a significant portion of the high-grade Vega Zone (CV13) where size and lithium grade notably increased.
- The Company remains on track to deliver a maiden Ore Reserve and Feasibility Study for its CV5 Spodumene Pegmatite in CYQ3-2025 based on this updated MRE.
- The MRE includes 6.9 km of collective strike length confirmed to host continuous spodumene pegmatite Mineral Resources (4.6 km at CV5 and 2.3 km at CV13).
- Significant resource growth potential – both the CV5 and CV13 spodumene pegmatites remain open in multiple directions, as well as other spodumene pegmatite clusters at the Property that remain to be drill tested.
- Other high-grade/value critical/strategic metals such as tantalum, cesium and now gallium have been identified at the Property with potential to become meaningful future by-products.
- Cesium within the CV13 Pegmatite is anticipated to be included in a
future MRE update for the Project.
Patriot Battery Metals Inc.
Suite 700 - 838 W. Hastings Street, Vancouver, BC, Canada, V6C 0A6 www.patriotbatterymetals.com TSX: PMET / ASX: PMT / OTC: PMETF / FSE: R9GA
- The MRE includes only the CV5 and CV13 spodumene pegmatites. It does not include any of the other known spodumene pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12, CV14, and the recently discovered CV15 (fall 2024).
Darren L. Smith, Executive and Vice President of Exploration for the Company, comments: “The results of the updated MRE at CV5 have exceeded our expectations with over 100 Mt of Indicated Resources now defined, of which the vast majority resides within only a single pegmatite dyke and includes the high-grade Nova Zone. Additionally, at the CV13 Pegmatite while delineating the high-grade Vega Zone, a total of 6.1 Mt at 1.87% Li2O of Indicated Resources has now been defined, representing a 306% increase in Indicated tonnage and a 16% increase in Indicated grade compared to the August 2024 MRE.”
“Collectively, this updated MRE represents a significant increase in resource confidence and an important derisking event for the Project as it advances towards Feasibility on the path to production. Shaakichiuwaanaan continues to demonstrate its Tier-1, world-class nature and robustness as it further positions itself to be a key player in the lithium raw materials industry.”
Ken Brinsden, President, CEO, and Managing Director, comments: “This is another significant accomplishment for our team and a key milestone for the Company as we approach the completion of our Feasibility Study on the CV5 Pegmatite, which remains on schedule for CYQ3-2025. It further cements the position of the Shaakichiuwaanaan Project as one of the most important hard rock lithium assets in development globally.”
“The delivery of a substantial updated consolidated Indicated Resource of 108 Mt is a major milestone which will underpin our development studies. The continued derisking of the overall resource, while maintaining tonnage and grade, as well as the significant presence of other strategic and critical metals like tantalum, cesium, and now gallium, highlights the Tier-1 scale of the mineral system and the considerable potential for further growth and value creation for shareholders.”
“As we advance towards a Feasibility Study, the Company is firmly positioned to be able to provide long- term future spodumene supply and other critical metals to the North American and European markets. The combination of scale, management quality, balance sheet strength, and our high-quality strategic partnerships allows us to remain confident in the success of our strategy,” added Mr. Brinsden.
PATRIOT BATTERY METALS INC. (THE “COMPANY” OR “PATRIOT”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce an updated consolidated Mineral Resource Estimate (“MRE” or “Consolidated MRE”) for the CV5 and CV13 spodumene pegmatites at its 100%-owned Shaakichiuwaanaan Property (the “Property” or “Project”) located approximately 13 km south of the regional and all‑weather Trans-Taiga Road and powerline in the Eeyou Istchee James Bay region of Quebec. The CV5 Spodumene Pegmatite is situated
infrastructure corridor, and is accessible year-round by all-season road. The CV13 Spodumene Pegmatite is located approximately 3 km west-southwest along geological trend of CV5. The updated Consolidated MRE for the Project includes both the CV5 and CV13 spodumene pegmatites and totals 108.0 Mt at 1.40% Li2O Indicated and 33.3 Mt at 1.33% Li2O Inferred, for a contained lithium carbonate equivalent (“LCE”) of 3.75 Mt Indicated and 1.09 Mt Inferred (Table 1, Figure 1, and Figure 2). Presented by resource location/name, this MRE includes 101.8 Mt at 1.38% Li2O Indicated and 13.9 Mt at 1.21% Li2O Inferred at CV5, and 6.1 Mt at 1.87% Li2O Indicated and 19.4 Mt at 1.42% Li2O Inferred at CV13. The cut-off grade is variable depending on the mining method and pegmatite (see footnotes in Table 1 for details). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.
