Below is the announcement from PMET Resources on 20 October 2025 about the Shaakichiuwaanaan Project

Highlights

• Robust CV5 lithium-only Feasibility Study (“FS”) completed on the Shaakichiuwaanaan Project (Project) providing a defined scope and technical foundation which supports the upcoming Environmental and Social Impact Assessment (ESIA) submissions.
  • FS is a mandated requirement of the Environmental and Social Impact Assessment (“ESIA”) which defines the entire scope for approvals sought and will kick-start the final mine authorisation process keeping the Project on track with the proposed permitting and development timeline.
• Maiden Mineral Reserve of 84.3 Mt at 1.26% Li₂O Probable (2.62 Mt LCE) at CV5.
  • Opportunities remain for additional conversion at CV5 and CV13, which hosts a Mineral Resource – inclusive of Reserves – of 108.0 Mt at 1.40% Li₂O Indicated and 33.4 Mt of 1.33% Li₂O Inferred.
• FS confirms the scope for a large-scale and long-life lithium operation, based solely on Mineral Reserve and including:
  • Low strip ratio open pit mining and higher-grade underground mining;
  • DMS (Dense Media Separation) only ore processing operation with less complexity and without the need of flotation and chemical reagents; 
  • Spodumene concentrate production spanning ~20 years and a nominal steady-state production rate of up to ~800,000 tpa SC5.5 spodumene concentrate upon achieving full production capacity; and
  • Positioning PMET Resources (PMET) as potentially the 4^th largest spodumene concentrate producer globally.
• Competitive total cash operating cost[1] and all-in sustaining cost (“AISC”)[2] of ~$729/t (~US$544/t) and ~$800/t (~US$597/t), respectively for SC5.5, consistent with the prior PEA estimates.
• At a long-term spodumene price of US$1,221/t (SC5.5 basis) the Project delivers an after-tax NPV_8% of ~$1,594M (US$1,190M) and after-tax IRR of ~18.1%.
• Total development capital of ~$1,978M (or ~$1,510M net of anticipated pre-production credits, including the Canadian Clean Technology Manufacturing – Investment Tax Credit (“CTM-ITC”)[3] and Tax Credit Relating to Resources (“TCRR”)[4]).
  • Underpins development of a 5.1 Mtpa ore processing operation producing up to 800ktpa for spodumene concentrate, positioning Shaakichiuwaanaan amongst the largest hard-rock lithium projects globally.
• The CV5 Lithium-only FS confirms the technical feasibility and economic viability of developing a large-scale, long-life spodumene pegmatite operation in the Eeyou Istchee (James Bay) Region of Québec. With a competitive cost production profile, the Project demonstrates resilience to lower market cycles, positioning the Project to become a potential cornerstone supplier to North American, European, and/or Asian battery supply chains.
• The Project offers further upside potential through ongoing optimisation initiatives, including the opportunity to adopt a more scalable development pathway up to 5.1 Mtpa to optimize capital expenditure, as well as leveraging tantalum recovery and the recent caesium discovery, which could add further value alongside spodumene production.
  • The Company has submitted an application to pursue an underground bulk sample advanced exploration program at CV5, targeting the high-grade Nova Zone, with the objective of further de-risking Project execution, supporting further design optimisation and for product validation purposes.
• A Final Investment Decision (“FID”) remains targeted for the second half of 2027, consistent with the Company’s development schedule. The decision at that time will be based on:
  • Further optimised development scenarios derived from detailed engineering;
  • Co-product recovery and the associated economic impact to the Project;
  • Prevailing market conditions in key supply chains; and
  • The Company’s commercial relationships with customers and other key players in the battery and other critical minerals supply chains.

Full details are available at the PMET website link at  Shaakichiuwaanaan Project