Pmet Resources Inc. · TSX:PMET
Pmet Resources — Investor Presentation (October 2025)
60 slides from Pmet Resources's investor presentation, Oct 22, 2025
Slide 1: Shaakichiuwaanaan Project Corporate Presentation October 2025
Shaakichiuwaanaan Project For personal use only Corporate Presentation October 2025
Slide 2: Important Information
IMPORTANT INFORMATION This presentation is dated October [20], 2025, and has been prepared by PMET Resources Inc (Company) and All statements, other than statements of present or historical facts, are forward-looking statements. Forward- is authorised for release by Managing Director, Ken Brinsden.
Slide 3: Important Information
IMPORTANT INFORMATION Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, any of The non-IFRS financial measures and non-IFRS financial ratios used in this presentation and common to the which could have a material adverse effect on the Company’s bus
Slide 4: Important Information: Qualified Persons
IMPORTANT INFORMATION QUALIFIED PERSONS (QP) / COMPETENT PERSONS (CP) Mr. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101, and Competent Person as defined by the JORC Code 2012, and member in good standing with the Ordre des Géologues du Québec (Geo
Slide 5: North America's Premier Critical Minerals Asset
North America’s Premier Critical Minerals Asset SHAAKICHIUWAANAAN – LITHIUM, CAESIUM, AND TANTALUM FOR GLOBAL SU PPLY CHAINS A globally significant INVESTMENT HIGHLIGHTS critical minerals project For personal use only ▪ A multi commodity, long life Project endowed with lithium and other key critical
Slide 6: Proven Management Team with a Track Record of Value Creation
PROVEN MANAGEMENT TEAM with a Track Record of Value Creation For personal use only Ken Brinsden Natacha Garoute Frédéric Mercier- Darren L. Smith Alex Eastwood Grace Barrasso Olivier B.Eng. (Mining), CPA, LLB Langevin M.Sc., P. Geo BEc, LLB M.Sc Caza-Lapointe MAUSIMM, MAICD CFO Eng., M.Sc Executive
Slide 7: Our Development Strategy
Our Development Strategy Diversify Downstream Unlock Value from For personal use only Other Critical Minerals Lithium Chemicals Future midstream and downstream Optimize and Deliver on opportunities to capture additional value along our Lithium Operation Caesium and Tantalum Co-Products the chemical
Slide 8: Target - Top producer Globally
Target - Top 5 producer Globally Targeting ~ 800 ktpa and positioning to become the 4th largest spodumene producer of SC5.5 globally1 and largest in the Americas. Uniquely positioned to facilitate North American, European, and Asian supply chains for 20+ years with a coarse, high- For personal use o
Slide 9: Project and Feasibility Study Summary
For personal use only Project and Feasibility Study Summary 9 TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA
Slide 10: Project Description
Project Description Shaakichiuwaanaan Project – production rate of up to ~800,000 tpa of spodumene concentrate at CV5 spanning ~20 years1 at a competitive AISC of ~US$597/t2. For personal use only ▪ Project located in the Eeyou Istchee James Bay region of Québec, benefitting from existing all-season
Slide 11: Purpose of the Feasibility Study
Purpose of the Feasibility Study Pathway to Final Permitting & Production ▪ A critical path item which defines the full scope of the Project for ESIA applications. It is a key requirement for commencing the final mine authorisation process which is estimated to take 18-24 months. For personal use on
Slide 12: FS Key Metrics
SHAAKICHIUWAANAAN - FEASIBILITY PRESENTATION FS Key Metrics For personal use only Nominal Annual Total Cash Estimated Mine Life Production Capacity Operating Costs AISC US$544/t US$597/t 3 4 ≈20 Years ~800 ktpa Targeting FID in 2027 and (FOB Grande-Anse, Saguenay) commissioning from late 2029 After-
