New High-grade Lithium, Caesium, and Tantalum Pegmatite Discoveries in Surface Exploration Works

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¹ Consolidated MRE (CV5 + CV13 pegmatites) totals 108.0 Mt at 1.40% Li₂O and 166 ppm Ta₂O₅ (Indicated), and 33.4 Mt at 1.33% Li₂O and 155 ppm Ta₂O₅ (Inferred), at an Li₂O cut-off grade of 0.40% (open-pit), 0.60% (underground CV5), and 0.70% (underground CV13). A grade constraint of 0.50% Cs₂O was used to model the Rigel and Vega caesium zones, contained entirely within CV13, with a MRE of 0.69 Mt at 4.40% Cs₂O (Indicated), and 1.70 Mt at 2.40% Cs₂O (Inferred). The Effective Date is June 20, 2025. Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Mineral Resources are inclusive of Mineral Reserves.

² Probable Mineral Reserve of 84.3 Mt at 1.26% Li₂O at the CV5 Pegmatite with a cut-off grade is 0.40% Li₂O (open-pit) and 0.70% Li₂O (underground). Underground development and open-pit marginal tonnage containing material above 0.37% Li₂O are also included in the statement. The Effective Date is September 11, 2025. See Feasibility Study news release dated October 20, 2025.

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³ See Azimut Exploration news release dated May 17, 2023.

⁴ See Azimut Exploration news released dated October 6, 2020.

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⁵ See Feasibility Study news release dated October 20, 2025. Probable Mineral Reserve cut-off grade is 0.40% Li₂O (open-pit) and 0.70% Li₂O (underground). Underground development and open-pit marginal tonnage containing material above 0.37% Li₂O are also included in the statement. Effective Date of September 11, 2025.

⁶ The Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, is reported at a cut-off grade of 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. The Effective Date is June 20, 2025 (through drill hole CV24-787). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Mineral Resources are inclusive of Mineral Reserves.

Criteria

JORC Code explanation

Commentary

Sampling techniques

• Nature and quality of sampling (eg 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 representivity 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 (eg ‘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 (eg submarine nodules) may warrant disclosure of detailed information.

• Prospecting rock samples were collected as grab and/or chip samples and represent a point location.
• 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.
• Surface samples collected were shipped to SGS Canada’s laboratory in Val-d’Or, 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.
• Surface sample pulps 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, Ta, and Cs) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). Overlimits for Cs were completed at SGS Canada’s laboratory in Lakefield, ON, by borate-fusion XRF (code GC_XRF76V).
• The Hyperion (535910 E, 5928948 N) and Copperfield (552749 E, 5934289 N) surface samples reported herein are historical samples collected in 2018 and 2019 respectively. Samples were analysed by ALS Chemex in Val-d’Or, QC, for Au by fire assay (code Au-AA24) and multi-element 4-acid (code ME-MS61). Overlimits for Au and Cu were determined by codes Au-GRA22 and Cu-OG62.

Drilling techniques

• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg 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).

• N/A. No drill results reported.

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.

• N/A. No drill results reported.

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.

• 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.
• Surface sampling is not sufficient to support a mineral resource estimate.

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 representivity 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.

• The Company relied predominantly on internal laboratory QAQC protocols for the surface rock samples with blanks and CRMs inserted at the geologist’s discretion.
• 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.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 (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

• Surface samples collected were shipped to SGS Canada’s laboratory in Val-d’Or, 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.
• Surface sample pulps 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, Ta, and Cs) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). Overlimits for Cs were completed at SGS Canada’s laboratory in Lakefield, ON, by borate-fusion XRF (code GC_XRF76V).
• The Company has primarily relied on 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.
• The Hyperion (535910 E, 5928948 N) and Copperfield (552749 E, 5934289 N) surface samples reported herein are historical samples collected in 2018 and 2019 respectively. Samples were analysed by ALS Chemex in Val-d’Or, QC, for Au by fire assay (code Au-AA24) and multi-element 4-acid (code ME-MS61). Overlimits for Au and Cu were determined by codes Au-GRA22 and Cu-OG62.

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.

• N/A. No drill results reported.
• Adjustments to data include reporting lithium, caesium, 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.

• A handheld GPS was used to collect coordinate data for each non-channel surface sample. Surface channel end-points were surveyed with an RTK Trimble Zephyr 3 to locate the individual channel samples therein.
• 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.

• Surface prospecting samples are randomly distributed based on the location of the outcrop or boulder. Therefore, this sampling is not applicable to mineral resource estimation.
• Channel samples, given an accurate grade over width locational control via surveying, may inform future mineral resource estimates.

