Closing of Flow-Through Private Placement and Public Offering of Common Shares for Gross Proceeds of Approximately C$138 Million

The most recent news (February 19, 2026) confirms the closing of a significant upsized financing totaling approximately C$138 million. This capital was raised through two primary tranches: a public offering of common shares at C$5.66 per share (gross proceeds of C$72.7 million including a partial over-allotment) and a charity flow-through private placement at C$9.30 per share (gross proceeds of C$65 million).

Additionally, the company established a Board Technical Committee to oversee the path toward a Final Investment Decision (FID). Strategic partner Volkswagen (VW) has indicated its intention to maintain its 9.9% stake by participating in a separate C$14 million private placement. Proceeds are earmarked for exploration, an optimized CV5 Feasibility Study (FS), and a Preliminary Economic Assessment (PEA) for the CV13 deposit.

This financing is a major de-risking event. PMET entered 2026 with approximately C$51 million in cash, which, given an exploration and evaluation (E&E) burn rate of ~C$11.7 million in the previous quarter, provided less than five quarters of runway for a project of this scale. The C$138 million injection provides the necessary "war chest" to move through the most capital-intensive phase of permitting and engineering.

However, a critical review of historical news reveals a timeline shift. In March 2025, management targeted a Feasibility Study completion by September 2025. By February 2026, this target has shifted to H2 2026. While the scope has expanded to include high-value co-products like caesium and tantalum, the delay increases the period of exposure to lithium price volatility before a construction decision is reached.

The establishment of the Technical Committee, chaired by Aline Côté (ex-Glencore), signals a shift from an exploration-centric junior to a development-focused entity. The continued support from Volkswagen validates the project's strategic importance to the North American EV supply chain.

PMET Resources (formerly Patriot Battery Metals) owns 100% of the Shaakichiuwaanaan Project (formerly Corvette) in the James Bay region of Quebec. - Lithium Resource: Indicated 108 Mt at 1.40% Li2O and Inferred 33.4 Mt at 1.33% Li2O (as of June 2024). It is the largest lithium pegmatite resource in the Americas. - Caesium Resource: Holds the world’s largest pollucite-hosted caesium resource (Vega and Rigel zones). - Economics (PEA 2024): After-tax NPV8% of C$2.9 Billion and 34% IRR, based on a US$1,500/t SC6 price.