CEO.CA Chairman's Briefing

_________________________

¹  Total cash operating cost (Incoterms DAP – 'Delivered at Place' Grande-Anse as POL – 'Port of Loading' basis) includes mining, processing, site administration, and product transportation to Grande-Anse calculated on an SC5.5 basis. They are non-IFRS financial measures, and when expressed per tonne, non-IFRS ratios. Refer to the "Non-IFRS and other financial measures" section of this press release for further information on these measures.

²  All-in sustaining costs ("AISC") includes mining, processing, site administration and product transportation costs to Grande-Anse and sustaining capital over the LOM per unit of concentrate produced during the LOM. It is a non-IFRS measure, and when expressed per tonne, a non-IFRS ratio. Refer to the "Non-IFRS and other financial measures" section of this press release for further information on these measures. 

³  Total cash operating cost (Incoterms DAP – 'Delivered at Place' Grande-Anse as POL – 'Port of Loading' basis) includes mining, processing, site administration, and product transportation to Grande-Anse calculated on an SC5.5 basis. They are non-IFRS financial measures, and when expressed per tonne, non-IFRS ratios. Refer to the "Non-IFRS and other financial measures" section of this press release for further information on these measures. 

⁴  All-in sustaining costs ("AISC") includes mining, processing, site administration and product transportation costs to Grande-Anse and sustaining capital over the LOM per unit of concentrate produced during the LOM. It is a non-IFRS measure, and when expressed per tonne, a non-IFRS ratio. Refer to the "Non-IFRS and other financial measures" section of this press release for further information on these measures. 

Financial Results

Unit

CA$

US$

Long term price assumption (5.5% Li₂O)

$/t

1,636

1,221

Pre-Tax NPV_0%

M$

8,358

6,237

Pre-Tax NPV_8%

M$

2,514

1,876

After-Tax NPV_0%

M$

5,418

4,043

After-Tax NPV_8%

M$

1,594

1,190

Pre-Tax IRR

%

19.87 %

After-Tax IRR

%

18.06 %

Pre-Tax Payback Period

year

4.9

4.7

Key Metrics

Unit

Value

Open Pit, Phase 1 Construction and Ramp Up Phase (incl. detailed engineering & procurement)

year

3.4

Open Pit, Phase 1 Construction and Ramp Up Phase (from breaking ground)

year

2.5

Underground, Phase 2 Expansion Construction and Ramp Up Phase

year

3.6

Life of Mine (LOM)

year

19

Open Pit

Ore Mined

Mt

49.2

Waste Mined (including pre-stripping)

Mt

167.5

Total Tonnes Mined

Mt

216.7

LOM Open Pit Strip Ratio (waste tonnes: ore tonnes)

w:o

3.4:1

Underground

Ore Mined

Mt

35.1

Waste Mined

Mt

5.2

Total Tonnes Mined

Mt

40.3

Total

Total Mineral Reserve (Open Pit + Underground) mined and processed

Mt

84.3

Nominal Process Plant Feed Rate

Mtpa

5.1

Average Process Plant Feed Rate

Mtpa

4.4

Average Li₂O recovery

%

68.9

Average Feed Grade

%

1.26

LOM Spodumene Concentrate

Mt

13.3

Spodumene Concentrate Grade

%

5.5

Nominal Spodumene Concentrate Production Rate

ktpa

801.6

LOM Average Spodumene Concentrate Production Rate

ktpa

693.8

Capital Expenditure

Phase 1 OP
Initial
Capital Cost
(M$)

Phase 2 UG
Initial
Capital Cost
(M$)

Total Initial
Capital Cost

(M$)

Phase 2 UG
Expansion
Capital Cost
(M$)

Total Devel.

Capital Cost

(M$)

LOM
Sust.
Capital Cost

(M$)

Total
Capital Cost

(M$)

100 – Infrastructure

124.9

-

124.9

24.8

149.7

30.8

180.5

200 – Power and Electrical

173.8

-

173.8

46.2

220.0

25.0

245.1

300 – Water Management

128.2

-

128.2

18.7

146.9

100.5

247.3

400 – Surface Operations

18.6

-

18.6

-

18.6

11.9

30.5

500 – Mining

120.0

99.1

219.1

36.4

255.5

550.5

806.0

600 – Process Plant

217.3

20.1

237.4

167.0

404.4

-

404.4

700 – Construction Indirects

262.8

0.1

262.9

123.8

386.7

-

386.7

800 – General Services / Owner's Cost

99.8

4.7

104.5

13.4

117.9

31.6

149.6

900 – Pre-production, Start-up, Comm.

73.3

9.3

82.6

1.5

84.1

186.1

270.2

Total Initial Capital Expenditures

(Excl. Contingency)

1,218.7

133.3

1,352.0

431.8

1,783.8

936.4

2,720.3

990 – Contingency

130.7

15.0

145.7

48.7

194.4

-

194.4

Total Initial Capital Expenditures

1,349.4

148.3

1,497.7

480.5

1978.2

936.4

2,914.7

Less: Pre-Prod¹. Credit net of TC/RC & Royalties

(101.7)

-

(101.7)

-

(101.7)

-

(101.7)

Total Initial Capex Net of Pre-Production Credit

1,247.7

148.3

1,396.0

480.5

1,876.5

936.4

2,813.0

Less: CTM-ITC Tax Credit

(210.1)

-

(210.1)

(113.2)

(323.3)

(36.5)

(359.8)

Less: TCRR Tax Credit

(29.0)

(14.3)

(43.3)

-

(43.3)

(13.8)

(57.1)

Total Initial Capex Net of Pre-Prod & Tax Credit

1,008.6

134.0

1,142.6

367.3

1,509.9

886.1

2,396.0

100: Infrastructure includes site roads, bridges, truck shop, mine dry and offices, administrative building, camp facilities as well as the fuel and explosives storage and infrastructure earthworks. 200: Power and Electrical includes the main electrical powerline and substations as well as secondary power generation and power distribution at site. 300: Water Management relates to all infrastructure required to collect, manage and treat fresh water, potable water, process water contact and non-contact water. 400: Surface operations relates to construction, process plant and G&A mobile equipment. 500: Mining includes haul roads, open pit equipment purchase, pit surface preparation and some underground infrastructure (ventilation and compressors). 600: Process plant includes capital expenditures for the first production train with a capacity of 2.5 Mtpa and certain early works from the second production train with an additional capacity of 2.5 Mtpa. 700: Construction Indirects include project management and logistics, temporary construction infrastructure and equipment, energy and engineering. 800: General Services / Owner's costs include general and administrative costs, security, IT, owner's costs, logistics, taxes and insurances as well as camp operations costs, health & safety and environment services. 900: Pre-Production costs relate to operating costs incurred in processing and mining prior to achieving commercial production.  990: An overall contingency has been applied to all direct and indirect costs based on quality and engineering level of inputs.

1. Pre-Production credits relate to spodumene concentrate revenues expected to be realized during the ramp-up period before reaching commercial production.  

Financial Results

CA$/t

US$/t

Mining

320.1

238.9

Processing

91.2

68.0

Site Administration

100.7

75.1

Cash Operating Cost at Site⁵

511.9

382.0

Transportation cost

217.2

162.1

Total Cash Operating Cost (DAP Grande-Anse as POL)⁶

729.1

544.1

Sustaining Capital

70.7

52.7

All-In Sustaining Cost – (DAP Grande-Anse as POL)⁷

799.8

596.8

______________________

⁵  Cash operating cost at site includes mining, processing, and site administration, it is a non-IFRS measure, and when expressed per tonne, a non-IFRS ratio. Refer to the "Non-IFRS and other financial measures" section of this press release for further information on these measures.

⁶  Total cash operating cost (DAP Grande-Anse as POL) includes mining, processing, site administration, and product transportation to Grande-Anse.  It is a non-IFRS measure, and when expressed per tonne, a non-IFRS ratio. Refer to the "Non-IFRS and other financial measures" section of this press release for further information on these measures.

⁷  All-in sustaining costs ("AISC") includes mining, processing, site administration, and product transportation costs to Grande-Anse and sustaining capital over the LOM per unit of concentrate produced during the LOM.. It is a non-IFRS measure, and when expressed per tonne, a non-IFRS ratio. Refer to the "Non-IFRS and other financial measures" section of this press release for further information on these measures.

Pegmatite

Classification

Tonnes

Li₂O

Cs₂O

Ta₂O₅

Ga

Contained
LCE (Mt)

Mt

%

%

ppm

ppm

CV5 & CV13

Indicated

108.0

1.40

0.11

166

66

3.75

Inferred

33.4

1.33

0.21

155

65

1.09

1.

Mineral Resources were prepared in accordance with NI 43-101 – Standards for Disclosure of Mineral Projects and the CIM Definition Standards (2014). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, economic, or other relevant issues.

2.

The independent Competent Person (CP), as defined under JORC, and Qualified Person (QP), as defined by NI 43‑101 for this resource estimate is Todd McCracken, P.Geo., Director – Mining & Geology – Central Canada, BBA Inc. The Effective Date of the estimate is June 20, 2025 (through drill hole CV24-787).

3.

Estimation was completed using a combination of inverse distance squared (ID²) and ordinary kriging (OK) for CV5 and inverse distance squared (ID2) for CV13 in Leapfrog Edge software with dynamic anisotropy search ellipse on specific domains.

4.

Drill hole composites at 1 m in length. Block size is 10 m x 5 m x 5 m with sub-blocking.

5.

Both underground and open-pit conceptual mining shapes were applied as constraints to the Consolidated MRE to demonstrate reasonable prospects for eventual economic extraction. Cut-off grades for open-pit constrained resources are 0.40% Li₂O for both CV5 and CV13, and for underground constrained resources are 0.60% Li₂O for CV5 and 0.70% Li₂O for CV13. Open-pit and underground Mineral Resource constraints are based on a long-term average spodumene concentrate price of US$1,500/tonne (6% basis FOB Bécancour) and an exchange rate of 0.70 USD/CAD.