The Consolidated MRE for the Shaakichiuwaanaan Project, the third MRE for the Project, continues to reaffirm it as the largest lithium pegmatite Mineral Resource in the Americas and 8th largest globally (Figure 1, Figure 2, Appendix 2 through 4). Additionally, the MRE now ranks as the largest lithium pegmatite Indicated Mineral Resource in the Americas (Figure 3). These metrics and context entrench the Project as a Tier 1, world-class lithium
pegmatite asset.
Since the last MRE (August 2024), the focus of drilling at the CV5 Pegmatite has been on infill (targeting ~50 m spaced pegmatite pierce points) to support an upgrade in Mineral Resource confidence from the Inferred category to the Indicated category. The overarching objective of defining the additional Indicated Resources is to underpin the Company’s maiden Ore Reserve and Feasibility Study for the CV5 Pegmatite – on schedule for CYQ3-2025 – and which is anticipated to have a production scenario similar to that outlined in the 2024 Preliminary Economic Assessment (see news release dated August 21, 2024)
The Consolidated MRE statement for the Shaakichiuwaanaan Project, presented in Table 1, includes only the CV5 and CV13 spodumene pegmatites, which remain open in multiple directions. Therefore, this Consolidated MRE does not include any of the other known spodumene pegmatite clusters on the Property – CV4, CV8, CV9, CV10, CV12, CV14, and the recently discovered CV15 (Figure 4 and Figure 36). Collectively, this highlights considerable potential for resource growth in lithium, and other critical and strategic metals, which could support a larger or extended mining operation, through continued drill exploration at the Property.
The Mineral Resource statement and relevant disclosure, sensitivity analysis, peer comparison, geological and block model views, and cross-sections are presented in the following figures and tables. A detailed overview of the MRE and Project is presented in the following sections in accordance with ASX Listing Rule 5.8.
MINERAL RESOURCE STATEMENT (NI 43-101)
Table 1: NI 43-101 Mineral Resource Statement for the Shaakichiuwaanaan Project.
| Pegmatite | Classification | Tonnes (t) | Li O 2 (%) | Ta O 2 5 (ppm) | Ga (ppm) | Contained LCE (Mt) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CV5 & CV13 | Indicated | 107,955,000 | 1.40 | 166 | 66 | 3.75 | ||||||
| Inferred | 33,280,000 | 1.33 | 156 | 65 | 1.09 |
- Mineral Resources were prepared in accordance with National Instrument 43-101 – Standards for Disclosure of Mineral Projects (“NI 43-101”) and the CIM Definition Standards (2014). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, economic, or other relevant issues.
- The independent Competent Person (CP), as defined under JORC, and Qualified Person (QP), as defined by NI 43-101 for this estimate is Todd McCracken, P.Geo., Director – Mining & Geology – Central Canada, BBA Engineering Ltd. The Effective Date of the estimate is January 6, 2025 (through drill hole CV24-787).
- Estimation was completed using a combination of inverse distance squared (ID2) and ordinary kriging (OK) for CV5 and inverse distance squared (ID2) for CV13 in Leapfrog Edge software with dynamic anisotropy search ellipse on specific domains.
- Drill hole composites at 1 m in length. Block size is 10 m x 5 m x 5 m with sub-blocking.
- Both underground and open-pit conceptual mining shapes were applied as constraints to demonstrate reasonable prospects for eventual economic extraction. Cut-off grades for open-pit constrained resources are 0.40% Li2O for both CV5 and CV13, and for underground constrained resources are 0.60% Li2O for CV5 and 0.70% Li2O for CV13. Open-pit and underground Mineral Resource constraints are based on a long-term average spodumene concentrate price of US$1,500/tonne (6% basis FOB Bécancour) and an exchange rate of 0.70 USD/CAD.
- Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
- Tonnage and grade measurements are in metric units.
