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2026-11-06
◂ Monitor PMT ASX (CDIs); primary listing TSX (PMET)

PMET Resources Inc.

DFS Unfunded Developer · Lithium · CA Rating locked: sign in to view v8.1 · pmt-20261031t211109-full
Last 2026-11-06
A$0.33
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$613.6M
EV
A$434.1M
Cash
C$176.2M
Debt
C$0
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash C$176.2M2025-03-31: 101,173,000 C$2025-06-30: 82,813,000 C$2025-09-30: 61,204,000 C$2025-12-31: 51,262,000 C$2026-03-31: 174,227,000 C$2026-06-30: 176,192,000 C$ Finite
Debt C$0 Net cash C$176.2M
Basic shares 1.9BFY2025A: 1,622,502,350FY2026A: 1,838,028,750 2026-08-12
Runway 10 quarters C$176.2M cash at 30 June 2026 against an underlying spend of about C$17-18M a quarter (FY2026 operating plus investing outflows of C$59.97M, plus the larger 2026 field season and studies) gives roughly ten quarters, i.e. to about end 2028 before construction; it does not fund FID-scale capex.

Liquidity

Financial position

Funded through the updated FS, PEA, ESIA review and detailed engineering to FID; no debt or committed project finance. The C$1.5B net development capex will need project debt (non-binding EDC, KfW IPEX and Societe Generale support), strategic equity (Volkswagen cornerstone option) and new shares.

Capital structure

Ownership and dilution

Ordinary shares
1.9B
Fully diluted
2B

162,250,235 shares at 31 March 2025 + 19,931,110 February 2026 cash issues and other FY2026 issues (Pikwa 841,916; Volkswagen 89,125; options 520,000; settlements) = 183,802,875 at 31 March 2026; + 2,095,745 Volkswagen (21 May 2026) + 44,181 compensation and unit settlements = 185,942,801 at 30 June and 12 August 2026. All counts are multiplied by 10 to the ASX CDI basis. No warrants; no buy-back.

Security classes5
ClassTypeQuantityStrikeExpiry
Common shares (185,942,801) expressed as CDI equivalentsOrdinary Share1.9B——
Stock options (8,528,016 at weighted C$6.22, 2.64 years) as CDI equivalents; strike per CDI C$0.622Option85.3MA$0.622—
Restricted share units (1,712,143) as CDI equivalentsPerformance Right17.1M——
Performance share units (1,712,143) as CDI equivalentsPerformance Right17.1M——
Deferred share units (332,440) as CDI equivalentsPerformance Right3.3M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025AAFY2026AA
Operations
Spodumene concentrate sold (SC5.5)t0.000.00
Li2O in concentratet0.000.00
Profit and loss
RevenueAUDm0.00.0
Corporate costs, studies and pre-FID spendAUDmFY2025A: 13,422,546 AUDFY2026A: 15,538,112 AUD13.415.5
EBITDAAUDmFY2025A: -13,422,546 AUDFY2026A: -15,538,112 AUD(13.4)(15.5)
Income tax expense (project-level, unlevered)AUDmFY2025A: 12,692,952 AUDFY2026A: 3,616,516 AUD12.73.6
Net profit after taxAUDmFY2025A: -6,939,960 AUDFY2026A: -12,095,530 AUD(6.9)(12.1)
Cash flow
Operating cash flowAUDmFY2025A: -7,289,328 AUDFY2026A: -8,248,195 AUD(7.3)(8.2)
Capex (actual: exploration, studies, camp and road)AUDmFY2025A: 117,960,587 AUDFY2026A: 57,354,494 AUD118.057.4
Free cash flowAUDmFY2025A: -125,249,915 AUDFY2026A: -65,602,689 AUD(125.2)(65.6)
Equity raised (net)AUDmFY2025A: 156,562,945 AUDFY2026A: 145,638,627 AUD156.6145.6
Debt drawn less repaidAUDm0.00.0
Balance sheet
CashAUDmFY2025A: 112,799,460 AUDFY2026A: 181,523,612 AUD112.8181.5
DebtAUDm0.00.0
Net debt (cash)AUDmFY2025A: -112,799,460 AUDFY2026A: -181,523,612 AUD(112.8)(181.5)
Per share
CDI-equivalent shares (common x 10)m sharesFY2025A: 1,622,502,350 sharesFY2026A: 1,838,028,750 shares1,622.51,838.0
EPS per CDIAUD/shareFY2025A: -0.00 AUD/shareFY2026A: -0.01 AUD/share(0.00)(0.01)
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025A: -31.65 xFY2026A: -27.34 x(31.6)(27.3)
P / E (x, current market cap)xFY2025A: -87.08 xFY2026A: -49.96 x(87.1)(50.0)
FCF yield (current market cap)%FY2025A: -0.21 fractionFY2026A: -0.11 fraction-20.7%-10.9%
EBITDA margin%——
Net debt / EBITDA (x)xFY2025A: 8.40 xFY2026A: 11.68 x8.411.7

