Patriot Battery Metals Responds to Short Report Allegations and Confirms Upcoming Resource Estimate for Corvette Lithium Project
Patriot Battery Metals Inc. (Patriot), a Canadian-Australian company focused on developing its Corvette Lithium Project in Quebec, Canada, has issued a response to a recent short report published by Night Market Research (NMR). The report, released on July 9, 2023, made allegations regarding the management of Patriot, including misleading investors about the timing and size of its maiden resource estimate for the Corvette project, as well as suggesting that the company was overvalued and susceptible to a takeover.
Patriot has strongly refuted the key conclusions of the short report, stating that they are factually inaccurate and misleading. The company has also sought legal advice regarding the matter and highlighted that NMR holds a short interest position in Patriot, indicating a potential benefit from a decline in Patriot's share price.
In response to the allegations, Patriot has confirmed its intention to release its maiden resource estimate for the Corvette project in the coming weeks. The company expects the resource to be a significant and high-grade lithium deposit compared to other similar projects worldwide.
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Patriot further explained that it had secured additional funding in late 2022 to expand its exploration program, with a focus on further appraising and defining the CV5 pegmatite, a common approach for early-stage mining projects. The company has made its lithium drilling results publicly available through TSX/ASX announcements, and its entire drill-hole database is accessible on its corporate website. Additionally, Patriot announced the final core assay results from its 2023 winter drill program, including an impressive 108. 0 meters containing 2. 44% Li2O at the CV5 pegmatite.
Addressing recent media speculation reported by the Australian Financial Review on July 9, 2023, regarding corporate activity involving Patriot, the company acknowledged receiving strong inbound interest in relation to the Corvette project from various prominent global mining and chemicals companies. However, Patriot clarified that it had not received any takeover or corporate proposals to date. The company emphasised that it has appointed advisers and key personnel to support the continued development and financing of Corvette as an independent lithium company.
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