11:35 AM EST, 02/10/2025 (MT Newswires) -- (Adds analyst comment and updates shares.)

Patriot Battery Metals ( PMETF ) said overnight a winter drill program at its Shaakichiuwaanaan lithium property in Quebec is under way.

The company said the campaign began in late January and will continue through mid-April for an estimated total of 15,000 meters.

The drill program will focus on extending the high-grade Vega zone, testing the highly prospective CV5 to CV13 pegmatite corridor, and completing condemnation drilling at two proposed waste rock pile locations in support of the ongoing feasibility study at the CV5 pegmatite.

"2025 will be a less drill intensive year compared to 2024; however, exploration drilling along the CV Trend remains a key component of the company's flowthrough spend strategy as the CV5 pegmatite advances through development," said Darren Smith, Patriot's executive vice president of exploration.

Patriot said it is on track to release a feasibility study and maiden ore reserve estimate in the third quarter.

National Bank of Canada maintained its outperform rating and $8.50 price target after the update.

The bank said the next key catalysts for the stock are release of the underground tradeoff study, advancement of permitting with the completion of the environmental data collection and submission of final environmental impact statement, continuous positive exploration results and updated mineral resource estimate with resource expansion potential at CV13.

Patriot shares were last seen down $0.07 to $2.79 on the Toronto Stock Exchange.

Price: 2.79, Change: -0.07, Percent Change: -2.45