Canadian company PMET Resources (ASX:PMT, TSX:PMET, OTCQX:PMETF) has completed a lithium-only feasibility study on the CV5 deposit of its Shaakichiuwaanaan lithium project in Northern Quebec.
The company said the feasibility study confirms that the project is a large-scale and lifetime operation, with CV5’s initial reserve updated to 84.3 million tonnes (Mt) at 1.26 percent lithium oxide or approximately 2.62 Mt lithium carbonate equivalent (LCE) in probable reserves.
The results also show that there is still potential to upgrade and expand the resources at CV5 and the nearby CV13 deposit, which currently contain a total resource of 108.0 million tonnes at 1.40 percent indicated and 33.4 million tonnes at 1.33 percent inferred.
“Our large-scale and sustainable project is ideally suited to support the emerging U.S., European and Asian lithium commodity supply chains,” said CEO and President Ken Brinsden.
“Very few projects of this size and scale, quality and low production costs can help secure the expected capital investments to support new supply chains and demand growth in Western markets.”
Located in the Eeyou Istchee James Bay region of Quebec, Shakichiwanan is recognized as the largest mineral resource of lithium pegmatite in the Americas.
It is also one of the largest lithium mines in the world, with the potential to become the second largest after Greenbushes’ lithium operations in Western Australia.
Greenbushes is owned by Albemarle (NYSE:ALB) and was registered in 2023 with an estimated lithium production of 0.21 tonnes per year.
PMET is targeting a final investment decision for Shaakichiuwaanaan before the second half of 2027, hoping that “the overall balance between supply and demand in the market will tighten in the coming years.”
Researchers found that the project could produce annual production of up to 800,000 tons of lithium-rich rock, along with pollucite, tantalite and cesium.
Brinsden said about 20 percent of the jobs created in Shaakichiuwaanaan will be allocated to Cree workers.
PMET Resources was previously Patriot Battery Metals. The company officially changed its name in September.
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Securities Disclosure: I, Gabrielle de la Cruz, have no direct investment interest in any company mentioned in this article.
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