Slide 13: PEA – Feasibility Variance: CAPEX Full-Project Comparison
PEA – Feasibility Variance CAPEX – Full-Project Comparison The net CAPEX after anticipated tax credits and recognition of pre- For personal use only commercial production revenues totals $1,510M vs $1,157M in the PEA for Project Capex - PEA vs FS (MCA$) a net increase of ~30%. 2 000 1 800 374 Furthe
Slide 14: PEA – Feasibility Variance: CAPEX Stage Comparison
PEA – Feasibility Variance CAPEX - Stage 1 Comparison For personal use only The net CAPEX after tax credits totals $1,008M versus $749M in the Stage 1 Capex - PEA vs FS (MCA$) PEA, representing an approximate 35% increase inclusive of additional scope items constructed up-front for the entire projec
Slide 15: PEA – Feasibility Variance: AISC/t
PEA – Feasibility Variance AISC/t (PEA vs FS) Production Cost 850 22 4 12 800 800 780 ( 9) ( 10) For personal use only ▪ The all-in sustaining cost1 is largely consistent 750 with the prior PEA result. 700 In CA$ ▪ With an AISC1 of US$597/t, the 650 Shaakichiuwaanaan Project remains at 600 approxima
Slide 16: Sensitivity Analysis
Sensitivity Analysis Post-tax NPV (CA$) @ 8% For personal use only The Project is most sensitive to Li Oxide Grade (±20%) 310 2,748 revenue factors, including: Exchange Rate (±20%) 393 2,689 ▪ lithium grade (%Li2O), Price (USD) Li Oxide Grade 5.5% (±20%) 399 2,686 ▪ spodumene concentrate price, and
Slide 17: Sensitivity Analysis
Sensitivity Analysis ▪ The lithium-only Project remains accretive below spodumene price of US$1,221/t. For personal use only ▪ The FS estimates positive EBITDA1 of CA$127M at US$700/t (SC 5.5), approximating PMET price received at current spot price of $US830 (SC6, CIF China basis). 1. EBITDA is a n
Slide 18: Opportunities / Next Steps
For personal use only Opportunities / Next Steps 18 TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA
Slide 19: Opportunities – General
Opportunities – General While awaiting the final mine and environmental approval, the Company expects to further optimize the Project via various initiatives For personal use only The Company will start detailed engineering work, with a view to further optimize the Project schedule and economic outc
Slide 20: Opportunities – Nova Zone
Opportunities – Nova Zone Providing access to the potential of higher-grade process plant feed and lower operating costs earlier in the production cycle could improve Project economics For personal use only ▪ The high-grade core of the underground – Nova Zone – remains an outstanding and unique oppo
Slide 21: Opportunities – Tantalum Co-Product
Opportunities – Tantalum Co-Product A “bolt-on” tantalum recovery circuit has the potential to generate additional revenue with expected modest upfront CapEx investment For personal use only Early-stage analysis results of bench-scale testwork on CV5 Pegmatite’s dense media separation (“DMS”) waste
Slide 22: Opportunities – CV13 and Caesium Co-Product Potential
Opportunities – CV13 and Caesium Co-Product Potential Conceptual LOM extension Tonnes (lithium and tantalum) Li O Cs O Ta O Ga Contained 2 2 2 5 from Mining future Constraint development Pegmatite Classification (t) of CV13 (%) (%) with (ppm) highly (ppm) LCE (Mt) valuable Open-Pit pollucite CV5 Ind
Slide 23: Opportunities – Bulk Sample
Opportunities – Bulk Sample Accessing the underground mineralized zone, including targeting high-grade lithium-caesium- tantalum intercepts within the high-grade Nova Zone, to improve geological understanding. For personal use only ▪ Authorisation process recently launched for the development of a 2
Slide 24: Opportunities
Opportunities Leveraging available offtake and critical minerals co-products LITHIUM For personal use only ▪ Up to ~700 ktpa of SC5.5 spodumene concentrate production capacity remains uncommitted and available for future offtake with funding support. ▪ Scale and longevity combined with strong govern
