Patriot Drills 122.6 m at 1.89% Li2O, including 8.1 m at 5.01% Li2O, and Extends High-Grade Nova Zone, at the CV5 Pegmatite, Corvette Property, Quebec, Canada

Highlights

-          Additional high-grade Zone discovered, marking interpreted western extension of the Nova Zone – drill holes CV23-130, 132, 134, and 138:

• 122.6 m at 1.89% Li2O (126.0 m to 248.5 m), including 8.1 m at 5.01% Li2O (CV23-138).
• 130.3 m at 1.56% Li2O (164.0 m to 294.3 m), including 52.7 m at 2.45% Li2O (CV23-132).
• 101.3 m at 1.44% Li2O (123.3 m to 224.6 m), including 28.1 m at 3.00% Li2O (CV23-134).
• 101.2 m at 1.08% Li2O (145.5 m to 246.7 m), including 10.1 m at 2.42% Li2O and 4.0 m at 4.13% Li2O (CV23-130).

-          Other significant intercepts

• 101.2 m at 1.59% Li2O (240.3 m to 341.5 m), including 28.5 m at 4.14% Li2O or 8.8 m of 5.20% Li2O (CV23-141).
• 56.3 m at 2.34% Li2O (251.4 m to 307.6 m), including 11.1 m at 4.06% Li2O (CV23-114).
• 57.7 m at 1.46% Li2O (182.0 m to 239.7 m), including 13.3 m at 2.65% Li2O (CV23-168A).
• 43.5 m at 1.80% Li2O (239.5 m to 283.0 m), and 24.0 m at 2.04% Li2O (372.9 m to 396.9 m) (CV23-127).

-          A continuous 93 m interval of dominantly spodumene-bearing pegmatite in most westerly drill hole completed to date at the CV5 Pegmatite – CV23-184 (assays pending).

-          A continuous 139 m interval of dominantly spodumene-bearing pegmatite in final drill hole of the 2023 winter program at the CV5 Pegmatite – CV23-190 (assays pending).

-          Core sample assay results for 27 drill holes completed during the 2023 winter drill program remain to be reported.

Blair Way, Company President and CEO, comments: “The drill bit continues to deliver for us as confirmed by the strong grades and wide widths of mineralized pegmatite reported herein. With our last hole providing the longest pegmatite intersection of the winter drill program (139 m), we are certainly primed for continued success as we approach the beginning of our summer-fall drill program, scheduled to commence later this month. With core sample assays for numerous drill holes remaining to be received, the Company’s geological team is steadfast focused on final validation of the CV5 Pegmatite’s geological model, inclusive of all drill holes completed to date, ahead of an initial mineral resource estimate.”

May 16, 2023 – Vancouver, BC, Canada / May 17, 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 next series of drill holes completed as part of the 2023 winter drill program, which recently concluded, 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 east-central area proximal to the CV1 outcrop (Figure 2), and the recently defined westward extension (see news release dated May 1, 2023) (Figure 3).

The drill holes targeting the east-central area of the CV5 Pegmatite were completed during the winter program to take advantage of more practical and cost-effective ground access. These drill holes were highly successful with mineralized pegmatite intervals of 122.6 m at 1.89% Li2O, including 8.1 m at 5.01% Li2O (CV23-138), 130.3 m at 1.56% Li2O, including 52.7 m at 2.45% Li2O (CV23‑132), 101.3 m at 1.44% Li2O, including 28.1 m at 3.00% Li2O (CV23-134), and 10.1 m at 2.42% Li2O and 4.0 m at 4.13% Li2O (CV23-130). These four (4) drill holes define a new high-grade zone, which is interpreted to represent a continuous 200+ m extension westward of the high-grade Nova Zone (see news release dated March 29, 2023). Drill holes CV23-181 (108 m of continuous pegmatite) and CV23-148 (95 m of continuous pegmatite) tested the connection of the zones (i.e., the area between), with assays pending for both. However, based on logged modal spodumene content, the high-grade Nova Zone is now interpreted to extend continuously from at least drill hole CV23-132 to CV23-108, a distance of approximately 1,100 m.

Assay results for two (2) drill holes completed over the recently discovered westward extension of the CV5 Pegmatite (see news released dated May 1, 2023) confirm strong lithium grades over moderate to wide intervals in this area – 38.4 m at 1.19% Li2O, 7.8 m at 3.01% Li2O, and 8.8 m at 1.29% Li2O (CV23-176), and 33.4 m at 0.87% Li2O and 12.8 m at 1.25% Li2O (CV23-161).

The CV5 Pegmatite remains open along strike westwardly in this area with the westernmost drill hole completed to date (CV23-184) returning a continuous 93 m interval of dominantly spodumene-bearing pegmatite. Additionally, the final hole of the winter program (CV23-190), also completed in this area, returned a continuous 139 m interval of dominantly spodumene-bearing pegmatite – the widest pegmatite intercept of the 2023 winter program at the CV5 Pegmatite. Core sample analysis for both CV23-184 and 190 have not yet been reported. These drill holes were also completed in opposite directions across the CV5 Pegmatite body, further attesting to the sizable blow-out (i.e., sizable width) of the pegmatite in this area (Figures 1 and 3).

The 2023 winter drill program recently concluded with a total of 89 drill holes and 32,367 m completed – drill holes CV23-105 through 190. Through the 2023 winter program, the CV5 Pegmatite has now been traced continuously by drilling (at approximately 50 to 150 m spacing) as a principally continuous spodumene-mineralized body over a lateral distance of at least 3.7 km (CV23-184 to CV23‑125) and remains open along strike at both ends and to depth along most of its length.

Due to the continuity of the pegmatite confirmed by the 2023 winter drill program, all holes completed to date at the CV5 Pegmatite (through CV23‑190) will be included in the forthcoming mineral resource estimate. The Company is targeting a July 2023 announcement and is dependent on timely receipt of all outstanding core sample assays from the laboratory, as well as final database and model validation.

The Company’s summer-fall drill exploration program is scheduled to re-commence in late May at the CV5 and CV13 pegmatites. The summer-fall surface program is scheduled to begin in early June and continue through late September.

Core sample assay results for drill holes reported herein are presented in Table 1. Core assay results remain to be reported for 27 drill holes completed during the winter program, with all drill core samples having arrived at the analytical lab (SGS). Pegmatite intervals >2 m (core length) for all drill holes completed during the winter program are presented in Table 2, and drill hole attributes presented in Table 3. Tables 1, 2, and 3 will be posted to the Company’s website shortly. Select core photos are presented in Figures 4 and 5.

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

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

Figure 4: Spodumene pegmatite in drill hole CV23-141 – 8.8 m at 5.20% Li2O (red box), including 1.0 m at 6.74% Li2O (blue box)

Figure 5: Spodumene pegmatite in drill hole CV23-138 – 8.1 m at 5.01% Li2O (red box)

Table 2: All pegmatite intersections >2 m for holes completed during the 2023 winter drill program

Table 3: 2023 winter drill hole attributes

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 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. 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.