TFS HealthScience Expands Collaboration with Oncomatryx for Phase Ib Trial of OMTX705 for Pancreatic Cancer
According to the World Cancer Research Foundation, pancreatic cancer remains one of the deadliest malignancies globally, accounting for more than 510,000 new cases and over 466,000 deaths annually. Despite advances in oncology, treatment options for patients with advanced or metastatic disease remain limited. The five-year survival rate for pancreatic cancer continues to hover below 10%, underscoring the urgent need for new and more effective treatment options.
This Phase Ib study builds on an earlier collaboration between TFS and Oncomatryx during a Phase I trial evaluating OMTX705 as a monotherapy and in combination with pembrolizumab in patients with advanced solid tumors. The promising results from that study laid the foundation for this next phase of development and exemplified the consistent performance, deep therapeutic expertise, and oncology specialization that Oncomatryx values in its continued partnership with TFS.
"Our continued collaboration with Oncomatryx reflects a shared commitment to accelerating the development of innovative therapies for challenging cancers like pancreatic adenocarcinoma," said Kris O'Brien, Vice President and Head of Oncology & Rare Diseases at TFS. "TFS brings deep therapeutic insight and operational agility to every program we support—helping to move promising science forward where it's needed most."
"We're entering an exciting new phase in the clinical development of OMTX705," said Laureano Simón, CEO of Oncomatryx. TFS has proven to be a trusted, expert partner—key to advancing our science toward patients who urgently need new options."
TFS brings over two decades of experience in oncology research, supporting clinical trials across solid tumors, hematological malignancies, and rare cancers. With a focus on agility, scientific rigor, and global reach, TFS has successfully guided numerous early-phase and late-phase oncology programs from concept to clinic. Through its long-standing partnerships, including this renewed collaboration with Oncomatryx, TFS continues to empower its partners with tailored clinical solutions—advancing science with the ultimate goal of enriching the lives of patients worldwide.
Backed by strong financial support following a €25 million fundraising round completed at the end of 2024, and with Phase I clinical data expected at major oncology conferences throughout 2025, the OMTX705 program is gaining momentum and drawing increased attention as a promising new approach for hard-to-treat tumors like pancreatic adenocarcinoma.
About TFS HealthScience
TFS HealthScience is a full-service, global Contract Research Organization (CRO) that partners with biotechnology and pharmaceutical companies to advance innovative treatments and improve patient outcomes. With operations across 40 countries, TFS and its strategic partners provide tailored strategic resourcing solutions and clinical development services in specialized therapeutic areas, including dermatology, internal medicine, neuroscience, oncology, and ophthalmology. Dedicated to empowering partners and enriching lives, TFS offers flexible solutions that combine global reach with the agility and responsiveness of a mid-sized CRO.
For more information, visit www.tfscro.com.
About Oncomatryx
Oncomatryx has developed a proprietary Antibody-Drug Conjugates platform that targets Cancer-Associated Fibroblasts in the microenvironment of metastatic solid tumors.
Oncomatryx pioneering ADCs against immunosuppressive CADs are developed in collaboration with prestigious universities, hospitals, and research centers in the USA and Europe.
Phase I clinical results of OMTX705, a novel ADC targeting Fibroblast activation Protein (FAP) in Cancer-Associated Fibroblasts, will be presented at major oncology conferences along 2025.
For more information, visit www.oncomatryx.com.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
5 hours ago
- Cision Canada
World's Largest Pollucite-Hosted Caesium Pegmatite Mineral Resource Defined at Shaakichiuwaanaan Français
Rigel and Vega confirmed as a major caesium discovery with potential to be a significant supply source for global markets, including the next wave of terrestrial solar technologies , July 20, 2025 /CNW/ - SYDNEY, Australia – July 21, 2025 HIGHLIGHTS World's largest pollucite-hosted caesium pegmatite deposit confirmed at the Shaakichiuwaanaan Project, with a maiden Mineral Resource Estimate (" Caesium Zone MRE") of: Rigel Caesium Zone Indicated: 163,000 t at 10.25% Cs 2 O, 1.78% Li 2 O, and 646 ppm Ta 2 O 5. Vega Caesium Zone Indicated: 530,000 t at 2.61% Cs 2 O, 2.23% Li 2 O, and 172 ppm Ta 2 O 5. Inferred: 1,698,000 t at 2.40% Cs 2 O, 1.81% Li 2 O, and 245 ppm Ta 2 O 5. Total contained caesium content of 30.5 kt Cs 2 O Indicated and 40.8 kt Cs 2 O Inferred, highlighting the scale and global significance of the discovery. Caesium resources in the Rigel and Vega zones are now included within the CV13 Pegmatite open-pit resource that forms part of the Company's consolidated MRE for the Project (including both the CV5 and CV13 pegmatites) ("Consolidated MRE") – that has been updated and restated as follows: Indicated: 108.0 Mt at 1.40% Li 2 O, 0.11% Cs 2 O, 166 ppm Ta 2 O 5, and 66 ppm Ga. Inferred: 33.4 Mt at 1.33% Li 2 O, 0.21% Cs 2 O, 155 ppm Ta 2 O 5, and 65 ppm Ga. Caesium is a high-value, rare, and critical mineral which is currently supply constrained with only limited sources supplying the global market 1. A discovery of this size, grade, and scale has the potential to be a primary source of supply for the global market, including new and potentially growing applications in emerging next generation terrestrial solar panel applications where caesium has been found to play a vital role in significantly improving panel efficiency, stability, and life span. The Company has commenced evaluating options (including a scoping metallurgical program to test pollucite recovery using conventional X-ray ore sorting methods) to advance and incorporate the caesium opportunity at CV13 as a potential additional saleable product into the overall economic development of the Project – to follow completion of the lithium-only Feasibility Study on the CV5 Pegmatite. The Company remains on track to deliver a maiden Ore Reserve and Feasibility Study for lithium at the CV5 Spodumene Pegmatite in CYQ3-2025. ________________________________ 1 Mineral deposits of pollucite-hosted caesium are extremely rare globally and represent the most fractionated component of LCT pegmatite systems, which are effectively the only primary and economic source of caesium globally. The Company is aware of only three previous pollucite-hosted caesium mines with Bikita in Zimbabwe and Sinclair in Western Australia now reportedly exhausted and Tanco in Manitoba, Canada, approaching the end of its mine-life. Darren L. Smith, Executive and Vice President of Exploration for the Company, comments: "At Shaakichiuwaanaan, we have now defined the largest reported occurrence of pollucite in the world – by a significant margin. To find a pollucite-hosted caesium deposit of this scale and grade is exceptionally rare, with only three deposits globally known to have produced this extremely high-value critical and strategic mineral." "The pegmatites of the Shaakichiuwaanaan Project continue to demonstrate their unique, world-class nature for hosting abundant and varied critical minerals. With considerable Mineral Resources for lithium, tantalum, gallium, and now caesium defined – and a Feasibility Study for lithium at CV5 on schedule for completion this quarter – the Company is becoming increasingly well-positioned as an emerging critical minerals powerhouse to global markets." Ken Brinsden, President, CEO, and Managing Director, comments: "This is another feather in the cap of our technical team, led by Darren, with their hard work resulting in yet another world-class discovery at Shaakichiuwaanaan. What stands out is the sheer scale and grade of this caesium discovery, relative to anything that's been found before globally. It's also a reflection of the extraordinary geology of this deposit, which hosts lithium, tantalum, and now caesium – all high-value critical minerals – at world-class scale. Given the scale, grade, and proximity to the CV5 Pegmatite, the new caesium discovery at Rigel and Vega has already added further substantial value to the Shaakichiuwaanaan Project." "What is particularly exciting for investors is that the addressable market for caesium appears to be at a key inflexion point, with its ability to improve the efficiency and stability of next generation terrestrial solar technologies having the potential to drive a massive increase in global demand. Shaakichiuwaanaan stands to play a driving role in the growth of this exciting new market. As we finalize the maiden lithium-only Feasibility Study for the CV5 Pegmatite, we are excited to start work on unlocking the enormous potential of the caesium resource, now outlined to NI 43-101 and JORC standards, for our shareholders," added Mr. Brinsden. PATRIOT BATTERY METALS INC. (THE "COMPANY" OR "PATRIOT") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce a maiden Mineral Resource Estimate for caesium (the "Caesium Zone MRE") at the Rigel and Vega zones at its 100%-owned Shaakichiuwaanaan Property (the " Property" or " Project") located in the Eeyou Istchee James Bay region of Quebec. The Rigel and Vega zones are hosted within the CV13 Pegmatite, which is located ~3 km west-southwest along geological trend of the CV5 Pegmatite that is accessible year-round by all-season road, and is situated ~13 km south of the all–weather Trans-Taiga Road and powerline corridor. The Company has now confirmed that the Shaakichiuwaanaan Project hosts the world's largest pollucite-hosted caesium pegmatite deposit (Figure 1, Figure 2, Figure 3, Table 2) after declaring a maiden Caesium Zone MRE of: Rigel Caesium Zone Indicated: 163,000 t at 10.25% Cs 2 O, 1.78% Li 2 O, and 646 ppm Ta 2 O 5. Vega Caesium Zone Indicated: 530,000 t at 2.61% Cs 2 O, 2.23% Li 2 O, and 172 ppm Ta 2 O 5. Inferred: 1,698,000 t at 2.40% Cs 2 O, 1.81% Li 2 O, and 245 ppm Ta 2 O 5. The Caesium Zone MRE for Rigel and Vega, hosted within the open-pit resource component of the CV13 Pegmatite – which forms part of the Company's Consolidated MRE for the Project (including both the CV5 and CV13 pegmatites) – has a total contained caesium metal content of 30.5 kt Cs 2 O Indicated and 40.8 kt Cs 2 O Inferred. The Rigel and Vega zones were interpreted using a 0.50% Cs 2 O grade constraint based on mineral processing analogues and mineralogical analysis supporting pollucite as the predominant Cs-bearing mineral present. Coincident with the pollucite-hosted caesium at Rigel and Vega is high-grade lithium and tantalum, present in the host minerals spodumene and tantalite, respectively, which may be co-recovered as separate concentrates. The footprint of caesium mineralization at Rigel has been traced over a general area of at least 200 m x 100 m and consists of a single, shallow dipping lens at a depth of ~50 m with a true thickness of <2 m to ~6 m. At the Vega Zone, the footprint of the caesium mineralization has been traced over a general area of at least 800 m x 250 m and consists of two proximal flat-lying lenses, at a depth of ~110 m, with a true thickness of <2 m and up to ~10 m and ~6 m, respectively (Figure 1, Figure 9, Figure 10, Figure 21) . The Consolidated MRE 2, which includes the Rigel and Vega caesium zones, was most recently announced on May 12, 2025; however, that has now been updated and restated herein this announcement with the inclusion of caesium reporting as part of the overall consolidated resources for the CV5 and CV13 pegmatites. The restatement of the Consolidated MRE also includes a minor adjustment to the tonnage and tantalum grade at the CV13 Pegmatite. The Consolidated MRE is as follows (Table 1). Indicated: 108.0 Mt at 1.40% Li 2 O, 0.11% Cs 2 O, 166 ppm Ta 2 O 5, and 66 ppm Ga. Inferred: 33.4 Mt at 1.33% Li 2 O, 0.21% Cs 2 O, 155 ppm Ta 2 O 5, and 65 ppm Ga. __________________________________ 2 The Consolidated MRE cut-off grade is variable depending on the mining method and pegmatite (0.40% Li2O open-pit, 0.60% Li2O underground CV5, and 0.70% Li2O underground CV13). A grade constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium zones, which are entirely within the CV13 Pegmatite's open-pit mining shape. The Effective Date of the MREs is June 20, 2025 (through drill hole CV24-787). Mineral Resources are not Mineral or Ore Reserves as they do not have demonstrated economic viability. ABOUT CAESIUM Mineral deposits of pollucite-hosted caesium are extremely rare globally and represent the most fractionated component of LCT pegmatite systems, which are effectively the only primary economic source of caesium globally. Economic deposits of caesium pegmatite are typically on a smaller scale of <10 kt to 350 kt in size compared to deposits of lithium pegmatite that typically range in the millions of tonnes in size (<10 Mt and rarely over 100 Mt). Globally, it is estimated only three (3) primary caesium mines have historically