Pmet Resources Inc. · TSX:PMET
Pmet Resources — Investor Presentation (February 2026)
49 slides from Pmet Resources's investor presentation, Feb 19, 2026
Slide 1: Shaakichiuwaanaan Project Corporate Presentation
February 2026 Shaakichiuwaanaan Project Corporate Presentation
Slide 2: Important Information
Important Information This presentation (together with oral statements made in connection NO FINANCIAL PRODUCT ADVICE All statements, other than statements of present or historical facts, are forward- herewith, this “Presentation”) is dated February 19th, 2026, and has been This Presentation is for
Slide 3: Important Information
Important Information Although the Company believes its expectations are based upon reasonable changes in general economic conditions; changes in the financial markets and in ▪ Cash operating costs at site and cash operating costs at site per tonne: Cash assumptions and has attempted to identify imp
Slide 4: Important Information
Important Information NI 43-101 AND JORC CODE (2012 EDITION) Mr. Frédéric Mercier-Langevin, Ing. M.Sc, who is a Qualified Person as defined by THE INFORMATION IN THIS PRESENTATION WITH RESPECT TO THE Mineral Reserve and Mineral Resource estimates and Exploration Results are National Instrument 43-10
Slide 5: PMET Resources and Shaakichiuwaanaan Overview
PMET Resources and Shaakichiuwaanaan Overview
Slide 6: Shaakichiuwaanaan Project: Rare Geology of Global Significance
Shaakichiuwaanaan Project: Rare Geology of Global Significance Shaakichiuwaanaan represents an extremely rare type of pegmatite deposit — Lithium- Caesium-Tantalum (LCT) — that has concentrated three of the world's critical minerals that are in high demand, in significant quantities. This deposit st
Slide 7: Shaakichiuwaanaan Project
Shaakichiuwaanaan Project Top 10 largest lithium1 pegmatite resource globally and the largest in the Americas Simple, physical recovery Proven, successful The world’s largest pollucite- methods expected to lead to management team, with hosted caesium pegmatite low operating costs, less risky C$182M
Slide 8: Strengthening Our Financial Position
Strengthening Our Financial Position Following a successful multi-tranche financing program, the Company has secured a robust C$180M+ cash position — providing the capital runway needed to advance our flagship projects toward development milestones and Final Investment Decision The Offerings at a Gl
Slide 9: Our Development Strategy
Our Development Strategy Diversify Downstream Unlock Value from Other Critical Minerals Lithium and Potentially Caesium Chemicals Optimize and Deliver on Participation in future midstream and downstream our Lithium Operation Caesium and Tantalum Co-Products processing opportunities to capture additi
Slide 10: Matching Project Timeline to the Lithium Supply Gap
Matching Project Timeline to the Lithium Supply Gap 2021 2022 2023 2024 2025 2026 2027 ACHIEVEMENTS 1st drill hole – November 2021 NEXT STEPS Engagement with Cree First Nations Environmental Studies / ESIA Preparation Mineral Resource Estimates (MRE) PEA VW / PowerCo Investment and Offtake Agreement
Slide 11: Matching Project Timeline to the Lithium Supply Gap: Achievements and Next Steps
Matching Project Timeline to the Lithium Supply Gap Achievements Next Steps Robust, lithium-only Feasibility Study1 completed on the Lodge ESIA progressing Provincial and Federal CV5 Pegmatite supporting a nominal 19-year LOM permitting approvals for a 5.1 Mtpa operation 84.3 Mt at 1.26% Li2O Probab
Slide 12: Largest Lithium Pegmatite Resource in the Americas
Largest Lithium Pegmatite Resource in the Americas 2.00% Production Development PMET 108.0 Mt at 1.40% Li2O Indicated 33.4 Mt at 1.33% Li2O Inferred 1.80% 4.84 Mt contained LCE 1.60% PAK + Spark Grade (%Li2O) Grota do Cirilo 1.40% Separation Rapids Bandeira Whabouchi Root Colina Kings Mountain Galax
Slide 13: Positioning To Become a Top Producer Globally
Positioning To Become a Top 5 Producer Globally Our CV5 Lithium Only Feasibility Study (FS) targets ~ 800 ktpa and positions the Company to become the 4th largest spodumene producer of SC5.5 globally1 and largest in the Americas. We are uniquely positioned to facilitate North American, European, and
