Company Announcements

¹  The CV5 mineral resource estimate (109.2 Mt at 1.42% Li₂O and 160 ppm Ta₂O₅ inferred) is reported at a cut-off grade of 0.40% Li₂O with effective date of June 25, 2023 (through drill hole CV23-190) . Mineral resources are not mineral reserves as they do not have demonstrated economic viability. Largest lithium pegmatite resource in the Americas based on contained LCE.

¹ The CV5 mineral resource estimate (109.2 Mt at 1.42% Li₂O and 160 ppm Ta₂O₅ inferred) is reported at a cut-off grade of 0.40% Li₂O with effective date of June 25, 2023 (through drill hole CV23-190) . Mineral resources are not mineral reserves as they do not have demonstrated economic viability. Largest lithium pegmatite resource in the Americas based on contained LCE.

Criteria

JORC Code explanation

Commentary

Sampling techniques

• Nature and quality of sampling (eg cut
  channels, random chips, or specific
  specialized industry standard
  measurement tools appropriate to the
  minerals under investigation, such as
  down hole gammasondes, or handheld
  XRF instruments, etc). These examples
  should not be taken as limiting the
  broad meaning of sampling.

• Include reference to measures taken to
  ensure sample representivity and the
  appropriate calibration of any
  measurement tools or systems used.

• Aspects of the determination of
  mineralization that are Material to the
  Public Report. 

• In cases where 'industry standard'
  work has been done this would be
  relatively simple (eg 'reverse
  circulation drilling was used to obtain 1
  m samples from which 3 kg was
  pulverized to produce a 30 g charge for
  fire assay'). In other cases more
  explanation may be required, such as
  where there is coarse gold that has
  inherent sampling problems. Unusual
  commodities or mineralization types
  (eg submarine nodules) may warrant
  disclosure of detailed information.

• Core sampling protocols meet industry standard
  practices.
• Core sampling is guided by lithology as determined
  during geological logging (i.e., by a geologist). All
  pegmatite intervals are sampled in their entirety (half
  -core), regardless if spodumene mineralization is noted
  or not (in order to ensure an unbiased sampling
  approach) in addition to ~1 to 3 m of sampling into the
  adjacent host rock (dependent on pegmatite interval
  length) to "bookend" the sampled pegmatite.
• The minimum individual sample length is typically 0.5 m
  and the maximum sample length is typically 2.0 m.
  Targeted individual pegmatite sample lengths are 1.0 to
  1.5 m.
• All drill core is oriented to maximum foliation prior to
  logging and sampling and is cut with a core saw into
  half-core pieces, with one half-core collected for assay,
  and the other half-core remaining in the box for
  reference.
• Core samples collected from drill holes were shipped
  to SGS Canada's laboratory in Val-d'Or, QC, for
  sample preparation (code PRP89 special) which
  included drying at 105°C, crush to 90% passing 2 mm,
  riffle split 250 g, and pulverize 85% passing 75 microns.
  Core sample pulps were shipped by air to SGS
  Canada's laboratory in Burnaby, BC, where the
  samples were homogenized and subsequently analyzed
  for multi-element (including Li and Ta) using sodium
  peroxide fusion with ICP-AES/MS finish (codes
  GE_ICP91A50 and GE_IMS91A50).

Drilling techniques

• Drill type (eg core, reverse circulation,
  open-hole hammer, rotary air blast,
  auger, Bangka, sonic, etc) and details
  (eg core diameter, triple or standard
  tube, depth of diamond tails, face-
  sampling bit or other type, whether
  core is oriented and if so, by what
  method, etc).

• NQ size core diamond drilling was completed for all
  holes. Core was not oriented.

Drill sample recovery

• Method of recording and assessing
  core and chip sample recoveries and
  results assessed.

• Measures taken to maximize sample
  recovery and ensure representative
  nature of the samples.

• Whether a relationship exists between
  sample recovery and grade and
  whether sample bias may have
  occurred due to preferential loss/gain
  of fine/coarse material.

• All drill core was geotechnically logged following
  industry standard practices, and include TCR, RQD,
  ISRM, and Q-Method. Core recovery is very good and
  typically exceeds 90%.

