PATRIOT ALBEMARLE MOU CONCLUDED By Investing.com

Date:

VANCOUVER, BC, Could 15, 2024 /PRNewswire/ – Could 15, 2024Sydney, Australia

Highlights

  • Each events have mutually agreed to not prolong the MOU, enabling Patriot to discover a broader vary of strategic partnerships inside the downstream lithium sector.
  • Patriot has and continues to draw vital consideration throughout the trade, reinforcing its place as a pivotal provider of high-quality uncooked supplies for lithium-ion batteries outdoors of China.
  • Patriot maintains a constructive ongoing relationship with Albemarle (NYSE:).

Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA)  declares as we speak that the Memorandum of Understanding (“MOU”) 9-month time period with Albemarle has concluded and won’t be prolonged. Patriot expects to completely have interaction with different downstream firms within the Lithium provide chain and as such all of the rights granted to Albemarle have expired, together with any ranges of exclusivity in respect of future mine manufacturing and hyperlinks to downstream chemical conversion amenities.

As the size and high quality of Patriot’s Corvette Venture has change into more and more evident, the Firm has acquired vital curiosity from contributors within the lithium trade, given the potential for Corvette to be a big and high-quality uncooked materials provider for the way forward for lithium-ion battery provide chains ex-China.   Enabling the corporate to completely have interaction with different downstream firms has been decided to be in the most effective pursuits of shareholders.

Since signing the MOU Albemarle and Patriot have labored collectively on the various technical facets of an built-in venture, advancing the scope of mine focus manufacturing and alternatives for a downstream lithium hydroxide plant built-in with the Corvette venture. Additional, the funding supplied by Albemarle’s strategic funding enabled a sturdy work program together with set up of important capital works such because the camp, all-weather entry street and the just lately accomplished eleven rig winter drill program.

Ken Brinsden, President and CEO of Patriot, expressed his appreciation for the partnership: “Our collaboration with Albemarle has been extremely valuable. We are proud of the progress we’ve made and are excited by the intense market interest in the Corvette project. As we move forward, Patriot is eager to expand its operations and explore new partnerships that support the growing demand for lithium raw materials and chemicals in North America and Europe.

We also look forward to continuing our productive relationship with Albemarle in a flexible, non-exclusive format”, Mr Brinsden added.

Because of the MOU conclusion the Investor Rights Settlement (“IRA”) between Patriot and Albemarle Company dated August 3, 2023 was terminated in accordance with its phrases. Following the termination the entire rights granted to Albemarle, together with exclusivity, have expired offering Patriot with the flexibleness to interact with a number of potential companions and additional its strategic objectives.

Patriot stays dedicated to maximizing shareholder worth by capitalizing on the strategic alternatives obtainable inside the evolving panorama of the worldwide lithium market.

Concerning the CV Lithium Pattern

The CV Lithium Pattern is an rising spodumene pegmatite district found by the Firm in 2017 and is interpreted to span greater than 50 kilometres throughout the Corvette Property. The core space contains the approximate 4.6 km lengthy CV5 Spodumene Pegmatite, which hosts a maiden mineral useful resource estimate of 109.2  Mt at 1.42% Li2O inferred1.

Up to now, eight (8) distinct clusters of lithium pegmatite have been found throughout the Corvette Property “ CV4, CV5, CV8, CV9, CV10, CV12, CV13, and the just lately found CV14. Given the proximity of some pegmatite outcrops to one another, in addition to the shallow until cowl within the space, it’s possible that a number of the outcrops might replicate a discontinuous floor publicity of a single, bigger pegmatite “outcrop” subsurface.

1 The CV5 mineral useful 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 efficient date of June 25, 2023 (via drill gap CV23-190). Mineral assets usually are not mineral reserves as they don’t have demonstrated financial viability. Largest lithium pegmatite useful resource within the Americas based mostly on contained LCE.

Certified/Competent Individual

The data on this information launch that pertains to exploration outcomes for the Corvette Property relies on, and pretty represents, data compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who’s a Certified Individual as outlined by Nationwide Instrument 43-101 “ Requirements of Disclosure for Mineral Initiatives, and member in good standing with the Ordre des Géologues du Québec (Geologist Allow quantity 01968), and with the Affiliation of Skilled Engineers and Geoscientists of Alberta (member quantity 87868). Mr.  Smith has reviewed and accepted the technical data on this information launch.

Mr. Smith is Vice President of Exploration for Patriot Battery Metals Inc. and holds frequent shares and choices within the Firm.

Mr. Smith has enough expertise, which is related to the fashion of mineralization, kind of deposit into account, and to the actions being undertaken to qualify as a Competent Individual as described by the Australasian Code for Reporting of Exploration Outcomes, Mineral Sources and Ore Reserves (the JORC Code). Mr. Smith consents to the inclusion on this information launch of the issues based mostly on his data within the kind and context during which it seems.

About Patriot Battery Metals Inc.

