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CORVETTE PROPERTY

Corvette Property, CV5 Spodumene Pegmatite (moving west)

QUEBEC

JAMES BAY REGION

Top-Tier Mining Jurisdiction Near Existing Infrastructure

CV5 Spodumene Pegmatite at the Corvette Property is Strategically Located in the James Bay Region of Northern Quebec

  • ~13 km from all-weather road access
  • ~14 km from existing hydropower lines
  • ~50 km from La Grande-4 hydropower station
    • Access to green power allows for potential to produce low-carbon emissions lithium in the future
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CORVETTE PROPERTY

LOCATION AND ACCESS

Top-Tier Mining Jurisdiction Near Existing Infrastructure

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100% owned, large consolidated land package – 214 km2

  • ~ 51 km of strike along greenstone belt
  • Upgrading of winter road to all weather road by May 2024.
  • Camp capacity will be 80 people in January and 125 in May at km 270.

CV5 Spodumene Pegmatite

~ 13 km from all-weather road access
~ 14 km from existing hydropower lines
~ 50 km from La Grande-4 hydropower station

Access to hydro power allows for potential to produce low-carbon emissions lithium in the future

CORVETTE PROPERTY

PERMITTING: PROVEN PATHWAY

Canadian Permitting Process:

  • Partial drainage of the lake to access the CV5 Pegmatite requires a HADD permit
  • Formal federal authorization process (referred to as HADD) managed by the Department of Fisheries & Oceans (“DFO”) to obtain a permit when a fish-bearing waterbody is impacted
  • Thousands of HADD permits are issued by the DFO annually for a large variety of industries in Canada
  • There are a number of recent examples of mining companies receiving HADD permits for impacted waterbodies (e.g., Renard Diamond Mine)
  • Submission of Project Description to the Provincial and Federal governments starts the permitting process – targeted for this year
  • Baseline work for ESIA underway to capture multiple seasons of data.

CORVETTE PROPERTY

Catalysts: Focus on Execution & Value Creation

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CORVETTE PROPERTY

GEOLOGY

Situated within the La Grande Greenstone Belt, the Corvette Property hosts significant mineral potential over multiple deposit types.

The CV Lithium Trend is an emerging spodumene pegmatite district discovered by the Company in 2017

Patriot Battery Metals owns 100% of a 214 km2 land package situated along a ~50 km prospective lithium pegmatite trend.

In excess of 70 lithium pegmatite outcrops identified over +20 km of trend evaluated to date

Corvette Geology Map. Click to Enlarge

CORVETTE PROPERTY

LITHIUM PEGMATITES

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Over 70 lithium pegmatite outcrops identified: 50+ km of trend with only ~25 km evaluated to date, and more than 20 km to be explored 

Multiple distinct clusters of lithium pegmatite outcrop identified at the Property

CV5 Spodumene Pegmatite has been traced by drilling over a strike length of 4.35 km and remains open along strike at both ends, and to depth along a significant portion of its length

MRE update for the Corvette Project planned for mid 2024

CV5 Mineral Resource Estimate*

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  • Tier 1 world class spodumene pegmatite: size, grade, and metallurgy
  • Largest lithium pegmatite mineral resource in the Americas and 8th largest globally
  • Based on 163 core holes; total of 56,385 metres drilled
  • Geological model interprets a single, continuous, principal pegmatite body ranging in true thickness from ~8 m to upwards of ~130m, with resource block model covering ~3.4 km of the current 4.35 km geological model
  • Includes only the CV5 Spodumene Pegmatite; does not include any of the other known spodumene pegmatite clusters (CV4, CV8, CV9, CV10, CV12, & CV13)
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*CV5 mineral resource (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.4% Li2O with effective date of June 25, 2023. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. Refer to Mineral Resource Statement in Appendix. Largest lithium pegmatite in the Americas and 8th largest in the world based on contained LCE.

Growth of the CV5 Pegmatite (Sept 2021 through Sept 2023)

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  • 0.8 km through end 2021
  • 2.2 km through end 2022
  • 3.7 km through April 2023
  • 4.35 km through Sept 2023 & open at both ends

Through September 2023

  • 196 diamond drill holes, totalling ~67,000 m at C5

CV5 Mineral Resource Estimate*: Large, High-Grade

Largest in the Americas

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8th largest in the world

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*CV5 mineral resource (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.4% Li2O with effective date of June 25, 2023. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. Refer to Mineral Resource Statement in Appendix. Largest lithium pegmatite in the Americas and 8th largest in the world based on contained LCE.

Albermarle’s Strategic Investment

$109 million investment by Albemarle

  • Validates Corvette Lithium Project
  • Investment at $15.20 per share
  • Proceeds used to accelerate development at Corvette (drilling, exploration, studies)
  • Entered into an Investor Rights Agreement
    • 12-month term
    • Albemarle will:
      • maintain ownership 4.9%
      • not increase its stake
      • restrictions on selling shares
      • vote in favour of management recommendations at AGM

Memorandum of Understanding

  • Access partnership opportunities to study the viability of downstream lithium hydroxide plant integrated with Corvette and located in Canada, including Quebec, or the US
  • Nine-month exclusivity period ending in May 2024.