6.

Mineral Resources for the Rigel and Vega zones are hosted within the CV13 Pegmatite's open-pit conceptual mining shape and, therefore, are included within the Consolidated MRE for CV5 and CV13 pegmatites. The Rigel and Vega zones were interpreted using a 0.50% Cs₂O grade constraint based on mineral processing analogues and mineralogical analysis supporting pollucite as the predominant Cs-bearing mineral present.

7.

Rounding may result in apparent summation differences between tonnes, grade, and contained metal content. 

8.

Tonnage and grade measurements are in metric units.

9.

Conversion factors used: Li₂O = Li x 2.153; LCE (i.e., Li₂CO₃) = Li₂O x 2.473, Ta₂O₅ = Ta x 1.221, Cs₂O = Cs x 1.0602

10.

Densities for pegmatite blocks (both CV5 & CV13) were estimated using a linear regression function (SG = 0.0674x (Li₂O% + 0.81 x B₂O₃%) + 2.6202) derived from the specific gravity ("SG") field measurements and Li₂O grade. Non-pegmatite blocks were assigned a fixed SG based on the field measurement median value of their respective lithology.

11.

The Mineral Resources are inclusive of the Mineral Reserves.

Area

Classification

Tonnes
(Mt)

Grade
(Li₂O%)

Contained Li₂O
(Mt)

Contained Li
(Mt)

Contained LCE
(Mt)

Open Pit

Proven

-

-

-

-

-

Probable

49.2

1.12

0.55

0.26

1.36

Underground

Proven

-

-

-

-

-

Probable

35.1

1.45

0.51

0.24

1.26

TOTAL

Proven

-

-

-

-

-

Probable

84.3

1.26

1.06

0.49

2.62

1.

The Mineral Reserves were estimated using the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29 ,2019) and CIM Definition Standards for Mineral Resources and Reserves (May 10, 2014).

2.

The mine design and Mineral Reserve estimate have been completed to a level appropriate for feasibility studies. Mineral Reserves are based on the Indicated Mineral Resources only. The Inferred Mineral Resources contained within the mine design are not included and classified as waste.

3.

Mineral Reserves are estimated using a long-term lithium price of USD 1,303/t of spodumene concentrate at 5.5% Li₂O and an exchange rate CAN/USD of 1.32.

4.

The Qualified Person for the estimate is Carl Michaud, P.Eng., MBA. The estimate has an Effective Date of September 11, 2025.

5.

The Mineral Reserves for open pit are estimated using a cut-off grade of 0.40% Li₂O. Open pit marginal material containing grade above 0.37% Li₂O is also included within this statement. Mineral Reserves for underground stoping are estimated using a cut-off grade of 0.70%. Underground development tonnages containing material above 0.37% Li₂O are also included in the statement.

6.

The following mill recovery equation was used in the cut-off grade recovery:

7.

The open pit strip ratio is 3.40 and dilution factor is 2.0% based on the smallest mining unit (SMU). The open pit mine mining recovery is 97%.

8.

The underground mine average external dilution factor is 12.7% including 3.9% for backfill dilution and 8.8% for ELOS dilution.

9.

For the underground Mineral Reserves, a minimum mining width of 5 m was applied with a mining recovery of 90% for all stopes, while 100% extraction was assumed for all development mining.

10.

Contained lithium oxide (Li₂O), lithium (Li), and lithium carbonate equivalent (LCE) are reported without accounting for metallurgical recovery.

11.

Total may not sum due to rounding.

1.        During the year ending June 2029, overburden mining will take place for four months. 

_________________________________

⁸  The Consolidated MRE cut-off grade is variable depending on the mining method and pegmatite (0.40% Li2O open-pit, 0.60% Li2O underground CV5, and 0.70% Li2O underground CV13). A grade constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium zones, which are entirely within the CV13 Pegmatite's open-pit mining shape. The Effective Date of the MREs is June 20, 2025 (through drill hole CV24-787). Mineral Resources are not Mineral or Ore Reserves as they do not have demonstrated economic viability.

⁹  Determination based on Mineral Resource data, sourced through July 11, 2025, from corporate disclosure.

Criteria

JORC Code explanation

Commentary

Sampling techniques

• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used.
• Aspects of the determination of mineralization that are Material to the Public Report.
• In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (e.g. submarine nodules) may warrant disclosure of detailed information.

• Core sampling protocols meet industry standard practices.
• Core sampling is guided by lithology as determined during geological logging (i.e., by a geologist). All pegmatite intervals are sampled in their entirety (half-core), regardless if spodumene mineralization is noted or not (in order to ensure an unbiased sampling approach) in addition to ~1 to 3 m of sampling into the adjacent host rock (dependent on pegmatite interval length) to "bookend" the sampled pegmatite.
• The minimum individual sample length is typically 0.5 m and the maximum sample length is typically 2.0 m. Targeted individual pegmatite sample lengths are 1.0 to 1.5 m.
• All drill core is oriented to maximum foliation prior to logging and sampling and is cut with a core saw into half-core pieces, with one half-core collected for assay, and the other half-core remaining in the box for reference.
• Core samples collected from 2022 and 2023 drill holes CV22-015 through CV23-107 were shipped to SGS Canada's laboratory in either Lakefield, ON (vast majority), Sudbury, ON (CV22-028, 029, 030), or Burnaby, BC (CV22-031, 032, 033, and 034), for standard sample preparation (code PRP89) which included drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. Core samples collected from 2023 drill holes CV23-108 through 365 were shipped to SGS Canada's laboratory in Val-d'Or, QC, for standard sample preparation (code PRP89).
• Core samples collected from 2024 drill holes were shipped to SGS Canada's laboratory in Val-d'Or, QC, or Radisson, QC, for sample preparation (code PRP90 special) which included drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns.
• All drill core sample pulps from 2022, 2023, and 2024 were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analysed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).
• Channel sampling followed best industry practices with a 3 to 5 cm wide, saw-cut channel completed across the pegmatite outcrop as practical, perpendicular to the interpreted pegmatite strike. Samples were collected at ~0.5 to 1 m contiguous intervals with the channel bearing noted, and GPS coordinate collected at the start and end points of the channel.
• All channel samples collected were shipped to SGS Canada's laboratory in Lakefield, ON, or Val-d'Or, QC, for standard preparation. Pulps were analyzed at SGS Canada's laboratory in either Lakefield, ON, (2017), or Burnaby, BC (2022, 2023, and 2024), for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish.

Drilling techniques

• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).

• NQ, NQ3, or HQ size core diamond drilling was completed for all holes. Core was not oriented. However, downhole OTV-ATV surveys were completed to various depths on multiple holes to assess overall structure.
• The sampling of continuous channels of outcrop, coupled with locational data at the same accuracy as drill hole locational data, allowed the channels to be treated as horizontal drill holes for the purposes of modelling and resource estimation.

Drill sample recovery

• Method of recording and assessing core and chip sample recoveries and results assessed.
• Measures taken to maximize sample recovery and ensure representative nature of the samples.
• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• All drill core was geotechnically logged following industry standard practices, and include TCR, RQD, ISRM, and Q-Method (since mid-winter 2023). Core recovery typically exceeds 90%.
• Channel samples were not geotechnically logged. Channel recovery was effectively 100%.

Logging

• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
• The total length and percentage of the relevant intersections logged.

• Upon receipt at the core shack, all drill core is pieced together, oriented to maximum foliation, meter marked, geotechnically logged (including structure), alteration logged, geologically logged, and sample logged on an individual sample basis. Core box photos are also collected of all core drilled, regardless of perceived mineralization. Specific gravity measurements of pegmatite are also collected at systematic intervals for all pegmatite drill core using the water immersion method, as well as select host rock drill core.
• Channel samples were geologically logged upon collection on an individual sample basis. Channel samples were not geotechnically logged.
• The logging is qualitative by nature, and includes estimates of spodumene grain size, inclusions, and model mineral estimates.
• These logging practices meet or exceed current industry standard practices.

Sub-sampling techniques and sample preparation

• If core, whether cut or sawn and whether quarter, half or all core taken.
• If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to maximize representativity of samples.
• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material being sampled.

• Drill core sampling follows industry best practices. Drill core was saw-cut with half-core sent for geochemical analysis and half-core remaining in the box for reference. The same side of the core was sampled to maintain representativeness.
• Channels were saw-cut with the full channel being sent for analysis at ~0.5 to 1.0 m sample intervals.
• Sample sizes are considered appropriate for the material being assayed.
• A Quality Assurance / Quality Control (QAQC) protocol following industry best practices was incorporated into the drill programs and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates (through hole CV23-190 only), at a rate of approximately 5% each. Additionally, analysis of pulp-split and coarse-split (through hole CV23-365 only) sample duplicates were completed to assess analytical precision at different stages of the laboratory preparation process, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation at a secondary lab (SGS Canada in 2021, and ALS Canada in 2022, 2023, and 2024). All protocols employed are considered appropriate for the sample type and nature of mineralization and are considered the optimal approach for maintaining representativeness in sampling.

