Montreal – October 04, 2026 -- PMET Resources Inc. (TSX: PMET, ASX: PMT, OTCQX: PMETF, FSE: R9GA) has signed a Letter of Intent with the City of Matagami to build a spodumene concentrate transshipment link for its Shaakichiuwaanaan lithium project in Quebec, a key piece of logistics infrastructure required before the company can reach a Final Investment Decision.
Matagami yard will shift concentrate from truck to rail for port-bound shipments
Under the planned arrangement, spodumene concentrate would be trucked from the Shaakichiuwaanaan site to Matagami's existing transshipment yard, then loaded onto rail cars for onward transport to port. The LOI sets out principles for the infrastructure upgrades and operating arrangements needed to support the route, though pricing and contribution details remain subject to negotiation.
PMET targets a definitive agreement before sanctioning the project
PMET and Matagami intend to finalize a binding commercial agreement ahead of the company's Final Investment Decision for Shaakichiuwaanaan. Chief Operating Officer Frédéric Mercier-Langevin said the LOI marks a tangible step in advancing the infrastructure needed to support the project's development, calling the Matagami link a key connector between site-level trucking and downstream rail transport.
Shaakichiuwaanaan's feasibility study points to an 800 ktpa concentrate operation
A late-2025 feasibility study on the project's CV5 Pegmatite declared a maiden Probable Mineral Reserve of 84.3 million tonnes at 1.26% Li2O, underpinning a targeted production rate of up to roughly 800,000 tonnes per annum of spodumene concentrate via a dense media separation-only flowsheet.
Project resource ranks among the largest lithium pegmatites globally
Shaakichiuwaanaan's Consolidated Mineral Resource totals 108.0 million tonnes at 1.40% Li2O and 166 ppm Ta2O5 in the Indicated category, plus 33.4 million tonnes at 1.33% Li2O and 155 ppm Ta2O5 Inferred, placing it among the top ten lithium pegmatites worldwide by size. The project also hosts the world's largest pollucite-hosted caesium pegmatite resource at its Rigel and Vega zones, with 0.69 million tonnes at 4.40% Cs2O Indicated and 1.70 million tonnes at 2.40% Cs2O Inferred.