• PMET collaborates with Mitsui and MWCC to evaluate microwave calcination technology
• Potential to produce higher-value lithium products on-site at Shaakichiuwaanaan
• Leveraging Québec's low-cost renewable hydroelectricity for on-site lithium chemical processing

PMET Resources Inc. has entered into a non-binding Memorandum of Understanding (MOU) with Mitsui & Co., Ltd. and Microwave Chemical Co., Ltd. (MWCC) to evaluate the application of MWCC's proprietary microwave calcination technology to spodumene samples from the Shaakichiuwaanaan Project in Québec. The collaboration aims to assess the potential of microwave calcination as a key enabling step in PMET's downstream strategy, leveraging Québec's low-cost, renewable hydroelectric power to support on-site lithium chemical processing. The pilot plant testing will use spodumene samples supplied from Shaakichiuwaanaan, with MWCC leading the technical testing program and Mitsui supporting the evaluation of future commercialization and project development pathways. The initiative is aligned with PMET's longer term diversification strategy to reduce logistics intensity and enhance supply chain resilience, with potential benefits including reduced transportation requirements and lower truck traffic, reduced reliance on offshore conversion capacity, and the creation of a higher-value lithium product in Québec. The MOU is non-binding and non-exclusive, and any future commercial deployment remains subject to successful testing and demonstration at scale, technical and economic evaluation, definitive agreements, funding, permitting, approvals and other customary conditions.