Patriot Battery Metals Inc. provided an update on the 2024 Summer-Fall exploration and development programs at its 100%-owned Corvette Property located in the Eeyou Istchee James Bay region of Quebec. The Project, which hosts the CV5 Spodumene Pegmatite with a maiden Mineral Resource Estimate ("MRE") of 109.2 Mt at 1.42% Li2O Inferred1, is situated approximately 13.5 km south of the regional and all?weather Trans-Taiga Road and powerline infrastructure. This multi-pronged and multi drill rig field work program has been designed to support the continued exploration and development of the Corvette Project.

Work is anticipated to include step-out drilling at the recently discovered Vega Zone at the CV13 Pegmatite, infill drilling at the CV5 Pegmatite, as well as surface mapping and prospecting. Additionally, significant environmental baseline data collection will continue to build on previous years in support of an Environmental and Social Impact Assessment (ESIA) submission for the Project, which is on schedule for September 2025. The 2024 Summer-Fall exploration program has commenced with two drill rigs now testing the recently discovered Vega Zone at the CV13 Pegmatite.

The objective of the program is to further expand and delineate the recently discovered high-grade mineralization at Vega. Approximately 10,000 m of drilling is under consideration this summer-fall targetting the CV13 Spodumene Pegmatite and immediate corridor towards the CV5 Spodumene Pegmatite. Because the Vega Zone was discovered in the final days of the 2024 winter program, only limited follow-up drilling has been completed.

Results to date include 34.4 m at 2.90% Li2O (CV24-470), and 33.4 m at 2.40% Li2O, including 1.7 m at 7.01% Li2O (CV24-507). The high-grade mineralization is relatively flat-lying to shallow dipping and remains open in multiple directions, with the results of multiple step-out holes remaining to be reported. Infill drilling at the CV5 Pegmatite is scheduled to resume in early July and will continue through late September.

Several drill rigs will be deployed to support an increase in MRE confidence from the Inferred category to the Indicated category. This drilling will target Inferred blocks as categorized in the pending MRE update, with the ultimate objective of delineating a coherent body of Indicated Mineral Resource blocks to underpin a Feasibility Study scheduled for the second half of 2025. The Company anticipates adding an additional rig in August to undertake geomechanical drilling at CV5 to support advanced open-pit design.

These drill holes will be completed at various orientations proximal to CV5 and the conceptual pit, and will target specific host rock types and structure, with optical and acoustics televiewer data to also be collected. Additionally, several fences of drilling are planned across the conceptual open-pit to test for mineralized pegmatite where waste rock has been modelled due to a lack of drill data. In addition to the resource drilling, an expansive hydrogeological and geotechnical drill program commenced on site in early June.

The program includes approximately 56 drill holes of various size (NQ, HQ, PQ, and 6 inch), design, and depth. The geotechnical drilling will test rock and overburden characteristics at various proposed infrastructure locations to support the development of the Project. This includes areas for the proposed mine camp, waste rock piles, process plant, and other ancillary infrastructure.

The hydrogeological drill program will include the installation of monitoring wells and down-hole equipment, as well as packer testing (Figure 1) within the conceptual open-pit and other proposed infrastructure locations. Additionally, three large diameter drill holes will be completed (two 6 inch and one PQ) in the CV5 area to conduct long-duration pumping tests for operational water supply and pit dewatering design. The data will further refine the preliminary hydrogeological model for CV5 developed in 2023.

An updated MRE for the Corvette Project, incorporating all drilling through April 2024, is scheduled for release in August 2024. This update will include both the CV5 and CV13 spodumene pegmatites underpinning a consolidated Mineral Resource statement for the Corvette Project. Surface exploration began in late May and will include detailed geological mapping at CV5 and CV13, in addition to channel sampling of pegmatite outcrop.

Channel samples may effectively approximate a "horizontal drill hole", thereby further constraining the geological model at surface with robust sample data. In order to facilitate the completion of the Environment and Social Impact Assessment (ESIA), due for submission to the regulators in September 2025, the Company is continuing baseline environmental data gathering at the Corvette Project throughout the year. Baseline environment data collection is being completed in partnership with local First Nations.

Key areas of focus include vegetation, wildlife, and fish. Field studies are designed to meet the Project guidelines issued by the government of Quebec in April 2024. Reports on the field work will be completed in June 2025 and will inform the placement of Project infrastructure, the assessment of potential impacts, and the development of environmental mitigation measures.

The Company has completed the first phase of its 100%-owned exploration camp at Corvette, with a capacity of 80 persons, which supported the majority of its activities over the recently completed winter program (Figure 3). This camp is currently being expanded to facilitate accommodation for up to 150 persons and is anticipated to be operational later in the year. Additional utilities infrastructure is being installed over the coming months to ensure that this camp can be the sole operational centre for all activities at the Corvette Project.

The camp area includes provision for accommodation, office facilities, a workshop for contractors, and a core processing building inclusive of on-site core storage. The new Shaakichiuwaanaan Camp is located closer to site than the previously utilized privately owned camp (Mirage Outfitters Camp), significantly reducing exploration costs and ensuring year-round accommodation for the Patriot team to ensure seamless operations at the Corvette Project. The Company announced that the CV5 Pegmatite is now road accessible year-round through the successful connection of CV5 to Shaakichiuwaanaan Camp at KM-270 of the Trans-Taiga Road.

The Company continues to undertake maintenance (and some improvement works) on the ~20 km all-season gravel road, which now allows for access through to the southwest side of the CV5 Deposit.