Patriot Battery Metals (PMET.F) 2025 Conference Transcript

Summary of Conference Call Records Company: Patriot Battery Metals (PMET.F) Key Points - Project Overview: The Shaka Jawanan project in North Central Quebec is highlighted as a significant lithium and critical mineral development project, benefiting from proximity to infrastructure such as hydro dams and roads [1][2][3] - Resource Discovery: The project boasts the largest hard rock lithium resource in the Americas, with high-grade subsets. The total resource includes approximately 25 million tons at 2% lithium [4][9] - Cesium Discovery: A significant cesium discovery has been made, with a resource of about 2.3 million tons, including a high-grade pod of 10.5% cesium oxide, which is larger than the current largest resource globally [5][6][13] - Tantalum Co-Product: Tantalum is also identified as a high-grade co-product, contributing to the project's overall value [7] - Market Dynamics: The cesium market is currently supply constrained, with China controlling 80-90% of the chemical capacity. The discovery at Shaka Jawanan presents an opportunity to create a more independent Western supply chain [13][14] - Solar Efficiency: The potential for cesium in enhancing solar panel efficiency through perovskite structures is discussed, with a projected market growth of 10 to 20 times in cesium demand due to this technology [15][16] - Feasibility Study: A lithium-only feasibility study is expected to be delivered soon, with further optimization to include cesium and tantalum in later phases [7][18] - Regulatory Environment: Quebec is described as a favorable mining jurisdiction, with strong First Nations engagement and a streamlined approval process [19][27] - Lithium Demand Outlook: The company believes that current forecasts for lithium demand are too cautious, particularly in stationary energy storage applications, which are expected to grow significantly [20][21][25] Company: Australian Strategic Materials (ASM) Key Points - Industry Context: ASM operates in the rare earths and critical minerals sector, which is experiencing increased urgency for alternative supply chains due to geopolitical tensions and supply chain vulnerabilities dominated by Chinese production [31][32] - Project Development: The Dubbo project in New South Wales is highlighted as a key asset, with plans to refine and separate materials for downstream markets. The company has an operational metals plant in Korea and is planning to replicate this capacity in the U.S. [34][36] - Financial Position: ASM has secured approximately $25 million in funding, adding to a strong cash position to support project development [36] - Production Capacity: The Korean metals plant has been producing light rare earth metals since 2022, with plans for expansion and increased production capabilities [36][41] - Supply Agreements: ASM has established supply agreements with various producers, including a five-year agreement with USA Rare Earths for 60% of their raw material needs [39] - Project Economics: The company is working on a heap leach option for the Dubbo project, which is expected to significantly reduce initial capital costs and improve financial returns [46][47] - Regulatory Approvals: The Dubbo project has received necessary approvals and is on track for construction to commence in 2027 [48] Company: Rox Resources Key Points - Transformation and Growth: Rox Resources has undergone significant transformation, with a focus on becoming a near-term gold producer. The company has reported strong cash flows and a high-grade resource base [51][52] - Resource Update: A recent mineral resource statement indicated an 11% increase in overall grade, with a substantial increase in underground resources [53][61] - Project Economics: The project is expected to yield over $3,000 per ounce margin at current gold prices, with a strong cash position of $50.5 million [56][62] - Infrastructure and Permitting: The project benefits from existing infrastructure and a simplified permitting process due to previous mining activities [55][56] - Drilling Campaign: Rox is actively drilling to expand its resource base, with plans for a definitive feasibility study (DFS) to be delivered in November [57][83] - Path to Production: The company is on track to commence mining operations in early 2027, with ongoing work on dewatering and approvals [75][76] - Team and Experience: The management team has extensive experience in developing mining assets, which is crucial for the project's success [80][82]