Quality of assay data and laboratory tests

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

• Core samples collected from 2021 drill holes were shipped to Activation Laboratories in Ancaster, ON, for standard sample preparation (code RX1) which included crushing to 80% passing 10 mesh, followed by a 250 g riffle split and pulverizing to 95% passing 105 microns. All 2021 core samples were analyzed for multi-element (including lithium) by four-acid digestion with ICP-OES finish (package 1F2) or by sodium peroxide fusion with ICP-OES / ICP-MS finish (package UT7). Any samples returning >8,000 ppm Li by 1F2 were reanalyzed for Li by code 8-4 Acid ICP Assay. Additionally, all samples were analyzed for tantalum by INAA (code 5B).
• Core samples collected from 2022 and 2023 drill holes CV22-015 through CV23-107 were shipped to SGS Canada's laboratory in either Lakefield, ON (vast majority), Sudbury, ON (CV22-028, 029, 030), or Burnaby, BC (CV22-031, 032, 033, and 034), for standard sample preparation (code PRP89) which included drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. Core samples collected from 2023 drill holes CV23-108 through 365 were shipped to SGS Canada's laboratory in Val-d'Or, QC, for standard sample preparation (code PRP89).
• Core samples collected from 2024 drill holes were shipped to SGS Canada's laboratory in Val-d'Or, QC, or Radisson, QC, for sample preparation (code PRP90 special) which included drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns.
• All drill core sample pulps from 2022, 2023, and 2024 were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analysed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50).
• All channel samples collected were shipped to SGS Canada's laboratory in Lakefield, ON, or Val-d'Or, QC, for standard preparation. Pulps were analyzed at SGS Canada's laboratory in either Lakefield, ON, (2017), or Burnaby, BC (2022, 2023, and 2024), for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish.
• The Company relies on both its internal QAQC protocols (systematic use of blanks, certified reference materials, and external checks), as well as the laboratory's internal QAQC.
• All protocols employed are considered appropriate for the sample type and nature of mineralization and are considered the optimal approach for maintaining representativeness in sampling.

Verification of sampling and assaying

• The verification of significant intersections by either independent or alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.

• Intervals are reviewed and compiled by the VP Exploration and Project Managers prior to disclosure, including a review of the Company's internal QAQC sample analytical data.
• No twinned holes were completed, apart from several holes being recollared with a different core size or due to premature loss of a hole due to conditions.
• Data capture utilizes MX Deposit software whereby core logging data is entered directly into the software for storage, including direct import of laboratory analytical certificates as they are received. The Company employs various on-site and post QAQC protocols to ensure data integrity and accuracy.
• Adjustments to data include reporting lithium and tantalum in their oxide forms, as it is reported in elemental form in the assay certificates. Formulas used are Li₂O = Li x 2.153, Ta₂O₅ = Ta x 1.221, and Cs₂O = Cs x 1.0602

Location of data points

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.

• Each drill hole collar and channel end points have been surveyed with a RTK Topcon GR-5 or RTK Trimble Zephyr 3, except for a minor number of holes/channels.
• The coordinate system used is UTM NAD83 Zone 18.
• The Company completed a property-wide LiDAR and orthophoto survey in August 2022, which provides high-quality topographic control.
• The quality and accuracy of the topographic controls are considered adequate for advanced stage exploration and development, including Mineral Resource estimation.

Data spacing and distribution

• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
• Whether sample compositing has been applied.

• At CV5, drill hole collar spacing is dominantly grid based. Several collars are typically completed from the same pad at varied orientations targeting pegmatite pierce points of ~50 (Indicated) to 100 m (Inferred) spacing.
• At CV13, drill hole spacing is a combination of grid based (at ~100 m spacing) and fan based with multiple holes collared from the same pad. Therefore, collar locations and hole orientations may vary widely, which reflect the varied orientation of the pegmatite body along strike. Pegmatite pierce points of ~50 (Indicated) to 100 m (Inferred) spacing are targeted.
• At Rigel, drill hole pegmatite pierce points range from ~40 m to 80 m and at Vega range from ~50 to 100 m.
• Based on the nature of the mineralisation and continuity in geological modelling, the drill hole spacing is sufficient to support a MRE.
• Core sample lengths typically range from 0.5 to 2.0 m and average ~1.0 to 1.5 m. Sampling is continuous within all pegmatite encountered in the drill hole.
• Core samples are not composited upon collection or for analysis.

Orientation of data in relation to geological structure

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
• If the relationship between the drilling orientation and the orientation of key mineralized structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

• No sampling bias is anticipated based on structure within the mineralized body.
• The principal mineralized bodies are relatively undeformed and very competent, although have meaningful structural control.
• At CV5, the principal mineralized body and adjacent lenses are steeply dipping resulting in oblique angles of intersection with true widths varying based on drill hole angle and orientation of pegmatite at that particular intersection point. i.e., the dip of the mineralized pegmatite body has variations in a vertical sense and along strike, so the true widths are not always apparent until several holes have been drilled (at the appropriate spacing) in any particular drill-fence.
• At CV13, the principal pegmatite body has a varied strike and shallow northerly dip. The Rigel and Vega zones are hosted entirely within the CV13 Pegmatite as lenses concordant to the local pegmatite orientation.

Sample security

• The measures taken to ensure sample security.

• Samples were collected by Company staff or its consultants following Project specific protocols governing sample collection and handling. Core samples were bagged, placed in large supersacs for added security, palleted, and shipped by third party transport, or directly by representatives of the Company, to the designated sample preparation laboratory (Ancaster, ON, in 2021, Sudbury, ON, Burnaby, BC, and Lakefield, ON, in 2022, Lakefield, ON, in 2023, Val-d'Or, QC, in 2023 and 2024, and Radisson in 2024) being tracked during shipment along with chain of custody documents. Upon arrival at the laboratory, the samples were cross-referenced with the shipping manifest to confirm all samples were accounted for. At the laboratory, sample bags were evaluated for tampering. On several occasions in 2022, SGS Canada shipped samples to a different SGS Canada facility for preparation than was intended by the Company (Sudbury, ON, and Burnaby, BC, in 2022).

Audits or reviews

• The results of any audits or reviews of sampling techniques and data.

• A review of the sample procedures for the Company's drill programs has been reviewed by several Qualified/Competent Persons through multiple NI 43-101 technical reports completed for the Company and deemed adequate and acceptable to industry best practices. The most recent Technical Report includes a review of sampling techniques and data through 2024 (drill hole CV24-787) in a technical report titled "NI 43 101 Technical Report, Mineral Resource Estimate for the Shaakichiuwaanaan Project, James Bay Region, Quebec, Canada" by Todd McCracken, P.Geo., of BBA Inc., and Ryan Cunningham, M.Eng., P.Eng., of Primero Group Americas Inc., Effective Date of June 20, 2025, and Issue Date of August 28, 2025.
• Additionally, the Company continually reviews and evaluates its procedures in order to optimize and ensure compliance at all levels of sample data collection and handling.

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
• The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.

• The Shaakichiuwaanaan Property (formerly called "Corvette") is comprised of 463 CDC claims located in the James Bay Region of Quebec, with Lithium Innova Inc. (wholly owned subsidiary of PMET Resources Inc.) being the registered title holder for all of the claims. The northern border of the Property's primary claim block is located within approximately 6 km to the south of the Trans-Taiga Road and powerline infrastructure corridor. The CV5 Spodumene Pegmatite is accessible year-round by all-season road is situated approximately 13.5 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure. The CV13 and CV9 spodumene pegmatites are located approximately 3 km west-southwest and 14 km west of CV5, respectively.
• The Company holds 100% interest in the Property subject to various royalty obligations depending on original acquisition agreements. DG Resources Management holds a 2% NSR (no buyback) on 76 claims, D.B.A. Canadian Mining House holds a 2% NSR on 50 claims (half buyback for $2M), OR Royalties holds a sliding scale NSR of 1.5-3.5% on precious metals, and 2% on all other products, over 111 claims, and Azimut Exploration holds 2% NSR on 39 claims.
• The Property does not overlap any atypically sensitive environmental areas or parks, or historical sites to the knowledge of the Company. There are no known hinderances to operating at the Property, apart from the goose harvesting season (typically mid-April to mid-May) where the communities request helicopter flying not be completed, and potentially wildfires depending on the season, scale, and location.
• Claim expiry dates range from January 2026 (renewals pending) to November 2027.

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties.

• No previous exploration targeting tantalum mineralization has been conducted by other parties at the Project.
• For a summary of previous exploration undertaken by other parties at the Project, please refer to the most recent technical report titled "NI 43‑101 Technical Report, Mineral Resource Estimate for the Shaakichiuwaanaan Project, James Bay Region, Quebec, Canada" by Todd McCracken, P.Geo., of BBA Inc., and Ryan Cunningham, M.Eng., P.Eng., of Primero Group Americas Inc., Effective Date of June 20, 2025, and Issue Date of August 28, 2025.

Geology

• Deposit type, geological setting and style of mineralization.

• The Property overlies a large portion of the Lac Guyer Greenstone Belt, considered part of the larger La Grande River Greenstone Belt and is dominated by volcanic rocks metamorphosed to amphibolite facies. The claim block is dominantly host to rocks of the Guyer Group (amphibolite, iron formation, intermediate to mafic volcanics, peridotite, pyroxenite, komatiite, as well as felsic volcanics). The amphibolite rocks that trend east-west (generally steeply south dipping) through this region are bordered to the north by the Magin Formation (conglomerate and wacke) and to the south by an assemblage of tonalite, granodiorite, and diorite, in addition to metasediments of the Marbot Group (conglomerate, wacke). Several regional-scale Proterozoic gabbroic dykes also cut through portions of the Property (Lac Spirt Dykes, Senneterre Dykes).
• The geological setting is prospective for multiple commodities over several different deposit styles including orogenic gold (Au), volcanogenic massive sulphide (Cu, Au, Ag), komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and LCT pegmatite (Li, Cs, Ta, Ga, Rb).
• Exploration of the Property has outlined three primary mineral exploration trends crossing dominantly east-west over large portions of the Property – Golden Trend (gold), Maven Trend (copper, gold, silver), and CV Trend (lithium, caesium, tantalum). The CV5 and CV13 pegmatites are situated within the CV Trend.
• The pegmatites at Shaakichiuwaanaan are categorized as LCT Pegmatites. LCT mineralization at the Property is observed to occur within quartz-feldspar pegmatite. The pegmatite is often very coarse-grained and off-white in appearance, with darker sections commonly composed of mica and smoky quartz, and occasional tourmaline.
• Core assays and ongoing mineralogical studies, coupled with field mineral identification and assays confirm spodumene as the dominant lithium-bearing mineral on the Property, with no significant petalite, lepidolite, lithium-phosphate minerals, or apatite present. The spodumene crystal size of the pegmatites is typically decimeter scale, and therefore, very large. The pegmatites also carry significant tantalum (tantalite) and caesium (pollucite). Gallium is present in spodumene and feldspar as substitution with Al.

