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.

Core Insights - The updated Feasibility Study for the Bandeira Lithium Project demonstrates a longer mine life, lower capital costs, and stronger project economics, positioning it as one of the lowest-cost hard rock spodumene projects globally [1][10][35] Project Economics - Post-tax NPV at 8% is improved to US$1.45 billion from US$1.31 billion in the previous study, with a post-tax IRR increasing to 61% from 40% [6][32] - The payback period has been reduced to 2.2 years from 3.4 years, indicating a quicker return on investment [6][32] - Average annual gross revenue over the life of the mine is projected at US$343 million, down from US$417 million in the prior study [6][32] Capital and Operating Costs - Initial capital expenditures (CAPEX) have been reduced by approximately 28% to US$191 million from US$266 million [6][27] - Site operating costs are estimated at US$378 per tonne of spodumene concentrate produced, which is competitive within the global lithium industry [6][29] Mine Life and Production - The mine life has been extended to 18.5 years from 14 years, supported by a 6 million tonne increase in proven and probable reserves [6][11] - Total life-of-mine production is projected at 23.2 million tonnes, with an average annual production rate of 177,000 tonnes of spodumene concentrate [6][38] Environmental and Operational Design - The project incorporates responsible environmental design, including a long-term underground mining strategy to minimize land disturbance and water consumption [9][10] - The processing plant design utilizes proven technology and modular components to reduce costs and enhance operational efficiency [9][23] Infrastructure and Location - The Bandeira property is located in Brazil's Lithium Valley, an area known for its high-quality spodumene concentrate production [1][14] - The project benefits from excellent local infrastructure, including proximity to major highways and a key logistical port for exporting lithium concentrate [15][16] Regulatory and Permitting Status - The project is advancing through the permitting process, with a positive technical endorsement received from the Minas Gerais State Secretariat for the Environment [42][43] - Ongoing engagement with regulatory agencies and community stakeholders is aimed at ensuring compliance and addressing evolving expectations [43][44]

Core Insights - Piedmont Lithium Inc. has completed its merger with Sayona Mining Limited, forming a new entity named Elevra Lithium, which aims to enhance operational efficiency and market presence in the lithium sector [1][7] - The merger combines complementary businesses, creating one of the largest hard-rock lithium platforms with three high-quality development projects and potential for expansion at North American Lithium (NAL) [2][4] Company Overview - Elevra Lithium will operate three projects and focus on expanding at NAL, which is North America's largest lithium operation, targeting an annual production of 226,000 metric tons of spodumene concentrate [3][7] - The merger is expected to create a simpler and stronger lithium business with low capital intensity and reduced operating costs through synergies in logistics and procurement [4][5] Market Position - Elevra Lithium is positioned to meet the growing demand for lithium resources driven by the global energy transition, leveraging its established portfolio of development projects [5] - Piedmont Lithium's stock has underperformed, losing 12% over the past year compared to the industry's growth of 15.5% [6]

Summary of Sayona Mining (SYA) 2025 Extraordinary General Meeting Company and Industry - **Company**: Sayona Mining Limited (SYA) - **Industry**: Lithium production and mining Core Points and Arguments 1. **Merger with Piedmont Lithium**: The meeting focused on the proposed merger with Piedmont Lithium, which aims to create a leading North American lithium producer by combining resources and capabilities [4][9][12] 2. **Scale and Growth Opportunities**: The merger is expected to create one of North America's largest hard rock lithium producers, enhancing the companies' positions to grow through commodity cycles [9][10] 3. **Resource Base**: The combined entity will have over 70 million tonnes in lithium ore reserves and more than 150 million tonnes in measured and indicated mineral resources, which is significant on a global scale [10] 4. **Cost Savings and Synergies**: Targeted merger synergies are around $15 million per annum, with further cost reductions anticipated as integration progresses [10][52] 5. **Balance Sheet Strength**: A stronger balance sheet will support growth initiatives, including investments in North American lithium and the Moblan project [11] 6. **Ownership Structure**: The merger will result in approximately equal ownership between existing Sayona and Piedmont shareholders, with Piedmont shareholders receiving 0.35133 Sayona ADSs for each share of Piedmont common stock [12] 7. **Dual Listing**: Sayona will remain an Australian domiciled company with an ASX listing and will also have ADSs listed on NASDAQ, enhancing visibility and access to capital markets [13] 8. **Conditional Placement**: The merger includes a conditional placement of around $69 million Australian to Resource Capital Fund VIII for post-merger initiatives [13] 9. **Integration Planning**: Detailed integration planning is underway, with expectations for merger completion shortly [14] 10. **Future Strategy**: The company will prioritize projects to allocate capital efficiently and deliver optimal outcomes for shareholders [15] Important but Possibly Overlooked Content 1. **Shareholder Engagement**: The company has engaged with shareholders to encourage participation in the vote, noting that over 2.6 billion votes were received through proxies [5][42] 2. **Operational Focus**: The company emphasizes its focus on upstream hard rock spodumene production rather than downstream chemical production, indicating a cautious approach to capital-intensive downstream investments [40] 3. **Financial Obligations**: Elevra will absorb a $25 million working capital facility, with interest payable quarterly, and will also take on standard business liabilities [55] 4. **Board Composition**: The merger will result in an even number of directors from both companies, which may lead to potential ties in board decisions [54] 5. **Share Consolidation**: A proposed share consolidation will convert every 150 Sayona shares into one share, aimed at simplifying the capital structure [92] 6. **Remuneration Increase**: There is a proposal to increase the aggregate remuneration for non-executive directors from $900,000 to $1,250,000 per annum, conditional on the merger completion [97] This summary encapsulates the key discussions and decisions made during the extraordinary general meeting, highlighting the strategic direction and financial implications of the merger for Sayona Mining and its stakeholders.

