PMET Resources secures 1.2 million Canadian dollars federal lithium road grant

MONTREAL, Oct. 29, 2026 /PRNewswire/ -- October 29, 2026 – Sydney, Australia

Highlights

• The Government of Canada, through Natural Resources Canada's ("NRCan") First and Last Mile Fund ("FLMF"), has approved a contribution of C$1,215,185 for the Shaakichiuwaanaan access road project.
• The access road project will upgrade approximately 20 kilometers of PMET's 100%-owned access road connecting the Trans-Taiga Road to the Shaakichiuwaanaan critical minerals Project in Eeyou Istchee James Bay, Quebec, improving its reliability and capacity to support increased mining activity.

Ken Brinsden, President, CEO and Managing Director, comments: "We welcome the Government of Canada's support for the Shaakichiuwaanaan access road project. Infrastructure is an important part of bringing a new mine into production, and this contribution would support that work as we advance the Project. Alongside Shaakichiuwaanaan's inclusion in the Canada Investment Summit Prospectus, this is encouraging recognition of its potential to contribute to Canada's critical minerals supply chains."

The Honourable Tim Hodgson, Minister of Energy and Natural Resources comments: "Critical minerals are essential to a prosperous, secure, and sustainable Canada and Quebec, and building and modernizing critical infrastructure like roads is what turns mineral deposits from potential into real projects. This investment will improve access to the Shaakichiuwaanaan lithium project, helping move a world-class resource closer to production while supporting local jobs, strengthening supply chains and reinforcing Canada's position as a reliable supplier of the critical minerals our allies and trading partners need."

PMET Resources Inc. (the "Company" or "PMET") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce that the Government of Canada, through Natural Resources Canada's ("NRCan") First and Last Mile Fund ("FLMF"), has approved funding of C$1,215,185 for the Shaakichiuwaanaan access road project. The application was approved under the Critical Minerals Infrastructure Fund ("CMIF"), which has been integrated into the FLMF, and is being made to Innova Lithium, a PMET 100% owned subsidiary

The 100%-owned access road project forms part of the infrastructure supporting the advancement of Shaakichiuwaanaan, located in the Eeyou Istchee James Bay region of Quebec. The Property is accessible year-round by all-season road and is situated near regional hydroelectric power infrastructure. The purpose of the funding is to support upgrading of the access to road to support mining operations.

This funding approval complements Shaakichiuwaanaan's inclusion in the Canada Investment Summit Prospectus, announced by PMET on September 14, 2026. The Prospectus highlighted selected Canadian investment opportunities for international and domestic investors. Additionally, more federal government funding tools available to the Company are currently being assessed.