Logging

• Whether core and chip samples have
  been geologically and geotechnically
  logged to a level of detail to support
  appropriate Mineral Resource
  estimation, mining studies and
  metallurgical studies.

• Whether logging is qualitative or
  quantitative in nature. Core (or
  costean, channel, etc) photography.

• The total length and percentage of the
  relevant intersections logged.

• Upon receipt at the core shack, all drill core is pieced
  together, oriented to maximum foliation, metre
  marked, geotechnically logged (including structure),
  alteration logged, geologically logged, and sample
  logged on an individual sample basis. Core box photos
  are also collected of all core drilled, regardless of
  perceived mineralization. Specific gravity
  measurements of pegmatite are also collected at
  systematic intervals for all pegmatite drill core using the
  water immersion method, as well as select host rock
  drill core.
•   The logging is qualitative by nature, and includes
  estimates of spodumene grain size, inclusions, and
  model mineral estimates.
• These logging practices meet or exceed current
  industry standard practices.

Sub-sampling
techniques and
sample preparation

• If core, whether cut or sawn and
  whether quarter, half or all core taken.

• If non-core, whether riffled, tube
  sampled, rotary split, etc and whether
  sampled wet or dry.

• For all sample types, the nature, quality
  and appropriateness of the sample
  preparation technique.

• Quality control procedures adopted
  for all sub-sampling stages to maximize
  representivity of samples.

• Measures taken to ensure that the
  sampling is representative of the in situ
  material collected, including for
  instance results for field
  duplicate/second-half sampling.

• Whether sample sizes are appropriate
  to the grain size of the material being sampled.

• Drill core sampling follows industry best practices.
  Drill core was saw-cut with half-core sent for
  geochemical analysis and half-core remaining in the box
  for reference. The same side of the core was sampled
  to maintain representativeness.

• Sample sizes are appropriate for the material being
  assayed.

• A Quality Assurance / Quality Control (QAQC)
  protocol following industry best practices was
  incorporated into the program and included systematic
  insertion of quartz blanks and certified reference
  materials (CRMs) into sample batches at a rate of
  approximately 5% each. Additionally, analysis of pulp
  -split duplicates was completed to assess analytical
  precision, and external (secondary) laboratory pulp
  -split duplicates were prepared at the primary lab for
  subsequent check analysis and validation at a secondary
  lab.

• All protocols employed are considered appropriate for
  the sample type and nature of mineralization and are
  considered the optimal approach for maintaining
  representativeness in sampling.

Quality of assay
data and laboratory
tests

• The nature, quality and
  appropriateness of the assaying and
  laboratory procedures used and
  whether the technique is considered
  partial or total.

• For geophysical tools, spectrometers,
  handheld XRF instruments, etc, the
  parameters used in determining the
  analysis including instrument make and
  model, reading times, calibrations
  factors applied and their derivation,
  etc.

• Nature of quality control procedures
  adopted (eg standards, blanks,
  duplicates, external laboratory checks)
  and whether acceptable levels of
  accuracy (ie lack of bias) and precision
  have been established.

• Core samples collected from drill holes were shipped
  to SGS Canada's laboratory in Val-d'Or, QC, for
  standard sample preparation (code PRP89 special)
  which included drying at 105°C, crush to 90% passing
  2 mm, riffle split 250 g, and pulverize 85% passing 75
  microns. Core sample pulps were shipped by air to SGS
  Canada's laboratory in Burnaby, BC, where the
  samples were homogenized and subsequently analyzed
  for multi-element (including Li and Ta) using sodium
  peroxide fusion with ICP-AES/MS finish (codes
  GE_ICP91A50 and GE_IMS91A50).

• The Company relies on both its internal QAQC
  protocols (systematic use of blanks, certified reference
  materials, and external checks), as well as the
  laboratory's internal QAQC.

• All protocols employed are considered appropriate for
  the sample type and nature of mineralization and are
  considered the optimal approach for maintaining
  representativeness in sampling.

Verification of
sampling and
assaying

• The verification of significant
  intersections by either independent
  or alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data
  entry procedures, data verification,
  data storage (physical and electronic)
  protocols.
• Discuss any adjustment to assay data.

