Patriot Announces Final Core Assay Results from its 2023 Winter Drill Program, including 108.0 m at 2.44% Li2O, at the CV5 Pegmatite, Corvette Property, Quebec, Canada

Highlights

-          Additional high-grade intersections at the Nova Zone, which has been defined over a strike length of at least 1.1 km.

• 108.0 m at 2.44% Li2O (195.5 m to 303.5 m), including 37.5 m at 3.58% Li2O, or 16.0 m at 4.08% Li2O (CV23-181).
• 115.3 m at 1.81% Li2O (175.0 m to 290.3 m), including 89.6 m at 2.20% Li2O (CV23-177).

-          Wide widths and strong grades in most westwardly drill hole completed to date at the CV5 Pegmatite – 78.9 m at 1.00% Li2O, including 34.8 m at 1.40% Li2O (CV23-184).

-          Wide widths and strong grades in final drill hole completed during the 2023 winter drill program – 139.2 m at 1.26% Li2O, including 36.2 m at 1.74% Li2O (CV23-190).

-          Wide widths and strong grades returned in one of the most eastwardly drill holes completed to date at the CV5 Pegmatite, highlighting the strong potential of area – 36.0 m at 1.36% Li2O, including 17.0 m at 2.31% Li2O (CV23-165).

-          All core sample assay results for drill holes completed during the 2023 drill winter program have now been reported.

-          The Company is anticipating an announcement in a few weeks time for the initial mineral resource estimate at CV5, which will include all drill holes completed through April 17, 2023 (i.e., the recently completed winter drill program).

Darren L. Smith, Patriot Vice President of Exploration, comments: “These final core assay results from the recently completed winter program continue to outpace the industry norm. The CV5 Pegmatite has grown considerably over this program – from 2.2 km to 3.7 km, drill hole to drill hole – with some of the highest grades reported to date at CV5, including numerous significant intervals over 5% Li2O. As we wait for the wildfire situation in Quebec to abate, the team is steadfast focused on delivering an initial mineral resource estimate for CV5 in the coming weeks, which will include all drill holes from the 2023 winter program.”

Blair Way, Company President and CEO, comments: “We are very pleased to have received the last batch of assay results from the winter drill program which means our imminent release of the resource remains on track. I am confident that the upcoming maiden resource will demonstrate the significance of the Corvette discovery to the evolving North American and European lithium raw materials markets.”

July 10, 2023 - Vancouver, BC, Canada, July 10, 2023 - Sydney, Australia. Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce core assays for the final set of drill holes completed as part of the 2023 winter drill program at its wholly owned Corvette Property (the “Property”), located in the Eeyou Istchee James Bay region of Quebec. The winter phase of the 2023 drill campaign was focused on the CV5 Pegmatite, located approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure.

Core assays, for the drill holes reported herein (Figure 1), cover the CV5 Pegmatite’s recently defined eastward extension (see news releases dated February 5 and March 23, 2023) (Figure 2), the high-grade Nova Zone (see news release dated May 16, 2023) (Figure 2), and the recently defined westward extension (see news release dated May 1, 2023) (Figure 3).

Drill hole CV23-181 and 177 targeted further delineation of the Nova Zone with both returning wide and high-grade intercepts – 108.0 m at 2.44% Li2O, including 37.5 m at 3.58% Li2O or 16.0 m at 4.08% Li2O (CV22-181), and 115.3 m at 1.81% Li2O, including 89.6 m at 2.20% Li2O (CV23‑177). The high-grade Nova Zone has been traced over a strike length of at least 1.1 km – from drill holes CV23-132 to 108 (Figures 1 and 2) and includes multiple drill intersections of 5+ m at >5% Li2O, demonstrating the high-grade tenure of this sub-set of the Corvette discovery.

As the Company works towards extension of the Corvette discovery, core assay results for the most westwardly drill hole completed to date at the CV5 Pegmatite – CV23-184 – demonstrates high-grades and wide widths persist in this direction (78.9 m at 1.00% Li2O, including 34.8 m at 1.40% Li2O), with mineralization remaining open. The Company intends to continue step-out drilling along strike of CV23-184 during the summer-fall drill program (Figure 3). Additionally, drill hole CV23-190, the final hole of the 2023 winter program, also completed over the western areas of CV5, returned strong grades over wide widths – 139.2 m at 1.26% Li2O, including 18.1 m at 2.02% Li2O and 36.2 m at 1.74% Li2O. This drill hole was completed in the opposite direction (northerly) to the normal drill hole orientation (southerly) at CV5 and demonstrates the near-surface bulbous nature of the pegmatite in this area, where it is interpreted to exceed 100 m true thickness.

