Summary of PMET Resources Inc. Investor Teleconference - October 20, 2025 Company Overview - **Company**: PMET Resources Inc. - **Project**: Shakwakawanan Project, Quebec, Canada - **Focus**: Lithium and co-products (caesium and tantalum) Key Points and Arguments Feasibility Study Results - The feasibility study for the Shakwakawanan Project is a significant milestone, showcasing the project's potential in the lithium raw materials development pipeline in North America [1][3] - The project has a maiden reserve of over **84 million tons**, supporting approximately **20 years** of mine life [6] - The expected production capacity is **800,000 tons per annum** of spodumene concentrate, positioning it among the top five largest hard rock lithium mines globally [9] Geological and Resource Highlights - The geology at Shakwakawanan is described as exceptional, containing lithium, caesium, and tantalum, with high-grade subsets [5][10] - The project is expected to generate additional co-products, enhancing its economic viability [10][11] Market Conditions and Demand - The demand for lithium is projected to increase significantly, driven by the growth of electric vehicles (EVs) and energy storage solutions [29][30] - The cost of lithium-ion battery cells has decreased to around **$50-$60 per kilowatt-hour**, expanding the addressable market for lithium [29] Capital Expenditure and Financials - The net capital expenditure (CapEx) for the project is estimated at approximately **C$1.5 billion** [15] - There has been a **30% increase** in CapEx due to factors such as enhanced power supply, mining equipment purchases, and inflationary pressures [16] - The all-in sustaining costs for lithium operations are projected to be below **$600 per ton**, making it competitive globally [12] Development Strategy and Next Steps - The project will proceed with a staged operation, starting at **400,000 tons per annum** and ramping up to **800,000 tons per annum** [12] - The company is focused on optimizing the project and securing final mine authorizations through the COMEX/COMEV process [14][26] - A bulk sampling program is planned, targeting **up to 50,000 tons** of ore to further de-risk the operation [36] Partnerships and Industry Engagement - PMET has established a partnership with **Volkswagen AG** and its subsidiary **PowerCo**, which serves as a key offtake partner [7][49] - The company is actively engaging with industry participants to secure additional partnerships and diversify the supply chain [48][49] Community Relations and Employment - PMET aims to employ approximately **20%** of the local Cree community in the project, with **33%** of spending directed towards Cree businesses [28] Future Outlook - The project is expected to commence commissioning in the **second half of 2029** and achieve commercial production in the **first half of 2030** [26] - The company anticipates further growth in demand for lithium and its co-products, positioning the Shakwakawanan Project as a critical player in the North American lithium supply chain [31][60] Additional Important Insights - The project is seen as a response to the growing need for critical minerals in the Western world, with increased governmental focus on supporting such initiatives [60] - The potential for additional co-products like caesium and tantalum is being explored, with ongoing test work to optimize recovery processes [23][65] This summary encapsulates the essential information from the teleconference, highlighting PMET Resources Inc.'s strategic direction, project viability, and market positioning within the lithium industry.