PMET RESOURCES INC. — Capital/Financing Update 2022

Dec 4, 2022

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5 December 2022

Pre-Quotation Disclosure

Patriot Battery Metals Inc. ( Company ) makes the following disclosures in accordance with ASX's listing conditions.

Capitalised terms not defined have the meaning given in the Company's prospectus dated 9 November 2022 ( Prospectus ).

1 Restricted securities

The Company confirms that none of the CDIs pursuant to the Offer or other Securities will be classified by ASX as restricted securities.

2

Capital structure

The Company's capital structure at the date of Admission is:

• (a) Shares: 92,771,239 fully paid ordinary shares ( Shares ), of which 700,000 are held in the form of CHESS Depositary Interests ( CDIs ).

• The increase in the number of Shares disclosed in the Prospectus is a result of 466,665 Warrants and 50,000 Options having been exercised since the Company lodged the Prospectus.

• (b) Warrants : 31,377,983 warrants comprised of the following:

Issue Date	Expiry Date	Number	Exercise Price ($C)
12 August 2020	13 August 2023	166,667	$0.30
26 August 2020	26 August 2023	80,000	$0.54
23 March 2021	23 March 2024	166,666	$0.30
30 June 20211	30 June 2023	4,042,401	$0.25
21 December 20212	21 March 2023	2,156,863	$0.45
21 December 2021	21 December 2023	17,973,856	$0.75
21 March 2022	21 March 2025	6,000,000	$0.75
21 March 20223	21 March 2024	720,000	$0.50
6 October 20224	6 October 2024	71,530	$6.35
	SUBTOTAL	31,377,983	-

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Issue Date Expiry Date Number Exercise Price ($C)
Potential additional Warrants
- 24 months from Issue 4,288,500 [5] $0.25
Date
- - 2,156,863 [6] $0.75
- 24 months from Issue 720,000 [7] $0.75
Date
TOTAL 38,543,346 -
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Notes:

1. 4,288,500 of which are 'piggyback' Warrants. The holders have the right to subscribe for one Share and one additional Warrant each exercisable for two years at a price of C$0.25 per 'piggyback' Warrant exercised.

2. Being the 2021 Konkera Warrants and comprising 'piggyback' Warrants. The holders have the right to subscribe for one Share and one additional Warrant exercisable for one Share at C$0.75 per 'piggyback' Warrant exercised.

3. Comprising 'piggyback' Warrants. The holders have the right to subscribe for one Share and one additional Warrant each exercisable for one Share at C$0.75 per 'piggyback' Warrant exercised. These warrants are also held by Konkera Holdings Pty Ltd, the holders of the warrants at Note 2 above.

4. Being the 2022 Ecoban Warrants. The holders have the right to subscribe for one Share at C$6.35 per 2022 Ecoban Warrant exercised. These warrants are subject to a statutory hold period in Canada until 7 February 2023.

5. These Warrants are to be issued upon exercise of the relevant 'piggyback' Warrants (see note 1).

6. These Warrants are to be issued upon exercise of the 2021 Konkera Warrants (see note 2).

7. These Warrants are to be issued upon exercise of the relevant 'piggyback' Warrants (see note 3).

8. (c) Options: 8,261,668 Options to acquire a Share, comprised of the following:

Issue Date	Expiry Date	Number	Exercise Price (C$)
14 January 2020	14 January 2023	58,334	$0.27
3 February 2020	3 February 2023	26,666	$0.27
19 November 2020	19 November 2023	216,666	$0.30
6 August 2021	6 August 2024	1,310,000	$0.39
23 December 2021	23 December 2024	1,500,000	$0.53
5 April 2022	5 April 2025	2,400,000	$1.74
18 July 2022	18 July 2025	500,000	$2.58

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Issue Date	Expiry Date	Number	Exercise Price (C$)
22 August 2022	22 August 2026	1,000,000	$7.00
22 August 2022	22 August 2026	1,000,000	$9.20
12 September 2022	12 September 2026	250,000	$9.00
	TOTAL	8,261,668	-

3 Statement regarding tenements

The Company confirms that there are no legal, regulatory, statutory or contractual impediments to the Company entering the Corvette Property comprised of 417 mineral claims and carrying out exploration activities such that the Company will be able to spend its cash in accordance with its commitments for the purposes of Listing Rule 1.3.2(b).

By order of the Board

Mathew O'Hara Company Secretary Patriot Battery Metals Inc.