• Intervals are reviewed and compiled by the VP
  Exploration and Project Managers prior to disclosure,
  including a review of the Company's internal QAQC
  sample analytical data.
• Data capture utilizes MX Deposit software whereby
  core logging data is entered directly into the software
  for storage, including direct import of laboratory
  analytical certificates as they are received. The
  Company employs various on-site and post QAQC
  protocols to ensure data integrity and accuracy.
• Adjustments to data include reporting lithium and
  tantalum in their oxide forms, as it is reported in
  elemental form in the assay certificates. Formulas used
  are Li₂O = Li x 2.153, and Ta₂O₅ = Ta x 1.221.

Location of data
points

• Accuracy and quality of surveys used to
  locate drill holes (collar and down-hole
  surveys), trenches, mine workings and
  other locations used in Mineral
  Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic
  control.

• Each drill hole's collar has been surveyed with a RTK
  Trimble Zephyr 3.

• The coordinate system used is UTM NAD83 Zone 18.

• The Company completed a property-wide LiDAR and
  orthophoto survey in August 2022, which provides
  high-quality topographic control.

• The quality and accuracy of the topographic controls
  are considered adequate for advanced stage
  exploration and development, including mineral
  resource estimation.

Data spacing and
distribution

• Data spacing for reporting of
  Exploration Results.
• Whether the data spacing and
  distribution is sufficient to establish the
  degree of geological and grade
  continuity appropriate for the Mineral
  Resource and Ore Reserve estimation
  procedure(s) and classifications applied.
• Whether sample compositing has been
  applied.

• At CV5, drill hole collar spacing is dominantly grid
  based. Several collars are typically completed from the
  same pad at varied orientations targeting pegmatite
  pierce points of ~50 to 100 m spacing.

• At CV13, drill hole spacing is dominantly grid based at
  ~100 m; however, collar locations and hole
  orientations may vary widely, which reflect the varied
  orientation of the pegmatite body along strike.

• At CV9, drill hole collar spacing is irregular with varied
  hole orientations and multiple collars on the same pad.

• It is interpreted that the large majority of the drill hole
  spacing at each pegmatite is sufficient to support a
  mineral resource estimate.

• Core sample lengths typically range from 0.5 to 2.0 m
  and average ~1.0 to 1.5 m. Sampling is continuous
  within all pegmatite encountered in the drill hole.

Orientation of data
in relation to
geological structure

• Whether the orientation of sampling
  achieves unbiased sampling of possible
  structures and the extent to which this
   is known, considering the deposit type.
• If the relationship between the drilling
  orientation and the orientation of key
  mineralized structures is considered to
  have introduced a sampling bias, this
  should be assessed and reported if
  material.

• No sampling bias is anticipated based on structure
  within the mineralized body.

• The principal mineralized bodies are relatively
  undeformed and very competent, although have some
  meaningful structural control.

• At CV5, the principal mineralized body and adjacent
  lenses are steeply dipping resulting in oblique angles of
  intersection with true widths varying based on drill
  hole angle and orientation of pegmatite at that
  particular intersection point. i.e., the dip of the
  mineralized pegmatite body has variations in a vertical
  sense and along strike, so the true widths are not
  always apparent until several holes have been drilled (at
  the appropriate spacing) in any particular drill-fence.

• At CV13, the principal pegmatite body has a shallow
  varied strike and northerly dip.

• At CV9, the orientation and geometry of the pegmatite
  is not well understood. The pegmatite is currently
  interpreted to be comprised of a single principal dyke,
  which outcrops at surface, has a steep northerly dip,
  and is moderately plunging to the east-southeast.

Sample security

• The measures taken to ensure sample
  security.

• Samples were collected by Company staff or its
  consultants following specific protocols governing
  sample collection and handling. Core samples were
  bagged, placed in large supersacs for added security,
  palleted, and shipped directly to Val-d'Or, QC, being
  tracked during shipment along with Chain of Custody.
  Upon arrival at the laboratory, the samples were cross-
  referenced with the shipping manifest to confirm all
  samples were accounted for. At the laboratory, sample
  bags are evaluated for tampering.

