PMET Resources (PMET) Investor Presentation summary

Project overview and resource highlights

• Shaakichiuwaanaan is positioned as North America's next major lithium supply base, with the largest lithium pegmatite resource in the Americas and the 8th largest globally, totaling 80.1 Mt at 1.44% Li₂O (Indicated) and 62.5 Mt at 1.31% Li₂O (Inferred), equating to 4.88 Mt contained LCE.

• The PEA is underpinned by the CV5 Spodumene Pegmatite, supported by 344 drill holes and 11 outcrop channels, with a cut-off grade of 0.4% Li₂O (open pit) and 0.6% Li₂O (underground).

• A significant exploration target of 146–231 Mt at 1.0–1.5% Li₂O has been outlined, with systematic drilling planned to test this over several years starting in 2025.

• Recent high-grade discoveries at CV13's Vega Zone include intercepts such as 34.4 m at 2.90% Li₂O and 51.7 m at 1.77% Li₂O, with mineralization open in multiple directions.

• Planned 2025 exploration includes up to 80,000 m of drilling to further delineate resources and test additional spodumene pegmatite clusters.

Preliminary economic assessment (PEA) and development strategy

• The PEA, completed by BBA and Primero, indicates an after-tax NPV (8% real) of C$2.9 billion and an after-tax IRR of 34%, with a 3.6-year payback period and a 24-year mine life.

• The hybrid mine plan features Stage I open-pit mining (400 ktpa) followed by Stage 2 expansion to a combined 800 ktpa with underground and open-pit operations, targeting high-grade zones like the Nova Zone.

• Stage I net capex is C$640 million, with Stage 2 potentially funded through internal cash flow; total cash operating costs are estimated at US$560/t (FOB Bécancour) and AISC at US$593/t.

• The project aims to become the 4th largest hard-rock lithium mine globally, with strong interest from supply chain participants for investment and offtake partnerships.

• Upside opportunities include resource expansion, optimized mining to access high-grade zones earlier, and infrastructure improvements.

Mining, processing, and infrastructure

• The hybrid mining approach (56% open pit, 44% underground) allows flexibility to access higher-grade zones, reduce environmental footprint, and maintain consistent mill feed quality.

• The processing plant uses a simple DMS-only flowsheet, with an average LOM recovery rate of 69.5% and the ability to process both CV5 and CV13 ores at high recovery and low iron content.

• Power is sourced from low-carbon, mainly renewable Hydro-Québec electricity, and the site is accessible via an all-season road and established transportation infrastructure.

• Infrastructure upgrades, such as the La Grande Alliance road and potential rail and port developments, could further reduce logistics costs and carbon footprint.

• The camp at KM270 on the Trans-Taiga Road supports up to 150 personnel, with facilities for operations, recreation, and core management.