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Empowering Financial Transparency: Patriot Battery Metals Inc. Aligns with Top Audit Firm

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Robert Tavares

March 10, 2024 - 21:33 pm

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Patriot Battery Metals Inc. Announces Audit Firm Change

VANCOUVER, BC and SYDNEY, Australia—In a significant corporate update on March 10, 2024, Patriot Battery Metals Inc., a resource exploration entity known as "Patriot" (TSX: PMET) (ASX: PMT) (OTCQB: PMETF) (FSE: R9GA), publicized a transition in its auditor services. The company declared that Manning Elliott LLP, referred to as the "Former Auditor," has been replaced by the renowned PricewaterhouseCoopers LLP, known as the "Successor Auditor," effective as of February 26, 2024.

Auditor Transition Procedure

This change came at the behest of Patriot, with the Former Auditor resigning on the said date, and subsequently, the Company's Board of Directors appointed the Successor Auditor to occupy the position until the next Annual General Meeting. The shift in auditors did not arise from any disagreements; the reports for the two most recently completed fiscal years, ending March 31 in 2023 and 2022, saw no modifications of opinions by the Former Auditor. Neither have there been any reportable events, as outlined under National Instrument 51-102—Continuous Disclosure Obligations (NI 51-102), between Patriot Battery Metals Inc. and Manning Elliott LLP.

In compliance with regulatory directives specified in NI 51-102, Patriot Battery Metals Inc. has taken the appropriate steps to formalize this change. A notice regarding the change of auditor has been meticulously compiled, inclusive of requisite letters from both the Former and Successor Auditors. This documentation underwent careful review by the company's Board of Directors and has been duly filed on SEDAR+, ensuring transparency and adherence to governance standards.

About Patriot Battery Metals Inc.

Patriot Battery Metals Inc. is deeply engaged in the exploration and development of hard-rock lithium resources. It has made a name for itself through its wholly-owned Corvette Property, which is situated in the Eeyou Istchee James Bay region of Quebec, Canada. The location benefits from proximity to essential infrastructure, including a regional road network and powerline facilities.

The Corvette Property is especially noteworthy for hosting the CV5 Spodumene Pegmatite, which is recognized in the resource sector for its substantial mineral resource estimate. As of a report with an effective date of June 25, 2023, the pegmatite is estimated to contain 109.2 million tonnes at 1.42% Li2O and bears the distinction of being the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent (LCE). Furthermore, it is considered one of the top 10 largest lithium pegmatite resources worldwide.

However, the potential of the Corvette Property does not rest solely on the CV5 deposit. The site also comprises several other spodumene pegmatite clusters that have yet to be explored through drilling. Beyond these clusters lies an extensive stretch exceeding 20 kilometers of prospective trend that remains to be assessed and could hold further geological promise.

Economic Potential and Resource Viability

Understanding the distinction between mineral resources and reserves is crucial; as of the effective date mentioned earlier, the CV5 mineral resource estimate stands at 109.2 Mt featuring 1.42% Li2O and 160 ppm Ta2O5—categorized as inferred. This estimate adheres to a set cut-off grade of 0.40% Li2O. Notably, mineral resources transition to mineral reserves only when they are demonstrated as economically viable.

Investor and Public Relations

For those interested in delving deeper into Patriot Battery Metals Inc. or seeking further information on its operations and prospects, the company offers multiple channels of communication. Interested parties can reach out via email at [email protected] or by telephone at +1 (604) 279-8709. Additionally, comprehensive details and relevant updates are made available on the company's website, accessible at Patriot Battery Metals.

Patriot is committed to continuous disclosure and makes it a priority to keep its stakeholders informed. Exploration data and other vital disclosures are made available on the company's profile at [www.sedarplus.ca] and can also be reviewed at [www.asx.com.au].

Leadership at the Forefront

Underscoring the company's intent on steadfast governance and strategic leadership, the board's announcement also emphasized the role of the individuals at the helm of Patriot Battery Metals Inc. With deep-seated industry knowledge and a strategic vision, Ken Brinsden leads as President, CEO, and Managing Director.

In his statement, Ken Brinsden highlighted the seamless transition and the company's aligning with PricewaterhouseCoopers LLP. Brinsden's guidance is integral as Patriot Battery Metals Inc. proceeds on its quest for sustainable resource development and leverages on emerging market opportunities.

The Evolving Lithium Market

The decision to progress with an auditor change occurs in a dynamic and burgeoning industry context where lithium has become a critical component in the electrification of transport and the shift towards renewable energy storage systems. With its significant role in manufacturing lithium-ion batteries, the resource attracts much attention from investors and industry stakeholders who closely monitor companies like Patriot for their potential to contribute significantly to the global supply chain.

As demand for electric vehicles (EVs) accelerates and storage solutions for renewable energy become imperative, the exploration and development activities of companies like Patriot are being propelled into the limelight. The company's keen focus on expanding its resource base through exploration around the CV5 Spodumene Pegmatite and other promising areas of its Corvette Property emerges as a strategic response to the global demand dynamics.

In conclusion, Patriot Battery Metals Inc.'s recent announcement not only signifies a routine corporate update but also underscores the company's responsiveness to maintain high standards of financial stewardship and transparency. The appointment of a new auditor aligns with the strategic progression and growth potential of Patriot, positioning it favorably in the eyes of global investors and stakeholders.

Click here for SEDAR+ filings and disclosures