Mr. Kenneth Brinsden reports

PMET RESOURCES RECEIVES GOVERNMENT-BACKED LETTERS OF SUPPORT FOR SHAAKICHIUWAANAAN FINANCING

PMET Resources Inc. has received non-binding letters of support from leading government-backed and Canadian financial institutions in relation to potential financing support for the development and construction of the company's 100-per-cent-owned Shaakichiuwaanaan project, located in the Eeyou Istchee James Bay region of Quebec, Canada.

Highlights

• PMET has received non-binding letters of support from Export Development Canada (EDC), Germany's KfW IPEX-Bank and another major Canadian government financial institution as part of advancing its continuing financing strategy for the Shaakichiuwaanaan project.
• EDC is Canada's export credit agency and a government of Canada-owned financial Crown corporation which facilitated more than $10-billion in business across the Canadian resources sector in 2024. EDC is a leading provider of financing solutions to the Canadian mining sector and strategic export industries.
• KfW IPEX-Bank is a wholly owned subsidiary of KfW, one of the world's leading promotional banks. KfW IPEX-Bank is the specialist financier for international project and export finance within KfW Group, with a dedicated raw materials and mining division supporting global projects.
  • As part of its mandate, KfW IPEX-Bank supports German and European companies worldwide, like Volkswagen Group who is a significant shareholder in PMET and PowerCo, who is a key offtake partner of the company.
• The letters represent an important step in advancing financing discussions and institutional due diligence ahead of PMET's updated feasibility study, targeted for calendar Q4 2026.
• In further support of PMET's financing objectives, Volkswagen Finance Luxemburg S.A. (VW) has now confirmed that it has obtained its final internal approvals for its participation in the February, 2026, equity raise for approximately $12-million.
• Financing discussions continue in parallel with permitting, engineering optimization, product marketing and strategic commercial engagement.

Natacha Garoute, chief financial officer, comments: "Since the release of the CV5 lithium-only feasibility study in 2025, we have continued advancing engagement with export credit agencies, government-backed institutions, commercial lenders, and various critical mineral funds in Canada and internationally as part of a long-term financing strategy for the project.

"These letters of support represent an encouraging step in establishing early institutional alignment around the project as we position Shaakichiuwaanaan for broader project financing. We look forward to continuing to work constructively with these institutions alongside our broader financing and strategic engagement activities."

Ken Brinsden, chief executive officer and managing director, comments: "Shaakichiuwaanaan continues to stand out as one of the most strategically positioned critical mineral projects globally, underpinned by its scale, premier jurisdiction, infrastructure advantages and multicommodity critical minerals potential. The interest shown by leading government-backed and Canadian financial institutions is highly encouraging and reflects the growing strategic importance of developing secure, responsible and scalable critical mineral supply chains for Canada and allied markets.

"As PMET transitions from study and permitting into a more execution-focused phase, establishing the right financing pathway is central to our development strategy. These letters of support are an important step in that process and further demonstrate Shaakichiuwaanaan's increasing maturity and ability to attract institutional, strategic and government-aligned support."

The letters are intended to support the advancement of lender due diligence, technical review and broader financing discussions, as PMET advances toward an updated feasibility study targeted for calendar Q4 2026, and a subsequent broader project financing process.

EDC, KfW IPEX-Bank and other prospective lenders have advised that they are interested in continuing discussions with PMET, its partners, financial advisers, potential Canadian suppliers and other commercial lenders regarding a proposed financing structure for Shaakichiuwaanaan.

EDC and KfW IPEX-Bank have acknowledged the project's potential to provide a reliable, long-term supply of lithium, alongside potential tantalum and caesium concentrates, into North American and European supply chains, with the goal to strengthen sustainable supply chain security for North American and European markets and support the energy transition.

As such, a prospective lender group consisting of EDC, KfW IPEX-Bank and other lenders have advised that they are considering potential financing support for the project, with the amount, terms and conditions to be determined following completion of their respective internal review processes.

PMET has also received a letter of support from an additional major Canadian financial institution, which has undertaken a preliminary assessment of the project and indicated that it may be eligible for potential investment consideration.

The company cautions that these letters, while encouraging, are preliminary, non-binding and conditional in nature. None of the letters constitutes a credit approval, financing commitment, commitment to lend or definitive financing arrangement. Any future financing remains subject to, among other things, satisfactory completion of due diligence, internal approvals, agreement on financing structure and terms, final documentation, and other customary conditions.

PMET is also pleased to advise that VW has confirmed that it has obtained its final internal approvals to participate in the company's February, 2026, equity raise for approximately $12-million, on the same terms, including a price of $5.66 per share. The separate private placement is anticipated to close on or about May 21, 2026, and would see VW receive an additional 2,095,745 common shares of the company. Post closing of the placement, VW will hold an ownership interest in the company of approximately 9.553 per cent. This private placement will fall within the company's 15-per-cent placement capacity under ASX Listing Rule 7.1 and remains subject to the final approval of the Toronto Stock Exchange.

The company intends to continue engaging with a broad group of potential financing partners as it advances an optimized funding structure for Shaakichiuwaanaan. This workstream is expected to advance in parallel with permitting, engineering optimization, product marketing, strategic discussions and commercial engagement with potential offtake and downstream counterparties.

About PMET Resources Inc.

PMET Resources is a pegmatite critical mineral exploration and development company focused on advancing its district-scale 100-per-cent-owned Shaakichiuwaanaan property located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and proximal to regional hydropower infrastructure.

In late 2025, the company announced a positive lithium-only feasibility study on the CV5 pegmatite for the Shaakichiuwaanaan property and declared a maiden mineral reserve of 84.3 Mt (million tonnes) at 1.26 per cent Li2O (probable). The study outlines the potential for a competitive and globally significant high-grade lithium project targeting up to approximately 800,000 tonnes per annum spodumene concentrate using a simple dense media separation (DMS) only process flowsheet. Further, the results highlight Shaakichiuwaanaan as a potential North American critical mineral powerhouse with significant opportunity for tantalum and caesium in addition to lithium.

The project hosts a consolidated mineral resource totalling 108.0 Mt at 1.40 per cent Li2O and 166 ppm (parts per million) Ta2O5 (indicated) and 33.4 Mt at 1.33 per cent Li2O and 155 ppm Ta2O5 (inferred), and ranks as a top 10 lithium pegmatite globally in size. Additionally, the project hosts the world's largest pollucite-hosted caesium pegmatite mineral resource at the Rigel and Vega zones with 0.69 Mt at 4.40 per cent Cs2O (indicated), and 1.70 Mt at 2.40 per cent Cs2O (inferred).

Qualified/competent person

The technical and scientific information in this news release that relates to the mineral resource estimate for the company's properties is based on, and fairly represents, information compiled by Darren L. Smith, MSc, PGeo, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and member in good standing with the Ordre des Geologues du Quebec (geologist permit No. 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member No. 87868). Mr. Smith has reviewed and approved the related technical information in this news release.

Mr. Smith is an executive and vice-president of exploration for PMET Resources and holds common shares, restricted share units (RSUs), performance share units (PSUs) and options in the company.

The information in this news release that relates to the mineral reserve estimate and feasibility study is based on, and fairly represents, information compiled by Frederic Mercier-Langevin, Ing MSc, who is a qualified person as defined by NI 43-101, and member in good standing with the Ordre des Ingenieurs du Quebec. Mr. Mercier-Langevin has reviewed and approved the related technical information in this news release.

Mr. Mercier-Langevin is the chief operating and development officer for PMET Resources, and holds common shares, RSUs, PSUs and options in the company.

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