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.

• N/A. No drill results reported.

Sample security

• The measures taken to ensure sample security.

• Samples were collected by Company staff or its consultants following specific protocols governing sample collection and handling. Samples were bagged, placed in large supersacs for added security, palleted, and shipped directly to Val-d’Or, QC, being tracked during shipment along with Chain of Custody. 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 are evaluated for tampering.
• As Hyperion and Copperfield samples are historical, the Company cannot verify that respective chain of custody.

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 “CV5 Pegmatite Lithium-Only Feasibility Study NI 43-101 Technical Report, Shaakichiuwaanaan Project” with an Effective Date of October 20, 2025, and Issue Date of November 14, 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 licence to operate in the area.

• The Shaakichiuwaanaan Property (formerly called “Corvette”) is comprised of 463 Exclusive Exploration Rights (“EERs”) 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 EERs. The northern border of the Property’s primary EER 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 EERs (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 EERs, and Azimut Exploration holds 2% NSR on 39 EERs.
• The Shaakichiuwaanaan 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. 
• EER expiry dates for the Shaakichiuwaanaan Property range from July 2026 to July 2028. 
• The Pikwa, Pontois, and Pontax properties are comprised of 509, 31, and 80 Exclusive Exploration Rights (“EERs”), respectively, located in the James Bay Region of Quebec. The EERs are held 100% (with title transfer pending) by 14352891 Canada inc. (wholly owned subsidiary of PMET Resources Inc.).
• The Pikwa, Pontois, and Pontax properties are subject to royalties of 2% (no buyback), 2% (half buyback for $1M), and 3% (no buyback), respectively. 
• EER expiry dates for the Pikwa Property range from June 2026 to February 2028, with renewals pending for multiple claims.
• EER expiry dates for the Pontois Property range from December 2027 to December 2028.
• EER expiry dates for the Pontax Property range from June 2026 to March 2027, with renewals pending for multiple claims.

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties.

• At the Shaakichiuwaanaan Property, no previous exploration targeting LCT pegmatites has been conducted by other parties. For a summary of previous exploration undertaken by other parties at Shaakichiuwaanaan, please refer to the most recent NI 43-101 Technical Report. Historical exploration focused on base and precious metals.
• At the Pontois and Pontax Properties, no previous exploration targeting LCT pegmatites has been conducted by other parties. Historical exploration focused on base and precious metals.
• At the Pikwa Property, historical exploration focused on base and precious metals. However, exploration for LCT pegmatite was completed circa 2024 and is considered limited in nature compared to the overall exploration completed at the Property.

Geology

• Deposit type, geological setting and style of mineralization.

• The Shaakichiuwaanaan, Pikwa, and Pontois properties overlie 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 Shaakichiuwaanaan 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 CV4, CV5, CV8, CV12, and CV13 pegmatites are situated within the CV Trend. 
• The pegmatites at Shaakichiuwaanaan are categorized as Li-Cs-Ta (“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 Shaakichiuwaanaan 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 via substitution with Al.
• The Pontax Property overlies a the Pontax/Chambois Greenstone Belt, extending southwest from the Eastmain River Greenstone Belt.

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.

• N/A. No drill results reported.

Data aggregation methods

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg 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.

• N/A. No drill results 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 (eg ‘down hole length, true width not known’).

• N/A. No drill results reported.

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.

• Please refer to the figures included herein as well as those posted on the Company’s website.

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.

• Reporting is balanced.

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.

• All work discussed below pertains to the Shaakichiuwaanaan Property.
• 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. Piloting to date (using both drill core and boulders) has collectively produced over 4.5 tonnes of spodumene concentrate grading over 5.5% Li2O.
• 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.
• Various mandates required for advancing the Project have been completed or are ongoing, including but not limited to, environmental baseline, metallurgy, geomechanics, hydrogeology, hydrology, stakeholder engagement, geochemical characterization, as well as transportation and logistical studies. A Feasibility Study for lithium-only on the CV5 Pegmatite was announced October 20, 2025.

Further work

• The nature and scale of planned further work (eg 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 targetting lithium, caesium, and tantalum as the primary commodities of interest. This is anticipated to includes step-out and infill drilling.
• Further drilling is anticipated to support the development of the CV5 and CV13 pegmatites (i.e., resource, geotechnical, geomechanical, and hydrogeological).
• Metallurgical test programs evaluating the recovery of lithium, caesium, and tantalum are ongoing.
• Surface prospecting, rock sampling, and mapping is planned to continue across the Company’s portfolio of properties focused on LCT pegmatite.