Drill hole Information

• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
  • easting and northing of the drill hole collar
  • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
  • dip and azimuth of the hole
  • down hole length and interception depth
  • hole length.
• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• Drilling results have been previously released by the Company in accordance with disclosure obligations and are not reproduced herein.

Data aggregation methods

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values should be clearly stated.

• Length weighted averages were used to calculate grade over width where presented.
• No metal equivalents have been reported.

Relationship between mineralization widths and intercept lengths

• These relationships are particularly important in the reporting of Exploration Results.
• If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported.
• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').

• At CV5, geological modelling is ongoing on a hole-by-hole basis and as assays are received. However, current interpretation supports a principal, large pegmatite body of near vertical to steeply dipping orientation, flanked by several subordinate pegmatite lenses (collectively, the 'CV5 Spodumene Pegmatite')
• At CV13, current interpretation supports a series of sub-parallel trending sills with a flat-lying to shallow northerly dip (collectively, the 'CV13 Spodumene Pegmatite'). Within the CV13 Pegmatite body are the Rigel and Vega zones, which follow the local trend of the wider pegmatite body.
• All reported widths are core length.

Diagrams

• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• These have been previously released by the Company in accordance with disclosure obligations and are not reproduced herein

Balanced reporting

• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• Drilling results have been previously released by the Company in accordance with disclosure obligations and are not reproduced herein.

Other substantive exploration data

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• The Company is currently completing site environmental work over the CV5 and CV13 pegmatite area. No endangered flora or fauna have been documented over the Property to date, and several sites have been identified as potentially suitable for mine infrastructure.
• The Company has completed a bathymetric survey over the shallow glacial lake which overlies a portion of the CV5 Spodumene Pegmatite. The lake depth ranges from <2 m to approximately 18 m, although the majority of the CV5 Spodumene Pegmatite, as delineated to date, is overlain by typically <2 to 10 m of water.
• The Company has completed significant metallurgical testing comprised of HLS and magnetic testing, which has produced 6+% Li₂O spodumene concentrates at >70% recovery on both CV5 and CV13 pegmatite material. A DMS test on CV5 Pegmatite material returned a Subsequent and more expansive DMS pilot programs completed, including with non-pegmatite dilution, produced results in line with prior testwork, confirming a DMS-only flowsheet is applicable. The Company has also produced a marketable lithium hydroxide concentrate from CV5's spodumene concentrate.
• The Company has produced marketable tantalite concentrates at bench-scale from the CV5 Pegmatite's DMS (spodumene) tailings fractions. The testwork used gravity or gravity+flotation methods to produce tantalite concentrates grading 8.7% Ta₂O₅ at 45% global recovery (MC001) and 6.6% Ta₂O₅ at 49% global recovery (MC002).
• The Company has produced marketable pollucite concentrates at bench-scale from the CV13 Pegmatite's Vega Caesium Zone. The testwork used XRT ore sorting to produce concentrates of 11.5% Cs₂O and 20.0% Cs₂O at an overall 88% recovery.
• Mineral Resources for the Rigel and Vega zones are hosted within the CV13 Pegmatite's open-pit conceptual mining shape, irrespective of lithium COG. A grade constraint of 0.50% Cs₂O has been used to model the Rigel and Vega caesium zones based on mineral processing analogues and mineralogical analysis supporting pollucite as the predominant Cs-bearing mineral present.
• Various mandates required for advancing the CV13 Pegmatite (including Rigel and Vega MREs) towards economic studies have been initiated, including but not limited to, environmental baseline, metallurgy, geomechanics, stakeholder engagement, and geochemical characterization.

Further work

• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).
• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• The Company intends to continue drilling the pegmatites of the Shaakichiuwaanaan Property, primarily targeting lithium, caesium, and tantalum as the primary commodities of interest.
• Metallurgical test programs evaluating the recovery of lithium, caesium, and tantalum are ongoing.
• Post feasibility optimisation efforts are planned for the CV5 Pegmatite as well as initial economic evaluation of the CV13 Pegmatite.

Criteria

JORC Code explanation

Commentary

Database integrity

• Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.
• Data validation procedures used.

• Data capture utilizes MX Deposit database software whereby core logging data is entered directly into the software for storage, including direct import of laboratory analytical certificates as they are received. Collar and downhole deviation surveys are also validated and stored in MX Deposit database software. The Company employs various on-site and post initial QAQC protocols to ensure data integrity and accuracy.
• Drill hole collar points were validated against LiDAR topographic data.
• The drill hole database was further validated by the independent Competent Person for the MRE, including missing sample intervals, overlapping intervals, and various missing data (survey, collar coordinates, assays, rock type, etc.)
• All the analytical certificates applicable to the Consolidated MRE were validated against the assays present in the database for Li, Cs, Ta, and Ga.
• No significant errors in the database were discovered. The database is considered validated and of high quality, and therefore sufficient to support the Consolidated MRE (CV5 + CV13 pegmatites).

Site visits

• Comment on any site visits undertaken by the Competent Person and the outcome of those visits.
• If no site visits have been undertaken indicate why this is the case.

• Todd McCracken (Competent Person) of BBA Inc., completed site visits to the Property from April 7 to 11, 2023, and June 4 to 7, 2024.
• Core from various drill holes from CV5 and CV13 from the 2023 and 2024 drill program was viewed and core processing protocols reviewed with site geologists. Drilling was active during the 2023 site visit.
• Several of the CV5 and CV13 pegmatite outcrops were visited, and various collar locations were visited and GPS coordinates checked against the database.
• Pulp samples were selected for check analysis from holes selected by the Competent Person.
• No significant issues were found with the protocols practiced on site. The Competent Person considers the QAQC and procedures adopted by the Company to be of a high standard.

Geological interpretation

• Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.
• Nature of the data used and of any assumptions made.
• The effect, if any, of alternative interpretations on Mineral Resource estimation.
• The use of geology in guiding and controlling Mineral Resource estimation.
• The factors affecting continuity both of grade and geology.

• The CV5 and CV13 geological models (including Rigel and Vega) were built in Leapfrog Geo using MX Deposit database, through an iterative and interpretive process by the Company and validated by the Competent Person.
• A combination of implicit and explicit modelling methods was used, defined by geologically logged drill intersections, channel samples, and outcrop mapping, with external geological controls, including measured contact orientations, cross-sectional polylines, and surface polyline controls to ensure the model follows geological interpretation, validation, and reasonable extensions along trend and dip.
• The CV5 Pegmatite was geologically modelled as an intrusive for the principal pegmatite body (1), and as a vein for adjacent lenses (9). The CV5 geological model's principal pegmatite was further geochemically domain modelled using rock types and assays.
• The CV13 Pegmatite was geological modelled as veins for all of its lenses. The Rigel and Vega caesium zone models were built using a 0.50% Cs₂O grade constraint within the wider CV13 Pegmatite body.
• The geological interpretation of both the CV5 and CV13 geological models are robust. Alternative interpretations are unlikely to materially alter the MRE.
• Drilling density is the primary factor in assessing the interpreted continuity of both grade and geology. The current drill density is sufficient to support the MRE(s). The controlling factors on mineralization are typical for LCT pegmatites.

Dimensions

• The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.

• The CV5 portion of the MRE includes multiple individual spodumene pegmatite dykes that have been modelled. However, approximately two-thirds of the overall Shaakichiuwaanaan Mineral Resource, and vast majority of the CV5 Mineral Resource component, is hosted within a single, large, principal pegmatite dyke, which is flanked on both sides by multiple, subordinate, sub-parallel trending dykes. The principal dyke at CV5 is geologically modelled to extend continuously over a lateral distance of at least 4.6 km and remains open along strike at both ends and to depth along a large portion of its length. The width of the currently known mineralized corridor at CV5 is approximately 500 m, with spodumene pegmatite intersected as deep as 450 m vertical depth from surface. The pegmatite dykes at CV5 trend south-southwest (approximately 250°/070° RHR), and therefore dip northerly, which is opposite to the host amphibolites, metasediments, and ultramafics which steeply dip southerly. The principal dyke ranges from <10 m to >125 m in true width, and may pinch and swell aggressively along strike, as well as up and down dip. It is primarily the thickest at near-surface to moderate depths (<225 m), forming a relatively bulbous, elongated shape, which may flair to surface and to depth variably along its length.
• The CV13 portion of the MRE includes multiple individual spodumene pegmatite dykes that have been modelled, with three appearing to be dominant. The pegmatite bodies are coincident with the apex of a regional structural flexure where the west arm trends ~290° and the east arm at ~230°. Drilling to date indicates the east arm includes significantly more pegmatite stacking compared to the west, and also carries a significant amount of the overall CV13 Pegmatite tonnage and lithium grade, highlighted by the high-grade Vega Zone (lithium).
• The Rigel Caesium Zone is situated at the apex of the two CV13 Pegmatite's 2 arms. At Rigel, the footprint of caesium mineralization has been traced over a general area of least 200 m x 100 m and consists of a single, shallow dipping lens at a depth of ~50 m with a true thickness of <2 m to ~6 m.
• The Vega Caesium Zone is coincident with the Vega Lithium Zone situated at the CV13 Pegmatite's east arm. The caesium zone has been traced over a general area of at least 800 m x 250 m and consists of two proximal flat-lying lenses, at a depth of ~110 m, with a true thickness of <2 m and up to ~10 m and ~6 m, respectively.