Slide 14: Shaakichiuwaanaan Feasibility Study (FS) Key Metrics
Shaakichiuwaanaan Feasibility Study (FS) Key Metrics Lithium only at CV5 Estimated Mine Life Nominal Annual Total Cash Operating AISC Production Capacity Costs ~ 20 Years ~800 ktpa US$544/t3 US$597/t4 Targeting FID in 2027 and (FOB Grande-Anse, Saguenay) commissioning from late 2029 After-Tax NPV8%
Slide 15: Strong NPV Growth Driven by Rising Lithium Prices
Strong NPV Growth Driven by Rising Lithium Prices Project NPV is highly sensitive to lithium spodumene concentrate pricing, with ~ C$450M of NPV(8%) change per $100/t increment in SC5.5 price1 NPV8% sensitivity to spodumene concentrate price (US$/t SC5.5, real) C$m Spodumene Spot Prices 5,000 4,989
Slide 16: A Cost-Competitive Project
A Cost-Competitive Project The current CV5 lithium-only FS demonstrates the pathway to Shaakichiuwaanaan’s potential as a globally cost-competitive supplier of spodumene. ▪ AISC of US$597/t1 ▪ Cash Operating Cost at site of only US$382/t2. ▪ Updated FS underway. ▪ Inclusion of caesium and tantalum c
Slide 17: Upcoming Catalysts and Opportunities
Upcoming Catalysts and Opportunities
Slide 18: Upcoming Catalysts for PMET
Upcoming Catalysts for PMET PMET is entering a transformational period with multiple value-driving milestones across permitting, metallurgy, exploration, and commercial partnerships throughout 2026 and beyond. Q1 2026 H1 2026 H2 2026 ESIA Submission Nova Zone Bulk Sample Application Updated Feasibil
Slide 19: Co-Products - Opportunity to Create Substantial Value
Co-Products - Opportunity to Create Substantial Value Tantalum and caesium present significant revenue potential beyond the primary spodumene concentrate production. These high-value metals have potential to substantially enhance project economics when integrated into the processing flowsheet. Tanta
Slide 20: Caesium Resource
Caesium Resource World’s largest pollucite-hosted caesium pegmatite Mineral Resource confirmed at Shaakichiuwaanaan1 ▪ Rigel Caesium Zone ✓ Indicated: 163,000 t at 10.25% Cs2O, 1.78% Li2O, and 646 ppm Ta2O5. ▪ Vega Caesium Zone ✓ Indicated: 530,000 t at 2.61% Cs2O, 2.23% Li2O, and 172 ppm Ta2O5. ✓ I
Slide 21: Current and Future Uses of Caesium
Current and Future Uses of Caesium ▪ Applications currently focused on heavy media for the O&G drilling industry, catalysts, pharmaceuticals and the medical industry (Medical Imaging, i.e. MRI machines), as well as atomic clocks and GPS (two critical defense uses). ▪ However, emerging application in
Slide 22: One of the World's Largest Tantalum Pegmatite Resources
One of the World’s Largest Tantalum Pegmatite Resources • Tantalum is a critical and strategic metal in the major jurisdictions of the Western world. • The majority of the current supply (approximately 65%) comes from the DRC and Rwanda. • It is currently trading at around $260/kg, within a range of
Slide 23: Tantalum Recovery
Tantalum Recovery A “bolt-on” tantalum recovery circuit has potential to generate additional revenue with modest upfront CapEx investment expected Early-stage analysis results of bench-scale testwork on CV5 Pegmatite’s dense media separation (“DMS”) waste stream fractions has been promising1. Using
Slide 24: Market Dynamics
Market Dynamics
Slide 25: Long-Term BESS Tailwinds
Long-Term BESS Tailwinds ▪ Battery demand mix going towards BESS, almost 4x larger market share by 2030 vs 2020. • BESS now represents approximately 35% of incremental lithium demand. ▪ Total battery demand expected to triple from 2025 to 2030 in Benchmark’s high-case. ▪ Upside surprises that could
Slide 26: Long-Term Supply Gap Aligned with Shaakichiuwaanaan's Production Timeline
Long-Term Supply Gap Aligned with Shaakichiuwaanaan’s Production Timeline Targeted PMET commercial production for Phase 1 (2030) and Phase 2 (2032) aligned with supply gaps1. Supply and Demand, Upside Scenario Mt LCE 7.0 6.5 Supply The 2030 supply gap is equal to approx. 6.0 Demand five (5) Shaakich
Slide 27: Market Balance: Already gone?