operated and all were pollucite hosted – Tanco (Canada), Bikita (Zimbabwe), and Sinclair (Australia). At Bikita and Sinclair, the pollucite resources are reportedly to have been exhausted in 2018 and 2019, respectively. Tanco is understood to be approaching the end of its mine-life with extraction from existing tailings piles and/or mine remnants being explored. At Sinclair 3, the mine produced 18,629 tonnes of pollucite pegmatite ore grading 8.3% Cs 2 O for a contained metal content of 1,551 tonnes Cs 2 O. In comparison to the size of the interpreted caesium zones at Vega (~800 m x 250 m) and Rigel (~200 m x 100 m), the primary ore body at Sinclair was relatively small and measured ~60 m long, up to 20 m wide, and up to 10 m thick, and was situated at a depth~40 m from surface. The market for caesium compounds and metals is largely opaque because it is not publicly traded like copper or gold, but rather through bi-lateral and term contracts. Further, prices vary depending on its contained caesium form, purity and end-product use. Caesium carbonate (Cs 2 CO 3 ≥99%) currently trades at approximately US$120/kg, however in its refined form caesium metal (Cs >99.5%), is a high value commodity comparable to gold and currently trades around US$2,540/oz (or ~US$81 per gram 4) (excluding VAT, Price Sourcing – Shanghai Metal Markets). Caesium is currently supply constrained, with only limited sources supplying the global market. A discovery of this size, grade, and scale has the potential to be a primary source of supply for global markets. This includes existing applications for caesium in oil/gas drilling, medical imaging and now new and potentially growing applications in the terrestrial solar panel industry which has the potential to drive a significant increase in global demand. Caesium has been found to play a vital role in significantly improving next generation solar panel efficiency, stability, and life span through the application of perovskite crystal structures. _________________________________ 3 Management cautions that past results or discoveries on other mineral properties or mines owned by third parties (i.e., Tanco, Bikita, Sinclair) may not necessarily be indicative to the presence of mineralization on the Company's properties or the economic viability of any such mineralization. There can be no assurance that future exploration efforts will result in the identification of additional mineral resources or reserves, or that the estimate of mineral resources reported within will be economically extracted in the future. 4 Assumes conversion from troy ounce. NEXT STEPS With the maiden MRE for the Rigel and Vega caesium zones now completed, the Company is actively evaluating options to advance and incorporate the caesium opportunity at CV13 as a potential additional saleable product into the overall economic development of the Project – to follow completion of the lithium-only Feasibility Study on the CV5 Pegmatite. This includes completing various environmental baseline studies and additional drilling to further convert Inferred Resources to the Indicated category and in support of future development (e.g. geomechanical drill holes). Additionally, the Company has commenced industry engagement with end users of caesium as well as initiated a scoping metallurgical program targeting pollucite mineral recovery using conventional X-ray ore sorting methods, which will inform a more expansive test program that will also include subsequent recovery of spodumene (lithium) and tantalite (tantalum). The scoping metallurgical program is using mineralized drill core collected from the Vega Caesium Zone with subsequent testwork to expand to the Rigel Caesium Zone. In addition, the Company is also focused on completion of the remaining deliverables for its lithium-focused Feasibility Study on the CV5 Pegmatite. The Feasibility Study is well advanced and remains on schedule for completion in CYQ3-2025, with the Company recently announcing an update on its progress on March 18, 2025. Table 1: Consolidated Mineral Resource Statement for the Shaakichiuwaanaan Project. Table 2: Mineral Resources at the Rigel and Vega Caesium Zones within the CV13 Pegmatite. Mineral Resources were prepared in accordance with National Instrument 43-101 – Standards for Disclosure of Mineral Projects ("NI 43-101") and the CIM Definition Standards (2014). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, economic, or other relevant issues. The independent Competent Person (CP), as defined under JORC, and Qualified Person (QP), as defined by NI 43–101 for this resource estimate is Todd McCracken, Director – Mining & Geology – Central Canada, BBA Engineering Ltd. The Effective Date of the estimate is June 20, 2025 (through drill hole CV24-787). Estimation was completed using a combination of inverse distance squared (ID 2) and ordinary kriging (OK) for CV5 and inverse distance squared (ID2) for CV13 in Leapfrog Edge software with dynamic anisotropy search ellipse on specific domains. Drill hole composites at 1 m in length. Block size is 10 m x 5 m x 5 m with sub-blocking. Both underground and open-pit conceptual mining shapes were applied as constraints to the Consolidated MRE Statement to demonstrate reasonable prospects for eventual economic extraction. Cut-off grades for open-pit constrained resources are 0.40% Li 2 O for both CV5 and CV13, and for underground constrained resources are 0.60% Li 2 O for CV5 and 0.70% Li 2 O for CV13. Open-pit and underground Mineral Resource constraints are based on a long-term average spodumene concentrate price of US$1,500/tonne (6% basis FOB Bécancour) and an exchange rate of 0.70 USD/CAD. Mineral Resources for the Rigel and Vega zones are hosted within the CV13 Pegmatite's open-pit conceptual mining shape and, therefore, are included within the Consolidated Mineral Resource Statement for CV5 and CV13 pegmatites. The Rigel and Vega zones were interpreted using a 0.50% Cs 2 O grade constraint based on mineral processing analogues and mineralogical analysis supporting pollucite as the predominant Cs-bearing mineral present. Rounding may result in apparent summation differences between tonnes, grade, and contained metal content. Tonnage and grade measurements are in metric units. Conversion factors used: Li 2 O = Li x 2.153; LCE (i.e., Li 2 CO 3) = Li 2 O x 2.473, Ta 2 O 5 = Ta x 1.221, Cs 2 O = Cs x 1.0602 Densities for pegmatite blocks (both CV5 & CV13) were estimated using a linear regression function (SG = 0.0674x (Li 2 O% + 0.81 x B 2 O 3 %) + 2.6202) derived from the specific gravity ("SG") field measurements and Li 2 O grade. Non-pegmatite blocks were assigned a fixed SG based on the field measurement median value of their respective lithology. SENSITIVITY ANALYSIS The following Table 3 and Figure 4 outline the corresponding tonnage and caesium grade at various cut-off grades for the Caesium Zone MREs, hosted within the CV13 Pegmatite and the Consolidated MRE. In addition to evaluating sensitivities to cut-off grades, this table can help relate the tonnage and grades at Shaakichiuwaanaan more directly to those calculated for peer deposits, which may have applied different cut-off grades to their resources. Table 3: Sensitivity Analysis for Caesium at the Rigel and Vega Zones. 1. This table should not be interpreted as a Mineral Resource. The data is presented to demonstrate the tonnage and grade sensitivity to various cut-off grades. The selected grade constraint for modelling the Rigel and Vega caesium zones was 0.50% Cs 2 O. 2. Errors may occur in totals due to rounding. GEOLOGICAL AND BLOCK MODELS The Rigel and Vega caesium zones have been geologically modelled using a 0.50% Cs 2 O grade constraint within the wider CV13 Pegmatite body (Figure 1). The grade constraint is supported by mineralogical analysis that confirms pollucite as the predominant caesium-bearing mineral above this threshold and which may be recoverable using well-understood mineral processing methods. These geological models acted as hard boundaries within the wider CV13 Pegmatite body for subsequent block modelling and resource estimation. Using the 0.5% Cs 2 O grade constraint, the footprint of caesium mineralization at Rigel has been traced over a general area of at least 200 m x 100 m and consists of a single, shallow dipping lens at a depth of ~50 m with a true thickness of <2 m to ~6 m. At the Vega Zone, the footprint of the caesium mineralization has been traced over a general area of at least 800 m x 250 m and consists of two proximal flat-lying lenses, at a depth of ~110 m, with a true thickness of <2 m and up to ~10 m and ~6 m, respectively The geological and block models, classification, and sections for the Rigel and Vega zones are presented in Figure 5 through Figure 10. Respective figures for the CV13 and CV5 pegmatites are presented in the Company's news release dated May 12, 2025, as well as Figure 11 to Figure 14 for ease of reference herein. Rigel and Vega Caesium Zones CV13 Pegmatite CV5 Pegmatite ASX LISTING RULE 5.8 As the Company is listed on both the Toronto Stock Exchange (the "TSX") as well as the Australian Securities Exchange (the "ASX"), there are two applicable regulatory bodies resulting in additional disclosure requirements. This MRE has been completed in accordance with the Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Additionally, in accordance with ASX Listing Rule 5.8 and the JORC 2012 reporting guidelines, a summary of the material information used to estimate the Mineral Resource for the Rigel and Vega caesium zones at the Shaakichiuwaanaan Project is detailed below. For additional information, please refer to JORC Table 1, Section 1, 2, and 3, as presented in Appendix 1 of this announcement. As the change in lithium, tantalum, and gallium Mineral Resources for the Consolidated MRE, which includes both the CV5 and CV13 pegmatites, is considered not a material change (as presented herein Table 1), the detailed summary, figures/diagrams, and technical parameters applied as presented in the original announcement dated May 12, 2025, remain current and are not duplicated below. MINERAL TITLE The Shaakichiuwaanaan Property is located approximately 220 km east of Radisson, QC, and 240 km north-northeast of Nemaska, QC. The northern border of the Property's primary claim grouping is located within approximately 6 km to the south of the Trans-Taiga Road and powerline infrastructure corridor (Figure 15). The La Grande-4 (LG4) hydroelectric dam complex is located approximately 40 km north-northeast of the Property. The CV5 Spodumene Pegmatite is located central to the Property, ~13 km south of KM-270 on the Trans-Taiga Road, and is accessible year-round by all-season road. The CV13 Spodumene Pegmatite is located ~3 km west-southwest of CV5. The Property is comprised of 463 Exclusive Exploration Rights ("EER") (formerly known as CDC mineral claims) that cover an area of approximately 23,710 ha. All claims are registered 100% in the name of Lithium Innova Inc., a wholly owned subsidiary of Patriot Battery Metals Inc. GEOLOGY AND GEOLOGICAL INTERPRETATION The Property overlies a large portion of the Lac Guyer Greenstone Belt, considered part of the larger La Grande River Greenstone Belt, and is dominated by volcanic rocks metamorphosed to amphibolite facies. Rocks of the Guyer Group (amphibolite, iron formation, intermediate to mafic volcanics, peridotite, pyroxenite, komatiite, as well as felsic volcanics) predominantly underly the Property (Figure 20). The amphibolite rocks that trend east-west (generally steeply south dipping) through this region are bordered to the north by the Magin Formation (conglomerate and wacke) and to the south by an assemblage of tonalite, granodiorite, and diorite, in addition to metasediments of the Marbot Group (conglomerate, wacke) in the areas proximal to the CV5 Spodumene Pegmatite. Several regional-scale Proterozoic gabbroic dykes also cut through portions of the Property (Lac Spirt Dykes, Senneterre Dykes). The lithium pegmatites on the Property are hosted predominantly within amphibolites, metasediments, and to a lesser extent ultramafic rocks. At the Property, caesium mineralization is observed to occur within lithium-caesium-tantalum ("LCT") pegmatites, which may be exposed at surface as both low and high relief landforms (i.e., outcrops) or present under shallow glacial till cover (Figure 16). To date, the LCT pegmatites at the Property have been observed to occur within a corridor of generally ~1 km in width that extends in a general east-west direction across the Property for at least 25 km – the 'CV Lithium Trend' – with significant areas of prospective trend that remain to be assessed (Figure 20). To date, nine (9) distinct lithium pegmatite clusters have been reported along the CV Lithium Trend at the Property – CV4, CV5, CV8, CV9, CV10, CV12, CV13, CV14, and CV15 (Figure 19). Of these clusters, CV5, CV12, and CV13 have documented pollucite hosted caesium mineralization from drill hole and/or channel sampling. Pollucite is an extremely rare mineral occurrence in LCT pegmatites and represents the most fractionated components of the system. The Consolidated MRE for the Project, which includes the CV5 and