Financial Data and Key Metrics Changes - The company shipped approximately 27,000 dry metric tons for the quarter, generating $20 million in revenue, a decline from the previous quarter's shipment of approximately 55,700 dry metric tons and revenue of $45.6 million [14][15] - The GAAP net loss for the fourth quarter was $15.6 million, or a loss of $0.71 per share, while the adjusted net loss was $10.1 million, or a loss of $0.46 per share [14][15] - The cash balance decreased from $87.8 million at the start of 2025 to $65.4 million at the end of the first quarter [15][17] Business Line Data and Key Metrics Changes - North American Lithium (NAL) produced a little over 43,000 tons, reflecting a 15% quarter-over-quarter decline due to variable weather conditions impacting mill utilization [6][7] - NAL is on track to meet the production guidance of 190,000 to 210,000 tons for the year ending June 30, 2025 [7] Market Data and Key Metrics Changes - The lithium market has experienced considerable volatility, with prices fluctuating due to shifts in global supply and demand, macroeconomic uncertainty, and evolving policy landscapes [5][10] - Demand fundamentals for lithium remain strong, driven by accelerating EV adoption and growing grid storage applications [10][12] Company Strategy and Development Direction - The company is focused on operational and commercial excellence, maintaining capital discipline, and positioning for long-term success despite market volatility [6] - The merger with Sayona Mining is progressing, with regulatory clearances received and integration planning underway [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current challenges in the lithium market but remains optimistic about long-term demand growth and the strategic importance of North American projects [10][12] - The company expects cash balance stability in the second quarter of 2025, similar to the end of Q1 [17] Other Important Information - The company has reduced its full-year capital expenditure outlook from $6 million to $9 million down to $4 million to $6 million due to strategic land position decisions [19] - The merger is expected to create synergies of approximately $15 million to $20 million annually and secure committed funding of about $43 million from resource capital funds [26] Q&A Session Summary Question: Impact of tariffs on North America - Management believes that North American projects are critical and positive in the long term, with tariffs potentially benefiting the Carolina Lithium project [30][32] Question: Reception to the Carolina Lithium Project - Management reports a neutral reception locally, focusing on completing the permitting process while acknowledging challenging lithium market conditions [34][36]

Financial Data and Key Metrics Changes - The company shipped approximately 27,000 dry metric tons for the quarter, recognizing $20 million in revenue, down from 55,700 dry metric tons and $45.6 million in revenue in the previous quarter [13] - The GAAP net loss for the fourth quarter was $15.6 million, or a loss of $0.71 per share, while the adjusted net loss was $10.1 million, or a loss of $0.46 per adjusted share [13] - The cash balance decreased from $87.8 million at the start of 2025 to $65.4 million at the end of Q1 [14][16] Business Line Data and Key Metrics Changes - North American Lithium (NAL) produced approximately 43,000 tons, a 15% quarter-over-quarter decline, but remains on track to meet the guidance of 190,000 to 210,000 tons for the year ending June 30, 2025 [6][8] - The operation achieved a record recovery rate of 72% in March due to process optimization [7] Market Data and Key Metrics Changes - The lithium market has experienced considerable volatility, with prices fluctuating due to shifts in global supply and demand, macroeconomic uncertainty, and evolving policy landscapes [4][9] - Demand fundamentals for lithium remain strong, driven by the acceleration of EV adoption and growth in grid storage applications [9][11] Company Strategy and Development Direction - The company is focused on operational and commercial excellence, maintaining capital discipline, and positioning for long-term success [5] - The merger with Sayona Mining is progressing, with regulatory clearances received and integration planning underway [19][20] - The company aims to develop a secure supply chain for critical minerals in North America, recognizing the growing demand and the need for local production [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current challenges in the lithium market but believes that the long-term fundamentals for lithium remain strong [25] - The company expects to ship between 113,000 to 130,000 dry metric tons for the full year 2025, with a back-end loaded shipping schedule [17] - The company anticipates cash contributions to joint ventures and capital expenditures to remain modest as it seeks to preserve balance sheet strength [16] Other Important Information - The company has reduced its full-year capital expenditure outlook from $6 million to $9 million down to $4 million to $6 million due to strategic land position decisions [18] - The merger is expected to create synergies of approximately $15 million to $20 million annually and has secured committed funding of approximately $43 million [24] Q&A Session Summary Question: Impact of tariffs on North America - Management believes that North American projects are critical and positive in the long term, with tariffs potentially benefiting the Carolina Lithium project [28][30] Question: Reception to the Carolina Lithium Project - Management reports a neutral reception locally, focusing on completing the permitting process while acknowledging the challenging lithium market conditions [32][35]