MONTREAL – October 29, 2026 -- Natural Resources Canada has approved C$1,215,185 for PMET Resources Inc. to upgrade the access road serving its Shaakichiuwaanaan lithium project in Quebec's Eeyou Istchee James Bay region.
NRCan funding targets 20 kilometers of road to the Trans-Taiga corridor
The money comes from NRCan's First and Last Mile Fund (FLMF). The application was approved under the Critical Minerals Infrastructure Fund, which has been integrated into the FLMF. The contribution goes to Innova Lithium, a wholly owned PMET subsidiary.
The project will upgrade about 20 kilometers of PMET's 100%-owned road linking the Trans-Taiga Road to the property. The upgrade is meant to improve the road's reliability and capacity for increased mining activity. The property is already accessible year-round by all-season road and sits near regional hydroelectric power infrastructure.
Management frames the grant as a step toward mine construction
PMET CEO Ken Brinsden said "infrastructure is an important part of bringing a new mine into production." Energy and Natural Resources Minister Tim Hodgson said the investment will improve access to the lithium project and help move the resource closer to production, with local jobs and supply chain resilience as stated benefits.
The approval follows the project's inclusion in the Canada Investment Summit Prospectus, which PMET announced on September 14, 2026. The prospectus highlights selected Canadian investment opportunities for international and domestic investors. PMET said it is assessing additional federal funding tools. The company cautioned there is no assurance they will materialize.
Project carries an 84.3 Mt reserve and a top-ten global lithium pegmatite resource
In late 2025, PMET published a lithium-only Feasibility Study on the CV5 Pegmatite. It declared a maiden Probable Mineral Reserve of 84.3 Mt at 1.26% Li2O. The study targets up to about 800 ktpa of spodumene concentrate using a Dense Media Separation-only flowsheet.
The consolidated Mineral Resource totals 108.0 Mt at 1.40% Li2O and 166 ppm Ta2O5 in the Indicated category. A further 33.4 Mt at 1.33% Li2O and 155 ppm Ta2O5 is Inferred. PMET ranks the deposit among the top ten lithium pegmatites globally by size.
The Rigel and Vega zones hold what PMET describes as the world's largest pollucite-hosted caesium pegmatite resource: 0.69 Mt at 4.40% Cs2O Indicated and 1.70 Mt at 2.40% Cs2O Inferred.