Assay results to date over the far eastern portions of CV5 have returned variable grades and widths of lithium mineralized pegmatite (see news release dated June 14, 2023). These include 51.2 m at 0.59% Li2O, including 10.1 m at 0.87% Li2O and 9.3 m at 0.91% Li2O (CV23‑154), and 27.5 m at 0.40% Li2O, including 3.2 m at 2.22% Li2O (CV23-156). However, results of drill hole CV23‑165, as reported herein (36.0 m at 1.36% Li2O, including 17.0 m at 2.31% Li2O), are very significant and demonstrate the common nature of lithium pegmatites, where high grades may be immediately proximal to low to moderate grades. Further, this drill hole (CV23-165) returned six (6) samples greater than 4% Li2O, and three (3) samples greater than 5% Li2O, including an interval of 2.2 m at 5.02% Li2O. These grades are on par with those typically confined to the Nova Zone and outline the considerable potential in this eastward area.

Drill hole CV23-165 was completed at the very eastern margins of the CV5 Pegmatite drilled to date and highlight the potential for wide widths at strong grade to continue in this direction, where the pegmatite remains open up-dip, down-dip, and along strike eastwardly (Figure 2).

Through the 2023 winter drill program, the CV5 Pegmatite has been traced continuously by drilling (at approximately 50 to 150 m spacing) as a principally continuous spodumene-mineralized pegmatite body over a lateral distance of at least 3.7 km and remains open along strike at both ends and to depth along a large portion of its length. This marks a 1.5 km extension of the known mineralized pegmatite along strike since the end of 2022 (2.2 km), and 2.9 km since the end of 2021 (0.8 km). For added perspective, this growth in strike length since the initial drill program in 2021 is presented in Figure 4.

As previously announced, the Company is advancing towards an initial mineral resource estimate for the CV5 Pegmatite. All core sample assays have now been received from the lab with the drilling dataset undergoing final validation and geological model on the final revision. The next steps in the process include geostatistics on the validated database followed by creation of the block model and interpolation of the lithium and tantalum grades, resource classification, determination of an appropriate cut-off grade and pit parameters, and finally constraining the block model with a pit to determine the official mineral resource estimate numbers. At this time, the Company anticipates an announcement on the mineral resource estimate in a few weeks time.

Core sample assay results for drill holes reported herein are presented in Table 1. Drill hole locations are available from the Company’s website as well as the news release dated May 16, 2023. Select core photos are presented in Figures 5, 6, and 7.

Figure 1: Drill holes completed at the CV5 Pegmatite through the 2023 winter drill program.

Figure 2: Drill holes completed at the CV5 Pegmatite through the 2023 winter drill program – east-central, and eastern areas.

Figure 3: Drill holes completed at the CV5 Pegmatite through the 2023 winter drill program –western area.

Figure 4: Growth of the CV5 Pegmatite since discovery hole in late 2021.

Table 1: Mineralized intercept summary for drill holes reported herein from the 2023 winter program

Figure 5: High-grade (4+% Li2O) spodumene pegmatite from the Nova Zone in drill hole CV23‑181.

Figure 6: High-grade (~1.9% Li2O) spodumene pegmatite in drill hole CV23‑184, the most westwardly drill hole completed to date at CV5.

Figure 7: High-grade (+2.0% Li2O) spodumene pegmatite in drill hole CV23‑165, including intersection of 2.2 m at 5.02% Li2O (417.6 m to 419.8 m), one of the most eastwardly drill holes completed to date at CV5.

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, 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 Val-d’Or, QC, 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 3.7 km long spodumene pegmatite (the ‘CV5 Pegmatite’) and multiple proximal secondary spodumene pegmatite lenses.

To date, six (6) distinct clusters of lithium pegmatite have been discovered across the Corvette Property – CV5 Pegmatite and associated lenses, CV4, CV8/12, CV9, CV10, 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 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. 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 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. The Corvette Property is one of the largest and highest-grade hard rock lithium projects being explored, with over 50 kilometres of strike length over a 214 square kilometre land package and over 70 lithium bearing pegmatite outcrops identified to date.

The Corvette Property is situated proximal to the all-weather Trans Taiga Road and Hydro-Québec power line infrastructure in the Eeyou Istchee James Bay region of Quebec. The Property hosts significant lithium potential highlighted by the CV5 Pegmatite, which has been traced by drilling over a strike length of at least 3.7 km with spodumene pegmatite encountered as deep as 425 m vertical depth.

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.sedar.com and www.asx.com.au, for available exploration data.

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

“BLAIR WAY”

Blair Way, President, CEO, Director

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 statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties, including without limitation statements with respect to potential continuity of pegmatite bodies, and mineral resource estimate preparation. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the results of further exploration and testing, and other risks detailed from time to time in the filings made by the Company with securities regulators, available at www.sedar.com and www.asx.com.au. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

No securities regulatory authority or stock exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.