Patriot Battery Metals (TSX: PMET; ASX: PMT) has received the guidance it needs to prepare a key document needed for permitting its Corvette lithium project in Quebec.
On Tuesday afternoon, the lithium developer announced it has received the guidelines required by the provincial government for the Corvette project’s environmental and social impact assessment (ESIA).
The guidelines — which were formed with input from an evaluation committee consisting of members from the Cree Nation, Quebec and Canadian governments — will serve as the roadmap to completing the ESIA, said Patriot’s CEO Ken Brinsden.
Corvette is home to the largest lithium pegmatite resource in the Americas. An initial estimate on the CV5 pegmatite alone showed an inferred resource of 109.2 million at 1.42% Li2O; estimates on a cluster of other pegmatites are still to come.
The project is located in the Eeyou Istchee James Bay region, close to regional road and powerline infrastructure. Patriot’s management team brings experience from Australia, the world’s largest lithium producing nation.
According to Alix Drapack, VP of ESG at Patriot, the guidelines were “clear and consistent” with other proposed mining projects of this scale and nature in the Eeyou Istchee area, and were received as expected.
The company, which began collecting environmental baseline data at the project in 2022, said it will continue to do so in accordance with the new guidelines.
Submission of the ESIA report is expected in late 2025, Patriot noted in its news release.
The company also said it is currently well-funded for a regional exploration campaign, with another resource estimate targeted this year. Albemarle (NYSE: ALB), the world’s leading lithium miner, last year made a $109 million investment in the company.
Patriot Battery Metals shares fell by 3.1% to $7.12 apiece by 12:40 p.m. ET, for a market capitalization of $1.3 billion.
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