KPI history

Operating metrics

Comparable series use a shared scale

Borrowings (none) · Company · Point In Time

CAD

2 periods
  1. Debt at 2026-03-310 CAD
    Reported
  2. Debt at 2026-06-300 CAD
    Reported

Cash and cash equivalents · Company · Point In Time

CAD

6 periods
  1. Cash at 2025-03-31101,173,000 CAD
    Reported
  2. Cash at 2025-06-3082,813,000 CAD
    Reported
  3. Cash at 2025-09-3061,204,000 CAD
    Reported
  4. Cash at 2025-12-3151,262,000 CAD
    Reported
  5. Cash at 2026-03-31174,227,000 CAD
    Reported
  6. Cash at 2026-06-30176,192,000 CAD
    Reported

Investing cash outflow (exploration, studies, camp and road) · Company · Year

CAD

2 periods
  1. FY2025 (year to 31 Mar 2025)107,032,000 CAD
    Reported
  2. FY2026 (year to 31 Mar 2026)52,430,000 CAD
    Reported

Operating cash flow · Company · Year

CAD

2 periods
  1. FY2025-6,614,000 CAD
    Reported
  2. FY2026-7,540,000 CAD
    Reported
Operating metric source table21
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalentsCompanyCash at 2025-03-31Point In Time101,173,000 CADReported
Cash and cash equivalentsCompanyCash at 2025-06-30Point In Time82,813,000 CADReported
Cash and cash equivalentsCompanyCash at 2025-09-30Point In Time61,204,000 CADReported
Cash and cash equivalentsCompanyCash at 2025-12-31Point In Time51,262,000 CADReported
Cash and cash equivalentsCompanyCash at 2026-03-31Point In Time174,227,000 CADReported
Cash and cash equivalentsCompanyCash at 2026-06-30Point In Time176,192,000 CADReported
Borrowings (none)CompanyDebt at 2026-03-31Point In Time0 CADReported
Borrowings (none)CompanyDebt at 2026-06-30Point In Time0 CADReported
Investing cash outflow (exploration, studies, camp and road)CompanyFY2025 (year to 31 Mar 2025)Year107,032,000 CADReported
Investing cash outflow (exploration, studies, camp and road)CompanyFY2026 (year to 31 Mar 2026)Year52,430,000 CADReported
Investing cash outflow for the quarterCompanyQuarter to 30 Jun 2026Quarter9,858,000 CADReported
Operating cash flowCompanyFY2025Year-6,614,000 CADReported
Operating cash flowCompanyFY2026Year-7,540,000 CADReported
FS LOM average spodumene concentrate production (study forecast)ShaakichiuwaanaanFS life of mine averageOther693,800 t/yr SC5.5Source Derived
FS nominal spodumene concentrate production (study forecast)ShaakichiuwaanaanFS nominal rateOther801,600 t/yr SC5.5Source Derived
FS average Li2O recovery (DMS only)ShaakichiuwaanaanFS life of mine averageOther68.9 %Source Derived
FS average feed gradeShaakichiuwaanaanFS life of mine averageOther1.26 % Li2OSource Derived
FS nominal process plant feed rate (two 2.5 Mtpa trains)ShaakichiuwaanaanFS nominal plant feedOther5,100,000 t/yr oreSource Derived
FS LOM AISC (DAP Grande-Anse) per tonne of SC5.5ShaakichiuwaanaanFS life of mineOther799.8 CAD/t SC5.5Source Derived
