PATRIOT ANNOUNCES CLOSING OF C$69 MILLION STRATEGIC INVESTMENT, OFFTAKE AND STRATEGIC PARTNERSHIP WITH VOLKSWAGEN AND POWERCO

Core Viewpoint - Patriot Battery Metals Inc. has successfully closed a private placement with Volkswagen Group, raising C$69 million (US$48 million), which will be utilized for the exploration and development of its lithium project in Quebec, Canada [1][2][3]. Group 1: Strategic Investment - Volkswagen now holds approximately 9.9% of Patriot's issued and outstanding common shares on a non-diluted basis following the strategic investment [2]. - The funds from the strategic investment will be allocated towards the exploration, development, and completion of a feasibility study for the Shaakichiuwaanaan Lithium Project, as well as for general working capital [2][4]. Group 2: Project Significance - The Shaakichiuwaanaan Lithium Project is positioned as a high-grade, large-scale resource in North America, expected to meet the growing demand for lithium through the end of the decade and beyond [4]. - The project is noted for its substantial mineral resource, totaling 80.1 million tonnes at 1.44% Li2O indicated and 62.5 million tonnes at 1.31% Li2O inferred, making it the largest lithium pegmatite resource in the Americas [8][18]. Group 3: Collaboration with Volkswagen - The strategic partnership includes a binding offtake agreement for Patriot to supply 100,000 tonnes of spodumene concentrate per year to Volkswagen's battery manufacturer, PowerCo SE, over a 10-year term [9]. - An investor rights agreement allows Volkswagen to participate in future equity raises and provides a voting support covenant in favor of management [9]. - A non-binding Memorandum of Understanding (MoU) aims to establish a strategic relationship between PowerCo and Patriot for future collaboration on the Shaakichiuwaanaan Project and the development of a sustainable battery supply chain [9].