Audits or reviews

• The results of any audits or reviews of
  sampling techniques and data

• A review of the sample procedures for the Company's
  2021 fall drill program (CF21-001 to 004) and 2022
  winter drill program (CV22-015 to 034) was
  completed by an Independent Competent Person and
  deemed adequate and acceptable to industry best
  practices (discussed in a technical report titled "NI 43-
  101 Technical Report on the Corvette Property,
  Quebec, Canada", by Alex Knox, M.Sc., P.Geol., Issue
  Date of June 27^th, 2022.)
• A review of the sample procedures through the
  Company's 2023 winter drill program (through CV23-
  190) was completed by an independent Competent
  Person with respect to the CV5 Pegmatite's maiden
  mineral resource estimate and deemed adequate and
  acceptable to industry best practices (discussed in a
  technical report titled " NI 43–101 Technical Report,
  Mineral Resource Estimate for the CV5 Pegmatite,
  Corvette Property" by Todd McCracken, P.Geo.,of
  BBA Engineering Ltd., and Ryan Cunningham, M.Eng.,
  P.Eng., of Primero Group Americas Inc., Effective Date
  of June 25, 2023, and Issue Date of September 8, 2023
• Additionally, the Company continually reviews and
  evaluates its procedures in order to optimize and
  ensure compliance at all levels of sample data collection
  and handling

Criteria

JORC Code explanation

Commentary

Mineral tenement
and land tenure
status

• Type, reference name/number,
  location and ownership including
  agreements or material issues with
  third parties such as joint ventures,
  partnerships, overriding royalties,
  native title interests, historical sites,
  wilderness or national park and
  environmental settings.
• The security of the tenure held at the
  time of reporting along with any known
  impediments to obtaining a licence to
  operate in the area.

• The Corvette Property is comprised of 424 CDC
  claims located in the James Bay Region of Quebec, with
  Patriot Battery Metals Inc. being the registered title
  holder for all of the claims. The northern border of the
  Property's primary claim block is located within
  approximately 6 km to the south of the Trans-Taiga
  Road and powerline infrastructure corridor. The CV5
  Spodumene Pegmatite is situated approximately 13.5
  km south of the regional and all – weather Trans-Taiga
  Road and powerline infrastructure. The CV13 and CV9
  spodumenepegmatites are located approximately 3 km
  west-southwest and 14 km west of CV5, respectively.
• The Company holds 100% interest in the Property
  subject to various royalty obligations depending on
  original acquisition agreements. DG Resources
  Management holds a 2% NSR (no buyback) on 76
  claims,D.B.A. Canadian Mining House holds a 2%NSR
  on 50 claims (half buyback for $2M) and Osisko Gold
  Royalties holds a sliding scale NSR of 1.5-3.5% on
  precious metals, and 2% on all other products, over
  111 claims. The vast majority of the CV13Spodumene
  Pegmatite, as is currently delineated, is not subject to a
  royalty.
• The Property does not overlap any atypically sensitive
  environmental areas or parks, or historical sites to the
  knowledge of the Company. There are no known
  hinderances to operating at the Property, apart from
  the goose harvesting season (typically mid-April to mid-
  May) where the communities request helicopter flying
  not be completed, and potentially wildfires depending
  on the season, scale, and location.
• Claim expiry dates range from February 2025 to
  November 2026.

Exploration done
by other parties

• Acknowledgment and appraisal of
  exploration by other parties

• No core assay results from other parties are disclosed
  herein

• The most recent independent Property review was a
  technical report titled "NI 43-101 Technical Report,
  Mineral Resource Estimate for the CV5 Pegmatite,
  Corvette Property, James Bay Region, Québec,
  Canada", by Todd McCracken, P.Geo., of BBA
  Engineering Ltd., and Ryan Cunningham, M.Eng., P.Eng.,
  of Primero Group Americas Inc., Effective Date of June
  25, 2023, and Issue Date of September 8, 2023

Geology

• Deposit type, geological setting and
  style of mineralization.

