Study identifies refining pathway to battery-grade lithium carbonate at Shaakichiuwaanaan

MONTREAL, June 15, 2026 /PRNewswire/ -- June 15, 2026 – Sydney, Australia

Highlights

• Concept study completed evaluating future potential to process spodumene concentrate into a value-added lithium product, directly at the Shaakichiuwaanaan site.
• Following a structured review of seven processing flowsheet options to produce a "value added" lithium product, the study identified Primero's (NRW Holdings (ASX: NWH) subsidiary "Primero") proprietary ALi® atmospheric leach processas the preferred value-added pathway for further study, given:
  • its overall economic potential, strong logistics efficiency benefits and technical risk profile, and
  • its alignment with the Company's sustainability objectives through practicing environmental care in processing and minimizing the Project's environmental footprint.
• Bench scale testwork on Shaakichiuwaanaan spodumene concentrate samples has been undertaken by Primero in Perth - Western Australia using the ALi® process, producing a 99.8% Li₂CO₃ battery-grade lithium carbonate.
• If combined with the use of electric calcination through Québec's low-cost renewable energy, on-site value-added processing has future potential to reduce carbon intensity and improve efficiencies within the battery materials supply chain.
• Supports the Québec and Canada's objectives for domestic, value-added processing, consistent with their respective Critical Minerals Strategies.
• The On-Site Refining Strategy is a staged, longer term, growth opportunity and is not required for the current proposed development of the base spodumene concentrate project outlined in the 2025 Feasibility Study.
• Next steps - future work expected to determine how to capture further economic benefits of value-added products at site including potential introduction of electrical calcination technology to leverage the full potential of Québec's renewable and low-cost hydroelectric power.

Frederic Mercier-Langevin, Chief Operations/Development Officer for the Company comments: "Shaakichiuwaanaan is already a Tier-1 asset under our 2025 Feasibility Study, and this concept study potentially identifies a credible pathway to capture additional value on top of it. Converting spodumene concentrate to a "value added" and potentially battery-grade lithium chemical on-site could deliver a lower-cost, lower-carbon flowsheet powered by Québec hydroelectricity.

"Bench scale results on Shaakichiuwaanaan concentrates indicate battery-grade purity is potentially achievable and the logistics savings could be material. Importantly, subject to further test work and demonstration at scale being undertaken, this could be a staged value-add opportunity for Shaakichiuwaanaan for future development beyond the base spodumene project. Further study work now underway will continue to test and determine the path forward," added Mr. Mercier-Langevin.

Ken Brinsden, President, CEO & Managing Director comments: "For decades the industry has mined hard-rock lithium in one place and refined it in another, often overseas, which is hardly the most efficient supply chain solution. The work we're reporting today points to the potential for a redefinition of the supply chain. It could be a credible alternate pathway, demonstrated at bench scale with our spodumene concentrates, to refine battery-grade lithium at the mine gate in a stable Western, low-carbon supply chain. This is the kind of industry step-change, supported by Shaakichiuwaanaan's premier geology, that drew me to this Project."

PMET Resources Inc. (the "Company" or "PMET") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to report on initiatives to develop value-added lithium chemical products at its 100%-owned Shaakichiuwaanaan Project (the "Project"), located in the Eeyou Istchee James Bay region of Quebec, Canada.

The Project's 2025 Feasibility Study base case has already demonstrated the resource scale and grade that contributes to the low-cost of a spodumene concentrate produced at Shaakichiuwaanaan.¹ The Project also benefits from being adjacent to some of the lowest-cost renewable hydroelectric power in North America. With these strategic advantages as a backdrop, the Company is progressing the Project's further assessment and development progress of its CV5 lithium-only project, with final mine authorization and extensive community consultation processes underway.

As part of its stated growth and diversification strategy to further add value to the Project, the Company has now completed a Concept Study assessing the potential to process spodumene concentrate into higher-value lithium chemical products directly at site. The work forms part of the Company's broader long-term growth strategy to capture the potential additional value within the lithium supply chain while establishing a lower-carbon, Western-facing lithium chemicals platform in Québec. The Concept Study is based on low-level economic and technical assessments that are not sufficient to support the Company publishing production targets and economic outcomes or to provide assurance of an economic development case. The Concept Study does not constitute a preliminary economic assessment, pre-feasibility study, or feasibility study as defined under NI 43-101. Given the uncertainties involved, investors should not make any investment decision based solely on the results of the Concept Study.

