Highlights

• Extension of the CV5 Spodumene Pegmatite by 650 m to the west.
  • Multiple drill holes have returned continuous core-length spodumene pegmatite intersections exceeding 30 m, and up to 56.8 m (drill hole CV23-231).
  • Multiple drill holes have returned composited core-length pegmatite intersections (i.e., sum of all pegmatite intervals within the hole) of over 90 m, to a peak of approximately 144 m (CV23-223).
• The CV5 Spodumene Pegmatite has now been traced continuously by drilling over a lateral distance of at least 4.35 km and remains open.
• Fifty-three drill holes, totalling approximately 15,614 m, have been completed through September 18, 2023, at the Corvette Project.
  • Thirty holes (~10,757 m) completed at the CV5 Spodumene Pegmatite.
  • Twenty holes (~4,707 m) completed at the CV13 Spodumene Pegmatite.
  • Three holes (~150 m) completed at KM-270 camp site (for hydrogeology).
• Initial drill testing of the CV9 Spodumene Pegmatite cluster has recently commenced.
• Assays are currently pending, however with core sample shipments on a weekly basis it is anticipated that assay results will start to be received later in October. With such a high volume of samples from across multiple drill targets, the results will be collected and released by area for clarity.
• A total of seven drill rigs are currently active at site – four (4) at CV5, two (2) at CV13, and one at CV9. Drilling is anticipated to continue into December and will recommence after the holidays with ten (10) drill rigs targeted by mid January 2024.

Patriot Battery Metals Inc. (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to provide an update on the ongoing 2023 summer-fall drill program being completed at its wholly owned Corvette Property located in the Eeyou Istchee James Bay region of Quebec. The Property hosts the CV5 Spodumene Pegmatite, with 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.

Since the completion of the winter drill program in April 2023 (through drill hole CV23-190), and the release of a maiden mineral resource estimate for the CV5 Spodumene Pegmatite (see news release dated July 30, 2023), drilling at the Property has focused on westerly step-outs and further delineation at CV5 (30 holes totalling ~10,757 m), as well as continued delineation at the CV13 Spodumene Pegmatite (20 holes totalling ~4,707 m).

The Company is pleased to report that through September 18, 2023, the summer drill program at CV5 has extended the spodumene pegmatite an additional 0.65 km along strike to the west. The CV5 Spodumene Pegmatite has now been traced continuously by drilling (at approximately 50 to 150 m spacing) over a lateral distance of at least 4.35 km and remains open along strike at both ends and to depth along most of its length (Figure 1, Figure 2, and Figure 3). Over this extension, multiple drill holes have returned continuous core-length spodumene pegmatite intersections exceeding 30 m, and up to 56.8 m (drill hole CV23-231) (see Table 1 and Table 2). Further, multiple drill holes over this westerly extension have returned composited core-length pegmatite intersections (i.e., sum of all pegmatite intervals within the hole) of over 90 m, to a peak of approximately 144 m (CV23‑223), including an unexpected and sizable (50.2 m) continuous mineralized pegmatite intersection at depth in drill hole CV23-223. This intersection, coupled with those from other drill holes completed over the western extension of CV5, indicates that the principal pegmatite is bifurcating into two significantly thick spodumene pegmatites lenses.

The CV5 Spodumene Pegmatite has now been traced by drilling to within 3.15 km of the CV13 Spodumene Pegmatite (Figure 4). Further, mineralogy and textures in drill core, coupled with geophysics and geomorphology of the area as inferred from LiDAR and orthophoto data, suggests that that the CV5 and CV13 spodumene pegmatites form one continuous pegmatite body subsurface. However, a significant amount of drill testing remains to be completed along this corridor to confirm this interpretation.

An infill drill hole at CV5, completed primarily for hydrogeological purposes (CV23-199), returned the thickest interval of pegmatite (dominantly spodumene pegmatite) to date at the Project (Figure 2). This hole returned a near-continuous pegmatite interval of 178.2 m (core length), including only 4.3 m of non-pegmatite internal dilution spread over four (4) discreet intervals. This hole was completed as a vertical hole and therefore more oblique to the dip of the CV5 Spodumene Pegmatite than is typical. True width of the pegmatite in this area of drill hole CV23-199 is estimated to approximate 125 m at a depth of 125 m. Assays are currently pending.

At the CV13 Spodumene Pegmatite, the summer-fall drilling has successfully delineated a continuous pegmatite dyke that has now been traced between three (3) of the four (4) areas initially drill tested in 2022 (Figure 5). The CV13 Spodumene Pegmatite trend extends for approximately 2.3 km as defined by outcrop and drilling in 2022. The drill holes completed in 2023 along this trend at CV13 have now confirmed a continuous, variably mineralized spodumene pegmatite extending along at least 1.1 km of this trend and remains open.

This principal dyke at CV13 (the “upper” dyke) is geologically modelled to be shallowly dipping to the north and remains open at depth and along strike. Core length pegmatite intersections of the upper dyke range up to 21.9 m over the twenty (20) drill holes (~4,707 m) completed in 2023 through September 18 (Table 1). A “lower”, more variably mineralized shallow and northerly dipping pegmatite dyke present at CV13 has been tested in multiple drill holes in 2023; however, remains of secondary focus at this time.

With the unprecedented season of wildfires expected to be behind us, the Company has continued to ramp up its operations at the Project. A total of seven drill rigs are currently active at site – four at CV5, two at CV13, and one at CV9. In support of continued exploration ramp up, the KM-270 exploration camp is actively under construction with the primary accommodation modules now on site and installation underway. Additionally, the conversion of the winter road route to an all-season exploration road is continuing to advance. Both the camp and road are anticipated to be operational mid fall with the Company planning on continuing drilling operations into December. Following a much-deserved break for the holidays, activities will recommence in mid January 2024, where the Company intends to ramp up to at least ten drill rigs at site.

Due to the road closures in western parts of the Eeyou Istchee James Bay extending significantly past the date in which the Company was able to re-commence drill operations at the Property, the delivery of drill core samples to the laboratory was significantly delayed. However, core samples for a large number of drill holes have now arrived at the laboratory with processing underway. Results will be reported as received.

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. 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 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 remain to be assessed.

Figure 1: Drill holes completed at the CV5 Spodumene Pegmatite through September 18, 2023. (CNW Group/Patriot Battery Metals Inc)

Figure 2: Drill holes completed at the CV5 Spodumene Pegmatite through September 18, 2023 – western area. (CNW Group/Patriot Battery Metals Inc)

Figure 3: Drill holes completed at the CV5 Spodumene Pegmatite through September 18, 2023 – east-central, and eastern areas. (CNW Group/Patriot Battery Metals Inc)

Figure 4: Proximity of the CV5 Spodumene Pegmatite to the CV13 Spodumene Pegmatite. (CNW Group/Patriot Battery Metals Inc)

Figure 5: Drill holes completed at the CV13 Spodumene Pegmatite through September 18, 2023 – east-central, and eastern areas. (CNW Group/Patriot Battery Metals Inc)

Table 1: All pegmatite intersections >2 m for drill holes reported herein (assays pending). PAGE 1 (CNW Group/Patriot Battery Metals Inc)

Table 1: All pegmatite intersections >2 m for drill holes reported herein (assays pending). PAGE 2 (CNW Group/Patriot Battery Metals Inc)

Table 2: Attributes for drill holes reported herein. (CNW Group/Patriot Battery Metals Inc)