PATRIOT ALBEMARLE MOU CONCLUDED By Investing.com

Vancouver, British Columbia, May 15, 2024 /PRNewswire/ – May 15, 2024 ” Sydney, Australia

Highlights

• The two parties have mutually agreed not to extend the MOU, enabling Patriot to explore a broader range of strategic partnerships in the lithium sector.
• Patriot has succeeded and continues to attract significant interest throughout the industry, strengthening its position as a pivotal supplier of high-quality raw materials for lithium-ion batteries beyond the world. China.
• Patriot maintains a constructive and ongoing relationship with Albemarle (New York Stock Exchange:).

Patriot Metal Battery Company The (“Company” or “Patriot”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) today announces the expiration of a 9-month Memorandum of Understanding (“MOU”) with Albemarle. It will not be extended. Patriot expects to be fully involved with other downstream companies in the lithium supply chain, and therefore all rights granted to Albemarle have expired, including any levels of exclusivity with respect to future mine production and linkages with downstream chemical conversion facilities. Final.

Like the size and quality of a Patriot Corvette project It has become increasingly clear that the company has received significant interest from lithium industry participants, given the potential for Corvette to be a significant supplier of high-quality raw materials for the future of lithium-ion battery supply chains outside of China. Enabling the Company to participate fully with other companies in the manufacturing industry has been determined to be in the best interests of shareholders.

Since signing the MOU, Albemarle and Patriot have worked together on many technical aspects of the integrated project, advancing the scope of mine concentrate production and opportunities for an integrated lithium hydroxide plant with the Corvette project. Furthermore, funding provided by Albemarle's strategic investment has enabled a robust work program which includes the installation of important capital works such as the camp, an all-weather access road, and the recently completed eleven winter drilling programme.

Ken BrinsdenPatriot's President and CEO expressed his appreciation for the partnership: “Our collaboration with Albemarle has been extremely valuable. We are proud of the progress we have made and excited by the intense market interest in the Corvette project. As we move forward, Patriot looks forward to expanding its operations and exploring new partnerships that support the growing demand for raw materials.” Lithium chemicals in north america And Europe.

We also look forward to continuing our fruitful relationship with Albemarle in a flexible and non-exclusive manner.” Mr. Brinsden He added.

As a result of the conclusion of the Memorandum of Understanding, an Investor Rights Agreement (“IRA”) was entered into between Patriot Albemarle Company Historian August 3, 2023 It has been terminated in accordance with its terms. After termination, all rights granted to Albemarle, including exclusive rights, have expired, providing Patriot with the flexibility to engage with multiple potential partners and advance its strategic objectives.

Patriot remains committed to maximizing shareholder value by capitalizing on strategic opportunities within the evolving global lithium market landscape.

About the trend of lithium cv

The CV Lithium Trend is an emerging pegmatite spodumene zone discovered by the company in 2017 and interpreted to extend more than 50 kilometers across the Corvette property. The core area includes the approximately 4.6 km CV5 Spodumene Pegmatite Zone, which hosts a preliminary mineral resource estimate of 109.2 million tonnes grading 1.42% Li.₂O infer¹.

To date, eight (8) distinct assemblages of lithium pegmatite have been discovered across the Corvette feature (CV4, CV5, CV8, CV9, CV10, CV12, CV13, and the recently discovered CV14). Given the close proximity of some of the pegmatite outcrops to each other, as well as the shallow cover in the area, it is possible that some of the outcrops may reflect intermittent exposure of the surface of a single, larger pegmatite “outcrop.”

Qualified/competent person

The information contained in this press release relating to the exploration results for the Corvette Property is based on and represents a fair representation of information compiled by Mr. Corvette. Darren L. Smith, Master's., P.Geo., a qualified person as defined by National Instrument 43-101 “Disclosure Standards for Mineral Projects.”and a member in good standing with Ranking of geologists Quebec (Geological Permit No. 01968), and with Association of Professional Engineers and Geologists of Alberta (Member No. 87868). Mr. Smith has reviewed and approved the technical information contained in this press release.

Mr. Smith He is Vice President of Exploration for Patriot Metal Battery Company He owns common stock and options in the company.

Mr. Smith Has sufficient experience relating to the method of mineralization, the type of deposit under consideration and the activities being undertaken to qualify as a competent person as set out in the Australian Act for Reporting Results of Exploration, Mineral Resources and Ore Reserves (JORC Code). Mr. Smith He agrees to include in this press release matters based on his information in the form and context in which they appear.

on Patriot Metal Battery Company

Patriot Metal Battery Company It is a hard rock lithium exploration company focused on developing the Corvette Real Estate Company, which is 100% owned in the region and located in… Io ichi james bay region Quebec, CanadaAnd close to regional road infrastructure and power lines. The CV5 Corvette property hosts pegmatite spodumene with a preliminary mineral resource estimate of 109.2 million tons at 1.42% Li.₂O infer¹ It is classified as the largest supplier of lithium pegmatite in the world Americas Based on lithium carbonate equivalent (LCE), and one of the 10 largest lithium pegmatite resources in the world. In addition, the Corvette Property hosts several other spodumene pegmatite assemblages that remain to be drilled, as well as more than 20 kilometers of potential trend that remains to be evaluated.

For more information, please contact us at info@patriotbatterymetals.com or by calling +1 (604) 279-8709, or visit www.patriotbatterymetals.com. 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 press release has been approved by the Board of Directors.

“Ken Brenden”

Kenneth BrinsdenPresident, CEO and Managing Director

Disclaimer of Forward-Looking Information

This press release contains “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations and plans that allows investors and others to obtain a better understanding of the Company's business plans, performance and financial condition.

All statements, other than statements of historical fact contained in this press release, regarding the Company's strategy, future operations, technical evaluations and management's prospects, plans and objectives, are forward-looking statements that involve risks and uncertainties. Forward-looking statements are typically identified by words such as “plan,” “expect,” “estimate,” “intend,” “expect,” “believe,” or variations of such words, phrases or statements that indicate actions or Events or results “may”, “could”, “might”, “might” or “will” be taken, occur or be achieved.

Forward-looking information is based on certain assumptions and other important factors that, if incorrect, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. This information or data cannot be guaranteed to be accurate. Key assumptions on which the Company's forward-looking information is based include that the proposed mineral resource exploration and estimation work at the Corvette Property will continue as expected, and that exploration and development results continue to support management's current plans to develop the Corvette Property.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Some of the risks and uncertainties faced by the Company that could cause actual results to differ materially from those expressed in forward-looking statements include, among other things, the ability to implement plans related to the Company's objectives. Corvette projectIncluding its timing. Additionally, readers are directed to carefully review the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+, the discussion of which is incorporated by reference in this news release, in order to more fully understand the risks and uncertainties affecting the Company's business. And operations.

Although the Company believes that its expectations are based on reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as It is expected, estimated, or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; However, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may differ materially from those anticipated in the forward-looking statements contained herein. Given the risks, uncertainties and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.

Forward-looking statements contained herein are made for the purpose of assisting investors in understanding the Company's business plans, financial performance and condition and may not be appropriate for other purposes.

The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualified all of its forward-looking statements by these cautionary statements.

Competent Person Statement (ASX Listing Rule 5.22)

The mineral resource estimate in this release has been reported by the Company in accordance with ASX Listing Rule No. 5.8 dated July 31, 2023. The company confirms that it is not aware of any new information or data that materially affects the information contained in the announcement, and that all fundamental assumptions and technical standards on which the estimates contained in the announcement are based are still valid and have not changed materially. The Company confirms that the form and context in which the relevant person's findings are presented have not been materially modified from the original market announcement.