Estimation and modelling techniques

• The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.
• The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.
• The assumptions made regarding recovery of by-products.
• Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterisation).
• In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.
• Any assumptions behind modelling of selective mining units.
• Any assumptions about correlation between variables.
• Description of how the geological interpretation was used to control the resource estimates.
• Discussion of basis for using or not using grade cutting or capping.
• The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

• Compositing was done every 1.0 m for the pegmatite domains and every 0.5 m for the caesium enriched zones. Unsampled intervals were assigned a grade of 0.0005% Li, 0.25 ppm Ta, and 0.05 ppm Cs. Capping was done after compositing. Based on the statistical analysis capping varies by lithological domain.
• On CV5, the spodumene-rich domain within the CV5 principal pegmatite, no capping was required for Li₂O but Ta₂O₅ was capped at 3,000 ppm and Cs₂O was capped at 3.5%. For the feldspar-rich domain within the CV5 principal pegmatite, a capping of 3.5% Li₂O and 1,500 ppm Ta₂O₅ was applied, but no Cs₂O capping. For the parallel dykes a capping of 5% Li₂O, 1,200 ppm Ta₂O₅, and 3.5% Cs₂O was applied.
• For CV5 and CV13, variography was done both in Leapfrog Edge and Supervisor.
• At CV5, for Li₂O, a well-structured variogram model was obtained for the CV5 principal pegmatite's spodumene-rich domain. For the CV5 principal pegmatite, both domains (spodumene-rich and feldspar-rich domains), and vein CV_160 were estimated using ordinary kriging (OK), using Leapfrog Edge. For Ta₂O₅, a well-structured variogram was obtained for the spodumene-rich domain, the feldspar-rich domain within CV5 principal pegmatite and vein CV_160. Therefore, Ta₂O₅ was estimated using ordinary kriging (OK). The remaining pegmatite dykes at CV5 (8) did not yield well-structured variograms for either Li₂O and Ta₂O₅ and therefore were estimated using Inverse Distance Squared (ID2), also using Leapfrog Edge.
• At CV5, three (3) orientated search ellipsoids were used to select data and interpolate Li₂O and Ta₂O₅ grades in successively less restrictive passes. The ellipse sizes and anisotropies were based on the variography, drillhole spacing, and pegmatite geometry. For Li₂O, the ellipsoids ranges were 100 m x 45 m x 30 m, 200 m x 90 m x 60 m, and 300 m x 135 m x 90 m (spodumene-rich and feldspar-rich domains) And, 107.5 m x 55 m x 22.5 m, 215 m x 110 m x 45 m, and 322.5 m x 165 m x 67.5 m (CV5_110, 120, 130, 140, 150, 160, 170, 180 and 190). For Ta₂O₅, the ellipsoids range were 115 m x 35 m x 22.5 m, 230 m x 70 m x 45 m, and 402.5 m x 122.5 m x 79m (spodumene-rich and feldspar-rich domains) And, 95m x 50m x 22.5 m, 190 m x 100 m x 45 m, and 285 m x 150 m x 67.5 m (CV5_110, 120, 130, 140, 150, 160, 170, 180 and 190)
• At CV5. for the first and second pass interpolation a minimum of five (5) composites and a maximum of fifteen (15) composites with a minimum of two (2) holes were needed to interpolate. For the third pass a minimum of three (3) composites with a maximum of fifteen (15) without a minimum per hole was used. Variable search ellipse orientations (dynamic anisotropy) were used to interpolate for eight (8) of the adjacent dykes of the main pegmatite body (CV5_110, 120, 130, 140, 160, 170, 180 and 190). Spatial anisotropy of the dykes is respected during estimation using Leapfrog Edge's Variable Orientation tool. The search ellipse follows the trend of the central reference plane of each dyke.
• For CV13 zones, it was determined that no capping was required for Li₂O and Cs₂O, but Ta₂O₅ was capped at 3,000 ppm for Vega and CV13_100, and at 1,200 ppm for all remaining domains.
• At CV13, variography analysis did not yield a well-structured variogram. On CV13, Li₂O, Ta₂O_5, and Cs₂O were estimated using Inverse Distance Squared (ID²) in Leapfrog Edge.
• At CV13, the twenty-three (23) different pegmatite domains were separated in 3 groups with the same orientation. Vega and Rigel were estimated according to the same criteria based on the zones in which they are enclosed. Three (3) different orientated search ellipsoids per group of domains were used to select data and interpolate Li₂O, Ta₂O₅, and Cs₂O grades respectively in successively less restrictive passes. The ellipse sizes and anisotropies were based on the variography, drillhole spacing, and pegmatite geometry. For Li₂O and Cs₂O, the ellipsoids for CV13_100 group were 80 m x 45 m x 10 m, 160 m x 90 m x 20 m, and 320 m x 180 m x 40 m; for CV13_101 group the ellipsoids were 60 x 50 x 20, 120 x 100 x 40, and 240 x 200 x 80; and for the CV13_090 group, the ellipsoids were 60 x 35 x 10, 120 x 70 x 20, and 240 x 140 x 40. For Ta2O5 , the ellipsoids for CV13_100 group were 55 m x 35 m x 10 m, 110 m x 70 m x 20 m, and 220 m x 140 m x 40 m; for CV13_101 group the ellipsoids were 35 m x 30 m x 20 m, 70 m x 60 m x 40 m, and 140 m x 120 m x 80 m; and for the CV13_090 group, the ellipsoids were 50 m x 60 m x 10 m, 100 m x 120 m x 20 m, and 200 m x 240 m x 40 m. For the first and second pass interpolation a minimum of three (3) composites and a maximum of eight (8) composites with a minimum of two (2) holes were needed to interpolate. For the third pass a minimum of two (2) composites with a maximum of eight (8) without a minimum per hole was used. Variable search ellipse orientations (dynamic anisotropy) were used to interpolate the dykes. Spatial anisotropy of the dykes is respected during estimation using Leapfrog Edge's Variable Orientation tool. The search ellipse follows the trend of the central reference plane of each dyke.
• Parent cells of 10 m x 5 m x 5 m, subblocked four (4) times in each direction (for minimum subcells of 2.5 m in x, 1.25 m in y, and 1.25 m in z were used. Subblocks are triggered by the geological model. Li₂O, Ta₂O₅, and Cs₂O grades are estimated on the parent cells and automatically populated to subblocks.
• The block model (CV5 and CV13) are rotated around the Z axis (Leapfrog 340°).
• Hard boundaries between all the pegmatite domains were used for all Li₂O, Ta₂O₅, and Cs₂O estimates.
• Validation of the block model was performed using Swath Plots, nearest neighbours grade estimates, global means comparisons, and by visual inspection in 3D and along plan views and cross-sections.

Moisture

• Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.

• Tonnages are reported on a dry basis.

Cut-off parameters

• The basis of the adopted cut-off grade(s) or quality parameters applied.

• Open pit adopted cut-off grade is 0.40% Li₂O and determined based on operational cost estimates, primarily through benchmarking and an internal trade-off study, for mining ($5.47/t mined for minable resource, waste or overburden, processing ($14.91/t milled), tailings management ($3.45/t milled), G&A ($18.88/t milled), and concentrate transport costs ($226.74/t mine site to Bécancour, QC). Process recovery assumed a Dense Media Separation (DMS) only operation at approximately 70% overall recovery based on processing recovery formula of Recovery % = 75% × (1-e^(-1.995(Li₂O Feed Grade %) ) )into a 5.5% Li₂O spodumene concentrate. A long-term average SC6.0 spodumene concentrate price of US $1,500 was assumed with USD/CAD exchange rate of 0.70. A royalty of 2% was applied.
• Underground adopted cut-off grade for CV5 is 0.60% Li₂O and determined based on the same parameters than the open pit with the addition of the underground mining cost estimated at $68.66/t considering a long hole transverse mining method.
• Underground adopted cut-off grade for CV13 is 0.70% Li₂O and determined based on the same parameters than the open pit with the addition of the underground mining cost estimated at $100/t considering a mining method that will be aligned with the shallow dip lenses.
• The Rigel and Vega caesium zone Mineral Resources are hosted within the CV13 Pegmatite's open-pit conceptual mining shape, irrespective of lithium COG. A grade constraint of 0.50% Cs₂O has been used to model the Rigel and Vega caesium zones based on mineral processing analogues and mineralogical analysis supporting pollucite as the predominant Cs-bearing mineral present.

Mining factors or assumptions

• Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.

• Open-pit mining method is assumed with an overall pit slope ranging from 45° to 53° considering various sectors, single and double bench.
• No dilution or mining recovery has been considered.
• Underground mining method considered is long hole for CV5. Stope size considered are vertical 30 m in height, 15 m in width, and a minimum of 3 m in thickness.
• The mining method for CV13 has not been determined but the mining cost used is higher considering the shallow dip of the lenses in CV13. Stope dimensions considered are horizontal considering length of 15 m, 7.5 m in width and a minimum height of 3 m.
• The Mineral Resources are reported as in-situ tonnes and grade.

Metallurgical factors or assumptions

• The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.