A Potential redefinition of the North American Lithium Chemicals Supply

The Company believes the Shaakichiuwaanaan Project has the potential over its life to support an improved and more efficient lithium chemicals supply chain model, leveraging Québec's abundant low-cost renewable hydroelectric power, strategic location within North America and proximity to key European and North American markets. Spodumene concentrate produced at Shaakichiuwaanaan is expected to be a raw material feed for a high-value chemical industry that is, to this day, largely conducted outside of Canada.

Producing a more concentrated, value-added lithia product on site is expected to provide the following benefits:

- Redefine the lithium value chain model by locating electric calcination and some or all of the chemical conversion at the mine site, capturing significant logistical benefits by materially reducing shipped volumes and costs through the production of a concentrated higher lithia content product;

- Leverage Québec's renewable and low-cost hydroelectric power to support a lower-carbon lithium chemical supply chain, with the potential to enhance sustainability and materially reduce logistics-related emissions and fossil-fuel dependence;

- Creation of a western-facing lithium chemical supply chain, supporting western mineral sovereignty and re-shoring value traditionally retained by downstream spodumene converters outside of Québec and Canada; and

- Enhance Project value through the transformation of spodumene into a higher lithia content product that has the potential to command higher values and potentially broadening the Project's customer-base.

Selecting the Process: Seven Options, One Preferred Pathway

The Company engaged Primero Group to complete a Concept Study to evaluate potential value-added processing routes for the spodumene concentrate produced at the Shaakichiuwaanaan Project. The primary objectives of the Study were to:

• Reduce the logistics associated with transporting 5.5% Li₂O Spodumene Concentrate (SC5.5) over long distances (844 km trucking to Matagami with subsequent 1,075 km rail route to shipping port);
• Evaluate whether producing an industrial or battery grade lithium chemical could improve market flexibility and project value; and
• Identify the most technically and economically robust processing route to progress into future study stages.

Phase 1 of the Study provided a concept level assessment of seven alternative flowsheets for chemical processing options, with the goal of narrowing down options to progress to a Phase 2 assessment, which focused on detailed refinement of product pathways. Within the Phase 2 assessment, both Acid Roast and Atmospheric Leach options were considered.

The Atmospheric Leach option (through Primero's proprietary ALi® process) was found to deliver the strongest overall performance in the areas that most influence long-term Project value. At a conceptual level, it delivered the lowest comparable capital costs and operating costs, reagent and trucking burden, HSE and environmental risks and the shortest payback period with the highest overall potential financial return. Due to the preliminary nature of the Concept Study, Australian disclosure law prohibits the Company from presenting potential production and economic scenarios. Further detailed work is required before such information can be presented (see Next Steps - PEA Study below).

ALi® Process Description

The ALi® flowsheet recovers lithium from beta spodumene through an atmospheric (low-pressure, lower-temperature) leach, stepping through ion exchange, before producing lithium carbonate by precipitation. Unlike the conventional high-temperature sulfuric acid roast that dominates hard-rock lithium refining, the atmospheric leach route is designed to operate with lower energy intensity, lower reagent consumption and resulting in a cleaner residue stream. Locating it at the mine gate keeps conversion close to the orebody and to the Project's anticipated low-cost renewable power, regionalising a step in the supply chain that is conventionally performed offshore.

ALi® is one of a new generation of 'acid-free' lithium conversion flowsheets that replaces the conventional high-temperature sulfuric-acid roast (being the long-standing conventional industry route), with alkaline chemistry. The approach is designed to reduce reagent intensity and concentrated-acid handling, lower the process waste burden, while producing a more benign, potentially reusable residue.

In developing the ALi® process, Primero has processed several tonnes of 3rd party spodumene concentrate at its Pilot scale facility, producing several hundred kilograms of battery grade lithium carbonate. The same facilities have processed a smaller scale spodumene concentrate sample from Shaakichiuwaanaan to produce battery grade product, further supporting the proof of concept being applied by PMET to its downstream processing initiative.

The same acid-free approach (albeit leaching at high-pressure) is used at Tesla's lithium refinery in Texas, the highest-profile commercial-scale example to date. Tesla refines spodumene at the chemical conversion facility in Texas, rather than shipping concentrate offshore for conversion. ALi® would apply that same principle at the Shaakichiuwaanaan mine gate, while targeting battery-grade lithium carbonate.

