Patriot Extends Strike of the CV5 Pegmatite, Drills 34.2 m at 1.06% Li2O in Step-Out Hole and 11.6 m at 3.25% Li2O in Infill Hole, Quebec, Canada

Highlights

-          The CV5 Spodumene Pegmatite has now been traced over a 4.4 km strike length and remains open along strike at both ends and to depth – results of 2023 drill holes for an additional 0.2 km of prospective strike length remain to be reported.

-          In addition to infill, further step-out drilling is planned at the CV5 Spodumene Pegmatite as part of the 2024 winter program currently underway at the Property. Approximately 3 km of highly prospective geological trend remains to be drill tested between the CV5 and CV13 pegmatites.

-          Strong grades continue to be returned over the western extension and outside of the June 2023 mineral resource estimate at CV5:

• 34.2 m at 1.06% Li2O, including 14.2 m at 1.83% Li2O (CV23-236).
• 27.7 m at 1.20% Li2O and 7.2 m at 1.27% Li2O (CV23-243).
• 10.2 m at 1.47% Li2O and 6.7 m at 2.27% Li2O (CV23-259).

-          Strong infill drill results, including very high grades, returned outside of the Nova Zone.

• 89.5 m at 1.01% Li2O, 17.9 m at 1.31% Li2O, and 19.0 m at 2.56% Li2O, including 11.6 m at 3.25% Li2O (CV23-246).
• 37.2 m at 1.02% Li2O (CV23-251).

-          The most eastern line of holes completed to date at CV5 returned a well mineralized interval of 36.0 m at 1.36% Li2O, including 17.0 m at 2.31% Li2O (CV23-165) – see news release dated July 10, 2023 – indicating significant potential remains in this area outside of the June 2023 mineral resource estimate. Several drill holes are planned during the ongoing winter 2024 program to further delineate this area.

-          Assays are reported herein for 12 drill holes completed in 2023 at the CV5 Spodumene Pegmatite.

-          Results for 35 holes at the CV13 Pegmatite, 42 holes at the CV5 Pegmatite, and 18 holes at the CV9 Pegmatite, from the 2023 drill program remain to be reported, and will be released to the market in accordance with the Company’s usual processes.

Figure 1: Drill holes completed through 2023 at CV5 Spodumene Pegmatite.

Figure 2: Cross-section of the CV5 Spodumene Pegmatite’s geological model along its western extension, outside of the June 2023 mineral resource estimate.

February 6, 2024 – Vancouver, BC, Canada / February 7, 2024 – Sydney, Australia / Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce additional drill results from the 2023 program completed at the CV5 Spodumene Pegmatite at the Corvette Property. 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 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 and is currently accessible by winter road.

Drill results for 12 drill holes completed in 2023 at the CV5 Spodumene Pegmatite are reported herein (Figure 1). These holes primarily target the western extension of CV5 (CV23-236, 243, 248, 259, and 268), as well as resource infill to improve the confidence of the geological model to support an upgrade of mineral resources from the inferred category to the indicated category (CV23-246, 251, and 256). Several holes were also completed over the eastern, near-surface areas of CV5 to test for an up-dip extension of the principal pegmatite body to surface (CV23-244, 252, and 260), as well as a hydrogeology hole (CV23-262) situated immediately south of CV5 and within the conceptual open-pit.

Drilling over the western extension was very successful and confirms well-mineralized spodumene pegmatite at CV5 continues along strike westwardly with results including:

-          34.2 m at 1.06% Li2O, including 14.2 m at 1.83% Li2O (CV23-236),

-          27.7 m at 1.20% Li2O and 7.2 m at 1.27% Li2O (CV23-243), and

-          10.2 m at 1.47% Li2O and 6.7 m at 2.27% Li2O (CV23-259).

A geological cross-section of the western extension along drill holes CV23‑236 and 243 is presented in Figure 2. These mineralized drill intercepts confirm an extension of the CV5 Pegmatite’s strike length to 4.4 km, with results from drill holes completed in 2023 for an additional 0.2 km of highly prospective strike length yet to be reported.

Drill holes targeting mineral resource infill also returned significant results highlighted by:

-          An aggregate collective pegmatite interval of 134 m in drill hole CV23-246 – core assay results of 89.5 m at 1.01% Li2O, 17.9 m at 1.31% Li2O, 19.0 m at 2.56% Li2O, including 11.6 m at 3.25% Li2O, and 7.4 m at 0.82% Li2O.

-          37.2 m at 1.02% Li2O (CV23-251), and

-          11.3 m at 1.54% Li2O (CV23-256).

Drilling over the eastern areas of CV5 with the objective of tracing the pegmatite to surface, partially outside of the 2023 mineral resource estimate block model, was met with limited success. Drill holes CV23-244, 252, and 260 intersected only minor pegmatite intervals (2 m) in this area. Current interpretation indicates the pegmatite may be plunging in this area and variably flares to surface, while remaining open along strike and at depth.

The eastern portion of the CV5 Spodumene Pegmatite did not fall within the recent June 2023 maiden mineral resource estimate partially due to lack of drill density. However, the most eastern line of holes completed to date returned a well mineralized interval of 36.0 m at 1.36% Li2O, including 17.0 m at 2.31% Li2O (CV23-165) indicating significant potential remains in this area. Several drill holes are planned during the ongoing winter 2024 program to further delineate this area.

In addition to infill, further step-out drilling is planned at the CV5 Spodumene Pegmatite as part of the 2024 winter program currently underway at the Property. Approximately 3 km of highly prospective geological trend remains to be drill tested between the CV5 and CV13 pegmatites (Figure 3).

Core sample assays for drill holes reported herein are presented in Table 1 for all pegmatite intersections >2 m. Drill hole locations and attributes are presented in Table 2. For drill holes completed in 2023, results remain to be reported for the CV13 Pegmatite (35 holes), the CV5 Pegmatite (42 holes), and the CV9 Pegmatite (18 holes). The Company has completed the on-site processing of the drill core backlog from the 2023 program with all samples now at the lab.

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

Figure 3: Corridor remaining to be drill tested between the CV5 CV13 spodumene pegmatites.

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

To date, seven (7) 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.

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.

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. In particular and without limitation, this news release contains forward-looking statements pertaining to the 2024 winter program currently underway at the Corvette Property, the release of additional results from the 2023 drill program, predictions of a single, larger pegmatite “outcrop” subsurface, and prospective beliefs about the strike length remaining to be reported.

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 the total funding required to complete the development of the Company’s lithium mineral project at the Corvette Property.

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 Corvette 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.

The complete English original news can be accessed here:

https://patriotbatterymetals.com/patriot-extends-strike-of-the-cv5-pegmatite-drills-34-2-m-at-1-06-li2o-in-step-out-hole-and-11-6-m-at-3-25-li2o-in-infill-hole-quebec-canada/