FS LOM total cash operating cost per tonne of SC5.5ShaakichiuwaanaanFS life of mineOther729.1 CAD/t SC5.5Source Derived
DMS-only pilot plant recovery producing 6.1% Li2O concentrateShaakichiuwaanaanDMS pilot (quarter to 30 Jun 2026)Point In Time89 %Reported
Company guidance5
MetricProjectPeriodLowHighStatus
Final Investment DecisionshaakichiuwaanaanEnd of calendar 2027 (2H 2027)—— dateCurrent
First Production (Company Pathway)shaakichiuwaanaan2029; Phase 1 commercial production 2030, Phase 2 2032—— dateCurrent
Spodumene Concentrate Capacity (Sc5.5)shaakichiuwaanaanPhase 1 open pit ~400ktpa; Phase 1+2 nominal 801.6ktpa400,000801,600 t/yrCurrent
Updated Cv5 Lithium Tantalum Fs, Cv5+Cv13 Pea And Mre 5shaakichiuwaanaanQ4 calendar 2026—— dateCurrent
Development Capital (Initial + Expansion, Before Credits)shaakichiuwaanaanFS 2025 (net C$1,509.9M after pre-production credit and tax credits)1,978,200,0001,978,200,000 CADCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-05-21Ann. 2026-05-19RaisingCommon SharesC$11.9M2.1MC$5.66CompletedVolkswagen delayed participation in the February 2026 offerings under its investor rights.
2026-02-19Ann. 2026-02-10RaisingCommon And Charity Flow Through SharesC$138M19.8MC$5.66CompletedPublic offering 11,484,099 shares + 1,365,631 over-allotment at C$5.66 (~C$72.7M) and 6,992,255 charity flow-through shares at ~C$9.30 (C$65M).
2025-12-18RaisingCommon SharesC$359K89.1KC$4.03CompletedVolkswagen top-up subscription under its Investor Rights Agreement.
2025-11-28Ann. 2025-11-12RaisingCommon SharesC$3.1M841.9KC$3.68CompletedShares issued to Azimut Exploration and SOQUEM as consideration for the Pikwa Property (509 claims).
2025-01-21Ann. 2024-12-18RaisingCommon SharesC$68.9M15.6MC$4.42CompletedVolkswagen Finance Luxemburg strategic placement (US$48M), 9.9% post-money, with PowerCo offtake term sheet and investor rights.

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-31

Royalties from the AIF claim-block schedule, the PowerCo offtake and Volkswagen investor rights from the December 2024 release and the FS, Albemarle from the AIF. Non-binding letters (EDC, KfW IPEX, Societe Generale, Cree Nation of Chisasibi LOI, Matagami transshipment LOI) and testwork MoUs (Koch, Mitsui/MWCC, Primero) carry no economic terms and are excluded; no hedges exist.

2% NSR over 76 of the 172 Corvette Main claims, no buy-back; one of the claim-block royalties the FS captures as a single 2% royalty on CV5 revenue.

Royalty · Active
Counterparties
DG Resource Management Ltd.
Applies to
Shaakichiuwaanaan Project (CV5 and CV13 pegmatites) · Lithium · Others
Economic direction
Burden
Period
Dates not stated
Key terms
NSR rate: 2 %
Claims covered: 76 claims of 172 (Corvette Main)
Buy-back: none
How it affects our valuation

No valuation treatment is available for this arrangement.