CV13 pegmatites, represents the core area of the trend. The CV5 and CV13 pegmatites are situated along the same geological trend, with approximate strike lengths of 4.6 km and 2.5 km, respectively – as defined by drilling to date and which remain open – and are separated by a distance of ~2.6 km (Figure 19). Consolidated MRE covers ~6.9 km of the ~7.1 km of defined pegmatite trend and remains open. The Consolidated MRE is described in detail, with respect to Li, Ta, and Ga, in news announcement dated May 12, 2025. The Rigel and Vega Caesium Zone MREs are hosted within the CV13 Pegmatite, therefore forming part of the Consolidated MRE for the Project, and are described in further detail herein. The LCT pegmatites at the Property, including CV5 and CV13, are very coarse-grained and off-white in appearance, with darker sections commonly composed of smoky quartz with occasional mica and tourmaline The Rigel and Vega caesium zones – nested entirely within the CV13 Pegmatite – are marked by significant occurrences pollucite-hosted caesium. The pollucite is typically centimetre to decimetre-metre scale, presenting as clear to whitish-grey in colour with common late-stage veining of white pollucite or spodumene, or purple lepidolite as well as common white flecks. It may be significantly more difficult to ascertain to the naked eye compared to spodumene (Figure 3, Figure 17, and Figure 18). The pollucite also commonly occurs with significant amounts of spodumene (lithium) and tantalite (tantalum). Using the 0.5% Cs 2 O grade constraint, the footprint of caesium mineralization at the Vega Caesium Zone has been traced over a general area of at least 800 m x 250 m and consists of two proximal flat-lying lenses, at a depth of ~110 m, with a true thickness of <2 m and up to ~10 m and ~6 m, respectively. At Rigel, the footprint of caesium mineralization has been traced over a general area of least 200 m x 100 m and consists of a single, shallow dipping lens at a depth of ~50 m with a true thickness of <2 m to ~6 m. The pollucite zones at Rigel and Vega are also coincident with moderate to high abundances of spodumene (lithium) and tantalite (tantalum). DRILLING TECHNIQUES AND CLASSIFICATION CRITERIA The Shaakichiuwaanaan database includes 801 diamond drill holes completed over the 2021, 2022, 2023, and 2024 programs, for a collective total of 234,671 m, as well as outcrop channels totalling 800 m. Of these, the 32 holes totalling 7,808 m, completed over the 2022, 2023, and 2024 programs, as well as 7 m of channels, were used to support the Vega and Rigel Caesium Zone MRE and geological models. The Rigel MRE and geological models are supported by 6 diamond drill holes of NQ size totalling 1,228 m. The Vega MRE and geological models are supported by 26 diamond drill holes of NQ size totalling 6,580 m, and 7 m of channels. Each drill hole collar was surveyed with an RTK tool (Topcon GR5 or Trimble Zephyr 3) (Table 4). Downhole deviation surveys for each drill hole were completed with a Devico DeviGyro tool (2021 and 2024 holes), Reflex Gyro Sprint IQ tool (2022, 2023, and 2024 holes), Axis Champ Gyro (2023 and 2024 holes), or Reflex OMNI Gyro Sprint IQ (2024 holes). Survey shots were typically continuous at approximate 3-5 m intervals. The use of the gyro tool system negated potential deflection issues arising from minor but common pyrrhotite within the host rock units. All collar and downhole deviation data have been validated by the project geologists on site, and by the database lead. Drill core has not been oriented; however, downhole optical and acoustic televiewer surveys have been completed on multiple holes, at both CV5 and CV13, to assess overall structure. This data guided the current geological models supporting this Rigel and Vega MREs. At CV13, drill hole spacing is a combination of grid based (at ~100 m spacing) and fan based (Figure 21). Several collars are typically completed from the same pad at varied orientations targeting pegmatite pierce points of ~50 to 100 m spacing depending on the resource classification being targeted. Due to the varied orientation of the pegmatite bodies along strike at CV13, hole orientations vary widely with multiple holes often being completed from the same pad. At Rigel, drill hole pegmatite pierce points range from ~40 m to 80 m and at Vega range from ~50 to 100 m. Drill hole spacing and orientation at the Rigel and Vega zones within the CV13 Pegmatite is sufficient to support the geological models and resource classifications applied herein. All drill holes were completed by Fusion Forage Drilling Ltd. of Hawkesbury, ON. Procedures at the drill followed industry best practices with drill core placed in either 4 or 5 ft long, typically flat, square-bottom wooden boxes with the appropriate hole and box ID noted and block depth markers placed in the box. Core recovery typically exceeds 90%. Once full, the box was fibre taped shut with wooden lids at the drill and transported (helicopter or truck) to Mirage Lodge for processing. Channel sampling followed industry best practices with a 3 to 5 cm wide, saw-cut channel completed across the pegmatite outcrop as practical, perpendicular to the interpreted pegmatite strike. Samples were collected at ~0.5 to 1 m contiguous intervals with the channel bearing noted, and GPS coordinate collected at the start and end points of the channel. Channel samples were transported along the same route as drill core for processing at Mirage Lodge. SAMPLING AND SUB-SAMPLING TECHNIQUES Core sampling protocols meet industry standard practices. Upon receipt at the core shack at Mirage Lodge, all drill core is pieced together, oriented to maximum foliation, metre marked, geotechnically logged (TCR, RQD, ISRM, and Q-Method (since mid-winter 2023)), alteration logged, geologically logged (rock type), and sample logged on an individual sample basis. Wet and dry core box photos are also collected of all core drilled, regardless of perceived mineralization. Specific gravity ("SG") measurements of entire pegmatite samples were collected at systematic intervals (approximately 1 SG measurement every 4-5 m) using the water immersion method. SG measurements are also collected systematically from host rock samples (i.e., non-pegmatite). Core sampling was guided by rock type as determined during geological logging (i.e., by a geologist). All pegmatite intervals were sampled in their entirety, regardless of whether mineralization was noted or not (in order to ensure an unbiased sampling approach) in addition to ~1 to 3 m of sampling into the adjacent host rock (dependent on pegmatite interval length) to "bookend" the sampled pegmatite. The minimum individual sample length is typically 0.3-0.5 m and the maximum sample length is typically 2.0 m. Targeted individual pegmatite sample lengths are 1.0 to 1.5 m. All drill core was saw-cut, using an Almonte automatic core saw in 2022, 2023, and 2024 with one half-core collected for assay, and the other half-core remaining in the box for reference. Channels were geologically logged upon collection on an individual sample basis; however, were not geotechnically logged. Channel recovery was effectively 100%. The logging of drill core and channels was qualitative by nature, and included estimates of spodumene grain size, inclusions, and model mineral estimates. These logging practices meet or exceed current industry standard practices and are of appropriate detail to support a Mineral Resource estimation and disclosure herein. All core samples were bagged and sealed individually, and then placed in large supersacs for added security, palleted, and shipped by third party transport, or directly by representatives of the Company, to the designated sample preparation laboratory of SGS Canada Inc. ("SGS Canada") in either Lakefield, ON, Val-d'Or, QC, or Radisson, QC, in 2022, 2023, and 2024, being tracked during shipment along with chain of custody documentation. Upon arrival at the laboratory, the samples were cross-referenced with the shipping manifest to confirm all samples were accounted for and had not been tampered with. SAMPLE ANALYSIS METHOD AND QUALITY CONTROL Core samples collected from 2022 and 2023 drill holes were shipped to SGS Canada's laboratory in Lakefield, ON for standard sample preparation (code PRP89) which included drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. Core samples collected from 2023 drill holes CV23-108 through 365 were shipped to SGS Canada's laboratory in Val-d'Or, QC, for standard sample preparation (code PRP89). Core samples collected from 2024 drill holes were shipped to SGS Canada's laboratory in either Val-d'Or, QC, or Radisson, QC, for a sample preparation (code PRP90 special) which includes drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. All 2022, 2023, and 2024 (through drill hole CV24-787) core sample pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). SGS Canada is a commercial lab with the relevant accreditations (ISO 17025) and is independent of the Company. A Quality Assurance / Quality Control (QAQC) protocol following industry best practices was incorporated into the drill programs and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates (through hole CV23-190 only), at a rate of approximately 5% each. Additionally, analysis of pulp-split and coarse-split (through hole CV23-365 only) sample duplicates were completed to assess analytical precision at different stages of the laboratory preparation process, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation at a secondary lab (ALS Canada in 2022, 2023, and 2024). Channel samples collected were shipped to Val-d'Or, QC for standard sample preparation with the pulps shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). Overlimits for caesium, completed in Lakefield, ON, are requested when the analytical result exceeds the upper detection limit (10,000 ppm Cs) of the GE_ICP91A50 and GE_IMS91A50 analytical packages. The overlimit package used for caesium is either GC_AAS49C – acid digestion for alkaline elements or GC_XRF76V – borate fusion XRF. Both caesium overlimit packages report Cs in %. A QAQC protocol following industry best practices was incorporated into the channel programs and included systematic insertion of quartz blanks and certified reference materials into sample batches. CRITERIA USED FOR CLASSIFICATION The Consolidated MRE classification has been completed in accordance with the NI 43-101, JORC 2012, and CIM Definition Standards for Mineral Resources and Reserves reporting guidelines. All reported Mineral Resources have been constrained by conceptual open-pit or underground mineable shapes to demonstrate reasonable prospects for eventual economic extraction ("RPEEE"). Blocks were classified as Indicated when drill spacing was 70 m or lower, blocks were estimated with at least 2 drill holes, and meeting the minimum estimation criteria parameters. Geological continuity and a minimum thickness of 2 m were mandatory, as well grade continuity demonstrated at the reported cut-off grade. Blocks were classified Inferred when drill spacing was between 70 m and 140 m and meeting the minimum estimation criteria parameters. Geological continuity and a minimum thickness of 2 m were also mandatory. There are no measured classified blocks. Pegmatite dykes or extension with lower level of information / confidence were also not classified. Classification shapes are created around contiguous blocks at the stated criteria with consideration for the selected mining method. The MRE appropriately reflects the view of the Competent Person. ESTIMATION METHODOLOGY Compositing was done every 1.0 m for the pegmatite and every 0.5 m for the caesium enriched zones. Unsampled intervals were assigned a grade of 0.0005% Li, 0.25 ppm Ta, and 0.05 ppm Cs. Capping was done after compositing. Based on the statistical analysis capping varies by lithological domain. For the CV13 Pegmatite dykes, it was determined that no capping was required for Li 2 O, but Ta 2 O 5 was capped at 3,000 ppm for 3 domains (CV13_100, CV13_101, and CV13_100C) and at 1,200 ppm for the remaining 20 domains. No capping was applied for Cs 2 O. Variography analysis did not yield a well-structured variogram. On CV13, Li 2 O, Ta 2 O 5, and Cs 2 O were estimated using ID2 in Leapfrog Edge. The twenty-three (23) different pegmatite domains were separated into 3 groups with the same orientation. Vega and Rigel were estimated according to the same criteria based on the zones in which they are enclosed. Different orientated search ellipsoids per group of domains were used to select data and interpolate Li 2 O and Ta 2 O 5 grades respectively in successively less restrictive passes. The ellipse sizes and anisotropies were based on the variography, drillhole spacing, and pegmatite geometry. The ellipsoid ranges of the first pass is 0.5 x 2nd structure, the second pass is one (1) x 2nd structure and the third pass is two (2) x 2nd structure. For the first and second pass interpolation a minimum of three (3) composites and a maximum of eight (8) composites with a minimum of two (2) holes were needed to interpolate. For the third pass a minimum of two (2) composites with a maximum of eight (8) without a minimum