CV5 Geological Model Cross-Sections

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CV5 Geological Model: Side View

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(Above) Side view of CV5 Spodumene Pegmatite geological model looking northerly (340°) – principal pegmatite and subordinate lenses.

*CV5 mineral resource (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.4% Li2O with effective date of June 25, 2023. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

CV5 Mineral Resource*: Pit Constrained Block Model

The CV5 mineral resource* block model, at a pit-constrained inferred level of confidence, incorporates ~3.4 km of the total 4.35 km long pegmatite as has been defined by drilling to date.

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(Above) Select views of the pit constrained, inferred classified block model.

*CV5 mineral resource (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.4% Li2O with effective date of June 25, 2023. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

CV5 Mineral Resource*: Sensitivity Analysis

Cut-off grade sensitivity analysis defines very high-grade and significant tonnage at high cut-off grade, and excellent grade with significant tonnage at low cut-off grade:

  • 46.3 Mt at 2.03% Li2O inferred (1.40% Li2O, pit constrained cut-off)
    • Primarily located within the Nova Zone.
  • 123.4 Mt at 1.28% Li2O inferred (0.10% Li2O, pit constrained cut-off)
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This table should not be interpreted as a mineral resource statement. The data is presented to demonstrate the mineral resources sensitivity to various cut-off grades. The selected cut-off grade for the base case is 0.40% Li2O with the revenue factor 1 pit shell constraint.

*CV5 mineral resource (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.4% Li2O with effective date of June 25, 2023. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

CORVETTE PROPERTY

CV5 DRILL HOLE HIGHLIGHTS

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  • A single, continuous, principal pegmatite body ranging in true thickness from ~8 m to upwards of ~130 m, extending over a strike length of 4.35 km
  • Mineralization remains open east and west and to depth along most of its length
  • Multiple pegmatite intercepts exceeding 130 metres
  • Large spodumene crystals and very high-grades at the Nova Zone, with an interpreted strike length of ~1,100 metres

CORVETTE PROPERTY

CV5 & Adjacent Spodumene Pegmatite Clusters

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  • CV5 is a 3.7 km-long spodumene pegmatite body, as defined by drilling, which remains open
  • CV13 is a cluster of >20 spodumene pegmatite outcrops extending over a ~2.3 km trend
  • CV13 is situated ~3.8 km along geological trend from CV5
  • Step-out drilling to continue southwest of CV5 to test for connectivity with CV13

Other Spodumene Pegmatite Clusters

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CORVETTE PROPERTY

CV9 Spodumene Pegmatite: Drilling

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  • CV9 is a new discovery at Corvette, located approximately 14km west of CV5.
  • Drill hole CV23-345 hit approximately 100 m of near-continuous spodumene-bearing pegmatite at CV9.
  • Three (3) drill holes have returned continuous pegmatite intersections of 60+ m.
  • 18 drill holes, totaling approximately 4,000 m, completed to date. Assays pending.

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Refer Spodumene Pegmatite in Appendix, and announcement dated 23 November, Amended – Patriot Makes New Discovery at Corvette Property.

CORVETTE PROPERTY

CV13 SPODUMENE PEGMATITE: DRILLING

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  • CV13 characterized by two shallow dipping, sub-parallel, spodumene pegmatite bodies, which have been intersected in multiple drill holes along an overall ~2.3 km trend
  • 84 drill holes, totaling approximately 16,300 m, completed through early fall 2023.

CORVETTE PROPERTY

CV5 & CV13: Similar Mineralogy & Metallurgy

Both CV5 and CV13 - Potentially Processable at the Same Plant

  • Consistently large spodumene crystals (potentially from the same source)
  • Coarse-grained spodumene liberates effectively at ~6.5 mm and ~9.5 mm crush sizes
  • Low Fe2O3 present, ~0.65% in concentrate: iron is key impurity to evaluate
  • Metallurgical test work indicates a >5.5% Li2O spodumene concentrate at high recovery (>70%) may be produced using only Dense Media Separation (DMS)
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CORVETTE PROPERTY

INFRASTRUCTURE

  • CV5 located ~14 km from high-voltage power lines connected to one of the world’s largest hydropower schemes in the world (La Grande-4)
  • Potential to use primarily green energy for operations

Corvette Property is Strategically Positioned to Feed the Growing Quebec and US markets

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CORVETTE PROPERTY

CV5 2023 SUMMER / FALL DRILL PROGRAM

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CV5 2022 SUMMER DRILL PROGRAM

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Visual observations relating to the abundance of spodumene crystals logged in the drill core should not be considered a substitute for a laboratory analysis. Assay results are required to determine the grade of mineralisation identified in geological logging

CV Lithium Trend Drill Data (through April 2023)

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