PMET Resources signs LOI with Cree Nation of Chisasibi, Quebec
PMET Resources Inc. [TSX: PMET; OTCQX: PMETF; ASX: PMT; FSE: R9GA] has signed a non-binding letter of intent (LOI) with the Cree Nation of Chisasibi in respect of the company’s 100%-owned Shaakichiuwaanaan Project, located in the Eeyou Istchee James Bay region of northern Quebec, Canada, within Chisasibi traditional territory on Category III lands.
The purpose of the non-binding LOI is to describe a process for engagement, information sharing and discussions between the PMET and the Cree Nation of Chisasibi during the engagement and assessment period. The LOI is intended to support analysis, dialogue and learning so that Chisasibi can assess information, identify questions or concerns, and determine, through its own governance and decision-making processes, whether and on what basis it may wish to engage further.
Ken Brinsden, CEO and managing director, commented: “Since 2022, the company has engaged with Chisasibi regarding the company’s exploration activities at the Shaakichiuwaanaan Project. This has included community consultation and local employment initiatives. During 2025, approximately 25% of the site’s work force were Cree.
“As the company continues the review, permitting and planning process for the project, the LOI provides a framework for continued engagement, discussion and information sharing with Chisasibi. We look forward to providing further information and continuing discussions regarding the Shaakichiuwaanaan Project, including potential training, employment and business development opportunities, while respecting Chisasibi’s own governance and decision-making processes,” Mr. Brinsden added.
During the engagement and assessment period, Chisasibi and PMET intend engage in respectful dialogue grounded in openness, transparency and mutual understanding; share information and perspectives to support understanding of the Shaakichiuwaanaan project and its potential implications; identify questions or concerns, and discuss potential benefits, risks, impacts and mitigation measures and discuss capacity considerations, constraints and readiness needs on that may inform Chisasibi’s independent assessment and any decision it may make, in its sole discretion, as to whether, when and on what basis it may wish to engage in any future discussions or processes, including with respect to a potential impact benefit agreement (IBA).
The LOI identifies guiding principles for engagement during the engagement and assessment period, including transparency and good faith: Information will continue to be shared in a timely and transparent manner to support understanding of relevant issues; respect for Cree governance and community: Chisasibi’s governance structures, land users and community perspectives will be heard in accordance with Chisasibi’s processes; Respect for Chisasibi decision-making: Chisasibi will determine its positions and any decisions in accordance with its own governance processes.
Two-way dialogue: Discussions are intended to support the exchange of information, clarification of issues and mutual understanding.
Care for land, water, wildlife and people: Concerns related to the environment, health and community well-being may be identified and considered as part of the assessment process.
Identification of areas of interest: The parties intend to discuss areas of mutual interest, including training, employment, environment and business opportunities.
Potential next steps under the LOI include the establishment of time-limited, subject-matter-focused working groups, with participation determined by each party in its sole discretion, to support discussion and information exchange regarding specific topic areas. Working groups are intended as discussion forums and will provide recommendations. They will not have authority to make decisions, establish commitments or bind either party. Potential topic areas include training, employment, skills development, local economic development, environment, transportation and other matters of interest.
The company also thanks the Cree Nation of Chisasibi for hosting company representatives in the community and for the time provided by council to learn about and discuss the project as part of the ongoing engagement and assessment process.
PMET Resources is a pegmatite critical mineral exploration and development company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan property, located in the Eeyou Istchee James Bay region of Quebec, which is accessible year-round by all-season road and proximal to regional hydro-power infrastructure.
In late 2025, the company announced a positive lithium-only feasibility study on the CV5 pegmatite for the Shaakichiuwaanaan property and declared a maiden mineral reserve of 84.3 million tonnes at 1.26% Li2O (probable). The study outlines the potential for a competitive and globally significant high-grade lithium project targeting up to an approximately 800,000-tonne-per-annum (tpa) spodumene concentrate using a simple DMS-only (dense media separation) process flowsheet. Further, the results highlight Shaakichiuwaanaan as a potential North American critical mineral powerhouse with significant opportunity for tantalum and caesium in addition to lithium.
The project hosts a consolidated mineral resource totalling 108.0 million tonnes at 1.40% Li2O and 166 parts per million (ppm) Ta2O5 (indicated), and 33.4 million tonnes at 1.33% Li2O and 155 ppm Ta2O5 (inferred), and ranks as a Top 10 lithium pegmatite globally in size. Additionally, the project hosts the world’s largest pollucite-hosted caesium pegmatite mineral resource at the Rigel and Vega zones with 690,000 t at 4.40% Cs2O (indicated) and 1.70 million t at 2.40% Cs2O (inferred).
See feasibility study news release dated October 20, 2025. The 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.
The consolidated MRE (CV5 plus CV13 pegmatites), which includes the Rigel and Vega caesium zones, totals 108.0 million tonnes at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5 and 66 ppm gallium (Ga), indicated, and 33.4 million tonnes at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5 and 65 ppm Ga, inferred, and 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.