PMET Resources to Expand Land Position in James Bay Region

November 12, 2025

PMET Resources Inc. (the “Company” or “PMET”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce that it has entered into a definitive agreement to expand its land position immediately west of the Shaakichiuwaanaan Property through the acquisition of the Pikwa Property, located in the James Bay region of Quebec. Pursuant to this agreement, the Company will acquire a 100% interest in the Pikwa Property (the “Acquisition”) from Azimut Exploration Inc. (“Azimut”) (TSXV: AZM) (OTCQX: AZMTF), a mineral exploration company focused on Quebec, and SOQUEM Inc. (“SOQUEM”), a mineral exploration subsidiary arm of Investissement Québec.

The Pikwa Property is comprised of 509 Exclusive Exploration Rights (a.k.a. mineral claims) covering approximately 10 km of highly prospective greenstone belt trend extending immediately west of the Company’s flagship Shaakichiuwaanaan Property. The Pikwa Property hosts a geological setting with strong potential for multiple commodities over several different deposit styles including orogenic gold (Au), porphyry (Au, Cu, Ag), and LCT pegmatite (Li, Cs, Ta, Ga, Rb).

With the acquisition, the Company consolidates its land position in the region and now controls over 70 km of highly prospective greenstone trend, extending continuously across its Shaakichiuwaanaan, Pikwa, and Pontois properties (Figure 1). On the Shaakichiuwaanaan Property, this greenstone belt hosts numerous Li-Cs-Ta (“LCT”) pegmatite occurrences including the world class CV5 and CV13 deposits, highlighting the potential of the overall trend. Additionally, historical exploration at the Pikwa Property has documented the presence of spodumene-bearing pegmatite, along with the identification of spodumene grains in till, further enhancing the potential of the Pikwa Property.

In addition to the strong LCT pegmatite potential, the Pikwa Property hosts multiple base and precious metal targets – which have been the focus of historical exploration – including the Hyperion and Copperfield Prospects.

Darren L. Smith, Executive Vice President of Exploration for the Company, comments: “The acquisition of the Pikwa Property is a strategic addition to our significant land holdings in the region and consolidates some of the most prospective LCT pegmatite trend globally. The Pikwa Property includes over 10 km of greenstone belt, including its northern and southern margins, in addition to numerous base and precious metal prospects where historical work has been focused. We look forward to integrating the Pikwa Property into our 2026 exploration programs in the region.”

Figure 1: Pikwa Property

Terms of the Acquisition

Pursuant to a property purchase agreement dated November 11, 2025, the Company has agreed to acquire a 100% interest in the Pikwa Property from Azimut Exploration and SOQUEM for the following consideration:

• an aggregate of 841,916 common shares in the capital of the Company at a deemed issue price of $3.68 per share (“PMET Shares”) to be issued equally to each of Azimut and SOQUEM upon closing of the acquisition (the “Closing”);
• a 1% net smelter return (“NSR”) royalty interest in the Pikwa Property granted to Azimut; and
• a 1% NSR royalty interest in the Pikwa Property granted to SOQUEM.

The completion of the Acquisition is subject to customary closing conditions for a transaction of this nature, including obtaining the approval of the Toronto Stock Exchange (the “TSX”), obtaining all necessary consents and the absence of material adverse change occurring in respect of the Pikwa Property.

The PMET Shares to be issued on Closing will be subject to a statutory hold period expiring four months and one day following Closing, as well as additional contractual resale restrictions expiring 12 months after Closing with respect to 35% of the PMET Shares and expiring 24 months after Closing with respect to the remaining 65% of the PMET Shares, with some exceptions for early disposal where the price of PMET’s common shares reaches certain thresholds.

No finder’s fees or commissions were paid in connection with the Acquisition.

About PMET Resources Inc.

PMET Resources Inc. 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 (the “Feasibility Study”) and declared a maiden Mineral Reserve of 84.3 Mt at 1.26% Li₂O (Probable)[1]. The study outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation (“DMS”) only process flowsheet. Further, the results highlight Shaakichiuwaanan 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[2] totalling 108.0 Mt at 1.40% Li₂O and 166 ppm Ta₂O₅ (Indicated), and 33.4 Mt at 1.33% Li₂O and 155 ppm Ta₂O₅ (Inferred), and ranks as the largest[3] lithium pegmatite resource in the Americas, and in the top ten globally. Additionally, the Project hosts the world’s largest pollucite-hosted caesium pegmatite Mineral Resource at the Rigel and Vega zones with 0.69 Mt at 4.40% Cs₂O (Indicated), and 1.70 Mt at 2.40% Cs₂O (Inferred).

For further information, please contact us at info@pmet.ca or by calling +1 (604) 279-8709, or visit www.pmet.ca. Please also refer to the Company’s continuous disclosure filings, available under its profile at www.sedarplus.ca and www.asx.com.au, for available exploration data.

This news release has been approved by

“KEN BRINSDEN”

Kenneth Brinsden, President, CEO, & Managing Director

Olivier Caza-Lapointe
Head, Investor Relations
T: +1 (514) 913-5264
E: ocazalapointe@pmet.ca

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