PMET Resources signs LOI with Matagami for Shaakichiuwaanaan Project, Quebec
PMET Resources Inc. [TSX: PMET; OTCQX: PMETF; FSE: R9GA] has signed a letter of intent with the City of Matagami for transshipment services to support the company’s Shaakichiuwaanaan Project in Quebec.
Under the planned transportation arrangement, spodumene concentrate would be trucked from Shaakichiuwaanaan to Matagami’s existing transshipment yard, where it would be transferred to rail for onward transportation to port. The LOI establishes the principles for infrastructure upgrades and operating arrangements required to support this activity, advancing an important component of the project’s planned logistics chain.
The parties intend to finalize a definitive commercial agreement before the company announces a final investment decision for Shaakichiuwaanaan. Infrastructure contributions, service pricing and detailed operating arrangements remain subject to further negotiation and agreement between the parties.
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, Canada, 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% lithium oxide (probable). The study outlines the potential for a competitive and globally significant high-grade lithium project targeting up to approximately 800,000 tonnes per year spodumene concentrate using a simple dense-media-separation-only-process flow sheet. Further, the results highlight Shaakichiuwaanaan as a potential North American critical mineral powerhouse with significant opportunity for tantalum and cesium in addition to lithium.
The project hosts a consolidated mineral resource totalling 108.0 Mt at 1.40% Li2O and 166 parts per million Ta2O5 (indicated) and 33.4 Mt 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 cesium pegmatite mineral resource at the Rigel and Vega zones with 690,000 tonnes at 4.40% Cs2O (indicated) and 1.70 Mt at 2.40% Cs2O (inferred).