Patriot Provides Operations Update for its Corvette Property, Quebec, Canada

21 August 2023

Patriot Battery Metals Inc. (referred to as "Patriot" or the "Company") (TSXV: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is delighted to furnish an update on its operational endeavors concerning the mineral exploration and development of the Corvette Property (referred to as the "Property"), which is home to the CV5 Spodumene Pegmatite. This remarkable lithium-rich pegmatite, known as the 8th largest globally, is situated approximately 13.5 km south of the Trans-Taiga Road – a regional all-weather route and the powerline infrastructure corridor. Additionally, it is within 50 km of the La-Grande 4 (LG4) hydroelectric dam complex.

With the subsiding of wildfires in the region, the Company has efficiently reinstated its mineral exploration and development initiatives since early August 2023. These encompass a spectrum of activities including community engagement at the site, establishing an environmental baseline through fieldwork, constructing camps, enhancing road access, conducting surface exploration, and initiating core drilling. Notably, while the summer wildfires temporarily delayed on-site operations, there has been no loss of equipment, property, camp facilities, or the Mirage Lodge located on the Property.

The area around the Property, including the site for the KM-270 exploration camp, reopened in late July. Nevertheless, road access remains constrained due to ongoing wildfires situated more than 200 km to the west and south of the Property. These fire-related road closures have impacted the installation of the camp and the progress of access road construction. Initial personnel have arrived on-site via air transport and are utilizing existing equipment at the KM-270 camp for ongoing construction. As conditions become more favorable, the addition of construction personnel and materials will expedite these projects.

Anticipated for November 2023, the fully-owned exploration camp at KM-270 is slated to become operational (see Photo 1). This development will notably enhance efficiency by reducing travel time to the site and minimizing dependency on helicopters. It will also accommodate more personnel on-site, thus supporting an accelerated pace of mineral exploration and development work. The Company has also secured the necessary permits to complete an all-weather exploration access road linking the Trans-Taiga Road to CV5 (refer to Figure 2). With the road expected to be operational by November, drilling exploration activities at the Property are projected to continue into December 2023, extending the exploration season by approximately six (6) weeks beyond the typical timeframe.

Thanks to the recently secured C$109 million strategic investment from Albemarle Corporation (as announced on July 31, 2023), the Company is well-prepared to intensify and expedite its on-site activities, including drilling efforts, enhancements to the all-weather road, and the completion of the initial phase of the KM-270 exploration camp, positioned on the Trans-Taiga Road directly north of the Property.

For the summer-fall exploration campaign of 2023, both drilling and surface exploration initiatives are underway at the Property, having commenced in late May. Presently, four (4) drill rigs are operational on-site, with additional rigs set to arrive shortly. This multi-rig drill program currently centers on further defining the CV5 and CV13 pegmatites, and it is projected to expand in the autumn to encompass drill testing at the CV8, CV12, and CV9 spodumene pegmatite clusters (see Figure 1). Concurrently, surface exploration has recommenced, spanning prospecting and rock sampling across a significant portion of the remaining 20+ km of potential lithium pegmatite occurrences.

Following the lifting of restrictions on forestry activities, the collection of baseline data at the Property resumed on August 4, 2023. Biologists are presently engaged in collecting data on chiropterans, surface water, fish and fish habitats, vegetation, and wetlands. These data will be incorporated into an environmental impact study, with the fieldwork expected to conclude by late October 2023.

In addition to the on-site fieldwork, representatives of Patriot recently convened in-person meetings with leaders and land users from the Cree Nation of Chisasibi. The purpose of these meetings was to share information concerning the maiden mineral resource estimate at CV5 and the strategic investment by Albemarle Corporation. The Company expresses its gratitude for the warm reception by the community, despite the challenging circumstances brought about by the wildfires in the Eeyou Istchee region and its community.