• The Property overlies a large portion of the Lac Guyer
  Greenstone Belt, considered part of the larger La
  Grande River Greenstone Belt and is dominated by
  volcanic rocks metamorphosed to amphibolite facies.
  The claim block is dominantly host to rocks of the
  Guyer Group (amphibolite, iron formation,
  intermediate to mafic volcanics, peridotite, pyroxenite,
  komatiite, as well as felsic volcanics). The amphibolite
  rocks that trend east-west (generally steeply south
  dipping) through this region are bordered to the north
  by the Magin Formation (conglomerate and wacke) and
  to the south by an assemblage of tonalite, granodiorite,
  and diorite, in addition to metasediments of the Marbot
  Group (conglomerate, wacke). Several regional-scale
  Proterozoic gabbroic dykes also cut through portions
  of the Property (Lac Spirt Dykes, Senneterre Dykes).

• The geological setting is prospective for gold, silver,
  base metals, platinum group elements, and lithium over
  several different deposit styles including orogenic gold
  (Au), volcanogenic massive sulfide (Cu, Au, Ag),
  komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and
  pegmatite (Li, Ta).

• Exploration of the Property has outlined three primary
  mineral exploration trends crossing dominantly east-
  west over large portions of the Property – Golden
  Trend (gold), Maven Trend (copper, gold, silver), and
  CV Trend (lithium, tantalum). The CV5 and CV13
  spodumene pegmatites are situated within the CV
  Trend. Lithium mineralization at the Property,
  including at CV5, CV13, and CV9, is observed to occur
  within quartz-feldspar pegmatite, which may be
  exposed at surface as high relief 'whale-back'
  landforms. The pegmatite is often very coarse-grained
  and off-white in appearance, with darker sections
  commonly composed of mica and smoky quartz, and
  occasional tourmaline.

• The lithium pegmatites at Corvette are categorized as
  LCT Pegmatites. Core assays and ongoing
  mineralogical studies, coupled with field mineral
  identification and assays, indicate spodumene as the
  dominant lithium-bearing mineral on the Property, with
  no significant petalite, lepidolite, lithium-phosphate
  minerals, or apatite present. The pegmatites also carry
  significant tantalum values with tantalite indicated to be
  the mineral phase

Drill hole
Information

• A summary of all information material
  to the understanding of the exploration
  results including a tabulation of the
  following information for all Material
  drill holes:

• • easting and northing of the drill hole
    collar.
  • elevation or RL (Reduced Level
    – elevation above sea level in metres) of
    the drill hole collar.
  • dip and azimuth of the hole.
  • down hole length and interception
    depth.
  • hole length.

• If the exclusion of this information is
  justified on the basis that the
  information is not Material and this
  exclusion does not detract from the
  understanding of the report, the
  Competent Person should clearly
  explain why this is the case.

• Drill hole attribute information is included in a table
  herein.
• P egmatite intersections of <2 m are not typically
  presented as they are considered insignificant.

Data aggregation
methods

• In reporting Exploration Results,
  weighting averaging techniques,
  maximum and/or minimum grade
  truncations (eg cutting of high grades)
  and cut-off grades are usually Material
  and should be stated.

• Where aggregate intercepts
  incorporate short lengths of high grade
  results and longer lengths of low grade
  results, the procedure used for such
  aggregation should be stated and some
  typical examples of such aggregations
  should be shown in detail.

• The assumptions used for any
  reporting of metal equivalent values
  should be clearly stated.

• Length weighted averages were used to calculate grade
  over width.
• No specific grade cap or cut-off was used during grade
  width calculations. The lithium and tantalum length
  weighted average grade of the entire pegmatite interval
  is calculated for all pegmatite intervals over 2 m core
  length, as well as higher grade zones at the discretion
  of the geologist. Pegmatites have inconsistent
  mineralization by nature, resulting in some intervals
  having a small number of poorly mineralized samples
  included in the calculation. Non-pegmatite internal
  dilution is limited to typically <3 m where relevant and
  intervals indicated when assays are reported.
• No metal equivalents have been reported.

Relationship
between
mineralization
widths and
intercept lengths

• These relationships are particularly
  important in the reporting of
  Exploration Results.

• If the geometry of the mineralization
  with respect to the drill hole angle is
  known, its nature should be reported.

• If it is not known and only the down
  hole lengths are reported, there should
  be a clear statement to this effect (eg '
  down hole length, true width not known').