Market Balance: Already gone? RBC believe that 2025 was already in deficit1. Secular deficits are forecasted due to sustained growth and underinvestment in the raw materials supply capacity. Lithium Chemical balance Lithium chemical balance (kt LCE) 2022 2024 2024 2025 2026 2027 2028 2029 Supply (ba
Slide 28: $/t Chinese LCE Benchmark from Bottom
Price action similar to previous undersupplied cycles. $ 90,000 Historical LCE Price Recovery Timeline1 $ 80,000 $/t Chinese LCE Benchmark from Bottom Rally from Jul/2020 Bottom (~$5k/t) Rally from Jul/2014 Bottom (~$6k/t) $ 70,000 Rally from June/2025 Bottom (~$8k/t) $ 60,000 $ 50,000 $ 40,000 $ 30
Slide 29: What if Demand Surprises (again) like it did for solar?
What if Demand Surprises (again) like it did for solar? On average, actual solar installations have been 3-4x higher than five-year forecasts (see graph to the right).1 Analysts could be underestimating lithium demand like they underestimated solar power manufacturing and installation growth. Solar
Slide 30: Growth Surprises?
Growth Surprises? Half of China’s heavy truck sales could be EVs by 2028, CATL says ▪ Buses and trucks could surprise battery demand numbers. • Global medium and heavy-duty EV truck sales have nearly tripled YoY; China market share for EV trucks was 20% in 20251. ▪ Battery sizes are 4-20x larger tha
Slide 31: Environment and Community Relations
Environment and Community Relations
Slide 32: Ongoing Stakeholder Engagement
Ongoing Stakeholder Engagement Cree Nation of Chisasibi – Primary Community ▪ Continuous and ongoing in-person events and community presence ▪ Meetings & presentation: tallyman family, leadership and general community members. ▪ Targeted Focus Group interviews with key organizations ▪ Mine site visi
Slide 33: Ongoing Stakeholder Engagement
Ongoing Stakeholder Engagement Communication with various stakeholders ▪ Cree Nation Government ▪ Cree Nation of Mistissini ▪ Cree Nation of Wemindji ▪ Private lease owner ▪ Eeyou Itschee James Bay Regional Government and local municipalities (Radisson, Matagami) ▪ Quebec Government: Société Plan No
Slide 34: Ongoing Stakeholder Engagement
Ongoing Stakeholder Engagement All Stakeholders # of All Stakeholders # of engagements (2025) engagements (Since 2022) 102 387 34 TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA
Slide 35: First Nation People: Local employment and business opportunities
First Nation People Local employment and business opportunities Economic Opportunities ▪ 37% spend on in Indigenous companies or JVs (Oct-Dec 2025) ▪ Primary companies & JVs: o Muskw o Domco o Meeyobin Iywaashtin o Petronor o Niigaan 35 TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA
Slide 36: Company Information
Company Information
Slide 37: Proven Management Team with a Track Record of Value Creation
Proven Management Team with a Track Record of Value Creation Ken Brinsden Natacha Garoute Frédéric Mercier- Darren L. Smith Alex Eastwood Grace Barrasso Olivier Caza-Lapointe CEO, President, Director CFO Langevin Executive Vice President, Executive Vice President, Executive Vice President, Head of I
Slide 38: Corporate Structure
Corporate Structure Capital Structure In Millions Basic Shares Outstanding 183.6 Dilutive Securities 11.3 Fully Diluted Shares 194.9 Market Cap (as February 20th, 2026) : C$962M Cash (as of December 31st, 2025 + Net Proceeds of February 2026 Financings) C$182M Liquidity (Average Daily Volume, last 1
Slide 39: Shareholder Register