2% NSR on all non-precious products over the 111 FCI East and West claims (sliding 1.5-3.5% on precious metals), aggregate royalty capped at 3.5%, no buy-back.

Royalty · Active
Counterparties
Osisko Gold Royalties Ltd
Applies to
Shaakichiuwaanaan Project (CV5 and CV13 pegmatites) · Lithium · Others
Economic direction
Burden
Period
Dates not stated
Key terms
NSR rate on non-precious products: 2 %
Precious-metal sliding scale: 1.5-3.5%
Aggregate cap with other royalties: 3.5 %
Claims covered: 111 claims (FCI East and West)
How it affects our valuation

No valuation treatment is available for this arrangement.

2% NSR on 50 of 51 Deca-Goose and Felix claims; PMET may buy back half for C$2M.

Royalty · Active
Counterparties
9219-8845 Québec Inc. (Canadian Mining House)
Applies to
Shaakichiuwaanaan Project (CV5 and CV13 pegmatites) · Lithium · Others
Economic direction
Burden
Period
Dates not stated
Key terms
NSR rate: 2 %
Buy-back of half: 2,000,000 CAD
Claims covered: 50 claims (Deca-Goose and Felix)
How it affects our valuation

No valuation treatment is available for this arrangement.

2% NSR on the 39 JBN-57 claims acquired from Azimut in May 2024, no buy-back.

Royalty · Active
Counterparties
Azimut Exploration Inc.
Applies to
Shaakichiuwaanaan Project (CV5 and CV13 pegmatites) · Lithium · Others
Economic direction
Burden
Period
From 2024-05-17; no end date stated
Key terms
NSR rate: 2 %
Claims covered: 39 claims (JBN-57)
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding offtake term sheet for 100ktpa SC5.5 over 10 years priced off market indices with modifying factors that recognise Volkswagen's strategic investment; conditional on FID, approvals and Stage 1 commissioning by 30 June 2031.

Offtake · Conditional
Counterparties
PowerCo SE (Volkswagen Group)
Applies to
Shaakichiuwaanaan Project (CV5 and CV13 pegmatites) · Lithium
Economic direction
Mixed
Period
From 2025-01-21; no end date stated
Key terms
Annual volume: 100,000 t/yr SC5.5
Term: 10 years (+5 by mutual agreement)
Pricing: indexed to lithium chemical and spodumene indices with modifying factors, regular price reviews
Conditions precedent: FID, all approvals, Stage 1 commissioning by 30 June 2031
Share of nominal output: 12.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Investor rights agreement: participation rights, technical advisory committee seat, 24-month standstill and the opportunity to act as cornerstone investor at FID in return for additional offtake; non-binding PowerCo MoU on downstream collaboration.

Strategic Partnership · Active
Counterparties
Volkswagen Finance Luxemburg S.A. · PowerCo SE
Applies to
Shaakichiuwaanaan Project (CV5 and CV13 pegmatites) · Lithium
Economic direction
Benefit
Period
From 2025-01-21; no end date stated
Key terms
Holding after three subscriptions: 17,742,370 shares
Participation right: pro rata in future equity raises
Standstill: 24 months
FID cornerstone option: opportunity to fund at FID for additional offtake on terms to be agreed
How it affects our valuation

No valuation treatment is available for this arrangement.

Albemarle invested ~C$109M in August 2023; the non-binding hydroxide MoU concluded in May 2024 and was not extended; the 12-month investor rights lapsed.

Strategic Partnership · Expired
Counterparties
Albemarle Corporation
Applies to
Shaakichiuwaanaan Project (CV5 and CV13 pegmatites) · Lithium
Economic direction
Benefit
Period
2023-08-03 to 2024-05-15
Key terms
Investment: 109,000,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.