- Conversion factors used: Li2O = Li x 2.153; LCE (i.e., Li2CO3) = Li2O x 2.473, Ta2O5 = Ta x 1.221.
- Densities for pegmatite blocks (both CV5 & CV13) were estimated using a linear regression function (SG = 0.0674x (Li2O% + 0.81 x B2O3%) + 2.6202) derived from the specific gravity (“SG”) field measurements and Li2O grade. Non-pegmatite blocks were assigned a fixed SG based on the field measurement median value of their respective lithology.
Figure 1: MRE tonnage vs grade chart highlighting Shaakichiuwaanaan as the largest lithium pegmatite Mineral Resource in the Americas. Mineral Resource data sourced through April 11, 2025, from corporate disclosure pursuant to 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. See Appendix 2 through 4 for further details and supporting information.
Figure 2: MRE tonnage vs grade chart highlighting Shaakichiuwaanaan as the 8th largest lithium pegmatite Mineral Resource in the world. See comments under Figure 1 and Appendix 2 through 4 for further details and supporting information.
Figure 3: MRE tonnage vs grade chart highlighting Shaakichiuwaanaan as the largest lithium pegmatite Indicated Mineral Resource in the Americas. See comments under Figure 1 and Appendix 2 through 4 for further details and supporting information.
The Shaakichiuwaanaan MRE covers a collective strike length of approximately 6.9 km, drill hole to drill hole (4.6 km at CV5, and 2.3 km at CV13). The CV5 and CV13 pegmatites are situated along the same geological trend, separated by approximately 2.6 km of prospective trend (Figure 4). As such, given the similar mineralogy, geochemistry, host geological and structural trend, and close proximity to each other, the MREs for the CV5 and CV13 pegmatites have been presented as a consolidated MRE for the Project (Table 1). The MRE is further detailed below with respect to conceptual mining constraint shapes by resource location/name (Table 2).
Table 2: Shaakichiuwaanaan Mineral Resource by Pegmatite and Conceptual Mining Constraint.
| Cut- | Conceptual Mining Constraint | Pegmatite | Classification | Tonnes (t) | Li O 2 (%) | Ta O 2 5 (ppm) | Ga (ppm) | Contained LCE (Mt) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| off | |||||||||||||||
| Grade | |||||||||||||||
| Li O 2 | |||||||||||||||
| (%) | |||||||||||||||
| 0.40 | Open-Pit | CV5 | Indicated | 97,757,000 | 1.39 | 163 | 66 | 3.35 | |||||||
| 0.60 | Underground | 4,071,000 | 1.08 | 186 | 66 | 0.11 | |||||||||
| Total | 101,828,000 | 1.38 | 164 | 66 | 3.46 | ||||||||||
| 0.40 | Open-Pit | CV5 | Inferred | 5,745,000 | 1.16 | 163 | 61 | 0.17 | |||||||
| 0.60 | Underground | 8,153,000 | 1.24 | 136 | 60 | 0.25 | |||||||||
| Total | 13,898,000 | 1.21 | 147 | 60 | 0.41 | ||||||||||
| 0.40 | Open-Pit | CV13 | Indicated | 5,960,000 | 1.90 | 200 | 76 | 0.28 | |||||||
| 0.70 | Underground | 167,000 | 0.86 | 131 | 60 | 0.00 | |||||||||
| Total | 6,127,000 | 1.87 | 198 | 76 | 0.28 | ||||||||||
| 0.40 | Open-Pit | CV13 | Inferred | 17,920,000 | 1.45 | 169 | 70 | 0.64 | |||||||
| 0.70 | Underground | 1,462,000 | 1.05 | 75 | 55 | 0.04 | |||||||||
| Total | 19,382,000 | 1.42 | 162 | 69 | 0.68 |
All Table 1 footnotes are applicable.
Figure 4: Extent of the Shaakichiuwaanaan MRE with respect to the spodumene pegmatite clusters in the area, highlighting potential for resource growth. CV5 and CV13 remain open in multiple directions.
SENSITIVITY ANALYSIS
The sensitivity analysis for the Shaakichiuwaanaan MRE (Table 3 and Figure 5) is presented as the sum of the open-pit and underground constrained and classified resources at the same cut-off. The
sensitivity analysis by cut-off grade (“COG”) defines significant tonnage at very high- grade, primarily reflecting the Nova Zone at CV5 and Vega Zone at CV13.