Patriot Battery Metals Inc. is a hard-rock lithium exploration firm targeted on advancing its district-scale 100% owned Corvette Property situated within the Eeyou Istchee James Bay area of Quebec, Canada, and proximal to regional street and powerline infrastructure. The Corvette Property hosts the CV5 Spodumene Pegmatite with a maiden mineral useful resource estimate of 109.2  Mt at 1.42% Li2O inferred1 and ranks as the most important lithium pegmatite useful resource within the Americas based mostly on contained lithium carbonate equal (LCE), and one of many prime 10 largest lithium pegmatite assets on this planet. Moreover, the Corvette Property hosts a number of different spodumene pegmatite clusters that stay to be drill examined, in addition to greater than 20  km of potential development that continues to be to be assessed.

1 The CV5 mineral useful 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 efficient date of June 25, 2023 (via drill gap CV23-190). Mineral assets usually are not mineral reserves as they don’t have demonstrated financial viability. Largest lithium pegmatite useful resource within the Americas based mostly on contained LCE.

For additional data, please contact us at data@patriotbatterymetals.com or by calling +1 (604) 279-8709, or go to www.patriotbatterymetals.com. Please additionally consult with the Firm’s steady disclosure filings, obtainable below its profile at www.sedarplus.ca and www.asx.com.au, for obtainable exploration information.

This information launch has been accepted by the Board of Administrators.

KEN BRINSDEN”                                                                                  

Kenneth Brinsden, President, CEO, & Managing Director

Disclaimer for Ahead-looking Info

This information launch accommodates “forward-looking information” or “forward-looking statements” inside the which means of relevant securities legal guidelines and different statements that aren’t historic information. Ahead-looking statements are included to supply details about administration’s present expectations and plans that permits buyers and others to have a greater understanding of the Firm’s enterprise plans and monetary efficiency and situation.

All statements, aside from statements of historic reality included on this information launch, relating to the Firm’s technique, future operations, technical assessments, prospects, plans and targets of administration are forward-looking statements that contain dangers and uncertainties. Ahead-looking statements are sometimes recognized by phrases corresponding to “plan”, “expect”, “estimate”, “intend”, “anticipate”, “believe”, or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “may”, “could”, “would”, “might” or “will” be taken, happen or be achieved.

Ahead-looking data relies upon sure assumptions and different necessary components that, if unfaithful, may trigger the precise outcomes, efficiency or achievements of the Firm to be materially totally different from future outcomes, efficiency or achievements expressed or implied by such data or statements. There might be no assurance that such data or statements will show to be correct. Key assumptions upon which the Firm’s forward-looking data relies embody that proposed exploration and mineral useful resource estimate work on the Corvette Property will proceed as anticipated, and that exploration and improvement outcomes proceed to help administration’s present plans for Corvette Property improvement

Readers are cautioned that the foregoing listing will not be exhaustive of all components and assumptions which can have been used. Ahead-looking statements are additionally topic to dangers and uncertainties going through the Firm’s enterprise, any of which may have a fabric opposed impact on the Firm’s enterprise, monetary situation, outcomes of operations and progress prospects. A few of the dangers the Firm faces and the uncertainties that might trigger precise outcomes to vary materially from these expressed within the forward-looking statements embody, amongst others, the flexibility to execute on plans referring to the Firm’s Corvette Venture, together with the timing thereof. As well as, readers are directed to fastidiously assessment the detailed threat dialogue within the Firm’s most up-to-date Annual Info Kind filed on SEDAR+, which dialogue is included by reference on this information launch, for a fuller understanding of the dangers and uncertainties that have an effect on the Firm’s enterprise and operations.

Though the Firm believes its expectations are based mostly upon affordable assumptions and has tried to determine necessary components that might trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking statements, there could also be different components that trigger actions, occasions or outcomes to not be as anticipated, estimated or meant. There might be no assurance that forward-looking data will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such data. As such, these dangers usually are not exhaustive; nevertheless, they need to be thought-about fastidiously. If any of those dangers or uncertainties materialize, precise outcomes might range materially from these anticipated within the forward-looking statements discovered herein. Because of the dangers, uncertainties and assumptions inherent in forward-looking statements, readers shouldn’t place undue reliance on forward-looking statements.

Ahead-looking statements contained herein are offered for the aim of helping buyers in understanding the Firm’s enterprise plans, monetary efficiency and situation and might not be applicable for different functions.

The forward-looking statements contained herein are made solely as of the date hereof. The Firm disclaims any intention or obligation to replace or revise any forward-looking statements, whether or not because of new data, future occasions or in any other case, besides to the extent required by relevant regulation. The Firm qualifies all of its forward-looking statements by these cautionary statements.

Competent Individual Assertion (ASX Itemizing Rule 5.22)

The mineral useful resource estimate on this launch was reported by the Firm in accordance with ASX Itemizing Rule 5.8 on July 31, 2023. The Firm confirms it isn’t conscious of any new data or information that materially impacts the data included within the announcement and that each one materials assumptions and technical parameters underpinning the estimates within the announcement proceed to use and haven’t materially modified. The Firm confirms that the shape and context during which the competent individual’s findings are offered haven’t been materially modified from the unique market announcement.

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