MoU With Mitsui and Microwave Chemical Co.

Research evidence excerpt

MoU With Mitsui and Microwave Chemical Co.

June 18, 2026 | 00:35 ET~

PMET Resources Critical Minerals

Raj Ray, CFA Analyst

raj.ray@bmo.com 44 (0)20 7246 5430

PMET-TSX Rating Price: Jun-17 Target Total Rtn

Outperform(S) $6.19 $10.00 62% Max Yerrill, CFA* Analyst

max.yerrill@bmo.com (437) 214-3503

Frederic Bolton VP Associate

frederic.bolton@bmo.com +44 7850 655 751

Legal Entity: BMO Capital Markets LimitedMoU With Mitsui and Microwave Chemical Co. BMO Nesbitt Burns Inc.*

Bottom Line:

PMET signed a non-binding MoU with Mitsui and Microwave Chemical Co (MWCC) to

evaluate microwave calcination technology. The MoU builds on PMET's announcement 9.00 2YR Price Volume Chart

earlier this week to evaluate an atmospheric alkali leach technology as part of an effort 8.00

to explore production of a downstream lithium product to reduce overall transportation 7.00 6.00

costs. While it is still early stage and we do not provide credit for the opportunity, it's 5.00 4

clear that PMET is actively pursuing downstream production capabilities. 4.00 3

3.00 2

2.00 1

Key Points 1.00 0

Dec Jun Dec Jun

MoU to jointly assess lithium calcination technology with Mitsui and MWCC. PMET, LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

along with Mitsui and Microwave Chemical Co (MWCC), have entered a non-binding

MoU to evaluate the potential of using MWCC's proprietary microwave calcination

technology at Shaakichiuwaanaan. The MoU builds on PMET's concept study, announced

this week, to explore using Primero's ALi® atmospheric alkali leach technology for

potential downstream production at the project (Link).

Potential process overview. To convert spodumene into lithium carbonate, it

must first be converted from alpha-spodumene to beta-spodumene via calcination,