126.3 m at 1.66% Li2O and 16.1 m at 5.02% Li2O in First Batch of 2024 Drill Results from CV5 at Corvette

Highlights

-          Strong lithium mineralization over wide intervals from infill drilling at CV5.

• 126.3 m at 1.66% Li2O, including 54.9 m at 2.50% Li2O (CV24-374).
• 100.8 m at 1.97% Li2O, including 69.8 m at 2.52% Li2O (CV24-392).
• 90.2 m at 1.29% Li2O and 48.5 m at 1.25% Li2O (CV24-377).
• 94.9 m at 1.10% Li2O, including 26.1 m at 2.16% Li2O (CV24-378).
• 70.1 m at 2.44% Li2O, including 46.9 m at 3.53% Li2O or 16.1 m at 5.02% Li2O (CV24-401A).

-          Focus of 2024 winter drilling at CV5 was to support an upgrade in mineral resource confidence, from the inferred category to the indicated category.

-          Core assay results are reported herein for 34 drill holes completed at CV5 in 2024.

-          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 46,933 m (132 holes) remain to be reported.

-          An updated mineral resource estimate scheduled for Q3 2024 will focus on upgrading the resource category at CV5 and include a maiden resource at CV13, incorporating all drilling completed through to April 2024.

April 30, 2024 – Vancouver, BC, Canada / May 1, 2024 – Sydney, Australia. Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce 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 (“MRE”) 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: “The 2024 resource infill drilling at CV5 advanced very well over the recently completed winter program, with the first batch of assays producing some stellar results. The team has done a phenomenal job, and all remaining core samples are now at the lab for processing. We are now focused on refining the pegmatite geological model and domaining through integration of the core assay data as it comes in.

“The Company remains on schedule for a Q3 2024 update to the June 2023 maiden mineral resource estimate, which will include both the CV5 and CV13 spodumene pegmatites,” added Mr. Smith.

Figure 1: Drill holes completed at the CV5 Spodumene Pegmatite through April 2024.

Drill results for 34 drill holes, completed during the recently completed 2024 winter drill program at the CV5 Spodumene Pegmatite, are reported herein (Figure 1). Highlights include:

-          126.3 m at 1.66% Li2O, including 54.9 m at 2.50% Li2O (CV24-374).

-          100.8 m at 1.97% Li2O, including 69.8 m at 2.52% Li2O (CV24-392).

-          90.2 m at 1.29% Li2O and 48.5 m at 1.25% Li2O (CV24-377).

-          94.9 m at 1.10% Li2O, including 26.1 m at 2.16% Li2O (CV24-378).

-          70.1 m at 2.44% Li2O, including 46.9 m at 3.53% Li2O or 16.1 m at 5.02% Li2O (CV24-401A).

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 drill hole results announced herein continue to demonstrate strong grades and continuity of spodumene pegmatite at CV5. In particular, drill hole CV24-374 returned a significantly wider interval of pegmatite than initially modelled based on the June 2023 MRE – 126.3 m (at 1.66% Li2O) intercept versus an expected 86 m intercept, as predicted by the June 2023 MRE’s geological model. This additional metreage was also returned from outside of the conceptual pit constraint used in the June 2023 MRE and indicates an area of potential resource growth along strike at this depth in this area (Figure 2).

Additionally, at the far east end of the high-grade Nova Zone, situated between and at a similar depth to drill holes CV23-107 (37.1 m at 2.09% Li2O, including 3.0 m at 5.43% Li2O) and CV23‑108 (26.6 m at 2.44% Li2O, including 5.0 m at 4.30% Li2O), hole CV24-401A returned a significantly wider, higher-grade intercept than expected – 46.9 m at 3.53% Li2O including 16.1 m at 5.02% Li2O within a wider high-grade zone of 70.1 m at 2.44% Li2O (Figure 3 and Figure 4).

The 2024 winter drill program, which concluded in mid-April at the Property, totalled 62,518 m (166 holes) – 50,961 m (121 holes) at CV5, and 11,557 m (45 holes) at CV13, of which 46,933 m (132 holes) remain to be reported. Core samples for all drill holes completed during the program have now arrived at the laboratory with analytical processing underway. The infill drill program at CV5 is scheduled to resume early summer and continue into the fall of this year.

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.

Collectively, through April 2024, drilling has traced the CV5 Spodumene Pegmatite over a strike length of 4.6 km, which remains open along strike at both ends and to depth over a significant portion of its length.

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.

Figure 2: Geological cross-section of CV5 geological model presenting April 2024 pegmatite interpretation compared to the June 2023 pegmatite interpretation.

Figure 3: High-grade, spodumene pegmatite drill intercept in hole CV24-401A at CV5. Core grades ~5.0% Li2O over interval presented (~320.7 m to 338.3 m)

Figure 4: Large spodumene crystals with minor mafic inclusions in quartz pegmatite, drill hole CV24-401A at 318 m depth in Nova Zone at CV5.

Table 1: Core assay summary for drill holes reported herein at the CV5 Spodumene Pegmatite.

Table 2: Attributes for drill holes reported herein at the CV5 spodumene pegmatite.

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 lithium pegmatite resource in the Americas based on contained LCE.

Quality Assurance / Quality Control (QAQC)

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 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 4.6 km long CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1.

To date, eight (8) 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.

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 lithium pegmatite resource in the Americas based on contained LCE.

For further information, please contact us at [email protected] or by calling +1 (604) 279-8709, or visit www.patriotbatterymetals.com. Please also refer to the Company’s continuous disclosure filings, available under its profile at www.sedarplus.ca and www.asx.com.au, for available exploration data.

This news release has been approved by the Board of Directors.

“KEN BRINSDEN”

Kenneth Brinsden, President, CEO, Managing Director

Brad Seward

Vice President, Investor Relations

T: +61 400 199 471

E: [email protected]

Olivier Caza-Lapointe

Head, Investor Relations – North America

T: +1 (514) 913-5264

E: [email protected]

Patriot Battery Metals Inc.

Suite 700 - 838 W. Hastings Street

Vancouver, BC, Canada, V6C 0A6

www.patriotbatterymetals.com

Disclaimer for Forward-looking Information

This news release contains “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations and plans that allows investors and others to have a better understanding of the Company’s business plans and financial performance and condition.

All statements, other than statements of historical fact included in this news release, regarding the Company’s strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Forward-looking statements are typically identified by words such as “plan”, “expect”, “estimate”, “intend”, “anticipate”, “believe”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this release include, but are not limited to, statements concerning: an upgrade in mineral resource confidence, from the inferred category to the indicated category on the Property, the completion of an updated MRE on the Property, the processing and receipt of all remaining core samples and statements relating to the continuity of spodumene pegmatite at CV5.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include that proposed exploration and mineral resource estimate work on the Property will continue as expected, and that exploration and development results continue to support management’s current plans for Property development.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, any of which could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the ability to execute on plans relating to the Company’s Project, including the timing thereof. In addition, readers are directed to carefully review the detailed risk discussion in the Company’s most recent Annual Information Form filed on SEDAR+, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.

Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company’s business plans, financial performance and condition and may not be appropriate for other purposes.

The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.

Competent Person Statement (ASX Listing Rule 5.22)

The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on July 31, 2023. The Company confirms it is not aware of any new information or data that materially affects the information included in the announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the competent person’s findings are presented have not been materially modified from the original market announcement.

Link to original news in full length:

https://patriotbatterymetals.com/126-3-m-at-1-66-li2o-and-16-1-m-at-5-02-li2o-in-first-batch-of-2024-drill-results-from-cv5-at-corvette/