Shareholder Register APAC 30% 31% 30% North America 25% Europe 14% CDS and other 31% 14% 25% 16% 25% Corporate 16% HNV/family office 16% 16% Institutional 27% 3% Retail Insider 3% 13% CDS and other 25% 27% 39 TSX: PMET ASX: PMT OTCQX: PMETF WB: R9GA
Slide 40: Appendix
Appendix
Slide 41: Track Record of Drilling Success
Track Record of Drilling Success Largest lithium pegmatite resource in the Americas delivered in under 3 years 2021-2023: Foundation • 2021: Discovery hole – 147 m @ 0.92% Li2O (CF21-001)1. • 2022: Discovery of high-grade Nova Zone2. • 2023: Maiden MRE (Inferred) - largest in the Americas • 362 Dril
Slide 42: Underground Bulk Sample – access to the Nova Zone
Underground Bulk Sample – access to the Nova Zone Accessing the underground mineralization at CV5, including targeting high-grade lithium-caesium-tantalum intercepts within the high-grade Nova Zone, to improve geological understanding. ▪ Authorisation process underway for ~2,300 m underground ramp a
Slide 43: Underground Bulk Sample – access to the Nova Zone
Underground Bulk Sample – access to the Nova Zone Accessing the underground mineralization at CV5, including targeting high-grade lithium-caesium-tantalum intercepts within the high-grade Nova Zone, to improve geological understanding. The program is expected to generate approximately 50,000 tonnes
Slide 44: NI 43-101 Mineral Resource Statement
NI 43-101 Mineral Resource Statement CV5 AND CV13 PEGMATITES Consolidated MRE Caesium Zone MRE Conceptual Contained Contained Tonnes Li2O Cs2O Ta2O5 Ga Tonnes Cs2O Li2O Ta2O5 Mining Pegmatite Classification LCE Caesium Zone Classification Cs2O (t) (%) (%) (ppm) (ppm) (t) (%) (%) (ppm) Constraint (Mt
Slide 45: NI 43-101 Mineral Reserve Statement
NI 43-101 Mineral Reserve Statement CV5 PEGMATITE Tonnes Li2 O Contained LCE Area Classification (Mt) (%) (t) Proven - - - Open-Pit Probable 49.2 1.12 1.36 Proven - - - Underground Probable 35.1 1.45 1.26 Proven - - - Probable 84.3 1.26 2.62 Cut-off grade of 0.40% Li2O (open-pit) and 0.70% Li2O (und
Slide 46: Peer Comparison Information – Production Capacity
Peer Comparison Information – Production Capacity Mine Name Ticker Project Name Stage Degree of Study Price Assumption (US$/t SC6) Information Source - Current Production Capacity Information Source - Planned Expanded Capacity Life Pilbara Minerals PLS Pilgangoora Production ASX announcement dated A
Slide 47: Peer Comparison Information – Lithium Pegmatite Mineral Resources (Americas)
Peer Comparison Information – Lithium Pegmatite Mineral Resources (Americas) Mineral Resources Inclusive of Measured Indicated Inferred Company Project Stage Information Source(s) Reserves Mt %Li2O Mt %Li2O Mt %Li2O PMET Resources Inc. Shaakichiuwaanaan Development - – – 108.0 1.4% 33.4 1.3% TSX ann
Slide 48: Peer Comparison Information – Lithium Pegmatite Mineral Reserves (Americas)
Peer Comparison Information – Lithium Pegmatite Mineral Reserves (Americas) Mineral Reserves Information Source(s) Company Project Stage Proven Probable Mt %Li2O Mt %Li2O PMET Resources Inc. Shaakichiuwaanaan Development – – 84.3 1.3% TSX announcement dated October 20, 2025. Sigma Lithium Corporatio
Slide 49: Peer Comparison Information – Tantalum Pegmatite Mineral Resources (Global)
Peer Comparison Information – Tantalum Pegmatite Mineral Resources (Global) Inclusive of Mineral Resources Company Project Stage Reserves Measured Indicated Inferred Information Source(s) Ta2O5 Ta2O5 Ta2O5 Mt Mt Mt ppm ppm ppm Pilbara Minerals Ltd. Pilgangoora Production Y 16.5 144 314 106 76.6 124
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