• The processing assumptions are based on HLS and magnetic testing, which has produced 5.5+% Li₂O spodumene concentrates at >70% recovery on drill core samples from both the CV5 and CV13 pegmatites and indicate DMS as a viable primary process approach for both CV5 and CV13. This is supported by several subsequent DMS tests on CV5 drill core, which returned a spodumene concentrate grading above 5.5% Li₂O at recoveries consistently above 75% recovery.
• For the Mineral Resource conceptual mining shapes, based on a grade versus recovery curve of the test work completed to date, an average recovery of approximately 70% to produce a 5.5% Li₂O spodumene concentrate was used.
• The metallurgical assumptions for recovery of caesium at the Rigel and Vega zones are supported by historical and active commercial operations at other caesium pegmatites globally. The flowsheets from these operations are viewed as reasonable analogues to a mineral processing flowsheet applicable to Rigel and Vega. These methods included crushing followed by x-ray ore sorting to recover the pollucite, with the tailings fractions further processed by a combination of dense media separation ("DMS"), flotation, magnetics, and gravity methods to recover additional pollucite as well as spodumene (lithium) and tantalite (tantalite).

Environmental factors or assumptions

• Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.

• The Project's CV5 Pegmatite is in the advanced stages of evaluation. CV13 Pegmatite, which includes the Rigel and Vega zones, is in the early stages of evaluation.
• A conventional tailings management facility and no material adverse environmental impediments are assumed.
• An environmental assessment is underway for the CV5 resource, which forms a component of the Consolidated MRE for the Project. A notice of project was submitted to the provincial regulator and environmental assessment guidelines have been received. A Project description has been submitted to the federal regulator and Tailored Impact Statement Guidelines have been received.

Bulk density

• Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.
• The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.
• Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

• Density of the pegmatite was estimated using a linear regression function derived from SG field measurements (1 sample every ~4.5 m) and Li₂O grade. The regression function (SG= 0.0674 x (Li₂O% +0.81 x B₂O₃₎ + 2.6202) was used for all pegmatite blocks. Non-pegmatite blocks were assigned a fixed SG based on the field measurement median value (CV5: diabase = 2.89, amphibolite group = 2.99, metasediment 2.75, ultramafic = 2.94, overburden = 2.00 and CV13: amphibolite group = 3.01, metasediment 2.82, ultramafic = 3.02, overburden = 2.00).

Classification

• The basis for the classification of the Mineral Resources into varying confidence categories.
• Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).
• Whether the result appropriately reflects the Competent Person's view of the deposit.

• The Consolidated MRE classification, including that of the Rigel and Vega caesium zones, is in accordance with the JORC 2012 reporting guidelines. All reported Mineral Resources have reasonable prospects for eventual economic extraction. All reported Mineral Resources have been constrained by conceptual open-pit or underground mineable shapes to demonstrate reasonable prospects for eventual economic extraction ("RPEEE").
• Blocks were classified as Indicated when 1.) demonstrated geological continuity and minimum thickness of 2 m, 2.) the drill spacing was 70 m or lower, estimated by a minimum of 2 drill holes, and meeting the minimum estimation criteria parameters, and 3.) grade continuity at the reported cut-off grade. Blocks were classified Inferred when drill spacing was between 70 m and 140 m and meeting the minimum estimation criteria parameters. Geological continuity and a minimum thickness of 2 m were also mandatory. There are no measured classified blocks. Pegmatite dykes or extension with lower level of information / confidence were also not classified.
• Classification shapes are created around contiguous blocks at the stated criteria with consideration for the selected mining method.
• The classification of the MRE is appropriate and reflects the view of Competent Person (Todd McCracken).

Audits or reviews

• The results of any audits or reviews of Mineral Resource estimates.

• The MRE has been reviewed internally by BBA Inc. as part of its regular internal review process.
• There has been no external audit of the Consolidated MRE; however, the CV5 MRE block model component was reviewed by G Mining as part of their Feasibility internal processes.

Discussion of relative accuracy/ confidence

• Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.
• The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.
• These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

• The Competent Person is of the opinion that the Consolidated MRE (CV5 and CV13 pegmatites, as well as that of the Rigel and Vega caesium zones) appropriately considers modifying factors and have been estimated using industry best practices.
• The accuracy of the MRE is determined by, yet not limited to; geological confidence including understanding the geology, deposit geometry, drill spacing.
• As always, changes in commodity price and exchange rate assumptions will have an impact on the optimal size of the conceptual mining open-pit and underground shapes.
• Changes in current environmental or legal regulations may affect the operational parameters (cost, mitigation measures).
• The Consolidated MRE is constrained using open-pit and underground mining shapes to satisfy reasonable prospects for eventual economic extraction. The Rigel and Vega caesium zone MREs, which form part of the Consolidated MRE, are constrained using open-pit mining shapes, and a mineralogical driven caesium grade constraint to satisfy reasonable prospects for eventual economic extraction.

Criteria

JORC Code explanation

Commentary

Mineral Resource estimate for Conversion to Ore Reserves

• Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve.
• Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserves.

• The Mineral Resource estimate used as a basis for conversion to an Ore Reserve is described in Section 3 of JORC Table 1.
• The Indicated Mineral Resource for the Shaakichiuwaanaan Project, which includes the CV5 and CV15 pegmatites, is estimated at 108.0 Mt at an average grade of 1.40% Li₂O, 0.11% Cs₂O, 166 ppm Ta₂O₅, and 66 ppm Ga.
• The Effective Date of the Mineral Resource is June 20, 2025.
• The Probable Mineral Reserve for the Shaakichiuwaanaan Project, which includes the CV5 Pegmatite only, is estimated at 84.3 Mt, at an average grade of 1.26% Li₂O.

• The Mineral Reserve was prepared by G Mining Services Inc. ("GMS") and has an Effective Date of September 11, 2025.
• Mineral Resources are inclusive of Mineral Reserves.

Site Visits

• Comment on any site visits undertaken by the Competent Person and the outcome of those visits.
• If no site visits have been undertaken, indicate why this is the case.

• The CP for the Mineral Resource (Todd McCraken, P.Geo) visited the Project in April 2023 and June 2024.
• The CP for the Mineral Reserve (Carl Michaud, P.Eng.) visited the Project in June 2025.

Study Status

• The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves.
• The Code requires that a study at least at the Pre Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.

• The Shaakichiuwaanaan Lithium Project is at a Feasibility Study level.
• The study incorporates the required Modifying Factors and demonstrates that the Project is technically achievable and economically viable.
• The mining component of the study evaluated two optimal mining approaches, namely underground (UG) and open pit (OP).
• Both mining approaches are considered technically feasible and economically viable under the assumptions applied in the study.

Cut-off parameters

• The basis of the cut-off grade(s) or quality parameters applied.

Open Pit

• The Mineral Reserves for open pit are estimated using a cut-off grade of 0.40% Li₂O. Open-pit marginal material containing grade above 0.37% Li₂O is also included within this statement.
• The following Economic Parameters were used for the OP Cut Off grade estimation:

Underground

• Mineral Reserves for underground stoping are estimated using a cut-off grade of 0.70%. Underground development tonnages containing material above 0.37% Li₂O are also included in the statement.
• The following Economic Parameters were used for the UG cut-off grade estimation:

Mining factors or assumptions

• The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e., either by application of appropriate factors by optimization or by preliminary or detailed design).
• The choice, nature and appropriateness of the selected mining method(s) and other mining parameters, including associated design issues such as pre-strip, access, etc.
• The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling.
• The major assumptions made, and the Mineral Resource model used for pit and stope optimization (if appropriate).
• The mining dilution factors used.
• The mining recovery factors used.
• Any minimum mining widths used.
• The way Inferred Mineral Resources are utilized in mining studies and the sensitivity of the outcome to their inclusion.
• The infrastructure requirements of the selected mining methods.

• Two mining methods have been selected for the Project. Conventional open pit for near-surface ore (Surface at EL.400 m to last bench at EL.185 m) and underground mining for deeper ore zone and zones located under Lake 001 (EL. 287 m to EL. -69 m)
• Open Pit
• The slope configuration recommendations are presented in the table below. The pit slope profile is based on recommendations by Alius Mine Consulting:

• Open pit optimisation was conducted in GEOVIA Whittle^TM to determine the optimal economic shape of the open pit to guide the pit design process.
• The average mining dilution factor is 2.0%.
• A general mining recovery of 97% was applied to the diluted ore tonnage to estimate recoverable reserves.
• Mining widths reflect up to 15 m³ electric Hydraulic Shovel and 140 t haul trucks.
• Only Indicated Mineral Resources were considered in the Mineral Reserves for the Shaakichiuwaanaan Lithium Project. Any Inferred Mineral Resources contained within the mine design are treated as waste at an assigned grade of 0% Li₂O. No Measured Mineral Resources have been estimated for the Project.

Underground

• The selected underground mining method is long‐hole open stoping (LHOS), employing transverse, longitudinal, or up-hole stoping configurations. The stoping sequence will be ascending from an initial undercut. Generally, stopes will be drilled from an upper access and mucked from a lower access. Stopes within sill pillars will require the upper access to be redeveloped through backfill to restore drilling access. Detailed development and stoping plans and schedules have been prepared for the entirety of the Mineral Reserves estimate
• The Shaakichiuwaanaan underground mine will be accessed by a single decline, with a portal located north of the open pit and near the ROM pad.
• The underground stopes configuration recommendations are presented in the table below. The stopes' dimensions and Equivalent Linear Overbreak Slough (ELOS) or the dilution are based on recommendations by Alius Mine Consulting:

• A preliminary pass using Deswik's stope optimizer (DSO) was employed to identify potentially economic extraction zones using various stope optimisation parameters and Equivalent Linear Overbreak Slough (ELOS) dilution assumptions on both the hanging wall and footwall. The resulting stope shapes were reviewed, and uneconomic areas were excluded. Stope shapes deemed to have a reasonable prospect for economic extraction were then adjusted to account for external backfill dilution and mining recovery. The resulting data were compiled to establish the Mineral Reserve estimate.
• A mining recovery factor of 90% was applied to all stopes.
• No dilution and a 100% mining recovery were applied to ore development.
• Only Indicated Mineral Resources were considered in the Mineral Reserves for the Shaakichiuwaanaan Lithium Project. Any Inferred Mineral Resources contained within the mine design are treated as waste at an assigned grade of 0% Li₂O. No Measured Mineral Resources have been estimated for the Project.
• Infrastructure Requirements
• The following infrastructure facilities are planned for the Project:
  • Site main access road. 
  • Open-pit mine. 
  • Underground mine and portal. 
  • Surface infrastructure for underground mine, such as mine ventilation and heating, UG raises to surface.
  • Mine laydown area. 
  • Process plant (crusher and screening, crushed ore silos, DMS concentrators, concentrate and tailings loadouts). 
  • Paste preparation mill and backfill plant. 
  • Vehicle maintenance garage. 
  • Administrative offices, dry rooms, warehouses, laboratory and auxiliary buildings for the concentrator and the mine areas. 
  • Waste rock and tailings management piles with their associated ditching and basin systems for water management. 
  • Overburden piles storage with their associated ditching and basin systems. 
  • Fresh / raw water lake intake and water treatment plants. 
  • Electrical substation and overhead electrical powerlines. 
  • Site roads and pads with their associated ditching and culvert, and bridge systems for drainage. 
  • Aggregate crushing plant area. 
  • Emulsion plant and explosive storage magazines buildings. 
  • Laydown area. 
  • Fuel storage pad and refueling stations. 
  • Run-Of-Mine (ROM) pad. 
  • Water diversion dam and diversion channel for Lake 001. 
  • Permanent workers camp for construction and operational needs. 
  • First Nation cultural center. 
  • Temporary construction facilities.

