Highlights

Significant Drill Intercepts

• The widest, highest grade lithium drill intercept returned to date at the CV5 Pegmatite – drill hole CV22-083
  • 156.9 m at 2.12% Li₂O (176.4 m to 333.4 m), including 25.0 m at 5.04% Li₂O or 5.0 m at 6.36% Li₂O (CV22-083)

• Drill hole CV22-083 continues to extend mineralization eastwardly at the CV5 Pegmatite, and is interpreted to have intersected part of a large, high-grade ‘zone’ within the overall pegmatite that now has been defined by several drill holes, including CV22-017, 042, 066, and 083 over a strike length of at least 250 m
  • Extension of the high-grade zone eastwardly to be tested with the first series of drill holes as part of the 2023 winter drill program
• Additional significant drill intercepts in the most recent results follow;
  • 45.3 m at 1.72% Li₂O (205.8 m to 251.0 m), including 31.0 m at 2.11% Li₂O (CV22-069)
  • 31.2 m at 1.95% Li₂O (163.0 m to 194.2 m), including 9.0 m at 2.78% Li₂O (CV22-070)
  • 49.5 m at 1.33% Li₂O (80.6 m to 130.1 m) (CV22-080)
  • 41.3 m at 1.01% Li₂O (96.5 m to 137.7 m), including 12.0 m at 1.59% Li₂O (CV22-075)
• The spodumene mineralization at the CV5 Pegmatite has been traced over a strike length of at least 2,200 m through the 2021 & 2022 drill programs. The mineralization remains open along strike at both ends and to depth along most of the pegmatite’s length
• Core assay results for twenty-four (24) drill holes from the 2022 drill campaign remain to be reported – ten (10) at the CV5 Pegmatite cluster and fourteen (14) at the CV13 Pegmatite cluster

Darren Smith, Vice President of Exploration of the Company, comments: “It is hard to find words to adequately describe the impressive nature of the lithium mineralization in drill hole CV22-083. Visual estimates of spodumene abundance may give you a sense, but assays are the true measure and have certainly astounded with this hole. As we move east, we are defining a significant high-grade zone at a coarse drill spacing of 50 to 100 m. The recently commenced winter drill program will continue to probe and delineate this area ahead of an initial mineral resource estimate planned for the first half of 2023. Drill hole CV22-083 has raised the bar ever higher with respect to the considerable potential at CV5 as we continue to delineate it, and by extension, the rest of the CV lithium district held by the Company that has yet to be drill tested.”

Patriot Battery Metals Inc. (TSX-V: PMET) (ASX: PMT) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce core assay results for fourteen additional drill holes from its 2022 drill campaign at its wholly owned Corvette Property, located in the James Bay Region of Quebec. The primary drill area is focused at the CV5 Pegmatite, located approximately 13.5 km south of the regional and all-weather Trans-Taiga Road and powerline infrastructure.

The fourteen drill holes (NQ core size – 47.6 mm inside diameter) reported herein targeted mineralization at the eastern and western areas of the currently defined CV5 Pegmatite (Figure 1). Drill hole CV22-083 returned the strongest lithium mineralized interval to date at the CV5 Pegmatite with 156.9 m at 2.12% Li₂O, including 25.0 m at 5.04% Li₂O or 5.0 m at 6.36% Li₂O, and was completed as a 100 m step-out along strike of drill hole CV22-066, which intersected 113.1 m of 1.61% Li₂O (see news release dated December 13^th, 2022) (Figures 2, 3, and 4).

The step-out drilling at the eastern end of the CV5 Pegmatite, which remains open in both directions along strike, is targeting a near-surface, high-grade zone that has been intersected in CV22-017 (40.7 m at 3.01% Li₂O), CV22-042 (37.0 m at 3.04% Li₂O), and CV22-066 (38.0 m at 2.17% Li₂O, including 2.0 m at 6.41% Li₂O) – see news releases dated May 24^th, August 31^st, and December 13^th, 2022, respectively. Drill hole CV22-083, as announced herein (25.0 m at 5.04% Li₂O), has intersected the interpreted extension of this high-grade zone, returning the highest lithium grades to date from the CV5 Pegmatite. This includes forty-five (45) individual core samples over 3.0% Li₂O, twenty-five (25) over 4.0% Li₂O, eighteen (18) over 5.0% Li₂O, and seven (7) over 6.0% to a peak of 6.87% Li₂O. To date, this high-grade zone, as confirmed by assay, has been traced over a strike length of approximately 250 m – from drill hole CV22-017 to 083.

Drill hole CV22-093 was completed as a 100 m step-out easterly along strike of drill hole CV22-083, targeting an extension of the high-grade zone (based on logged spodumene content). The assays for CV22-093 remain to be reported; however, the hole intersected spodumene pegmatite over 52.2 m (core length). Additionally, drill hole CV22-069 undercut drill hole CV22-066 (113.4 m at 1.61% Li₂O, see news release dated December 13^th, 2022) and returned 45.3 m of 1.72% Li₂O, including 31.0 m at 2.11% Li₂O, thereby extending the high-grade mineralized zone at depth at this location, which remains open. The first series of drill holes at the recently commenced winter drill program (see news release dated January 5^th, 2023) will continue to probe this high-grade zone moving eastwards.