- At a 1.5% Li2O COG for the CV5 Pegmatite, there is a total of 35.8 Mt at 2.01 Li2O Indicated and 3.5 Mt at 1.98 Li2O Inferred.
- At a 1.5% Li2O COG for the CV13 Pegmatite, there is a total of 3.4 Mt at 2.62 Li2O Indicated and 6.7 Mt at 2.36 Li2O Inferred.
Both the Nova and Vega zones have been traced over a significant distance/area with multiple drill hole intercepts (core length) ranging from 2 to 25 m (CV5) and 2 to 10 m (CV13) at >5% Li2O, each within a significantly wider mineralized pegmatite zone of >2% Li2O (Figure 17, Figure 26, and Figure 27). These zones are located approximately 6 km apart, along the same geological trend, and emphasize not only the scale of the entire mineralized system at the Property but also its robustness in mineralized intensity defined to date.
The following Table 3 and Figure 5 outline the corresponding tonnage and lithium grade at various cut-off grades for the Shaakichiuwaanaan MRE. In addition to evaluating sensitivities to cut-off grades, this table can help relate the tonnage and grades at Shaakichiuwaanaan more directly to those calculated for peer deposits, which may have applied different cut-off grades to their resources.
Table 3: Sensitivity Analysis for the Shaakichiuwaanaan MRE.
| CV5 Spodumene Pegmatite | CV13 Spodumene Pegmatite | |||||||
|---|---|---|---|---|---|---|---|---|
| Cut-off grade (%) | Indicated | Inferred | Indicated | Inferred | ||||
| Tonnes ≥ cut- off | Average grade (LiO) ≥ cut-off 2 (%) | Tonnes ≥ cut- off | Average grade (LiO) ≥ cut-off 2 (%) | Tonnes ≥ cut- off | Average grade (LiO) ≥ cut-off 2 (%) | Tonnes ≥ cut-off | Average grade (LiO) ≥ cut-off 2 (%) | |
| 0.1 | 119,190,000 | 1.21 | 15,400,000 | 1.13 | 6,680,000 | 1.74 | 22,280,000 | 1.27 |
| 0.2 | 109,390,000 | 1.30 | 14,980,000 | 1.16 | 6,510,000 | 1.78 | 21,140,000 | 1.33 |
| 0.3 | 104,540,000 | 1.35 | 14,540,000 | 1.19 | 6,320,000 | 1.83 | 20,210,000 | 1.38 |
| 0.4 | 101,450,000 | 1.38 | 13,960,000 | 1.22 | 6,100,000 | 1.88 | 19,300,000 | 1.43 |
| 0.5 | 98,570,000 | 1.41 | 13,340,000 | 1.26 | 5,850,000 | 1.94 | 18,220,000 | 1.48 |
| 0.6 | 95,710,000 | 1.43 | 12,550,000 | 1.30 | 5,590,000 | 2.01 | 17,070,000 | 1.55 |
| 0.7 | 92,100,000 | 1.46 | 11,560,000 | 1.36 | 5,330,000 | 2.07 | 15,910,000 | 1.61 |
| 0.8 | 87,030,000 | 1.50 | 10,480,000 | 1.42 | 5,090,000 | 2.13 | 14,620,000 | 1.69 |
| 0.9 | 80,870,000 | 1.55 | 9,530,000 | 1.48 | 4,870,000 | 2.19 | 13,390,000 | 1.76 |
| 1.0 | 73,450,000 | 1.62 | 8,480,000 | 1.54 | 4,630,000 | 2.26 | 12,120,000 | 1.85 |
| 1.1 | 65,580,000 | 1.68 | 7,430,000 | 1.61 | 4,390,000 | 2.32 | 10,830,000 | 1.94 |
| 1.2 | 57,490,000 | 1.76 | 6,420,000 | 1.69 | 4,150,000 | 2.39 | 9,630,000 | 2.04 |
| 1.3 | 49,640,000 | 1.84 | 5,370,000 | 1.77 | 3,910,000 | 2.46 | 8,540,000 | 2.15 |
| 1.4 | 42,290,000 | 1.92 | 4,230,000 | 1.89 | 3,670,000 | 2.53 | 7,580,000 | 2.25 |
| 1.5 | 35,760,000 | 2.01 | 3,480,000 | 1.98 | 3,400,000 | 2.62 | 6,650,000 | 2.36 |
| 1.6 | 30,050,000 | 2.10 | 2,870,000 | 2.07 | 3,130,000 | 2.71 | 5,870,000 | 2.47 |
| 1.7 | 25,190,000 | 2.19 | 2,370,000 | 2.16 | 2,850,000 | 2.82 | 5,190,000 | 2.57 |
| 1.8 | 21,000,000 | 2.27 | 1,980,000 | 2.25 | 2,630,000 | 2.91 | 4,590,000 | 2.68 |
