Patriot Battery Aims for 400Ktpa Year Output at Quebec Lithium Site

Patriot Battery Metals is aiming for an initial production capacity of 400Ktpa of spodumene concentrate at its flagship Shaakichiuwaanaan project, formerly known as Corvette, in Quebec, Canada. The company recently released the results of a Preliminary Economic Assessment (PEA) for the project, highlighting a phased development approach for the CV5 spodumene pegmatite through both open-pit and underground mining methods. This strategy focuses on gaining early access to the high-grade Nova Zone, while minimizing environmental impact.

The PEA suggests that this approach provides flexibility and options to unlock Shaakichiuwaanaan's potential as a key lithium raw materials supplier in North America. The project hosts the largest known lithium pegmatite resource in the Americas, featuring vast spodumene crystals that enhance processing efficiency and recovery rates. Patriot’s staged development plan begins with Stage 1, requiring an estimated capital expenditure (capex) of C$640 million (approximately $470 million), which sets the foundation for production. Stage 2 is designed to double production capacity to 800Ktpa, with a capex of C$408 million ($300 million).

The combined cost to achieve full production is estimated at C$608 million ($447 million), factoring in cash flows from Stage 1 and tax credits. Upon full implementation, the Shaakichiuwaanaan project could rank among the world’s largest spodumene producers, supplying spodumene concentrate with a 5.5% lithium oxide content in a stable jurisdiction.

The project is projected to have a pre-tax net present value of $3.6 billion and a pre-tax internal rate of return of 38% at a lithium price of $1,375 per tonne. The payback period is estimated at 3.6 years, based on an assumed lithium price of $1,375 to $1,500 per tonne, with a mine life of 24 years.

Patriot’s CEO, Ken Brinsden, stated that the PEA results demonstrate the potential for the company to emerge as a global leader in lithium production, despite the early exploration phase. He emphasized that the flexible, scalable development plan positions the project to adapt to shifting market conditions while expanding the resource base.

Patriot plans to finalize its investment decision by 2027, with construction potentially beginning in 2028 and initial production targeted for early 2029. The company is also considering advancing to a Feasibility Study stage, driven by Shaakichiuwaanaan’s low operating costs and high-quality lithium output, which could attract downstream partners seeking compliant sources.

Patriot Battery Metals Inc. is focused on hard-rock lithium exploration, advancing its 100%-owned Shaakichiuwaanaan Property (formerly Corvette) in Québec's Eeyou Istchee James Bay region. The site benefits from year-round access via an all-season road and is near regional powerline infrastructure. The Shaakichiuwaanaan Mineral Resource, encompassing the CV5 and CV13 spodumene pegmatites, includes 80.1 Mt at 1.44% Li2O (Indicated) and 62.5 Mt at 1.31% Li2O (Inferred), making it the largest lithium pegmatite resource in the Americas and the 8th largest globally. The property also contains several additional spodumene pegmatite clusters awaiting drill testing, along with extensive prospective areas yet to be explored.