per hole was used. Variable search ellipse orientations (dynamic anisotropy) were used to interpolate the dykes. Spatial anisotropy of the dykes is respected during estimation using Leapfrog Edge's Variable Orientation tool. The search ellipse follows the trend of the central reference plane of each dyke. Parent cells of 10 m x 5 m x 5 m, subblocked four (4) times in each direction (for minimum subcells of 2.5 m in x, 1.25 m in y, and 1.25 m in z were used. Subblocks are triggered by the geological model. Li 2 O, Ta 2 O 5, and Cs 2 O grades are estimated on the parent cells and automatically populated to subblocks. The CV5 and CV13 block model is rotated around the Z axis (Leapfrog 340°). Hard boundaries between all the pegmatite domains were used for all Li 2 O, Ta 2 O 5, and Cs 2 O estimates. For CV5, the MRE includes blocks within the pit shell above the cut-off grade of 0.40% Li 2 O or all blocks within underground mining shapes constructed with a 0.60% cut-off grade. For CV13, the MRE includes blocks within the pit shell above the cut-off grade of 0.40% Li 2 O and blocks under the cut-off grade of 0.40% Li 2 O, but above 0.5% Cs 2 O that are enclosed within the enriched caesium zones or all blocks within underground mining shapes constructed with a 0.70% Li 2 O cut-off grade. Validation of the block model was performed using Swath Plots, nearest neighbours grade estimates, global means comparisons, and by visual inspection in 3D and along plan views and cross-sections. CUT-OFF GRADE AND BASIS FOR SELECTION The cut-off grade ("COG") adopted for the CV13 Pegmatite is based on lithium at 0.40% Li 2 O for open-pit resources and 0.70% Li 2 O for underground resources. It has been determined based on operational cost estimates, primarily through benchmarking, for mining (open-pit and underground methods), tailings management, G&A, and concentrate transport costs from the mine site to Bécancour, QC, as the base case. Process recovery assumed a Dense Media Separation ("DMS") only operation at approximately 70% average recovery into a 5.5% Li 2 O spodumene concentrate. A long-term average SC 6.0 spodumene concentrate price of US $1,500 was assumed with USD/CAD exchange rate of 0.70. A royalty of 2% was applied. Mineral Resources for the Rigel and Vega caesium zones are hosted within the CV13 Pegmatite's open-pit conceptual mining shape, irrespective of lithium COG. A grade constraint of 0.50% Cs 2 O was used to model the Rigel and Vega caesium zones based on mineral processing analogues and mineralogical analysis supporting pollucite as the predominant Cs-bearing mineral present. MINING & METALLURGICAL METHODS AND PARAMETERS, AND OTHER MODIFYING FACTORS CONSIDERED Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, economic, or other relevant issues. The extraction scenario constraint retained for the MRE at the CV13 Spodumene Pegmatite is mainly open-pit. A pit slope of 45° was assumed, resulting in a strip ratio of 10 (waste to minable resource) at a revenue factor of 1. The Mineral Resources for the Vega and Rigel caesium zones are contained entirely within the open-pit conceptual mining shape used to determine the CV13 Pegmatite's MRE. The metallurgical assumptions for recovery of caesium at the Rigel and Vega caesium zones are supported by historical and active commercial operations at other pollucite-hosted caesium pegmatites globally. The flowsheets from these operations are viewed as reasonable analogues to a mineral processing flowsheet applicable to Rigel and Vega. These methods included crushing followed by x-ray ore sorting to recover the pollucite, with the tailings fractions further processed by a combination of dense media separation ("DMS"), flotation, magnetics, and gravity methods to recover additional pollucite as well as spodumene (lithium) and tantalite (tantalite). The Company has initiated a scoping x-ray ore sorting program as an initial step in evaluating pollucite recovery at the Project, which is anticipated to be completed later this year. Various mandates required for advancing the Rigel and Vega Caesium Zone MREs towards economic studies have been initiated, including but not limited to, environmental baseline, metallurgy, geomechanics, stakeholder engagement, and geochemical characterization. QUALIFIED/COMPETENT PERSON The information in this news release that relates to the Consolidated MRE for the Shaakichiuwaanaan Project (CV5 and CV13 spodumene pegmatites, including the Caesium Zone MRE), as well as other relevant technical information for the Property, is based on, and fairly represents, information compiled by Mr. Todd McCracken, who is a Qualified Person as defined by NI 43-101, and member in good standing with the Ordre des Géologues du Québec (OGQ) and with the Professional Geoscientists of Ontario. Mr. McCracken has reviewed and approved the technical information in this news release. Mr. McCracken is Director – Mining & Geology – Central Canada, of BBA Engineering Ltd. and is independent of the Company. Mr. McCracken does not hold any securities in the Company. The information in this news release that relates to the mineral processing for the Consolidated MRE (including the Caesium Zone MRE) is based on, and fairly represents, information compiled by Ryan Cunningham, who is a Qualified Person as defined by NI 43-101, and member in good standing with the Ordre des ingénieurs du Québec (OIQ). Mr. Cunningham has reviewed and approved the mineral processing technical information in this news release. Mr. Cunningham is a process engineer for Primero Group Americas Inc. and is independent of the Company. Mr. Cunningham does not hold any securities in the Company. Mr. McCracken and Mr. Cunningham have sufficient experience, which is relevant to the style of mineralization, type of deposit under consideration, and to the activities being undertaken to qualify as a Competent Person as described by the JORC Code, 2012. Mr. McCracken and Mr. Cunningham consent to the inclusion in this news release of the matters based on his information in the form and context in which it appears. Table 4: Attributes for drill holes and channels included in the Rigel and Vega caesium zones (CV13). Hole ID Hole Type Substrate Total Depth (m) Azimuth (°) Dip (°) Easting Northing Elevation (m) Core Size Caesium Zone CV23-198 DD Land 98.0 140 -80 565126.2 5928036.0 432.4 NQ Rigel CV23-191 DD Land 308.2 170 -45 565125.9 5928034.9 432.4 NQ Rigel CV23-204 DD Land 262.9 130 -80 565057.6 5927954.3 419.2 NQ Rigel CV23-207 DD Land 278.0 140 -45 565058.1 5927953.0 419.0 NQ Rigel CV23-255 DD Land 131.2 80 -45 564936.2 5927944.4 417.7 NQ Rigel CV23-271 DD Land 149.2 110 -75 565068.5 5927999.1 429.0 NQ Rigel CH23-069 TR Land 6.8 26 -36 565393.2 5928283.7 418.1 n/a Vega CV22-101 DD Land 245.1 140 -65 565795.1 5928473.5 382.7 NQ Vega CV23-311 DD Land 421.9 140 -45 565394.5 5928309.7 414.3 NQ Vega CV23-322 DD Land 404.1 140 -90 565393.9 5928310.4 414.9 NQ Vega CV23-348 DD Land 386.0 140 -90 565420.9 5928393.8 405.3 NQ Vega CV23-365 DD Land 322.9 140 -90 565551.9 5928455.4 394.9 NQ Vega CV24-470 DD Land 281.3 320 -80 565430.9 5928494.3 393.9 NQ Vega CV24-487 DD Land 308.1 140 -45 565807.6 5928565.2 378.9 NQ Vega CV24-492 DD Land 290.4 140 -45 565697.4 5928512.1 385.7 NQ Vega CV24-498 DD Land 218.0 140 -45 565467.1 5928559.6 387.9 NQ Vega CV24-507 DD Land 187.0 0 -90 565466.6 5928560.1 387.7 NQ Vega CV24-508 DD Land 152.0 140 -45 565710.4 5928599.6 382.2 NQ Vega CV24-510 DD Land 239.0 270 -55 565458.5 5928561.1 387.8 NQ Vega CV24-513 DD Land 171.2 320 -75 565707.2 5928604.4 381.9 NQ Vega CV24-519 DD Land 248.0 140 -45 565599.7 5928537.4 385.4 NQ Vega CV24-520 DD Land 243.7 320 -60 565459.7 5928564.3 387.4 NQ Vega CV24-524 DD Land 209.0 20 -60 565464.9 5928560.5 387.7 NQ Vega CV24-525 DD Land 161.0 320 -75 565596.8 5928540.8 385.1 NQ Vega CV24-571 DD Land 236.1 90 -65 565032.3 5928630.7 398.2 NQ Vega CV24-579 DD Land 215.0 0 -90 565031.7 5928630.6 398.2 NQ Vega CV24-582 DD Land 227.2 10 -65 565031.2 5928632.1 398.3 NQ Vega CV24-747 DD Land 281.0 20 -60 565266.8 5928409.4 412.5 NQ Vega CV24-754 DD Land 235.9 280 -65 565288.0 5928612.6 390.0 NQ Vega CV24-757 DD Land 305.3 70 -45 565269.4 5928408.3 412.8 NQ Vega CV24-761 DD Land 227.1 0 -90 565289.2 5928610.8 390.0 NQ Vega CV24-771 DD Land 164.3 0 -90 565267.5 5928407.2 413.1 NQ Vega CV24-773 DD Land 200.0 35 -55 565291.6 5928615.0 389.7 NQ Vega (1) Coordinate system NAD83 / UTM zone 18N; (2) DD = diamond drill, TR = channel; (3) DD azimuths and dips presented are those 'planned' and may vary off collar/downhole. APPENDIX 1 – JORC CODE 2012 TABLE 1 (ASX LISTING RULE 5.8.2) Section 1 – Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralization that are Material to the Public Report. • In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (eg submarine nodules) may warrant disclosure of detailed information. • Core sampling protocols meet industry standard practices. • Core sampling is guided by lithology as determined during geological logging (i.e., by a geologist). All pegmatite intervals are sampled in their entirety (half-core), regardless if spodumene mineralization is noted or not (in order to ensure an unbiased sampling approach) in addition to ~1 to 3 m of sampling into the adjacent host rock (dependent on pegmatite interval length) to "bookend" the sampled pegmatite. • The minimum individual sample length is typically 0.5 m and the maximum sample length is typically 2.0 m. Targeted individual pegmatite sample lengths are 1.0 to 1.5 m. • All drill core is oriented to maximum foliation prior to logging and sampling and is cut with a core saw into half-core pieces, with one half-core collected for assay, and the other half-core remaining in the box for reference. • Core samples collected from 2022 and 2023 drill holes CV22-015 through CV23-107 were shipped to SGS Canada's laboratory in either Lakefield, ON for standard sample preparation (code PRP89) which included drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. Core samples collected from 2023 drill holes CV23-108 through 365 were shipped to SGS Canada's laboratory in Val-d'Or, QC, for standard sample preparation (code PRP89). • Core samples collected from 2024 drill holes were shipped to SGS Canada's laboratory in Val-d'Or, QC, or Radisson, QC, for sample preparation (code PRP90 special) which included drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. • All drill core sample pulps from 2022, 2023, and 2024 were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). • Channel sampling followed best industry practices with a 3 to 5 cm wide, saw-cut channel completed across the pegmatite outcrop as practical, perpendicular to the interpreted pegmatite strike. Samples were collected at ~0.5 to 1 m contiguous intervals with the channel bearing noted, and GPS coordinate collected at the start and end points of the channel. • All channel samples collected were shipped to SGS Canada's laboratory in Val-d'Or, QC, for standard preparation. Pulps were analyzed at SGS Canada's laboratory in Burnaby, BC (2022, 2023, and 2024), for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish. • Overlimits for caesium, completed in Lakefield, ON, are requested when the analytical result exceeds the upper detection limit (10,000 ppm Cs) of the GE_ICP91A50 and GE_IMS91A50 analytical packages. The overlimit package used for caesium is either GC_AAS49C – acid digestion for alkaline elements or GC_XRF76V – borate fusion XRF. Both caesium overlimit packages report Cs in %. Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • NQ size core diamond drilling was completed for all holes informing the Rigel and Vega Caesium Zone MREs. Core was not oriented. However, downhole OTV-ATV surveys were completed to various depths on multiple holes within the wider CV13 Pegmatite to assess overall structure. • The sampling of continuous channels of outcrop, coupled with locational data at the same accuracy as drill hole locational data, allowed the channels to be treated as horizontal drill holes for the purposes of modelling and resource estimation. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximize sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • All drill core was geotechnically logged following industry standard practices, and include TCR, RQD, ISRM, and Q-Method (since mid-winter 2023). Core recovery typically exceeds 90%. • Channel samples were not geotechnically logged. Channel recovery was effectively 100%. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. • Upon receipt at the core shack, all drill core is pieced together, oriented to maximum foliation, metre marked, geotechnically logged (including structure), alteration logged, geologically logged, and sample logged on an individual sample basis. Core box photos are also collected of all core drilled, regardless of perceived mineralization. Specific gravity measurements of pegmatite are also collected at systematic intervals for all pegmatite drill core using the water immersion method, as well as select host rock drill core. • Channel samples were geologically logged upon collection on an individual sample basis. Channel samples were not geotechnically logged. • The logging is qualitative by nature, and includes estimates of spodumene grain size, inclusions, and model mineral estimates. • These logging practices meet or exceed current industry standard practices. Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximize representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • Drill core sampling follows industry best practices. Drill core was saw-cut with half-core sent for geochemical analysis and half-core remaining in the box for reference. The same side of the core was sampled to maintain representativeness. • Channels were saw-cut with the full channel being sent for analysis at ~0.5 to 1.0 m sample intervals. • Sample sizes are considered appropriate for the material being assayed. • A Quality Assurance / Quality Control (QAQC) protocol following industry best practices was incorporated into the drill programs and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates (through hole CV23-190 only), at a rate of approximately 5% each. Additionally, analysis of pulp-split and coarse-split (through hole CV23-365 only) sample duplicates were completed to assess analytical precision at different stages of the laboratory preparation process, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation at a secondary lab (ALS Canada in 2022, 2023, and 2024). All protocols employed are considered appropriate for the sample type and nature of mineralization and are considered the optimal approach for maintaining representativeness in sampling. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. • Core samples collected from 2022 and 2023 drill holes CV22-015 through CV23-107 were shipped to SGS Canada's laboratory in either Lakefield, ON for standard sample preparation (code PRP89) which included drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. Core samples collected from 2023 drill holes CV23-108 through 365 were shipped to SGS Canada's laboratory in Val-d'Or, QC, for standard sample preparation (code PRP89). • Core samples collected from 2024 drill holes were shipped to SGS Canada's laboratory in Val-d'Or, QC, or Radisson, QC, for sample preparation (code PRP90 special) which included drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. • All drill core sample pulps from 2022, 2023, and 2024 were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). • All channel samples collected were shipped to SGS Canada's laboratory in Lakefield, ON, or Val-d'Or, QC, for standard preparation. Pulps were analyzed at SGS Canada's laboratory in Burnaby, BC (2022, 2023, and 2024), for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish. • Overlimits for caesium, completed in Lakefield, ON, are requested when the analytical result exceeds the upper detection limit (10,000 ppm Cs) of the GE_ICP91A50 and GE_IMS91A50 analytical packages. The overlimit package used for caesium is either GC_AAS49C – acid digestion for alkaline elements or GC_XRF76V – borate fusion XRF. Both caesium overlimit packages report Cs in %. • The Company relies on both its internal QAQC protocols (systematic use of blanks, certified reference materials, and external checks), as well as the laboratory's internal QAQC. • All protocols employed are considered appropriate for the sample type and nature of mineralization and are considered the optimal approach for maintaining representativeness in sampling. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Intervals are reviewed and compiled by the VP Exploration and Project Managers prior to disclosure, including a review of the Company's internal QAQC sample analytical data. • No twinned holes were completed. • Data capture utilizes MX Deposit software whereby core logging data is entered directly into the software for storage, including direct import of laboratory analytical certificates as they are received. The Company employs various on-site and post QAQC protocols to ensure data integrity and accuracy. • Adjustments to data include reporting lithium and tantalum in their oxide forms, as it is reported in elemental form in the assay certificates. Formulas used are Li 2 O = Li x 2.153, Ta 2 O 5 = Ta x 1.221, and Cs 2 O = Cs x 1.0602 Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • Each drill hole collar and channel end points have been surveyed with a RTK Topcon GR-5 or RTK Trimble Zephyr 3. • The coordinate system used is UTM NAD83 Zone 18. • The Company completed a property-wide LiDAR and orthophoto survey in August 2022, which provides high-quality topographic control. • The quality and accuracy of the topographic controls are considered adequate for advanced stage exploration and development, including Mineral Resource estimation. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • At CV13, drill hole spacing is a combination of grid based (at ~100 m spacing) and fan based with multiple holes collared from the same pad. Therefore, collar locations and hole orientations may vary widely, which reflect the varied orientation of the pegmatite body along strike. Pegmatite pierce points of ~50 (Indicated) to 100 m (Inferred) spacing are targeted. • At Rigel, drill hole pegmatite pierce points range from ~40 m to 80 m and at Vega range from ~50 to 100 m. • Based on the nature of the mineralization and continuity in geological modelling, the drill hole spacing is sufficient to support a MRE. • Core sample lengths typically range from 0.5 to 2.0 m and average ~1.0 to 1.5 m. Sampling is continuous within all pegmatite encountered in the drill hole. • Core samples are not composited upon collection or for analysis. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralized structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • No sampling bias is anticipated based on structure within the mineralized body. • The principal mineralized bodies are relatively undeformed and very competent, although have meaningful structural control. • At CV13, the principal pegmatite body has a varied strike and shallow northerly dip. The Rigel and Vega zones are hosted entirely within the CV13 Pegmatite. • Using the 0.5% Cs 2 O grade constraint, the footprint of caesium mineralization at the Vega Zone has been traced over a general area of at least 800 m x 250 m and consists of two proximal flat-lying lenses, at a depth of ~110 m, with a true thickness of <2 m and up to ~10 m and ~6 m, respectively. At Rigel, the footprint of caesium mineralization has been traced over a general area of least 200 m x 100 m and consists of a single, shallow dipping lens at a depth of ~50 m with a true thickness of <2 m to ~6 m. Sample security • The measures taken to ensure sample security. • Samples were collected by Company staff or its consultants following project specific protocols governing sample collection and handling. Core samples were bagged, placed in large supersacs for added security, palleted, and shipped by third party transport, or directly by representatives of the Company, to the designated sample preparation laboratory (Lakefield, ON, in 2022 and 2023, Val-d'Or, QC, in 2023 and 2024, and Radisson in 2024) being tracked during shipment along with chain of custody documents. Upon arrival at the laboratory, the samples were cross-referenced with the shipping manifest to confirm all samples were accounted for. At the laboratory, sample bags were evaluated for tampering. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • A review of the sample procedures through the Company's 2024 winter drill program (through CV24-526) was completed by an independent Competent Person with respect to the MRE (CV5 & CV13 pegmatites) and deemed adequate and acceptable to industry best practices (discussed in a technical report titled "NI 43–101 Technical Report, Preliminary Economic Assessment for the Shaakichiuwaanaan Project, James Bay Region, Quebec, Canada" by Todd McCracken, Hugo Latulippe, Shane Ghouralal, MBA, and Luciano Piciacchia, Ph.D., of BBA Engineering Ltd., Ryan Cunningham, of Primero Group Americas Inc., and Nathalie Fortin, of WSP Canada Inc., Effective Date of August 21, 2024, and Issue Date of September 12, 2024. • Additionally, the Company continually reviews and evaluates its procedures in order to optimize and ensure compliance at all levels of sample data collection and handling. Section 2 – Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The Shaakichiuwaanaan Property (formerly called "Corvette") is comprised of 463 Exclusive Exploration Rights ("EER") (formerly known as CDC claims) located in the James Bay Region of Quebec, with Lithium Innova Inc. (wholly owned subsidiary of Patriot Battery Metals Inc.) being the registered title holder for all of the claims. The northern border of the Property's primary claim block is located within approximately 6 km to the south of the Trans-Taiga Road and powerline infrastructure corridor. The CV5 Pegmatite is accessible year-round by all-season road is situated approximately 13.5 km south of the regional and all–weather Trans-Taiga Road and powerline infrastructure. The CV13 Pegmatite is located approximately 3 km west-southwest of CV5. • The Company holds 100% interest in the Property subject to various royalty obligations depending on original acquisition agreements. DG Resources Management holds a 2% NSR (no buyback) on 76 claims, D.B.A. Canadian Mining House holds a 2% NSR on 50 claims (half buyback for $2M), OR Royalties holds a sliding scale NSR of 1.5-3.5% on precious metals, and 2% on all other products, over 111 claims, and Azimut Exploration holds 2% NSR on 39 claims. • The Rigel Caesium Zone is located on royalty free ground staked directly by the Company. The Vega Caesium Zone is subject to a 2% NSR (half buyback for $2M) held by D.B.A. Canadian Mining House. • The Property does not overlap any atypically sensitive environmental areas or parks, or historical sites to the knowledge of the Company. There are no known hinderances to operating at the Property, apart from the goose harvesting season (typically mid-April to mid-May) where the communities request helicopter flying not be completed, and potentially wildfires depending on the season, scale, and location. • Claim expiry dates range from January 2026 to November 2027. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • No core assay results from other parties are disclosed herein. • The most recent independent Property review was a technical report titled "NI 43–101 Technical Report, Preliminary Economic Assessment for the Shaakichiuwaanaan Project, James Bay Region, Quebec, Canada" by Todd McCracken, Hugo Latulippe, Shane Ghouralal, MBA, and Luciano Piciacchia, Ph.D., of BBA Engineering Ltd., Ryan Cunningham, of Primero Group Americas Inc., and Nathalie Fortin, of WSP Canada Inc., Effective Date of August 21, 2024, and Issue Date of September 12, 2024. Geology • Deposit type, geological setting and style of mineralization. • The Property overlies a large portion of the Lac Guyer Greenstone Belt, considered part of the larger La Grande River Greenstone Belt and is dominated by volcanic rocks metamorphosed to amphibolite facies. The claim block is dominantly host to rocks of the Guyer Group (amphibolite, iron formation, intermediate to mafic volcanics, peridotite, pyroxenite, komatiite, as well as felsic volcanics). The amphibolite rocks that trend east-west (generally steeply south dipping) through this region are bordered to the north by the Magin Formation (conglomerate and wacke) and to the south by an assemblage of tonalite, granodiorite, and diorite, in addition to metasediments of the Marbot Group (conglomerate, wacke). Several regional-scale Proterozoic gabbroic dykes also cut through portions of the Property (Lac Spirt Dykes, Senneterre Dykes). • The geological setting is prospective for gold, silver, base metals, platinum group elements, and lithium over several different deposit styles including orogenic gold (Au), volcanogenic massive sulfide (Cu, Au, Ag), komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and pegmatite (Li, Cs, Ta). • Exploration of the Property has outlined three primary mineral exploration trends crossing dominantly east-west over large portions of the Property – Golden Trend (gold), Maven Trend (copper, gold, silver), and CV Trend (lithium, caesium, tantalum). The CV5 and CV13 spodumene pegmatites, including the Rigel and Vega zones, are situated within the CV Trend. The pegmatites at Shaakichiuwaanaan are categorized as LCT Pegmatites. • Caesium mineralization at the Property is observed to occur within quartz-feldspar pegmatite, which may be exposed at surface as high relief 'whale-back' landforms. The pegmatite is often very coarse-grained and off-white in appearance, with darker sections commonly composed of mica and smoky quartz, and occasional tourmaline. • The Vega and Rigel zones – nested entirely within the CV13 Pegmatite – are marked by significant occurrences pollucite-hosted caesium. The pollucite is typically centimetre to decimetre-metre scale, presenting as clear to whitish-grey in colour with common late-stage veining of white pollucite or spodumene, or purple lepidolite as well as common white flecks. The pollucite also commonly occurs with significant amounts of spodumene (lithium) and tantalite (tantalum). Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • Drill hole attribute information is included in a table herein. • Drilling results have been previously released by the Company in accordance with disclosure obligations and are not reproduced herein. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • Length weighted averages were used to calculate grade over width. • No metal equivalents have been reported. Relationship between mineralization widths and i ntercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known'). • At CV13, current interpretation supports a series of sub-parallel trending sills with a flat-lying to shallow northerly dip (collectively, the 'CV13 Spodumene Pegmatite'). Within the CV13 Pegmatite body are the Rigel and Vega zones, which follow the local trend of the wider pegmatite body. • All reported widths are core length. Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Please refer to the figures included herein as well as those posted on the Company's website. Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • Drilling results have been previously released by the Company in accordance with disclosure obligations and are not reproduced herein. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • The Company is currently completing site environmental work over the CV5 and CV13 pegmatite area. No endangered flora or fauna have been documented over the Property to date, and several sites have been identified as potentially suitable for mine infrastructure. • Mineral Resources for the Rigel and Vega zones are hosted within the CV13 Pegmatite's open-pit conceptual mining shape, irrespective of lithium COG. A grade constraint of 0.50% Cs 2 O has been used to model the Rigel and Vega caesium zones based on mineral processing analogues and mineralogical analysis supporting pollucite as the predominant Cs-bearing mineral present. • Various mandates required for advancing the Rigel and Vega MREs towards economic studies have been initiated, including but not limited to, environmental baseline, metallurgy, geomechanics, stakeholder engagement, and geochemical characterization. Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • The Company intends to continue drilling the pegmatites of the Shaakichiuwaanaan Property, including the CV5 Pegmatite, CV13 Pegmatite (including Rigel and Vega zones), CV12 Pegmatite, and related prospective corridors. Section 3 – Estimate and Reporting of Mineral Resources Criteria JORC Code explanation Commentary Database integrity • Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. • Data validation procedures used. • Data capture utilizes MX Deposit database software whereby core logging data is entered directly into the software for storage, including direct import of laboratory analytical certificates as they are received. Collar and downhole deviation surveys are also validated and stored in MX Deposit database software. The Company employs various on-site and post initial QAQC protocols to ensure data integrity and accuracy. • Drill hole collar points were validated against LiDAR topographic data. • The drill hole database was further validated by the independent Competent Person for the MRE, including missing sample intervals, overlapping intervals, and various missing data (survey, collar coordinates, assays, rock type, etc.) • All the analytical certificates applicable to the Consolidated MRE were validated against the assays present in the database for Li, Cs, Ta, and Ga. • No significant errors in the database were discovered. The database is considered validated and of high quality, and therefore sufficient to support the Caesium Zone MRE. Site visits • Comment on any site visits undertaken by the Competent Person and the outcome of those visits. • If no site visits have been undertaken indicate why this is the case. • Todd McCracken (Competent Person) of BBA Engineering Ltd., completed site visits to the Property from April 7 to 11, 2023, and June 4 to 7, 2024. • Core from various drill holes from CV5 and CV13 from the 2023 and 2024 drill program was viewed and core processing protocols reviewed with site geologists. Drilling was active during the 2023 site visit. • Several of the CV13 pegmatite outcrops were visited, and various collar locations were visited and GPS coordinates checked against the database. • Pulp samples were selected for check analysis from holes selected by the Competent Person. • No significant issues were found with the protocols practiced on site. The Competent Person considers the QAQC and procedures adopted by the Company to be of a high standard. Geological interpretation • Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. • Nature of the data used and of any assumptions made. • The effect, if any, of alternative interpretations on Mineral Resource estimation. • The use of geology in guiding and controlling Mineral Resource estimation. • The factors affecting continuity both of grade and geology. • The CV13, Rigel, and Vega geological models were built in Leapfrog Geo using MX Deposit database, through an iterative and interpretive process by Project Geologists and VP Exploration, and validated by the Competent Person. • The CV13 Pegmatite was geological modelled as veins for all of its lenses. The Rigel and Vega caesium zone models were built using a 0.50% Cs 2 O grade constraint within the wider CV13 Pegmatite body. • A combination of implicit and explicit modelling methods was used, defined by geologically logged drill intersections, channel samples, and outcrop mapping, with external geological controls, including measured contact orientations, cross-sectional polylines, and surface polyline controls to ensure the model follows geological interpretation, validation, and reasonable extensions along trend and dip. • The geological interpretation of CV13, Rigel, and Vega geological models are robust. Alternative interpretations are unlikely to materially alter the Caesium Zone MRE. • Drilling density is the primary factor in assessing the interpreted continuity of both grade and geology. The current drill density is sufficient to support the Caesium Zone MRE. The controlling factors on mineralization are not fully understood but meaningful structural control is interpreted. Dimensions • The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource. • The CV13 portion of the MRE includes multiple individual spodumene pegmatite dykes that have been modelled, with three appearing to be dominant. The pegmatite bodies are coincident with the apex of a regional structural flexure where the west arm trends ~290° and the east arm at ~230°. Drilling to date indicates the east arm includes significantly more pegmatite stacking compared to the west, and also carries a significant amount of the overall CV13 Pegmatite tonnage and lithium grade, highlighted by the high-grade Vega Zone (lithium). • The Rigel Caesium Zone is situated at the apex of the two CV13 Pegmatite's 2 arms. At Rigel, the footprint of caesium mineralization has been traced over a general area of least 200 m x 100 m and consists of a single, shallow dipping lens at a depth of ~50 m with a true thickness of <2 m to ~6 m. • The Vega Caesium Zone is coincident with the Vega Lithium Zone situated at the CV13 Pegmatite's east arm. The caesium zone is effectively a sub-component of the wider lithium zone. Estimation and modelling techniques • The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. • The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. • The assumptions made regarding recovery of by-products. • Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). • In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. • Any assumptions behind modelling of selective mining units. • Any assumptions about correlation between variables. • Description of how the geological interpretation was used to control the resource estimates. • Discussion of basis for using or not using grade cutting or capping. • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available. • Compositing was done every 1.0 m for the pegmatite domains and every 0.5 m for the caesium enriched zones. Unsampled intervals were assigned a grade of 0.0005% Li, 0.25 ppm Ta, and 0.05 ppm Cs. Capping was done after compositing. Based on the statistical analysis capping varies by lithological domain. • For CV13 zones, it was determined that no capping was required for Li 2 O and Cs 2 O, but Ta 2 O 5 was capped at 3,000 ppm for Vega, CV13_100 and CV13_100C, and at 1,200 ppm for all remaining domains. • Variography was done both in Leapfrog Edge and Supervisor. • At CV13, variography analysis did not yield a well-structured variogram. On CV13, Li 2 O, Ta 2 O 5, and Cs 2 O were estimated using Inverse Distance Squared (ID 2) in Leapfrog Edge. • The twenty-three (23) different pegmatite domains were separated in 3 groups with the same orientation. Vega and Rigel were estimated according to the same criteria based on the zones in which they are enclosed. Three (3) different orientated search ellipsoids per group of domains were used to select data and interpolate Li 2 O, Ta 2 O 5, and Cs 2 O grades respectively in successively less restrictive passes. The ellipse sizes and anisotropies were based on the variography, drillhole spacing, and pegmatite geometry. For Li 2 O and Cs 2 O, the ellipsoids for CV13_100 group were 80 m x 45 m x 10 m, 160 m x 90 m x 20 m, and 320 m x 180 m x 40 m; for CV13_101 group the ellipsoids were 60 x 50 x 20, 120 x 100 x 40, and 240 x 200 x 80; and for the CV13_090 group, the ellipsoids were 60 x 35 x 10, 120 x 70 x 20, and 240 x 140 x 40. For Ta2O5 , the ellipsoids for CV13_100 group were 55 m x 35 m x 10 m, 110 m x 70 m x 20 m, and 220 m x 140 m x 40 m; for CV13_101 group the ellipsoids were 35 x 30 x 20, 70 x 60 x 40, and 140 x 120 x 80; and for the CV13_090 group, the ellipsoids were 50 x 60 x 10, 100 x 120 x 20, and 200 x 240 x 40. For the first and second pass interpolation a minimum of three (3) composites and a maximum of eight (8) composites with a minimum of two (2) holes were needed to interpolate. For the third pass a minimum of two (2) composites with a maximum of eight (8) without a minimum per hole was used. Variable search ellipse orientations (dynamic anisotropy) were used to interpolate the dykes. Spatial anisotropy of the dykes is respected during estimation using Leapfrog Edge's Variable Orientation tool. The search ellipse follows the trend of the central reference plane of each dyke. • Parent cells of 10 m x 5 m x 5 m, subblocked four (4) times in each direction (for minimum subcells of 2.5 m in x, 1.25 m in y, and 1.25 m in z were used. Subblocks are triggered by the geological model. Li 2 O, Ta 2 O 5, and Cs 2 O grades are estimated on the parent cells and automatically populated to subblocks. • The block model is rotated around the Z axis (Leapfrog 340°). • Hard boundaries between all the pegmatite domains were used for all Li 2 O, Ta 2 O 5, and Cs 2 O estimates. • Validation of the block model was performed using Swath Plots, nearest neighbours grade estimates, global means comparisons, and by visual inspection in 3D and along plan views and cross-sections. Moisture • Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content. • Tonnages are reported on a dry basis. Cut-off parameters • The basis of the adopted cut-off grade(s) or quality parameters applied. • The Caesium Zone Mineral Resources are hosted within the CV13 Pegmatite's open-pit conceptual mining shape, irrespective of lithium COG. A grade constraint of 0.50% Cs 2 O has been used to model the Rigel and Vega caesium zones based on mineral processing analogues and mineralogical analysis supporting pollucite as the predominant Cs-bearing mineral present. • For the CV13 Pegmatite, the open pit cut-off grade is 0.40% Li 2 O and determined based on operational cost estimates, primarily through benchmarking and an internal trade-off study, for mining ($5.47/t mined for minable resource, waste or overburden, processing ($14.91/t milled), tailings management ($3.45/t milled), G&A ($18.88/t milled), and concentrate transport costs ($226.74/t mine site to Becancour, QC). Process recovery assumed a Dense Media Separation (DMS) only operation at approximately 70% overall recovery based on processing recovery formula of Recovery % = 75% × (1-e^(-1.995(Li 2 O Feed Grade %) ) )into a 5.5% Li 2 O spodumene concentrate. A long-term average SC6.0 spodumene concentrate price of US $1,500 was assumed with USD/CAD exchange rate of 0.70. A royalty of 2% was applied. • Underground adopted cut-off grade for CV13 is 0.70% Li 2 O and determined based on the same parameters than the open pit with the addition of the underground mining cost estimated at $100/t considering a mining method that will be aligned with the shallow dip lenses. Mining factors or assumptions • Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made. • Open-pit mining method is assumed with an overall pit slope ranging from 45° to 53° considering various sectors, single and double bench. • No dilution or mining recovery has been considered. • The underground mining method for CV13 has not been determined but the mining cost used is higher considering the shallow dip of the lenses in CV13. Stope dimensions considered are horizontal considering