Drill hole CV22-074 is the most westerly drill hole completed to date at the CV5 Pegmatite and returned a well-mineralized interval of 16.9 m at 2.00% Li₂O (Figure 5). The Company intends to continue step-out drilling along strike westwardly as part of the current winter drill program to test for the extension of the spodumene pegmatite. The pegmatite is interpreted to continue for at least another 125 m in this direction based on a mineralized outcrop present along strike (Figure 1). It is possible that the CV5 Pegmatite may extend under the relatively thin glacial till cover to the CV13 Pegmatite cluster, situated approximately 4.3 km to west-southwest, which is anticipated to be drill tested during the 2023 drill campaign. Further, strong intersections continue to be retuned over the western portions of the drill area at CV5, including 41.3 m at 1.01% Li₂O (CV22-075), 31.2 m at 1.95% Li₂O (CV22-070), and 49.5 m at 1.33% Li₂O (CV22-080). Visually, the spodumene pegmatite is very similar at both the eastern and western extent of the drill area, emphasizing the scale and robustness of the lithium mineralizing system at CV5.

For the drill holes reported herein, core assays for pegmatite intervals greater than two (2) m are presented in Table 1 and drill hole locations in Figure 1. Drill hole coordinates and other attributes are also available in Table 1 and the Company’s website, which has a downloadable excel spreadsheet listing assay results from prior drill holes. Core assay results for twenty-four (24) drill holes from the 2022 drill campaign remain to be reported – ten (10) at the CV5 Pegmatite cluster and fourteen (14) at the CV13 Pegmatite cluster.

The 2022 drill campaign at Corvette has significantly expanded lithium mineralization at the CV5 Pegmatite. The drilling to date has largely been completed at approximately 100 m spacing (down to ~50 m in some places) with the principal spodumene pegmatite body (CV5), flanked by several secondary lenses, currently traced by drilling over a distance of at least 2,200 m, remaining open along strike at both ends and to depth along most of its length.

Through 2022, the Company has completed ninety-five NQ core size drill holes, totalling 27,470 m, at targets along the CV Lithium Trend – eighty drill holes totalling 24,709 m at the CV5 Pegmatite and proximal lenses, fourteen drill holes totalling 2,647 m at the CV13 Pegmatite cluster, and one (1) drill hole totalling 114 m at the CV12 Pegmatite cluster.

Figure 1: Drill hole collar locations at the CV5 Pegmatite for holes completed through 2022

Table 1: Mineralized drill intercept summary for drill holes reported herein as part of the 2022 summer-fall program

Figure 2: High-grade drill core intersection (25.0 m at 5.04% Li₂O) in CV22-083 (red box), including 5.0 m at 6.36% Li₂O (dashed blue box)

Figure 3: Spodumene mineralization in drill hole CV22-083. Gangue minerals include a mix of mica and tourmaline (black flecks) and quartz (smokey-brown)

Figure 4: High-grade core from drill hole CV22-083 at ~292 to 295 m depth (core length)

Figure 5: Well mineralized spodumene pegmatite intersection from drill hole CV22-074 (16.9 m at 2.00% Li₂O), the most westerly drill hole completed to date at the CV5 Pegmatite

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, as well as collection of quarter-core duplicates, 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 Lakefield, ON, for standard sample preparation (code PRP89) which includes drying at 105°C, crush to 75% 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 spans more than 25-km across the Corvette Property. The core area includes an approximate 2.2 km long spodumene pegmatite (the ‘CV5 Pegmatite’) and multiple proximal secondary spodumene pegmatite lenses. This corridor has returned drill intercepts of 159.7 m at 1.65% Li₂O and 193 ppm Ta₂O₅ (CV22-042), 152.8 m at 1.22% Li₂O and 138 ppm Ta₂O₅ (CV22-030), 86.2 m at 2.13% Li₂O and 163 ppm Ta₂O₅ (CV22-044), and 70.1 m at 2.22% Li₂O and 147 ppm Ta₂O₅, including 40.7 m at 3.01% Li₂O and 160 ppm Ta₂O₅ (CV22-017).

To date, six distinct clusters of lithium pegmatite have been discovered across the Property – CV5 Pegmatite and associated lenses, CV4, CV8-12, CV9, CV10, and the recently discovered 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. Further, the high number of well-mineralized pegmatites along the trend indicate a strong potential for a series of relatively closely spaced/stacked, sub-parallel, and sizable spodumene-bearing pegmatite bodies, with significant lateral and depth extent, to be present.

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, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 1968), 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. (the “Company”) and Nevada Lithium Resources Inc., Vice President of Exploration and Director for Ophir Gold Corp, and a Senior Geologist and Project Manager with Dahrouge Geological Consulting Ltd. Mr. Smith 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 JORC Code, 2012. 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 mineral exploration company focused on the acquisition and development of mineral properties containing battery, base, and precious metals.

The Company’s flagship asset is the 100% owned Corvette Property, located proximal to the Trans-Taiga Road and powerline infrastructural corridor in the James Bay Region of Québec. The land package hosts significant lithium potential highlighted by the 2.2 km long CV5 spodumene pegmatite with drill intercepts of 159.7 m at 1.65% Li₂O and 193 ppm Ta₂O₅ (CV22-042), and 70.1 m at 2.22% Li₂O and 147 ppm Ta₂O₅, including 40.7 m at 3.01% Li₂O and 160 ppm Ta₂O₅ (CV22-017). Additionally, the Property hosts the Golden Gap Trend with grab samples of 3.1 to 108.9 g/t Au from outcrop and 7 m at 10.5 g/t Au in drill hole, and the Maven Trend with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop.

The Company also holds 100% ownership of the Freeman Creek Gold Property in Idaho, USA which hosts two prospective gold prospects – the Gold Dyke Prospect with a 2020 drill hole intersection of 12 m at 4.11 g/t Au and 33.0 g/t Ag, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75% Cu.

The Company’s other assets include the Pontax Lithium-Gold Property, QC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.