Slide 25: Project momentum since discovery
Project momentum since discovery 2021 2022 2023 2024 2025 2026 2027 1st drill hole – November 2021 Engagement with Cree First Nations Environmental Studies / ESIA Preparation For personal use only Mineral Resource Estimates (MRE) PEA VW / PowerCo Investment and Offtake Agreements Feasibility Study f
Slide 26: Environment and Community Relations
For personal use only Environment and Community Relations 26 TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA
Slide 27: Continuous Stakeholder Engagement
Continuous Stakeholder Engagement Cree Nation of Chisasibi – Primary Community ▪ In person events / visits: every 6 weeks • Meetings & presentation: tallyman family, leadership and general community members. • Interviews with various organisations For personal use only • Mine site visits for key Chi
Slide 28: First Nation People on the Project
First Nation People on the Project Committed to creating local employment Economic Opportunities and business opportunities ▪ 33% spend on average for January-September For personal use only 2025 period in Indigenous companies or JVs ▪ Primary companies & JVs: • Muskw • Domco / Meeyobin Iywaashtin •
Slide 29: Market Update
For personal use only Market Update 29 TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA
Slide 30: Lower Battery Costs = Higher Battery Demand = Higher Lithium Demand
Lower Battery Costs = Higher Battery Demand = Higher Lithium Demand A lowering battery cell costs entices adoption, which increases lithium demand For personal use only Source: Benchmark Minerals/Rho Motion research team, August-October 2025 30 TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA
Slide 31: Battery Demand Remains Very Robust
Battery Demand Remains Very Robust EV sales: up 26% as of September year to date (YTD), with BESS project pipeline for 2025 currently at 333 GWh, slightly ahead of September being an all-time record month at 2.1M vehicles. Sales expectations for the full year (FY) expectations2: growth in line with
Slide 32: Growth Surprises?
Growth Surprises? For personal use only ▪ Buses and trucks could surprise the demand numbers. • Global medium and heavy-duty EV truck sales are up 140% YoY as of September 2025; China market share for EV trucks will be 14% this year1. ▪ Battery sizes are 4-20x larger than EVs2: • Buses/coaches: 200-
Slide 33: A lot more BESS needed to achieve Net Zero Emission
A lot more BESS needed to achieve Net Zero Emission For personal use only Growth The IEA believes the world needs 1.2 TWh of BESS in 2024 2030 2030 for Net Zero Emission (NZE) targets of Paris CAGR Accord1. Rho Motion (base) 214 850 26% 80% of renewables growth is solar until 20302. Rho Motion (upsi
Slide 34: Long Term Lithium Demand/Supply Gap
Long Term Lithium Demand/Supply Gap In the lithium demand upside case, the market is For personal use only expected to be balanced soon (2027), with deficits to become embedded shortly after. Average supply-demand balance, base case1: • Deficits from approximately 2033 onwards. • 2030-2035: 91Kt LCE
Slide 35: Supplemental Slides
For personal use only Supplemental Slides 35 TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA
Slide 36: Project Summary – Development Strategy
Project Summary – Development Strategy Feasibility considers two sequential phases to achieve design production capacity of up to ~800,000 tpa of spodumene concentrate ▪ Phase 1 delivers the first 400,000 tpa of concentrate (SC5.5) production capacity via open pit mine & first train of process plant
Slide 37: Site Overview
Site Overview For personal use only 37 TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA 1. See Feasibility news release dated October 20, 2025.
