PMET Resources (PMET) Study Result summary

Project overview and feasibility study results

• Shaakichiuwaanaan Project in Quebec has published a lithium-only feasibility study, confirming a maiden reserve of over 84 million tons and a 20-year mine life, with potential for further resource growth through continued drilling.

• The project is expected to produce up to 800,000 tons per annum of spodumene concentrate, positioning it among the top five largest hard rock lithium mines globally.

• All-in sustaining costs are globally competitive at under $600/ton, with a net CapEx of approximately CAD 1.5 billion after provincial and federal credits.

• The feasibility study supports the final mine authorization process, with commercial production targeted for the first half of 2030.

• The project is staged, starting at 400,000 tons per annum and ramping up to 800,000 tons, using a combination of open-pit and underground mining.

Co-product and optimization opportunities

• Significant co-product potential exists in caesium and tantalum, with both recoverable through simple physical processes, expected to further improve project economics.

• Bulk sampling of up to 50,000 tons is planned to de-risk underground operations and validate co-product recovery, with industry partners expected to support funding.

• Ongoing optimization initiatives include modularization of the DMS plant, schedule improvements, and integration of new discoveries at CV13.

• Tantalum is widely distributed and could provide a $20–$50/ton credit, while caesium is higher value but more localized, with further test work ongoing.

• Gallium is present in the resource but requires downstream chemical processing for extraction, making it a longer-term opportunity.

Partnerships, funding, and market positioning

• Strategic partnerships have been established, notably with Volkswagen and PowerCo, with further offtake and funding discussions ongoing with downstream industry participants.

• The project is open to various partnership models, including mine-level investment and offtake-linked funding, to support the sizable capital requirements.

• Provincial and federal tax credits are expected to cover about 40% of eligible spend, providing immediate cash flow benefits in the year following expenditure.

• Engagement with government and industry is strong, with increased political and financial support for critical minerals projects in Canada.

• The project is well advanced in the North American lithium development pipeline, with robust community relations and significant local employment and business engagement, especially with the Cree Nation.