Ann: Exploration Underway at Hidden Lake Lithium, page-35

Patriot Metals (PMT) and Loyal Lithium (LLI) announced a joint venture (JV) agreement on April 12, 2023, to develop the Hidden Lake Lithium Project in the Yellowknife Lithium Belt of the Northwest Territories of Canada.

Under the terms of the JV agreement, Patriot Metals will retain a 40% interest in the project, while Loyal Lithium will hold the remaining 60% interest. Patriot Metals will be the operator of the project for the first two years, after which the operatorship will be rotated between the two companies.

The Hidden Lake Lithium Project is a highly prospective project with significant potential. The project area covers 2,500 hectares and contains 14 mapped lithium spodumene bearing pegmatite outcrops. Drill testing has already been completed on four of the outcrops, and results have been encouraging.

The JV between Patriot Metals and Loyal Lithium is a significant development for the Hidden Lake Lithium Project. The two companies have complementary strengths and experience, and they are well-positioned to develop the project into a major lithium producer.

Here are some of the key terms of the JV agreement:

• Patriot Metals will retain a 40% interest in the project, while Loyal Lithium will hold the remaining 60% interest.
• Patriot Metals will be the operator of the project for the first two years, after which the operatorship will be rotated between the two companies.
• The JV will be funded by a combination of equity and debt.
• The JV will have a term of 10 years, with an option to extend for an additional 10 years.

The JV between Patriot Metals and Loyal Lithium is a significant development for the Hidden Lake Lithium Project. The two companies have complementary strengths and experience, and they are well-positioned to develop the project into a major lithium producer.