| 1.9 | 17,360,000 | 2.36 | 1,600,000 | 2.34 | 2,450,000 | 2.99 | 4,100,000 | 2.78 |
| 2.0 | 14,260,000 | 2.45 | 1,340,000 | 2.42 | 2,270,000 | 3.07 | 3,700,000 | 2.87 |
1. This table should not be interpreted as a Mineral Resource. The table presents the sum of the open-pit and underground constrained and classified resources at the same cut-off. The data is presented to demonstrate the Mineral Resource tonnage and grade sensitivity to various cut-off grades. The selected cut-off grade for the base case is 0.40% Li2O with the revenue factor 1 pit shell constraint for CV5 and CV13, with a 0.60% Li2O and 0.70% Li2O underground cut-off grade for CV5 and CV13, respectively.
2. Errors may occur in totals due to rounding.
Figure 5: Shaakichiuwaanaan Mineral Resource grade-tonnage curves for the CV5 and CV13 spodumene pegmatites.
TANTALUM
In addition to lithium as the primary commodity of interest, the CV5 and CV13 pegmatites also contain a significant amount of tantalum as a potentially recoverable by-product – 108.0 Mt at 1.40% Li2O and 166 ppm Ta2O5 Indicated, and 33.3 Mt at 1.33% Li2O and 156 ppm Ta2O5 Inferred. Potential mineable shapes are estimated based on the lithium cut-off grade only. Additionally, domaining of higher-grade tantalum zones within the overall pegmatite have not been incorporated into the MRE.
These tantalum grades are significant and rank Shaakichiuwaanaan as a top five tantalum pegmatite Mineral Resource in the world in terms of grade and tonnage (Figure 6). Mineralogy completed to date indicates that tantalite is the tantalum-bearing mineral, which may be recoverable from the tailings of the primary lithium recovery process (i.e., potential valorization of waste streams). The Company is currently evaluating the potential for recovery of tantalum through an active mineral processing test program at SGS Canada’s Lakefield, ON, facility. Tantalum is listed as a critical and strategic mineral by the province of Quebec (Canada), Canada, European Union, United Kingdom, Australia, Japan, India, South Korea, and the United States. Tantalum is a critical component required for a range of high-tech devices, electronics, and essential niche applications, including in capacitors as it has the highest capacitance of any metal. According to the United States Geological Survey, no significant amounts of tantalum are currently produced in North America or Europe, with a majority of production coming out of the Democratic Republic of Congo, Rwanda, and Brazil.
Figure 6: MRE tonnage vs grade chart highlighting Shaakichiuwaanaan as a top five tantalum pegmatite Mineral Resource globally. See comments under Figure 1 and Appendix 2 and 3 for further details and supporting information.
GALLIUM
As part of the Shaakichiuwaanaan MRE update, the Company has included gallium (Ga) – 108.0 Mt at 1.40% Li2O, 166 ppm Ta2O5, and 66 ppm Ga, Indicated, and 33.3 Mt at 1.33% Li2O, 156 ppm Ta2O5, 65 ppm Ga, Inferred. The gallium grades were not used in generating the potential mineable shapes at CV5 and CV13. Potential mineable shapes are estimated based on the lithium cut-off grade only. Additionally, domaining of potentially higher-grade gallium zones within the overall pegmatite have not been incorporated into the MRE.