Metallurgical factors or assumptions

• The metallurgical process proposed and the appropriateness of that process to the style of mineralization.
• Whether the metallurgical process is well-tested technology or novel in nature.
• The nature, amount and representativeness of metallurgical test work undertaken, the nature of the metallurgical domaining applied and the corresponding metallurgical recovery factors applied.
• Any assumptions or allowances made for deleterious elements.
• The existence of any bulk sample or pilot scale test work and the degree to which such samples are considered representative of the orebody as a whole.
• For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?

• The Shaakichiuwaanaan Lithium Project will have a crushing circuit and a dense media separation plant. Each process train will be inside three (3) main buildings: the primary crushing building, the secondary and tertiary crushing building, and the main process plant.
• The metallurgical process is well understood and well tested in the industry.
• Metallurgical processes are operational at up to 5.1 Mpta nameplate.
• The average Plant Recovery is at 68.9%.
• The target quality is the generation of a concentrate with a grade of 5.5% Li₂O and <2.0% Fe₂O₃ while maximizing lithium recovery.
• Testwork was carried out by SGS Canada at their Lakefield, Ontario, metallurgical testing facility.
• Approximately 880 kg of quarter-core NQ and 1,826 kg half-core NQ of lithium-bearing pegmatite samples from CV5 have been used in the metallurgical test program. Additionally, 389 kg of half-core NQ samples, representing the host rock surrounding CV5, have been tested metallurgically. The length of drill core tested from CV5 Pegmatite sums up to approximately 1,136 m. This is considered to be representative of the orebody as a whole, given the quantity of material sampled and its spatial distribution,

• Concentrate Recoveries=0.75*(1-EXP(-1.995 * %Li₂0))

Environment

• The status of studies of potential environmental impacts of the mining and processing operation.
• Details of waste rock characterization and the consideration of potential sites, status of design options considered, and, where applicable, the status of approvals for process residue storage and waste dumps should be reported.

Studies of Potential Environmental Impacts of the operations as a whole:

• A closure plan, in accordance with the Guide for Preparing Mine Site Rehabilitation and Restoration Plans in Quebec (MRNF, 2024), is currently underway by GCM Consulting and will include a detailed schedule of closure work. The mine closure plan outlines the steps that will be undertaken to safely decommission the mine once operations have ceased, ensuring all environmental impacts are mitigated and the site is restored to safe and stable conditions.
• An Environmental and Social Impact Assessment ("ESIA") report is currently underway
• The federal impact assessment process is currently underway, with the Tailored Impact Assessment Guidelines published in August 2025.
• Comprehensive hydrological studies and a site-wide water balance have been conducted to determine the required treatment capacity.
• Ambient noise studies were carried out by WSP in November 2024 at three (3) sensitive receptors (campsites) identified by local land users along the Trans-Taiga road, as well as at four (4) additional measuring points surrounding the Project site. The noise measurements were undertaken to describe ambient noise before planned mining activities, and to determine the noise criteria for each sensitive receptor according to land uses and applicable regulations (WSP 2025).
• Hydrological inventories and studies for the Project were initiated in 2022 and are continuing in the 2025 field season to provide the level of information required for the ESIA. (WSP, 2025).
• Surface water quality and sediment quality sampling campaigns were conducted in 2022, 2023, 2024 and 2025 to characterize the quality of waterbodies and water courses within the study area. Throughout the field program, 27 waterbodies and two (2) water courses were sampled for surface water, and 13 waterbodies and two (2) water courses were sampled for sediments (Niigaan 2025).
• An ambient noise and vibration study was carried out in 2025 (WSP, 2025).
• A study to characterize site hydrology was carried out by WSP in 2025 (WSP, 2025)
• A baseline conditions study on the aquatic environment (specifically on surface water and sediment quality) was carried out by Niigaan in 2025 (Niigaan, 2025)
• A hydrogeological baseline study was completed by BBA in 2024. (BBA, 2024)
• A study on vegetation and wetlands was carried out by WSP in 2025 (WSP, 2025).
• A baseline study on aquatic environment (aquatic characterisation, was carried out by Niigaan in 2022-2024 and issued in 2025 (Niigaan, 2025)
• A baseline study on birdlife and herpetofauna was carried out by Niigaan in 2022-2024 and issued in 2025 (Niigaan, 2025)
• A baseline study on bats was performed by WSP in 2025 (WSP, 2025)

Waste and Tailings Management Facilities and characterization:

• The Project will reject four (4) types of rock waste product: Tailings, Potentially Acid-Generating (PAG) Rock Waste, Non Potentially Acid-Generating (NPAG) Rock Waste and overburden.
• Tailings will either be laid on a stockpile at the surface, or used as paste backfill in underground stopes.
• NPAG Waste rock will be used for construction, and will be stockpiled at surface and in the pit.
• PAG rock will be stockpiled at the surface.
• A geotechnical site investigation of the Stockpile 002 footprint has also been completed. The principal references for the design of the tailings management facility are: BBA Factual Report (BBA Engineering Ltd., "Shaakichiuwaanaan Project, Technical Report, Geotechnical Campaign for Phase 2 (factual), Final," April 2025.); Vision Geochemistry Report "Geochemical Characterization of Mine Waste Materials & Modelling of Waste Rock Stockpiles for the Shaakichiuwaanaan Project (CV5 Pegmatite): Feasibility Study Update. Ref. 2405007-TR1), 2025; Process Design Criteria (Primero, 2024); The AtkinsRéalis Technical Note on tailings laboratory testing, "Geotechnical Laboratory Analysis of Tailings", June 2025. Design Basis and Criteria – Waste and Water Management" AtkinsRealis, August 2025.
• Geochemical characterization of tailings and waste rock (Vision Geochemistry, 2025). Geochemical Characterization of Mine Waste Materials & Modelling of Waste Rock Stockpiles for the Shaakichiuwaanaan Project (CV5 Pegmatite): Feasibility Study Update. Ref. 2405007-TR1).

Infrastructure

• The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation (particularly for bulk commodities), labour, accommodation, or the ease with which the infrastructure can be provided or accessed.

• An existing exploration road provides a direct connection between the mine site and the Trans-Taiga Road. This road has an average running width of approximately 10 m, which is generally adequate to support early-stage and ongoing operational needs.
• The process plant and supporting infrastructure will be powered by Hydro-Québec's 315 kV overhead transmission system originating from the Tilly substation, located near the LG-4 Hydro-Québec Dam. A dedicated 315 kV interconnection point has been established to provide electrical service to the main Project site.
• The majority of Québec's power is produced from a series of hydroelectric generating stations located along this east-west trending infrastructure corridor. Therefore, the infrastructure is well maintained, bridges rated for high-tonnage traffic, and the Trans-Taiga Road accessible year-round. This power infrastructure allows Québec to have electricity costs 49% lower than in the G7 countries on average (Investissement Québec, 2023).
• A regional ground transportation service provider, Kepa Transport, provides weekly ground shipping services direct from Val-d'Or to Mirage and vice versa.
• Mirage Lodge is located approximately 50 km to the east-northeast of the Property, and 75 km east-northeast of the CV5 Pegmatite. The lodge provides accommodation, meals, bulk fuel (gas, diesel, Jet A), a local airstrip, and internet access.
• The Property is situated on Category III Land within the Eeyou Istchee Cree Territory (Cree Nation of Chisasibi, and Cree Nation of Mistissini), as defined under the James Bay and Northern Québec Agreement ("JBNQA"). The Eeyou Istchee James Bay Regional Government is the designated municipality for the region, including the Property.
• Camp Shaakichiuwaanaan is located within the Property's most northern claim block (KCG), to the south side of KM-270 of the Trans-Taiga Road. The camp was constructed by the Company to support ongoing exploration and development activities at the Property, with operations beginning in January 2024. The camp has a current capacity of 88 people, with an expansion of up to 150 people planned.
• Radisson, with a population of ~470 people, is the closest community accessible by road from Shaakichiuwaanaan Camp and is located approximately 220 km west of the Property and 245 km west of the Shaakichiuwaanaan Camp.
• Radisson is serviced regularly by scheduled flights through the adjacent LG-2 Airport and is the closest airport to the Property with regularly scheduled flights.
• The Cree communities of Wemindji and Chisasibi are each located approximately 325 km west of the Property. Both Wemindji and Chisasibi host a larger array of service providers to the region and are serviced by regularly scheduled flights.
• Radisson, Wemindji, and Chisasibi, as well as Mirage, are accessible by road with connections to the main provincial network. Therefore, any supplies not available from these locations may be obtained by road from Val-d'Or. Val-d'Or, and the entire Abitibi region, has a long active mining history with significant labour experience to support the Project.
• In addition to access by road from nearby communities, charter aircraft may be used to access the La Grande-3 (KM-100) and La Grande-4 (KM-292) airstrips located along the Trans-Taiga Road. Although these airstrips were constructed primarily to service Hydro-Québec, they are under active transition to allow for consistent public use. The Company expects to have regular access to the La Grande-4 ("LG-4") airstrip for regularly scheduled charters to support exploration and development activities.