length of 15 m, 7.5 m in width and a minimum height of 3 m. • The Caesium Zone Mineral Resources are reported as in-situ tonnes and grade. Metallurgical factors or assumptions • The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made. • For the overall CV13 Pegmatite, the processing assumptions are based on HLS and magnetic testing, which has produced 6+% Li 2 O spodumene concentrates at >70% recovery on drill core samples from both the CV5 and CV13 pegmatites and indicate DMS as a viable primary process approach for both CV5 and CV13. This is supported by several subsequent DMS tests on CV5 drill core, which returned a spodumene concentrate grading above 5.5% Li 2 O at recoveries consistently above 75% recovery. • For the Mineral Resource conceptual mining shapes, based on a grade versus recovery curve of the test work completed to date, an average recovery of approximately 70% to produce a 5.5% Li 2 O spodumene concentrate was used. • The metallurgical assumptions for recovery of caesium at the Rigel and Vega zones are supported by historical and active commercial operations at other caesium pegmatites globally. The flowsheets from these operations are viewed as reasonable analogues to a mineral processing flowsheet applicable to Rigel and Vega. These methods included crushing followed by x-ray ore sorting to recover the pollucite, with the tailings fractions further processed by a combination of dense media separation ("DMS"), flotation, magnetics, and gravity methods to recover additional pollucite as well as spodumene (lithium) and tantalite (tantalite). Environmental factors or assumptions • Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made. • The CV13 Pegmatite, which includes the Rigel and Vega zones, is in the early stages of evaluation with this mineral resource estimate the first for caesium at the Vega and Rigel zones. • A conventional tailings management facility and no material adverse environmental impediments are assumed. • An environmental assessment is underway for the CV5 resource, which forms a component of the Consolidated MRE for the Project. A notice of project was submitted to the provincial regulator and environmental assessment guidelines were received. A Project description has been submitted to the federal regulator. Bulk density • Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. • The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. • Discuss assumptions for bulk density estimates used in the evaluation process of the different materials. • Density of the pegmatite was estimated using a linear regression function derived from SG field measurements (1 sample every ~4.5 m) and Li 2 O grade. The regression function (SG= 0.0674 x (Li 2 O% +0.81 x B 2 O 3) + 2.6202) was used for all pegmatite blocks. Non-pegmatite blocks were assigned a fixed SG based on the field measurement median value (CV5: diabase = 2.89, amphibolite group = 2.99, metasediment 2.75, ultramafic = 2.94, overburden = 2.00 and CV13: amphibolite group = 3.01, metasediment 2.82, ultramafic = 3.02, overburden = 2.00). Classification • The basis for the classification of the Mineral Resources into varying confidence categories. • Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). • Whether the result appropriately reflects the Competent Person's view of the deposit. • The Caesium Zone MRE classification is in accordance with the JORC 2012 reporting guidelines. All reported Mineral Resources have reasonable prospects for eventual economic extraction. All reported Mineral Resources have been constrained by conceptual open-pit mineable shapes to demonstrate reasonable prospects for eventual economic extraction ("RPEEE"). • Blocks were classified as Indicated when 1.) demonstrated geological continuity and minimum thickness of 2 m, 2.) the drill spacing was 70 m or lower, estimated by a minimum of 2 drill holes, and meeting the minimum estimation criteria parameters, and 3.) grade continuity at the reported cut-off grade. Blocks were classified Inferred when drill spacing was between 70 m and 140 m and meeting the minimum estimation criteria parameters. Geological continuity and a minimum thickness of 2 m were also mandatory. There are no measured classified blocks. Pegmatite dykes or extension with lower level of information / confidence were also not classified. • Classification shapes are created around contiguous blocks at the stated criteria with consideration for the selected mining method. • The classification of the MRE is appropriate and reflects the view of Competent Person (Todd McCracken). Audits or reviews • The results of any audits or reviews of Mineral Resource estimates. • The MRE has been reviewed internally by BBA Engineering Ltd. as part of its regular internal review process. • There has been no external audit of the MRE. Discussion of relative accuracy/ confidence • Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. • The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. • These statements of relative accuracy and confidence of the estimate should be compared with production data, where available. • The Competent Person is of the opinion that the Consolidated MRE (CV5 and CV13 pegmatites, as well as that of the Caesium Zone MRE) appropriately considers modifying factors and have been estimated using industry best practices. • The accuracy of the estimate within this Caesium Zone MRE is determined by yet not limited to; geological confidence including understanding the geology, deposit geometry, drill spacing. • As always, changes in commodity price and exchange rate assumptions will have an impact on the optimal size of the conceptual mining open-pit shapes. • Changes in current environmental or legal regulations may affect the operational parameters (cost, mitigation measures). • The Caesium Zone MRE is constrained using open-pit mining shapes, and a mineralogical driven caesium grade constraint to satisfy reasonable prospects for eventual economic extraction. APPENDIX 2: MRE DETAILS AND SOURCES FOR DEPOSITS/PROJECTS NOTED IN FIGURE 2. ABOUT PATRIOT BATTERY METALS INC. Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan Property (formerly known as Corvette) located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and is proximal to regional powerline infrastructure. The Project hosts the world's largest 8 pollucite-hosted caesium pegmatite Mineral Resource 9 at the Rigel and Vega zones with 0.69 Mt at 4.40% Cs 2 O, Indicated, and 1.70 Mt at 2.40% Cs 2 O, Inferred. Additionally, the Project hosts a Consolidated Mineral Resource, which includes the Rigel and Vega caesium zones, totalling 108.0 Mt at 1.40% Li 2 O, 0.11% Cs 2 O, 166 ppm Ta 2 O 5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li 2 O, 0.21% Cs 2 O, 155 ppm Ta 2 O 5, and 65 ppm Ga, Inferred, and ranks as the largest lithium pegmatite resource in the Americas, and the 8 th largest in the world. A Preliminary Economic Assessment ("PEA") was announced for the CV5 Pegmatite (lithium) on August 21, 2024, and highlights Shaakichiuwaanaan as a potential North American lithium raw materials powerhouse. The PEA outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation ("DMS") only process flowsheet. For further information, please contact us at [email protected] or by calling +1 (604) 279-8709, or visit Please also refer to the Company's continuous disclosure filings, available under its profile at and for available exploration data. Olivier Caza-Lapointe Head, Investor Relations – North America T: +1 (514) 913-5264 E: [email protected] _________________________________ 8 Determination based on Mineral Resource data, sourced through July 11, 2025, from corporate disclosure. 9 The Consolidated MRE cut-off grade is variable depending on the mining method and pegmatite (0.40% Li2O open-pit, 0.60% Li2O underground CV5, and 0.70% Li2O underground CV13). A grade constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium zones, which are entirely within the CV13 Pegmatite's open-pit mining shape. The Effective Date of the MREs is June 20, 2025 (through drill hole CV24-787). Mineral Resources are not Mineral or Ore Reserves as they do not have demonstrated economic viability. DISCLAIMER FOR FORWARD-LOOKING INFORMATION This press release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable Securities Laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "plan", "development", "growth", "continued", "intentions", "expectations", "strategy", "opportunities", "anticipated", "trends", "potential", "outlook", "ability", "additional", "on track", "prospects", "viability", "estimated", "reaches", "enhancing", "strengthen", "target", "will", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. In particular and without limitation, this press release contains forward-looking statements pertaining to the scale of the pollucite-hosted caesium pegmatite mineral resource defined at Shaakichiuwaanaan; the potential of such resource to be a significant supply source for global markets; the Company's potential to become a critical minerals powerhouse to global markets; the potential of the caesium opportunity at CV13 as an additional saleable product into the overall economic development of the Project; the potential of the development of the Company's Shaakichiuwaanaan Property; the potential for resource growth through continued drill exploration; the Company's intentions with respect to its business and operations; the Company's potential position in the markets and industries it operates in; the perceived merit and further potential of the Company's properties; the results and conclusion from the PEA; the feasibility study, including the timing of release; exploration results and potential for production at the Company's properties including in the manner anticipated by the PEA and within agreed specification under applicable offtake terms; the potential of caesium as a potential by-product in the further development of the Shaakichiuwaanaan Project; exploration targets; budgets and forecasted cash flows and return on capital; strategic plans; market price and demand for lithium and the Company's resilience to changes in market price and demand for lithium; permitting or other timelines; and government regulations and relations. Key assumptions upon which the Company's forward-looking information is based include, without limitation, the total funding required to bring the Shaakichiuwaanaan Project to production, the Company's ability to raise additional financing when needed and on reasonable terms; the Company's ability to achieve current exploration, development and other objectives concerning the Company's properties; the Company's ability to source services, materials and consumables in the future necessary for the development and operation of the Shaakichiuwaanaan Project on commercially viable terms; the Company's expectation that the current price and demand for lithium, caesium and other commodities will be sustained or will improve; the Company's ability to obtain requisite licences and necessary governmental approvals; the Company's ability to attract and retain key personnel; general business and economic conditions, including competitive conditions in the markets in which the Company operates. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to execute on plans relating to its Shaakichiuwaanaan Project, including the timing thereof; the Company's ability to generate revenue and future capital requirements; the Company's profitability in the short or medium term; mineral resource estimation risks; exploration, development and operating risks and costs; the Company's dependence upon the Shaakichiuwaanaan Property; the titles to the Company's mineral properties being challenged or impugned; the Company receiving and maintaining licences and permits from appropriate governmental authorities; environmental and safety regulations; land access risk; access to sufficient used and new equipment; maintenance of equipment; the Company's reliance on key personnel; the Company's ability to obtain social acceptability by First Nations with respect to its Shaakichiuwaanaan Project; the Company's reliance on key business relationships; the Company's growth strategy; the Company's ability to obtain insurance; occupational health and safety risks; adverse publicity risks; third party risks; disruptions to the Company's business operations; the Company's reliance on technology and information systems; litigation risks; tax risks; unforeseen expenses; public health crises; climate change; general economic conditions; commodity prices and exchange rate risks; lithium demand; volatility of share price; public company obligations; competition risk; dividend policy; policies and legislation; force majeure; and changes in technology. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the ability to execute on plans relating to the Company's Project, including the timing thereof. In addition, readers should review the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+ for a fuller understanding of the risks and uncertainties that affect the Company's business and operations. The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements. SOURCE Patriot Battery Metals Inc.