Although the recovery of gallium from pegmatite has yet to be commercialized, there is a growing interest in lithium pegmatite as a potential source. The vast majority of current gallium production comes from bauxite (aluminum ore) processing, whereby the Ga has substituted for aluminum (Al) and is extracted (at very low overall recovery) out of the spent liquor when concentrations have reached sufficient levels. However, as lithium pegmatites may contain several aluminum rich minerals in abundance (feldspar, muscovite, spodumene), Ga may be present in reasonable concentrations that may encourage extraction in downstream processing. The Company is currently evaluating a metallurgical approach to recover gallium from the lithium waste stream(s). Gallium is listed as a critical and strategic mineral by the province of Quebec (Canada), Canada, European Union, United Kingdom, Australia, Japan, India, South Korea, and the United States. China dominates global production of gallium and in late 2024 banned all exports of the metal to the United States, thus highlighting security of supply concerns. Gallium is used in various hightech applications and primarily in the electronics industry as semiconductors.
CESIUM
In news releases dated March 2 and April 9, 2025, the Company announced the discovery of significant cesium mineralization at the CV13 Pegmatite within the Vega and Rigel zones. Initial drill results returned 11.1 m at 4.87% Cs2O, including 7.1 m at 7.39% Cs2O (Vega, CV24-520) and 5.0 m at 13.32% Cs2O, including 2.0 m at 22.90% Cs2O (Rigel, CV23-255).
However, the MRE announced herein does not include cesium. This is in part due to the cesium overlimit analytical results being received after the determined Effective Date of the MRE announced herein (January 6, 2025), the geological modelling still required, as well as the overall ongoing Feasibility Study schedule requiring a frozen and classified block model earlier in the year. The Company anticipates advancing an updated Mineral Resource to include cesium in the CV13 Pegmatite as part of a future MRE update for the Project.
Cesium is listed as a critical and strategic mineral by the province of Quebec (Canada), Canada, Japan, and the United States. Mineral deposits of cesium (pollucite) are extremely rare globally and represent the most fractionated component of LCT pegmatite systems, which are effectively the only primary source of cesium globally. Due to its high-density, low toxicity, biodegradable nature, and recoverability, cesium is used to support the completion of oil and gas wells at high pressure and temperature. Cesium is also used in atomic clocks, GPS, aircraft guidance systems, and telecommunications.
NEXT STEPS
With the updated MRE now completed, including a significant amount of Indicated Resource now estimated at CV5, the Company is focused on completion of the remaining deliverables for the Feasibility Study. The Feasibility Study, which includes only the CV5 Pegmatite (hosting the highgrade Nova Zone), remains on schedule for CYQ3-2025, with the Company recently announcing an update on its progress on March 18, 2025.
With respect to the cesium potential (see news releases dated March 2 and April 9, 2025), with the overlimit analysis now received, the Company is actively refining the geological models for the Vega and Rigel zones. An MRE update is anticipated to follow, which would include cesium, potentially later in 2025. Additionally, the Company will continue its exploratory drill program at CV13, focused on further delineation of the Vega and Rigel cesium zones. Various activities in support of potential development are also being considered.
GEOLOGICAL AND BLOCK MODELS
The geological model underpinning the MRE for CV5 interprets a single, steeply dipping (northerly), continuous, principal spodumene pegmatite body ranging in true thickness from <10 m to more than 125 m, extending over a strike length of approximately 4.6 km (drill hole to drill hole), which is flanked by multiple subordinate lenses. At CV5, the pegmatite may extend from surface to depths of more than 450 m in some locations and remains open in multiple directions. The geological model underpinning the MRE for CV13 interprets a series of flat-lying to moderately dipping (northerly), sub-parallel trending spodumene pegmatite bodies, of which three appear to dominate. The pegmatite ranges in true thickness from <5 m to more than 40 m, extends over a strike length of approximately 2.5 km, and remains open in several directions.
The geological models of the CV5 and CV13 spodumene pegmatites are presented in plan, inclined, and side view in Figure 7, as well as Figure 8 to Figure 12, and Figure 20 and Figure 21, respectively. The MRE block model, block classifications, and cross-sections for CV5 and CV13 are presented in Figure 13 to Figure 19, and Figure 22 to Figure 29, respectively.
Figure 7: Oblique view (looking east-northeast) of CV5 and CV13 spodumene pegmatite geological models – all lenses.