Slide 38: Mining Methods
Mining Methods Combination of open pit and underground mining to supply ore feed to the process plant ▪ The open pit supplies initial ore feed to the process plant for commissioning and ramp up to the point of commercial production, and 90% of the ore feed in the first 12 months of production follow
Slide 39: Mining Methods
Mining Methods ▪ Open pit • Ore mined and processed: 49.2 Mt at 1.12% Li2O For personal use only • Strip Ratio: 3.4 ▪ Underground ore mined and processed • Ore mined and processed: 35.1 Mt at 1.45% Li2O • 98 km of development Underground Mine Longitudinal View by Mining Method – Looking 289° W Under
Slide 40: Mining Method – Open Pit
Mining Method – Open Pit The mining of the Shaakichiuwaanaan open pit is planned in two main phases, West and then East For personal use only Focusing on the West Area of the open pit allows for more rapid ore production while delaying, as much as possible, impacts (dewatering) on Lake 001 West Pit
Slide 41: Mining Method – Open Pit
Mining Method – Open Pit Conventional mining method and equipment Operations Model For personal use only ▪ Owner-operated (except for overburden removal) Main Equipment Fleet ▪ Drilling: • 3 x 4,5’’-8’’ Production drills • 1 x Preshear drill ▪ Loading: • 2 x 15m3 diesel-electric shovels • 2 x 22.9m3
Slide 42: Mining Method – Underground
Mining Method – Underground High grade underground supplies 50% of spodumene concentrate Mining Method For personal use only ▪ Long Hole Open Stoping with some Longitudinal Retreat ▪ 1,525 stopes Mining Sequence ▪ 11 mining blocks progressing from west to east Longitudinal view of the Underground (l
Slide 43: Mining Method – Underground
Mining Method – Underground BEV prime mover fleet reduces ventilation requirements Operations Model ▪ Owner-operated (except for first two For personal use only years of development) Main Equipment Fleet ▪ Development: • 2 x 2 boom jumbos • 6 x bolters ▪ Stoping: • 3 x top hammer drills • 1 x ITH dr
Slide 44: Process Plant & Metallurgy
Process Plant & Metallurgy ▪ DMS only process flowsheet (no flotation) ▪ Coarse-grained spodumene liberates effectively at ~6.5 mm and ~9.5 mm crush sizes For personal use only ▪ Low Fe203 present, ~0.65% in concentrate: iron is a key impurity to evaluate ▪ Several tonnes of CV5 drill core metallurg
Slide 45: Concentrate Production
Concentrate Production Spodumene concentrate - dry Concentrate Recovery (%) 900,000 90 For personal use only 800,000 80 700,000 70 600,000 60 Recovery (%) Tonnage (t) 500,000 50 400,000 40 300,000 30 200,000 20 100,000 10 0 - 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
Slide 46: LOM Production Metrics
LOM Production Metrics Key Metrics Unit Value Phase 1 Project commencement to commercial production (incl. detailed year 3.4 engineering & procurement) Phase 1 Commencement of construction (breaking ground on site) to year 2.5 For personal use only commercial production Underground, Phase 2 Expansio
Slide 47: Concentrate Transport
Concentrate Transport Transport route from site to Grande-Anse Marine Terminal, La Baie, (Saguenay) Quebec ▪ 290 km west bound on the Trans-Taiga Road (all season road) ▪ 554 km south on the Billy Diamond Highway (all season road) For personal use only ▪ Transfer to rail at the existing Matagami Tra
Slide 48: Key Infrastructure
Key Infrastructure POWER ▪ La Grande 4 ("LG-4") hydroelectric dam is located approximately 30 km north-northeast of the Project. For personal use only ▪ CV5 is located approximately 13 km south of KM-270 on the Trans-Taiga Road and 14 km south of the powerline corridor, and 50 km southwest of the LG
Slide 49: Key Infrastructure
Key Infrastructure CAMP ▪ 672 room permanent workers camp for construction and operational needs. For personal use only • Phase 1, accommodating 480 workers on site • Phase 2, accommodating additional 192 workers on site Typical Camp Dorm Layout MINING INFRASTRUCTURE ▪ Underground Portal ▪ Run-Of-Mi