ALi® Process – Phase Two Testwork

As part of Phase 2 of the Concept Study, a bench-scale test program was conducted on approximately 10kg of an alpha spodumene lithium concentrate by ALS Metallurgy (Balcatta, Western Australia). The lithium concentrate used was generated from the dense media separation of material sourced from Shaakichiuwaanaan via the ApplePick program²

The concentrate was calcined (laboratory) at 1,050°C for 30 minutes, resulting in the conversion of 98.8% of the spodumene from the alpha to the beta phase. After milling, 2.2kg of the milled calcine was used for lithium extraction test work, utilizing Primero's proprietary ALi® refining process (Figure 1 and Figure 2). The process resulted in a laboratory lithium extraction of 93.6%, based on beta spodumene lithium, with overall process recovery of 92.5%, inclusive of calcination.

A high-grade lithium carbonate product, prepared by crystallization of carbonate leach solutions was analysed by Intertek (Perth, Western Australia). The purity was found to be 99.8% Li₂CO₃, and all contaminants of concern were found to be well within 2023 Chinese standards for lithium carbonate³ tolerances, thereby potentially making the product suitable for battery grade carbonate.

Transport Logistics

By introducing the chemical conversion at the mine site, the Concept Study naturally identified the opportunity to significantly reduce transport and logistics costs, given the total tonnage of material to transport (both reagents and product) would be substantially reduced, leading to a natural reduction of the number of trucks on the road on a daily basis.

Further details pertaining to the overall value-added products assessment process and outcomes can be found in Appendix 1.

Next Steps – PEA Study

Based on the results outlined above, production of lithium carbonate using Primero's ALi® Atmospheric Leach process was found to have the potential to deliver the most favorable overall Project outcome both from an economic and sustainability perspective. It combines strong relative economics compared to other options with lower operational complexity and the greatest improvement in logistics (both quantity and nature of material to be hauled over considerable distances).

The potential to generate a battery-grade product, commanding higher product value and improved marketability, represents meaningful upside that warrants advancing this flowsheet further. While the more conventional Acid Roast option remains a technically feasible alternative, its higher costs and risk profile and comparatively less beneficial logistics make it less attractive as the primary development path for operation at site.

The testwork completed to date has significantly advanced this potential value-add opportunity for the Shaakichiuwaanaan Project - which is already demonstrated as a Tier-1 lithium asset through the 2025 Feasibility Study - providing a compelling reason to continue with the initiative to unlock this additional upside. The next phase of work will therefore focus on advancing the Ali® process towards a PEA level of detail, inclusive of the following:

• Additional testwork to support flowsheet design and environmental testwork for residue characterization;
• Flowsheet development, including option to produce battery-grade lithium carbonate;
• Detailed logistics study, with the intent of fully fleshing out synergistic opportunities between inbound reagents and outbound product transport;
• Determination of residue management and disposal requirements, including investigation of potential to offset cement costs in underground mine pastefill based on pozzolanic properties of ALi® residue streams;
• The inclusion of electric calcination equipment (kiln) is expected to harness Québec's renewable, low-cost hydro-electric power, lowering operating costs and further reducing the Project's carbon footprint – building on the initial emissions benefits delivered through reduced trucking and fossil-fuel dependence.

The next phase of work is expected to be completed over the next calendar year and will inform whether, when and how the value-added products opportunity could potentially be integrated into the broader Shaakichiuwaanaan development plan in the future. The initiative is being advanced as a staged value-add growth opportunity and is not required for the current proposed development of the base spodumene concentrate project contemplated in the 2025 Feasibility Study.

Provided this next stage of work continues to support the potential for the application of the ALi® process at Shaakichiuwaanaan, further development steps, such as the deployment of the process at pilot-scale, would likely be required.

Qualified/Competent Person

The technical and scientific information in this news release that relates to the Mineral Resource Estimate, and exploration results for the Company's properties is based on, and fairly represents, information compiled by 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 ("NI 43-101"), 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). Smith has reviewed and approved the related technical information in this news release.

Smith is an Executive and Vice President of Exploration for PMET Resources Inc. and holds common shares, Restricted Share Units (RSUs), Performance Share Units (PSUs), and options in the Company.

The information in this news release that relates to the Mineral Reserve Estimate and Feasibility Study and the bench-scale testwork results is based on, and fairly represents, information compiled by Frédéric Mercier-Langevin, Ing. M.Sc., who is a Qualified Person as defined by NI 43-101, and member in good standing with the Ordre des Ingénieurs du Québec. Mercier-Langevin has reviewed and approved the related technical information in this news release.

Mercier-Langevin is the Chief Operating and Development Officer for PMET Resources Inc. and holds common shares, RSUs, PSUs, and options in the Company.

For further information, please contact us at info@pmet.ca or by calling +1 (604) 279-8709, or visit www.pmet.ca. 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.