Costs

• The derivation of, or assumptions made, regarding projected capital costs in the study.
• The methodology used to estimate operating costs.
• Allowances made for the content of deleterious elements.
• The source of exchange rates used in the study.
• Derivation of transportation charges.
• The basis for forecasting or source of treatment and refining charges, penalties for failure to meet specifications, etc.
• The allowances made for royalties payable, both Government and private.

The following assumptions apply to the capital and operating cost estimate:

• Workweek of seven (7) days @ 12 hours per day.
• Two (2) shifts per day.
• Labour rates are fully burdened, i.e., inclusive of salaries, fringe benefits, fees, funds, premiums.
• Employers' participation in various plans, as well as income tax, are based on the Labour Decree in effect in the Province of Québec.
• Labour rates are representative of the rates prepared by the ACQ (Association de Construction du Québec) for work performed in the Heavy Industry field of activity in remote areas or with camp & catering services. It should be noted that the first weekly 50 hours are paid at regular time, while the remaining 34 hours are paid at double the base salary.
• Source of aggregate, adequate for fill / backfill as well as for concrete mix, in sufficient quantity, is located outcropping the pit.
• Waste rock from the mine pit will be adequate for fill requirements for the ROM pad.
• Transfer of tailings to the TSF will be via 100 t haul trucks.
• Stockpile 002 will be fully lined to account for the metal-leaching potential (As) of the tailings stored in the facility and for the potentially acid-generating nature of waste material stored in the facility. The construction, operation and closure of this lined facility (including the water management aspect of its design and operation) is fully costed in the Feasibility Study.
• No provision for rework or repair of equipment and material delivered to site.
• No rework to field-erected and installed equipment and material.
• The estimate assumes no concrete work will require heating, i.e. concrete works will occur between the months of June and October.
• Estimate assumes no shortage of skilled trades workers throughout the entire construction phase.
• No provision for potential increase in salaries necessary to attract skilled trades workers.
• Construction contractors' facilities will be located within a maximum of five (5) minutes' walking distance from any working point for the whole duration of the Project implementation.
• The construction site will be accessible 24 hours a day and seven days a week, with sufficient and adequate safety supervision.
• No allowance for time and material type construction contracts.
• Permanent administration offices will be made available in the early stages of the construction phase and used during construction.
• Estimate assumes transportation will be via chartered flights.
• Goods and Services Tax, as well as Provincial Sales Tax, are excluded.
• Risk provision, including costs pertaining to mitigation plans, is excluded.
• Work stoppages resulting from labour or community disputes are excluded.
• Delays resulting from permitting issues, Project financing, allowance for the negative impact of a schedule deviation are excluded.
• The mine operating costs are estimated from first principles for all mine activities. Equipment hours required to meet production needs of the LOM plan are based on Deswik LHS simulations over the Life of Mine.
• Transportation charges of the concentrate from the Mine to Matagami by truck and from Matagami to Grand Anse by rail were based on quotations from road and railway transporters.
• The basis for the forecasting of revenues was based on a market study done by a specialized firm.
• Project contingency is 11% of direct and indirect costs.
• Exchange rate: CAD 1.34/USD.
• Mining 50.33 CAD/t processed or 320.08CAD/t (dry) of concentrate.
• Processing 14.33 CAD/ t processed or 91.16 CAD/t (dry) of concentrate.
• G&A15.83 CAD/ t processed or 100.69 CAD/t (dry) of concentrate.
• Operating Costs exclude royalties.
• A 2% royalty is applicable in the economic model.
• Concentrate transport 217.19 CAD/t (dry) of concentrate.

Revenue factors

• The derivation of, or assumptions made regarding revenue factors, including head grade, metal or commodity price(s), exchange rates, transportation and treatment charges, penalties, net smelter returns, etc.
• The derivation of assumptions made of metal or commodity price(s), for the principal metals, minerals and co-products.

• Revenues for the economic model are estimated using a long-term metal price of USD 1,221 /t Li₂O for a spodumene concentrate at 5.5% Li₂O (equivalent to USD 1,332 /t Li₂O for a spodumene concentrate at 6.0% Li₂O) and an exchange rate of CAD/USD 1.34. Concentrate transport is 217.19 CAD/t (dry) of concentrate. No treatment charges are applied. No penalties are applied.

Market assessment

• The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect supply and demand into the future.
• A customer and competitor analysis, along with the identification of likely market windows for the product.
• Price and volume forecasts and the basis for these forecasts.
• For industrial minerals, the customer specification, testing and acceptance requirements prior to a supply contract.

• The market is complex, with price volatility driven by changing demand, supply shifts, and evolving contract mechanisms. Lithium demand has quadrupled since 2018 and may increase tenfold by 2050 due to growth in EVs and energy storage. Annual price assumptions are supported by NI 43-101 reports, Benchmark Intelligence, and consensus forecasts, based on a 5.5% spodumene concentrate (FOB Australia). There is a binding offtake commitment with Volkswagen's 100% owned vertically integrated battery manufacturer, PowerCo SE ("PowerCo"), to supply 100,000 tonnes of spodumene concentrate (SC5.5 target) per year over a 10-year term.

Economic

• The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs, including estimated inflation, discount rate, etc.
• NPV ranges and sensitivity to variations in the significant assumptions and inputs.

• The economic analysis is carried out in real terms (i.e., without inflation factors) in 2025 Canadian dollars.
• An 8% discount rate was applied to the cash flow to derive the NPV for the Project on a pre-tax and after-tax basis.
• The total net revenue derived from the sale of spodumene concentrate at 5.5% Li₂O was estimated at CAD 18,371 million, which includes a pro rata reduction in price for actual lithia content of USD 111/t of concentrate for a 5.5 % Li₂O concentrate compared to spodumene at 6.0%.
• Variances in Li grade, exchange rate and spodumene prices have the largest impact on the NPV.
• Refer to sensitivity analysis within body of news release.

Social

• The status of agreements with key stakeholders and matters leading to social license to operate.

• No formal Impact Benefit Agreement ("IBA") is in place. Regular engagement with local Cree Nation Government and the Cree Nation of Chisasibi has been pursued since the inception of the Project. An agreement is expected to be executed with the Grand Council of the Crees / Cree Nation Government (GNC/CNG) and the Cree Nation of Chisasibi community prior to mine operations.

Other

• To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves:
• Any identified material naturally occurring risks.
• The status of material legal agreements and marketing arrangements.
• The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government approvals will be received within the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.

• Current stakeholder engagement indicates no reasonable objections to the Project.
• Identified material naturally occurring risks: forest fires, bad weather impacting access road and flights.
• PMET has entered into a binding offtake term sheet with PowerCo, a wholly owned subsidiary of Volkswagen Group. The offtake is for 100ktpa of SC5.5 spodumene concentrate to be supplied by the Company from its Shaakichiuwaanaan Project over a 10 year term. Pricing is linked to reported market indices for lithium chemicals and spodumene concentrate using modifying factors against the indices to derive an adjusted long-term contracted price for spodumene concentrate. The agreement is conditional on successful commissioning of the Project by 30 June 2031.
• In February 2025, PMET submitted its Initial Project Description for the Shaakichiuwaanaan lithium-only Project on the CV5 Pegmatite to the Impact Assessment Agency of Canada (IAAC), formally initiating the federal component of the Project's permitting process. The federal impact assessment is proceeding in parallel with the provincial (Quebec) Environmental and Social Impact Assessment (ESIA) which commenced in 2023. Both levels of government have issued tailored guidelines for the Project. Over the past three years, the Company has completed environmental baseline data collection programs and community consultations, providing a foundation for the ESIA submissions to both federal and provincial regulators. In addition, a copy of the Project Notice has also been sent to the Cree Nation Government, as required under the James Bay and Northern Quebec Agreement (JBNQA). Pre-submission meetings with the Cree Nation, as well as with provincial and federal authorities, have been held to ensure concerns are well addressed.

Classification

• The basis for the classification of the Ore Reserves into varying confidence categories.
• Whether the result appropriately reflects the Competent Person's view of the deposit.
• The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).

• Only the Probable Mineral Reserve category has been determined for the Project.
• The Ore Reserve result reflects the Competent Persons' view of the deposit.
• All Probable Mineral Reserves have been derived from Indicated Category Mineral Resources.

Audits or reviews

• The results of any audits or reviews of Ore Reserve estimates.

• No external audits and reviews have been conducted on the Ore Reserves.

Discussion of relative accuracy/ confidence

• Where appropriate, a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors which could affect the relative accuracy and confidence of the estimate.
• The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.
• Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage.
• It is recognized that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

• GMS is satisfied that the geological modelling honours the current geological information and knowledge. The location of the samples and the assay data are sufficiently reliable to support resource evaluation.
• Sufficient modifying factors and economic considerations have been applied to the Indicated Mineral Resource to declare the Probable Mineral Reserve.
• It is the opinion of the Competent Person that the Ore Reserves estimate is supported by appropriate design, scheduling and costing work reported to a Feasibility Study level of detail. As such, there is a reasonable expectation of achieving the reported Ore Reserves commensurate with the Probable classification.