Announcement • May 23
PMET Resources Inc. Commences 2026 Summer-Fall Drill Campaign At the Shaakichiuwaanaan Property
PMET Resources Inc. has announced the commencement of its 2026 summer-fall drilling campaign at its wholly-owned Shaakichiuwaanaan Property, located in the Eeyou Istchee James Bay region of Quebec, Canada. Major 2026 summer-fall exploration campaign underway at the Shaakichiuwaanaan Property in Québec, Canada, comprising approximately 45,000 m of drilling. The Shaakichiuwaanaan Camp has successfully reopened ahead of schedule, with critical restart activities now completed and exploration teams progressively remobilizing to site. Drilling will focus on exploration, geotechnical, hydrogeological, and geological/resource data collection to support the Company's ongoing exploration and development workstreams. Exploration and resource development initiatives anticipated to include: Step-out and infill drilling at the CV13 Pegmatite; and Follow-up drilling across the highly prospective CV5 – CV4 corridor, building on the strong 2025 results at CV4, which included 27.0 m at 1.14% Li2O (CV25-1013), and 12.0 m at 1.42% Li2O (CV25-1002B). Development-focused drilling to support the engineering and feasibility programs, anticipated to include: Approximately 25,000 m of drilling at the CV5 Pegmatite to support bulk sample design, updated Feasibility Study, and detailed engineering activities; and Geotechnical, hydrogeological, and potential condemnation drilling over identified infrastructure sites adjacent to the CV13 Resource. The Shaakichiuwaanaan Property hosts one of the largest pegmatite Mineral Resources (Li, Cs, Ta) and Mineral Reserves (Li) in the world, situated approximately 13 km south of the regional and all-weather Trans-Taiga Road (accessible year-round by road) and Hydro Quebec infrastructure corridor. The Company recently announced a robust lithium-only Feasibility Study for the CV5 Pegmatite, which positions the Project as a potential North American critical mineral powerhouse. The Company confirms the successful reopening of the Shaakichiuwaanaan Camp, with all critical restart activities completed safely and ahead of schedule. The camp is now scheduled to officially reopen on May 19, 2026 – approximately one week earlier than originally planned. Restart activities included the recommissioning and inspection of key camp infrastructure – including power generation, heating, water treatment, and operational support systems – all of which were completed without any health and safety incidents. The Company expects to complete a total of 45,000 m of drilling through to October 2026, using between four (4) and eight (8) drill rigs. The campaign will primarily be focused on advancing the development of the CV5 and CV13 pegmatites. This will include geotechnical, hydrogeological, and geological/resource holes to support bulk sample design, the updated Feasibility Study, and detailed engineering at CV5 (approx. 25,000 m) as well as infill, step-out, and potential condemnation holes over identified infrastructure sites adjacent to CV13 (approx. 18,000 m). Many holes are expected to serve multiple technical and geological objectives, with the Company currently in the final stages of optimizing its drill plan. The program is also targeting follow-up drilling of previous discoveries and testing of new areas – most notably in the CV13 area proximal to the Vega Zone and the CV5 to CV4 corridor. Approximately 70 m north of the currently defined Vega Zone and closer to the surface, is an intercept from 2025 of 2.3 m at 4.65% Cs2O (CV25-999), indicating the presence of a new mineralized lens. At CV4, the Company plans to follow up the 27.0 m at 1.14% Li2O (CV25-1013) and 12.0 m at 1.42% Li2O (CV25-1002B) intercepts along strike and trace the mineralization further west towards the main CV5 pegmatite body. The Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, totals 108.0 Mt at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga, Inferred, and is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.70% Li2O (underground CV13). A grade constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium zones. The Effective Date is June 20, 2025 (through drill hole CV24-787). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Mineral Resources are inclusive of Mineral Reserves. Probable Mineral Reserve of 84.3 Mt at 1.26% Li2O at the CV5 Pegmatite with a cut-off grade is 0.40% Li2O (open-pit) and 0.70% Li2O (underground). Underground development and open-pit marginal tonnage containing material above 0.37% Li2O are also included in the statement. The Effective Date is September 11, 2025. The overarching objective of the 2026 campaign is to collect field data to support the various disciplines in their advanced studies of both the CV5 and CV13 pegmatites as the Company moves towards a Final Investment Decision. The data will also support an updated Feasibility Study for the CV5 Pegmatite with the addition of tantalum as a co-product, as well as a Preliminary Economic Assessment for the broader Project inclusive of lithium, caesium, and tantalum, scheduled for completion in Fourth Quarter 2026. An updated Mineral Resource Estimate for the Project is also anticipated to be announced concurrent to the economic studies.
