PMET RESOURCES INC. (PMET) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the commencement of its 2026 summer-fall drilling campaign at its wholly-owned Shaakichiuwaanaan, located in the Eeyou Istchee James Bay region of Quebec, Canada.
The Shaakichiuwaanaan Property is the Company’s flagship asset and hosts one of the largest pegmatite Mineral Resources (Li, Cs, Ta) and Mineral Reserves (Li) in the world, situated approximately 13 km south of the regional and all-weather Trans-Taiga Road (accessible year-round by road) and Hydro Quebec infrastructure corridor. The Company recently announced a robust lithium-only Feasibility Study for the CV5 Pegmatite, which positions the Project as a potential North American critical mineral powerhouse (see news release dated October 20, 2025).
The Company confirms the successful reopening of the Shaakichiuwaanaan Camp, with all critical restart activities completed safely and ahead of schedule. The camp is now scheduled to officially reopen on May 19, 2026 – approximately one week earlier than originally planned. Restart activities included the recommissioning and inspection of key camp infrastructure – including power generation, heating, water treatment, and operational support systems – all of which were completed without any health and safety incidents.
The Company expects to complete a total of 45,000 m of drilling through to October 2026, using between four (4) and eight (8) drill rigs. The campaign will primarily be focused on advancing the development of the CV5 and CV13 pegmatites. This will include geotechnical, hydrogeological, and geological/resource holes to support bulk sample design, the updated Feasibility Study, and detailed engineering at CV5 (~25,000 m) as well as infill, step-out, and potential condemnation holes over identified infrastructure sites adjacent to CV13 (~18,000 m). Many holes are expected to serve multiple technical and geological objectives, with the Company currently in the final stages of optimizing its drill plan.
The program is also targeting follow-up drilling of previous discoveries and testing of new areas – most notably in the CV13 area proximal to the Vega Zone and the CV5 to CV4 corridor. Approximately 70 m north of the currently defined Vega Zone and closer to the surface, is an intercept from 2025 of 2.3 m at 4.65% Cs2O (CV25-999), indicating the presence of a new mineralized lens (see news release dated March 18, 2026). At CV4, the Company plans to follow up the 27.0 m at 1.14% Li2O (CV25-1013) and 12.0 m at 1.42% Li2O (CV25-1002B) intercepts along strike and trace the mineralization further west towards the main CV5 pegmatite body (see news release dated December 14, 2025).
The overarching objective of the 2026 campaign is to collect field data to support the various disciplines in their advanced studies of both the CV5 and CV13 pegmatites as the Company moves towards a Final Investment Decision. The data will also support an updated Feasibility Study for the CV5 Pegmatite with the addition of tantalum as a co-product, as well as a Preliminary Economic Assessment for the broader Project inclusive of lithium, caesium, and tantalum, scheduled for completion in Q4 2026.
“The 2026 summer-fall drill campaign is designed to further test and expand known exploration targets, while supporting the next phase of technical de-risking at Shaakichiuwaanaan as we advance CV5 and CV13 towards production,” Darren L. Smith, Executive Vice President Exploration for the Company, commented. “While the program includes targeted resource growth and blue-sky exploration components, the majority of the drilling is focused on collecting the geological and engineering datasets required to support upcoming study, permitting, and development milestones.”#
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