Patriot Drills 124.9 m at 1.72% Li2O and 35.6 m at 3.78% Li2O in Final Batch of CV5 Assays Ahead of Q3 Resource Update

Highlights

-          Continued strong lithium mineralization over wide intervals from infill drilling at the CV5 Deposit, within the district scale Corvette Property.

• 124.9 m at 1.72% Li2O, including 13.4 m at 4.04% Li2O (CV24-473).
• 135.7 m at 1.02% Li2O, including 44.7 m at 2.03% Li2O (CV24-410).
• 112.7 m at 1.20% Li2O, including 21.7 m at 1.93% Li2O (CV24-503).
• 116.1 m at 0.91% Li2O, including 11.8 m at 3.01% Li2O (CV24-447).
• 95.1 m at 1.39% Li2O, including 33.3 m at 2.00% Li2O (CV24-409).
• 93.5 m at 1.54% Li2O, and 29.2 m at 2.08% Li2O (CV24-386).
• 91.0 m at 1.46% Li2O, including 13.3 m at 3.42% Li2O (CV24-415A).
• 63.7 m at 2.68% Li2O, including 35.6 m at 3.78% Li2O (CV24-404).

-          The program included six drill holes completed for geomechanical purposes to support pit design.

-          The focus of the 2024 winter drilling at CV5 was to support an upgrade in Mineral Resource confidence, from the Inferred category to the Indicated category, targeting release in August 2024 inclusive of a maiden Mineral Resource for the CV13 discovery.

-          Patriot remains on track to provide a Preliminary Economic Assessment to the market based upon the updated CV5 resource, with the Company targeting Q3 2024.

-          Results for 4,538 m (16 holes) remain to be reported from the 2024 winter drill program - all from CV13 and including multiple step-out drill holes targeting the recently discovered/announced high-grade Vega Zone.

June 24, 2024 - Vancouver, BC, Canada / June 25, 2024 - Sydney, Australia. Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the final batch of core assay results from the CV5 Spodumene Pegmatite from its recently completed 2024 winter drill program at Corvette. The 100% owned Corvette Property (the “Property” or “Project”) 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, “These final holes from our winter program at CV5 continue to impress and demonstrate the scale of mineralization over a significant strike length. With the focus at CV5 on upgrading the confidence of mineral resources from the Inferred to Indicated categories, we are confident in meaningful conversion in our pending MRE update, on schedule for Q3 2024.”

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

Core assay results for 67 drill holes, completed during the 2024 winter drill program at the CV5 Spodumene Pegmatite, are reported in this announcement (Figure 1 and Table 1). These are the final batch of core assay results from CV5 drill holes of the program. Highlights include:

-          124.9 m at 1.72% Li2O, including 13.4 m at 4.04% Li2O (CV24-433).

-          135.7 m at 1.02% Li2O, including 44.7 m at 2.03% Li2O (CV24-410).

-          112.7 m at 1.20% Li2O, including 21.7 m at 1.93% Li2O (CV24-503).

-          116.1 m at 0.91% Li2O, including 11.8 m at 3.01% Li2O (CV24-447).

-          95.1 m at 1.39% Li2O, including 33.3 m at 2.00% Li2O (CV24-409).

-          93.5 m at 1.54% Li2O, and 29.2 m at 2.08% Li2O (CV24-386).

-          91.0 m at 1.46% Li2O, including 13.3 m at 3.42% Li2O (CV24-415A).

-          63.7 m at 2.68% Li2O, including 35.6 m at 3.78% Li2O (CV24-404).

-          80.5 m at 1.41% Li2O, including 15.4 m at 2.84% Li2O (CV24-452).

-          64.7 m at 2.15% Li2O, and 53.7 m at 1.58% Li2O (CV24-467).

These drill holes tested the majority of the strike length currently defined at CV5, which remains open at both ends, at various depths and orientations. Select mineralized core intercepts are presented below in Figure 2 though Figure 5.

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 program also included six geomechanical holes (with five reported in this announcement, see Table 2), which were completed to support open-pit design at CV5. These holes were completed at various locations and orientations proximal to the margins of the pegmatite and targeted specific host rock types and structure, with optical and acoustics televiewer data also collected. Two of these holes intersected significant intervals of spodumene pegmatite with results including 116.1 m at 0.91% Li2O (CV24-447) and 56.4 m at 1.80 % Li2O (CV24‑479).

Figure 2: Spodumene pegmatite in CV24-473. Core grades ~4% Li2O over interval.

Figure 3: Spodumene pegmatite in CV24-404. Core grades ~3.7% Li2O over interval.

Figure 4: Spodumene pegmatite in CV24-410. Core grades 5.24% Li2O over 2.2 m (226.5 m to 228.7 m).

Figure 5: Spodumene pegmatite in drill hole CV24-415A. Core grades ~3.0% Li2O over interval.

The 2024 winter drill program totaled 62,518 m (166 holes), including 50,961 m (121 holes) at CV5 and 11,557 m (45 holes) at CV13. Core assay results for all drill holes completed at CV5 during the program have now been reported. A total of 4,538 m (16 holes) remain to be reported from CV13 and include multiple step-out drill holes targeting the high-grade Vega Zone (see news release dated June 10, 2024).

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.

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.

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 an 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, or Radisson, QC, for sample preparation (code PRP90 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 significant areas of prospective trend that remain 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 an 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: the completion and release of an updated MRE on the Property, the potential of the Vega Zone, the release and content of the results of the winter drill program, the processing and receipt of all remaining core samples, statements relating to the continuity of spodumene pegmatite at CV5, and statements about the probability that some of the outcrops may reflect a discontinuous surface exposure of a single, larger pegmatite “outcrop” subsurface.

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.