Highlights

• Continued strong lithium mineralization over wide intervals from infill drilling at CV5.
  • 122.5 m at 1.42% Li₂O, including 35.8 m at 2.15% Li₂O (CV24-405).
  • 71.4 m at 1.57% Li₂O, including 14.2 m at 3.15% Li₂O (CV24-435).
  • 68.7 m at 1.56% Li₂O and 22.5 m at 1.04% Li₂O (CV24-414).
  • 74.9 m at 1.28% Li₂O, including 28.1 m at 2.28% Li₂O (CV24-423A).
  • 53.0 m at 1.22% Li₂O, including 25.0 m at 1.65% Li₂O (CV24-450).
• The focus of the 2024 winter drilling at CV5 was to support an upgrade in mineral resource confidence, from the inferred category to the indicated category, targeting release in Q3 2024 inclusive of a maiden CV13 resource.
• Multiple holes remain to be reported targeting the newly discovered high-grade zone at CV13, with the Company to report the assay results as soon as they are received in the coming weeks.
• 38,887 m (111 holes) remain to be reported from the 2024 winter drill program – 27,611 m (67 holes) at CV5, and 11,276 m (44 holes) at CV13.

Patriot Battery Metals Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the next batch of core assay results for drill holes completed in 2024 at the CV5 Spodumene Pegmatite. The Corvette Property (the “Property” or “Project”), wholly owned by the Company, is located in the Eeyou Istchee James Bay region of Quebec. The CV5 Spodumene Pegmatite, with a maiden mineral resource estimate of 109.2 Mt at 1.42% Li₂O inferred¹, is situated approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure.

Darren L. Smith, Vice President of Exploration for the Company comments, “Another round of CV5 core assays from our infill program and it continues to deliver to expectations. Coupled with the new high-grade discovery at CV13, the 2024 winter program’s results continue to demonstrate the quality and scale on show at Corvette.”

“It’s been a huge effort from the team to progress what was a very large-scale drill program over the last 6-8 months. Through their efforts, all drilling up until our recent seasonal break, including the previously highlighted CV13 high-grade discovery, will make it into the upcoming resource update”, added Mr. Smith.

Core assay results for 20 drill holes, completed during the recently completed 2024 winter drill program at the CV5 Spodumene Pegmatite, are reported herein (Figure 1). Highlights include:

• 122.5 m at 1.42% Li₂O, including 35.8 m at 2.15% Li₂O (CV24-405).
• 71.4 m at 1.57% Li₂O, including 14.2 m at 3.15% Li₂O (CV24-435).
• 68.7 m at 1.56% Li₂O and 22.5 m at 1.04% Li₂O (CV24-414).
• 74.9 m at 1.28% Li₂O, including 28.1 m at 2.28% Li₂O (CV24-423A).
• 53.0 m at 1.22% Li₂O, including 25.0 m at 1.65% Li₂O (CV24-450).

The results of the drill holes reported herein cover a significant strike length of the CV5 Spodumene Pegmatite. The holes were completed at varying orientations targeting specific sections of the pegmatite body at depth over a significant strike length. The results continue to demonstrate robust thicknesses and lithium grade of the spodumene pegmatite body(s) that define CV5 (Figure 2 and Figure 3).

The 2024 winter drill program at CV5 focused on resource infill and covered ~3.9 km of the total 4.6 km pegmatite strike length defined to date. The primary objective of the infill drilling is to improve the confidence of the geological model at CV5 to support an upgrade of mineral resources from the inferred category to the indicated category. This includes the delineation of a coherent body of indicated mineral resources to support advanced development and pending economic studies at CV5.

The 2024 winter drill program (now complete), totaled 62,518 m (166 holes), including 50,961 m (121 holes) at CV5, and 11,557 m (45 holes) at CV13, of which 38,886.6 m (111 holes) remain to be reported – 27,611 m (67 holes) at CV5, and 11,276 m (44 holes) at CV13. This includes multiple holes that remain to be reported targeting the newly discovered high-grade zone at CV13.

An updated MRE for the Corvette Project, incorporating drilling through April 2024, is scheduled for Q3 2024. This MRE update will include both the CV5 and CV13 spodumene pegmatites and a total anticipated metreage of 134,129 m (369 holes) and 29,121 m (133 holes), respectively.

Core sample assays for drill holes reported herein from the CV5 Spodumene Pegmatite are presented in Table 1 for all pegmatite intersections >2 m. Drill hole locations and attributes are presented in Table 2.

Quality Assurance / Quality Control

A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches at a rate of approximately 5%. Additionally, analysis of pulp-split sample 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.

All core samples collected were shipped to SGS Canada’s laboratory in Radisson, QC, for sample preparation (code PRP90 special) which includes drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The 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).

About the CV Lithium Trend

The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017 and is interpreted to span more than 50 kilometres across the Corvette Property. The core area includes the approximate 4.6 km long CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate of 109.2 Mt at 1.42% Li₂O inferred¹.

To date, eight distinct clusters of lithium pegmatite have been discovered across the Corvette Property – CV4, CV5, CV8, CV9, CV10, CV12, CV13, and the recently discovered CV14. Given the proximity of some pegmatite outcrops to each other, as well as the shallow till cover in the area, it is probable that some of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite “outcrop” subsurface.

Qualified/Competent Person

The information in this news release that relates to exploration results for the Corvette Property is based on, and fairly represents, information compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the technical information in this news release.

Mr. Smith is Vice President of Exploration for Patriot Battery Metals Inc. and holds common shares and options in the Company.

Mr. Smith has sufficient experience, which is relevant to the style of mineralization, type of deposit under consideration, and to the activities being undertaken to qualify as a Competent Person as described by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Smith consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears.

About Patriot Battery Metals Inc.

Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100% owned Corvette Property located in the Eeyou Istchee James Bay region of Quebec, Canada, and proximal to regional road and powerline infrastructure. The Corvette Property hosts the CV5 Spodumene Pegmatite with a maiden mineral resource estimate of 109.2 Mt at 1.42% Li₂O inferred¹ and ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent (LCE), and one of the top 10 largest lithium pegmatite resources in the world. Additionally, the Corvette Property hosts multiple other spodumene pegmatite clusters that remain to be drill tested, as well as more than 20 km of prospective trend that remains to be assessed.

Figure 1: Drill holes completed at the CV5 Spodumene Pegmatite through April 2024. (CNW Group/Patriot Battery Metals Inc.)

Figure 2: High-grade spodumene pegmatite intercept in drill hole CV24-435 at CV5. Core grades ~2.9% Li2O over interval presented (271.0 m to 284.5 m) including 4.77% Li2O from 281.0 m to 282.0 m. (CNW Group/Patriot Battery Metals Inc.)

Figure 3: Large spodumene crystal(s) in quartz pegmatite, drill hole CV24-435 at ~311.5 m depth. (CNW Group/Patriot Battery Metals Inc.)

Table 1: Core assay summary for drill holes reported herein at the CV5 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc.)

Table 2: Attributes for drill holes reported herein at the CV5 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc.)