• At CV5, geological modelling is ongoing on a hole-by-
  hole basis and as assays are received. However, current
  interpretation supports a principal, large pegmatite
  body of near vertical to steeply dipping orientation,
  flanked by several subordinate pegmatite lenses
  (collectively, the 'CV5 Spodumene Pegmatite').

• At CV13, geological modelling is ongoing on a hole-by-
  hole basis and as assays are received. However, current
  interpretation supports an upper and lower pegmatite
  body, each trending sub-parallel to each other with a
  shallow northerly dip (collectively, the 'CV13
  Spodumene Pegmatite').

• At CV9, geological modelling is ongoing on a hole-by-
  hole basis and as assays are received. However, current
  interpretation indicates CV9 is comprised of a single
  principal dyke, which outcrops at surface, has a steep
  northerly dip, and is moderately plunging to the east-
  southeast. A strike length of 450 m has been delineated
  through drilling and outcrop.

• All reported widths are core length. True widths are not
  calculated for each hole due to the relatively wide drill
  spacing at this stage of delineation and the typical
  irregular nature of pegmatite, as well as the varied drill
  hole orientations. As such, true widths may vary widely
  from hole to hole.

Diagrams

• Appropriate maps and sections (with
  scales) and tabulations of intercepts
  should be included for any significant
  discovery being reported These should
  include, but not be limited to a plan
  view of drill hole collar locations and
  appropriate sectional views.

• Please refer to the figures included herein as well as
  those posted on the Company's website.

Balanced reporting

• Where comprehensive reporting of all
  Exploration Results is not practicable,
  representative reporting of both low
  and high grades and/or widths should
  be practiced to avoid misleading
  reporting of Exploration Results.

• Please refer to the table(s) included herein as well as
  those posted on the Company's website.

• Results for pegmatite intervals <2 m are not reported.

Other substantive
exploration data

• Other exploration data, if meaningful
  and material, should be reported
  including (but not limited to): geological
  observations; geophysical survey
  results; geochemical survey results;
  bulk samples – size and method of
  treatment; metallurgical test results;
  bulk density, groundwater,
  geotechnical and rock characteristics;
  potential deleterious or contaminating
  substances.

• The Company is currently completing site
  environmental work over the CV5 and CV13
  pegmatite area. No endangered flora or fauna have
  been documented over the Property to date, and
  several sites have been identified as potentially suitable
  for mine infrastructure.
• The Company has completed a bathymetric survey
  over the shallow glacial lake which overlies a portion
  of the CV5 Spodumene Pegmatite. The lake depth
  ranges from <2 m to approximately 18 m, although the
  majority of the CV5 Spodumene Pegmatite, as
  delineated to date, is overlain by typically <2 to 10 m
  of water.
• The Company has completed preliminary metallurgical
  testing comprised of HLS and magnetic testing, which
  has produced 6+% Li₂O spodumene concentrates at
  >70% recovery on both CV5 and CV13 pegmatite
  material, indicating DMS as a viable primary process
  approach, and that both CV5 and CV13 could
  potentially feed the same process plant. A DMS test on
  CV5 Spodumene Pegmatite material returned a
  spodumene concentrate grading 5.8% Li₂O at 79%
  recovery, strongly indicating potential for a DMS only
  operation to be applicable.
• Various mandates required for advancing the Project
  towards economic studies have been initiated,
  including but not limited to, environmental baseline,
  metallurgy, geomechanics, hydrogeology, hydrology,
  stakeholder engagement, geochemical characterization,
  as well as transportation and logistical studies.

Further work

• The nature and scale of planned further
  work (eg tests for lateral extensions or
  depth extensions or large-scale step-
  out drilling).
• Diagrams clearly highlighting the areas
  of possible extensions, including the
  main geological interpretations and
  future drilling areas, provided this
  information is not commercially
  sensitive.

• The Company intends to continue drilling the
  pegmatites of the Corvette Property, focused on the
  CV5 Pegmatite and adjacent subordinate lenses, as well
  as the CV13 Pegmatite. A follow-up drill program at
  the CV9 Spodumene Pegmatite is also anticipated