Highlights

• Patriot continues to intersect spodumene at the CV13 Pegmatite, with highlights:
  • 26.1 m at 1.21% Li₂O (CV23-286).
  • 18.3 m at 1.33% Li₂O (CV23-249).
  • 17.8 m at 1.11% Li₂O (CV23-269).
  • 19.1 m at 1.00% Li₂O (CV23-250).
  • 16.4 m at 1.51% Li₂O (CV23-294).
  • 15.2 m at 1.29% Li₂O (CV23-263).
  • 21.3 m at 0.85% Li₂O, including 12.2 m at 1.33% Li₂O (CV23-238).
• Previously identified higher-grade zone has been extended to at least 200+ m strike length.
  • 15.7 m at 1.52% Li₂O, including 10.6 m at 1.99% Li₂O or 2.5 m at 5.28% Li₂O (CV23-271).
• The CV13 Pegmatite has been traced to a 2.3 km strike length, as defined by multiple outcrop exposures and drilling completed to date, and remains open along strike at both ends and to depth.
• Additional step-out drilling is planned at the CV13 Spodumene Pegmatite as part of the 2024 winter program currently underway at the Property, along strike and downdip of the principal pegmatite body.
• Assays are reported herein for 22 drill holes completed in 2023 at the CV13 Spodumene Pegmatite.
• For drill holes completed in 2023, results remain to be reported for an additional 35 holes at the CV13 Pegmatite, 54 holes at the CV5 Pegmatite, and 18 holes at the CV9 Pegmatite.

Patriot Battery Metals Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce additional drill results from the 2023 program completed at the CV13 Spodumene Pegmatite at the Corvette Property. The Corvette Property, wholly owned by the Company, is located in the Eeyou Istchee James Bay region of Quebec. The CV13 Spodumene Pegmatite is located approximately 3 km west-southwest of the CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate of 109.2 Mt at 1.42% Li₂O inferred¹ and is situated approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure.

Drill results for 22 drill holes completed in 2023 at the CV13 Spodumene Pegmatite are reported herein (Figure 1). These holes primarily target the near-surface and downdip extension of the principal pegmatite body in the apex of the regional host structure, as well as the immediate western limb. Results include:

• 26.1 m at 1.21% Li₂O (CV23-286),
• 18.3 m at 1.33% Li₂O (CV23-249),
• 19.1 m at 1.00% Li₂O (CV23-250), and
• 16.4 m at 1.51% Li₂O (CV23-294).

The drilling continues to trace spodumene pegmatite at CV13 to the west-northwest along geological trend and remains open along strike and downdip in this area. The most westerly drill result reported to date in this area include 19.1 m at 1.00% Li₂O (CV23-250), as announced herein. The mineralized pegmatite in this area has a shallow northeasterly dip resulting in pegmatite being traced down dip for over 250 m with minimal drilling, while still only being approximately 100 m vertical depth below surface (see geological cross-sections in Figure 2 and Figure 3).

Additionally, the drill results reported herein have extended the previously identified higher-grade zone at the CV13 Spodumene Pegmatite (see news release dated October 18, 2023). Drill hole CV23-271 returned 10.6 m at 1.99% Li₂O or 2.5 m at 5.28% Li₂O within a wider interval of 15.7 m at 1.52% Li₂O. This higher-grade zone now extends northeasterly along the eastern limb of the principal pegmatite for at least 200+ m, is present at shallow depth (typically within 40-50 m vertical depth) and remains open in several directions. Results of previously reported drill holes from this zone include 12.7 m at 2.46% Li₂O (CV23-191), 8.0 m at 2.86% Li₂O (CV23‑195), 10.2 m at 2.70% Li₂O (CV23-198), 10.7 m at 2.79% Li₂O (CV23‑200), 14.0 m at 2.14% Li₂O (CV22‑092), and 7.0 m at 1.98% Li₂O (CV22-095).

The CV13 Pegmatite is currently interpreted to be characterized by a principal “upper” dyke and a secondary “lower” dyke, as well as several subordinate sub-parallel dykes, and are collectively geologically modelled to be shallowly dipping northerly. The principal dyke (the “upper” dyke), which hosts the higher-grade zone, dips typically between 20-25° and has been traced at depth to at least 300 m down-dip (vertical depth from surface of ~140 m) and remains open.

Additional step-out drilling is planned at the CV13 Spodumene Pegmatite as part of the 2024 winter program currently underway at the Property. This is anticipated to include step-out drilling along strike and downdip of the principal pegmatite body (Figure 4), as well as delineation drilling at the higher-grade zone.

Core sample assays for drill holes reported herein are presented in Table 1 for all pegmatite intersections >2 m. Drill hole locations and attributes are presented in Table 2. For drill holes completed in 2023, results remain to be reported for the CV13 Pegmatite (35 holes), the CV5 Pegmatite (54 holes), and the CV9 Pegmatite (18 holes). The Company has completed processing of the drill core backlog from the 2023 program with the final samples to arrive on the lab shortly.

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 in the Americas based on contained LCE.

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 and coarse-split sample duplicates were completed to assess analytical precision at different stages of the laboratory preparation process, 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 Val-d’Or, QC, for sample preparation (code PRP89 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 4.35 km long CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate of 109.2 Mt at 1.42% Li₂O inferred¹.

To date, seven distinct clusters of lithium pegmatite have been discovered across the Corvette Property – CV4, CV5, CV8, CV9, CV10, CV12, and CV13. 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.

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.

Figure 1: Drill holes completed through 2023 at CV13 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc)

Figure 2: Cross-section of the CV13 Spodumene Pegmatite’s geological model along its western arm. (CNW Group/Patriot Battery Metals Inc)

Figure 3: Cross-section of the CV13 Spodumene Pegmatite’s geological model along its western arm. Core assay results pending for CV23-305 and 312. (CNW Group/Patriot Battery Metals Inc)

Table 1: Core assay summary for drill holes reported herein at the CV13 Spodumene Pegmatite (CNW Group/Patriot Battery Metals Inc)

Table 2: Attributes for drill holes reported herein at the CV13 Spodumene Pegmatite (CNW Group/Patriot Battery Metals Inc)

Figure 4: Corridor remaining to be drill tested between the CV5 & CV13 spodumene pegmatites. (CNW Group/Patriot Battery Metals Inc)