PMET Resources (PMET) Study update summary

Study economics

• After-tax NPV at 8% is ~CA$5.10B (US$3.72B) and IRR 40.4% at US$1,788/t SC5.5; at US$1,400/t SC5.5, after-tax NPV is ~CA$3.29B.

• Pre-tax NPV at 8% rose to CA$8.5B from CA$2.5B, pre-tax IRR to 47.2% from 19.9%, and payback shortened to 2.6 years from 4.9.

• LOM FOB Québec costs are CA$594/t cash operating and CA$657/t AISC, net of tantalum credits, down 19% and 18%; site cash operating costs are $212/t and AISC $480/t of concentrate.

• Tantalum adds a $108/t cost credit at the study price of $120/lb contained tantalite; OPEX fell ~20% versus the prior study while phase-one and phase-two CAPEX remained broadly in line.

Development plan and production

• Phase 1 combines underground-first Nova Zone mining with a 2.2 Mtpa DMS plant; phase 2 adds a 2.9 Mtpa train and open-pit mining, raising capacity to 5.1 Mtpa and spodumene output to ~800,000 tpa over a ~20-year mine life.

• Phase 1 targets up to ~560,000 tpa spodumene in its first three production years and up to ~455,000 lb/year contained Ta₂O₅; mine-life average tantalite output is ~635,000 lb/year.

• Phase 1 capital is CA$1,391M (CA$1,080M net of anticipated pre-production and tax credits); phase 2 capital is CA$672M (CA$595M net of anticipated tax credits).

• The maiden Probable Mineral Reserve is 83.0 Mt at 1.27% Li₂O and 148 ppm Ta₂O₅, containing 2.61 Mt LCE and 12.3 kt Ta₂O₅.

• A starter pit supplies ~700,000 tonnes in year one with a 60 m lake setback; a simplified single-stage DMS flow sheet removes regrind and secondary DMS recovery systems.

Project execution and next steps

• FID remains targeted for late 2027, subject to approvals and financing; DMS commissioning is targeted for late 2029 and commercial production for end-Q1 2030.

• Mine authorization, detailed engineering, process testwork, financing and Cree IBA discussions are progressing; the Cree Nation of Chisasibi letter of intent frames work toward an IBA.

• A CV5/CV13 PEA was expected before year-end 2026 to assess lithium, caesium and tantalum opportunities; CV13 may contribute to phase 2 and extend mine life.

• Bulk sampling is intended to de-risk operations and support customer engagement but is not required for FID; CEO recruitment is underway, with Ken Brinsden expected to transition to executive chair and later non-executive chair.