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    PMET’s C$130M raise for Quebec lithium: project economics and design notes for engineers

    February 10, 2026|

    Reviewed by Tom Sullivan

    PMET’s C$130M raise for Quebec lithium: project economics and design notes for engineers

    First reported on MINING.com

    30 Second Briefing

    PMET Resources is raising up to C$130 million, split between a C$65 million public share offering at C$5.66 and a C$65 million flow-through placement at C$9.30, to advance its Shaakichiuwaanaan lithium project in Quebec’s James Bay. Funds will support an updated feasibility study on the CV5 deposit, including tantalum co-products and potential underground bulk sampling, plus a preliminary economic assessment for the CV13 lithium–caesium–tantalum deposit. The project’s October study outlined a C$1.5 billion, 20-year mine producing about 800,000 tonnes per year, with an after-tax NPV of C$1.6 billion and 4.7-year payback.

    Technical Brief

    • Flow-through shares are priced at C$9.30, implying a substantial premium over the C$5.66 common share issue.
    • Shaakichiuwaanaan hosts lithium pegmatites with additional tantalum and caesium mineralisation targeted for co-product assessment.
    • CV5 metallurgical testwork includes evaluating an underground bulk sample to refine processing and grade-recovery assumptions.
    • CV13 will be assessed via a PEA specifically for lithium–caesium–tantalum, potentially adding a second LCT ore source.
    • The prior feasibility work excluded caesium and tantalum revenue streams, so any inclusion directly lifts project NPV and payback.
    • PMET’s market capitalisation dropped to about C$930 million after a 9.7% share price fall on the financing news.

    Our Take

    With PMET’s Shaakichiuwaanaan lithium project flagged as potentially the largest pegmatite resource in the Americas and a 20‑year mine life at C$1.5 billion capex, the implied after‑tax NPV suggests room for cost inflation or schedule slippage while still remaining financeable for major lenders and OEMs.

    Volkswagen’s 9.6% equity stake in PMET positions it unusually deeply in the upstream compared with most OEMs tracked in our database, which typically rely on offtake or JV structures rather than direct ownership in Canadian lithium developers.

    The exclusion of caesium and tantalum from the 2025 feasibility study is notable given Tanco mine’s >90% share of global caesium output; if similar by‑product credits are later incorporated at Shaakichiuwaanaan, they could materially improve project economics and hedge against lithium price volatility.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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