Slide 50: Key Infrastructure
Key Infrastructure Overburden, Waste Rock and Tailings Storage Facilities Various stockpiles designed for: For personal use only • 155 Mt of waste rock • 12 Mt overburden • 54 Mt dry stacked tailings 17 Mt tailings valorised as paste backfill in the underground mine Stockpile 001 & In-pit waste rock
Slide 51: Project Summary – Ancillary Infrastructure
Project Summary – Ancillary Infrastructure ▪ First Nation cultural centre. ▪ Warehouse, laboratory, auxiliary buildings for the concentrator and the mine areas ▪ Internal site roads ▪ Fresh / raw water lake intake and water treatment plants. ▪ Fuel Storage and Distribution For personal use only ▪ La
Slide 52: Appendix
For personal use only Appendix 52 TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA
Slide 53: CV5 and CV13 Pegmatites NI 43-101 Mineral Resource Statement
CV5 AND CV13 PEGMATITES NI 43-101 Mineral Resource Statement For personal use only Consolidated MRE Caesium Zone MRE Conceptual Contained Contained Tonnes Li2O Cs2O Ta2O5 Ga Tonnes Cs2O Li2O Ta2O5 Mining Pegmatite Classification LCE Caesium Zone Classification Cs2O (t) (%) (%) (ppm) (ppm) (t) (%) (%
Slide 54: CV5 Pegmatite NI 43-101 Mineral Reserve Statement
CV5 PEGMATITE NI 43-101 Mineral Reserve Statement For personal use only CV5 Pegmatite Tonnes Li2 O Contained LCE Area Classification (Mt) (%) (t) Proven - - - Open-Pit Probable 49.2 1.12 1.36 Proven - - - Underground Probable 35.1 1.45 1.26 Proven - - - Probable 84.3 1.26 2.62 Cut-off grade of 0.40%
Slide 55: Peer Comparison Information – Production Capacity
PEER COMPARISON INFORMATION – PRODUCTION CAPACITY Name Ticker Project Name Stage Degree of Study Price Assumption (US$/t SC6) Mine Life Information Source - Current Production Capacity Information Source - Planned Expanded Capacity Pilbara Minerals PLS Pilgangoora Production ASX announcement dated A
Slide 56: Peer Comparison – Lithium Pegmatite Mineral Resources (Americas)
PEER COMPARISON INFORMATION – LITHIUM PEGMATITE MINERAL RESOURCES (AMERICAS) Mineral Resources Inclusive of Measured Indicated Inferred Company Project Stage Information Source(s) Reserves Mt %Li2O Mt %Li2O Mt %Li2O PMET Resources Inc. Shaakichiuwaanaan Development - – – 108.0 1.4% 33.4 1.3% TSX ann
Slide 57: Peer Comparison – Lithium Pegmatite Mineral Reserves (Americas)
PEER COMPARISON INFORMATION – LITHIUM PEGMATITE MINERAL RESERVES (AMERICAS) Mineral Reserves Information Source(s) Company Project Stage Proven Probable Mt %Li2O Mt %Li2O PMET Resources Inc. Shaakichiuwaanaan Development – – 84.3 1.3% TSX announcement dated October 20, 2025. For personal use only Si
Slide 58: Peer Comparison – Tantalum Pegmatite Mineral Resources (Global)
PEER COMPARISON INFORMATION – TANTALUM PEGMATITE MINERAL RESOURCES (GLOBAL) Inclusive of Mineral Resources Company Project Stage Reserves Measured Indicated Inferred Information Source(s) Ta2O5 Ta2O5 Ta2O5 Mt Mt Mt ppm ppm ppm Pilbara Minerals Ltd. Pilgangoora Production Y 16.5 144 314 106 76.6 124
Slide 59: Peer Comparison – Pollucite-Hosted Caesium Pegmatite Mineral Resources
PEER COMPARISON INFORMATION – POLLUCITE-HOSTED CAESIUM PEGMATITE MINERAL RESOURCES (GLOBAL) Mineral Resources For personal use only Company Project Stage Indicated Inferred Historical Comments Information Source(s) Tonnes % Cs₂O Tonnes % Cs₂O Tonnes % Cs₂O In-situ caesium zone Mineral Inventory File
Slide 60: CV5 and CV13 Pegmatites NI 43-101 Mineral Resource Statement
CV5 AND CV13 PEGMATITES NI 43-101 Mineral Resource Statement For personal use only Consolidated MRE Caesium Zone MRE Conceptual Contained Contained Tonnes Li2O Cs2O Ta2O5 Ga Tonnes Cs2O Li2O Ta2O5 Mining Pegmatite Classification LCE Caesium Zone Classification Cs2O (t) (%) (%) (ppm) (ppm) (t) (%) (%
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