PMET Resources (PMET) Q2 2025 earnings summary

Executive summary

• Advanced the Shaakichiuwaanaan Project, reaffirmed as the largest lithium pegmatite resource in the Americas and 8th largest globally, with a new PEA showing strong economics and a Feasibility Study underway for completion by September 2025.

• Completed a $75M flow-through share financing, ending the quarter with $70M in cash and working capital of $62.5M, supporting ongoing exploration and development.

• Completed a 20-km all-season access road and expanded the exploration camp, enhancing site infrastructure and reducing future operating costs.

• Strengthened ESG initiatives, including renaming the flagship project in collaboration with the Cree Nation and achieving UL 2723 ECOLOGO® Certification.

Financial highlights

• Net loss of $208,000 for the quarter and $3.37M for the six months ended September 30, 2024, compared to $285,000 and $471,000 losses in the prior year periods.

• General and administrative expenses rose to $5.84M for the quarter and $11.07M for the six months, reflecting increased activity and headcount.

• Flow-through premium income of $10.9M for the quarter and $12.6M for the six months, driven by eligible exploration expenditures.

• Cash used in operating activities was $6.79M for the quarter and $7.72M for the six months; investing activities used $23.9M and $67.3M, respectively.

• Cash provided by financing activities was $72.5M for the six months, mainly from the $75M flow-through share offering.

Outlook and guidance

• Feasibility Study for Shaakichiuwaanaan Project targeted for completion by September 30, 2025.

• Continued expansion of the Mineral Resource base and targeted exploration to maximize project value.

• Ongoing engagement with downstream industry partners and release of the inaugural Sustainable Development Report.

• Management believes current working capital is sufficient for planned activities over the next 12 months.