Cision Canada
a day ago
- Cision Canada
Public health notice: Outbreak of Salmonella infections linked to various brands of salami and cacciatore products Français
: Update This outbreak investigation is ongoing. The public health notice will be updated as the investigation evolves. OTTAWA, ON, July 19, 2025 /CNW/ - At a glance Do not consume, use, sell, serve or distribute recalled salami and cacciatore products. For details on recalled product brand names and lot codes, please consult the Recalls and Safety Alerts website. Over 65 products have been recalled. These products may have been used in prepared products like sandwiches or sold at deli counters. Recalled food Recall warnings have been issued for various salami and cacciatore products, including products from brands: Bona Cosmo's Smoked Meats Imperial Meats Longos Luc's European Meats Cheese & Eats Marini Salumi Naturissimo P&E Foods Rea Speziale Fine Foods Superior Meats T.J. Meats Vince's Cured Meats Corp. These products were distributed to: Grocery stores Specialty markets Restaurants and cafés, delis, and butcher shops These products may have been used and sold in prepared products like sandwiches or at deli counters. These warnings were triggered by findings from the food safety investigation. For more information on the recalled products, including all product names, descriptions and lot codes, please consult the CFIA's notices on the Recalls and Safety Alerts website. How to protect your health Salmonellosis is a foodborne bacterial illness that can affect anyone exposed to a contaminated food product, including the recalled product. People who are infected with Salmonella bacteria can spread Salmonella to other people several days to several weeks after they have become infected, even if they don't have symptoms. The following advice applies to individuals, as well as retailers, distributors and food service establishments such as specialty markets, delis, and cafes across Canada: Check to see if you have the recalled products in your home or establishment by looking for the specific product name and size, UPC and codes in the recall alerts. Do not consume, serve, use, sell or distribute recalled products or any product made with them. Throw out or return recalled products to the location where they were purchased. Consumers or establishments who are unsure if they have purchased the recalled products are advised to contact their retailer or supplier where the products were purchased. Consumers who have purchased a prepared sandwich or meal and are unsure if it contains recalled products are advised to contact the retailer where the item was purchased. Do not cook food for other people if you've been diagnosed with a Salmonella infection or any other gastrointestinal illness. Contact your health care provider if you think you're experiencing symptoms of Salmonella. Most people who become ill from a Salmonella infection will recover fully after a few days without treatment, but it can also cause severe illness and hospitalization. The Salmonella strain associated with this outbreak investigation is multi drug-resistant, which means it's resistant to certain antibiotics (streptomycin, kanamycin, ampicillin, and sulfisoxazole). Other antibiotics are available to treat illnesses associated with this outbreak strain, if antibiotic treatment is considered necessary. Those at higher risk for serious illness include: Symptoms Salmonellosis has a wide range of symptoms. You may not get sick at all. However, if you do get sick, symptoms usually start within 6 to 72 hours after exposure. You may experience: chills a fever nausea diarrhea vomiting stomach cramps a sudden headache Most symptoms end within 4 to 7 days. While most people recover completely on their own, some people may have a more serious illness that: requires hospital care may lead to long-lasting health effects or death Salmonellosis (Salmonella) Food safety for vulnerable populations Investigation summary There are 87 laboratory-confirmed cases of Salmonella I 4,[5],12:i:- illness linked to this outbreak in: British Columbia (1) Alberta (68) Manitoba (1) Ontario (17) The illness reported in British Columbia is related to travel to Alberta. People became sick between mid-April and late-June 2025. Of the cases reported, nine people have been hospitalized and there have been no deaths. Many people who became sick reported eating salami in prepared sandwiches or purchased from deli counters where the recalled products were served. People who became sick are between 1 and over 100 years of age. More recent illnesses may continue to be reported in the outbreak because there is a period between when a person becomes ill and when the illness is reported to public health officials. For this outbreak, the illness reporting period is between 11 and 45 days. This outbreak may not be limited to the provinces with known illnesses. The recalled products were distributed to: Alberta British Columbia Saskatchewan Manitoba Ontario Quebec For more details on distribution please consult CFIA's notices on the . SOURCE Public Health Agency of Canada Contact us: Public Health Agency of Canada, Media Relations, Telephone: 613-957-2983, Email: [email protected]; Public inquiries, Telephone : 1-866-225-0709 (toll-free), Email: [email protected]
Cision Canada
2 days ago
- Cision Canada
Montfort Capital Announces Reinstatement of Trading on TSXV
TORONTO, July 18, 2025 /CNW/ - Montfort Capital Corp. (TSXV: MONT) (" Montfort" or the " Company") is pleased to announce that the TSX Venture Exchange (the " TSXV" or the " Exchange") has accepted its application for reinstatement of trading of the Company's common shares on the TSXV. This follows the successful resolution of the Failure-to-File Cease Trade Orders (collectively, the " FFCTO") issued by the Ontario Securities Commission (the " OSC") on May 7, 2025 and June 5, 2025, and revoked on May 28, 2025 and June 12, 2025, respectively. The Company expects its common shares to be reinstated for trading shortly. The FFCTO was issued as a result of the delay in the filing of the Company's annual audited financial statements for the year ended December 31, 2024 (the " Late Annual Financial Statements"). The delay in filing the annual financial statements had a cascading effect which caused the Company to also be late in filing its interim financial statements for the three-month period ended March 31, 2025 (the " Late Interim Financial Statements" and together with the Late Annual Financial Statements, the " Late Financial Statements"). The Company filed the Late Annual Financial Statements on May 27, 2025 and filed the Late Interim Financial Statements on June 11, 2025, whereby the OSC automatically revoked the FFCTO. Upon the revocation of the FFCTO, the Company applied to the TSXV to have its Common Shares and Series A Class A Preferred Shares reinstated for trading. The Company acknowledges and appreciates the patience of its shareholders and stakeholders during this process and reaffirms its commitment to adhering to high standards of compliance and corporate governance. In addition to the announcement regarding the reinstatement of trading on the TSXV, the Company is providing an update on a number of matters, including the following: Related Party Loans Disclosure During the financial year ended December 31, 2023, lending subsidiaries of the Company issued unsecured demand promissory notes to Godsoe Financial Capital Corporation, an entity controlled by Michael Godsoe, former director and officer of Langhaus Financial Corporation, for aggregate gross proceeds of $1,175,000 to fund their lending activities (the " 2023 Related Party Notes"). The 2023 Related Party Notes are due in September 30, 2025 and yield an interest rate of TD Prime Rate plus 125 basis points per annum. During the financial year ended December 31, 2024, the Company and lending subsidiaries of the Company issued unsecured demand promissory notes to certain directors and officers of the Company for aggregate gross proceeds of $1,450,000 to fund their loan book (the " 2024 Related Party Notes"). The 2024 Related Party Notes represent less than 1.0% of the total consolidated indebtedness of the Company. The 2024 Related Party Notes are payable within 180 days of demand and yield an interest rate between 8% to 12% per annum. During the six months June 30, 2025, lending subsidiaries of the Company issued additional unsecured demand promissory notes to a certain director of the Company for aggregate gross proceeds of $350,000 for additional funding to their loan book (the " 2025 Related Party Notes" and together with the 2023 Related Party Notes and 2024 Related Party Notes, the " Related Party Notes"). The 2025 Related Party Notes are payable within 180 days of demand and yield an interest rate of 8 to 12% per annum. The Related Party Notes remain subject to TSXV acceptance. Amended Pivot General Facility Pivot Financial I Limited Partnership (" Pivot LP") entered into a 2 nd amended and restated credit agreement (the " Amended Pivot General Facility") dated August 2, 2024 with Cortland Credit Lending Corporation, as lender, with the Company, 2862454 Ontario Inc., Brightpath Capital Corporation, Langhaus Financial Corporation and Langhaus Financial Partners Inc., each continuing to act as guarantors. The loan commitment under the Amended Pivot General Facility is $22.75 million and US$3.0 million. The purpose of the Amended Pivot General Facility was to extend the maturity date to April 30, 2025, which was further extended to June 30, 2025. Pivot LP is currently working towards another extension of the Amended Pivot General Facility with Cortland Credit Lending Corporation. The Amended Pivot General Facility remains subject to TSXV acceptance. At the end of March 2025, Pivot LP was in breach of the Amended Pivot General Facility by breaching a financial covenant that limits its total advances to certain borrowers to $16.5 million. On April 23, 2025, Pivot LP rectified this covenant breach after receiving a $2.5 million principal payment from a borrower subject to the financial covenant under the Amended Pivot General Facility. Incite Capital Markets Agreement On May 1, 2020, the Company engaged Incite Capital Markets Inc., an arm's length firm (" Incite") to assist with corporate awareness and investor relations, which included developing communications strategies for Montfort. Incite received a fee of $8,000 plus applicable taxes per month for fiscal years 2020, 2021 and 2022 and the monthly fee was increased to $9,000 plus applicable taxes commencing January 1, 2023. The Company terminated services with Incite effective March 1, 2024. Incite and its principals hold approximately 3.0% of the issued and outstanding common shares in the capital of the Company. The engagement of Incite to provide investor relations services to the Company remains subject to TSXV acceptance. Incite is a Vancouver-based capital markets advisory corporation. Incite provides expertise in capital markets, corporate communications, and investor and media relations. In addition to strategic insights, Incite invests in small to mid-sized technology companies. For further information, please visit Langhaus LifeCo Securitization Facility Langhaus Insurance Finance LP III (" Langhaus LP III"), though its general partner, LIF GP III Corporation, as seller, entered into a master purchase and servicing agreement (the " LifeCo Facility") dated September 10, 2024 with a major Canadian life insurer (" LifeCo"), as purchaser and agent, whereby Langhaus LP III agreed to sell certain Payments and Related Assets (each as defined in the LifeCo Facility) (collectively, the " LifeCo Receivables") associated with insurance-backed loans originated by Langhaus Financial Corporation. To secure the payment of the LifeCo Receivables, Langhaus Financial Corporation, parent to Langhaus LP III and a subsidiary of the Company, pledged all accounts of Langhaus LP III, including records therefor and proceeds thereof, to the LifeCo. The LifeCo Facility has a purchase limit of $25,000,000 and includes a securitization factor of 92%. Langhaus MOU with Canadian Life Insurer In January 2025, Langhaus signed a memorandum of understanding (" MOU") with a major Canadian life insurance company to achieve certain business volume targets over a five-year period that commenced December 31, 2024. If volume targets have not been achieved by the end of the five-year period, Langhaus could be liable for a payment to the life insurance company of up to $2.1 million. Management estimates the business volume targets are achievable in the normal course of operations and the probability of a payment being required at the end of the five-year period is very low. As a result, no contingent liability is expected to be recorded in relation to this MOU. On Behalf of the Board of Directors: Ken Thomson, Director & Chief Executive Officer Montfort Capital Corp. Web: About Montfort Capital Montfort is a trusted provider of focused private credit strategies for institutional investors, family offices, and wealth managers. We employ focused strategies, experienced management teams and advanced technology to drive risk-adjusted investment returns. For further information, please visit Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. FORWARD-LOOKING INFORMATION This news release contains "forward-looking information" and "forward-looking statements" (collectively, " forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release may include statements about the time of the reinstatement of trading of the Company's securities on the TSXV and the extension to the Amended Pivot General Facility. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated that could affect the reinstatement of trading of the Company's securities on the TSXV and the ability for Pivot LP to extend the maturity date of the Amended Pivot General Facility. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law. SOURCE Montfort Capital Corp.
