Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to advise that, further to its news release issued on March 15, 2023 (Vancouver, BC, Canada) / March 16, 2023 (Sydney, Australia), it has successfully completed the Flow Through Raising of approximately 2.215 million Flow Through Shares in the capital of the Company at a price of C$22.57 per share to institutional, professional and sophisticated investors for gross proceeds of approximately C$50M. Capitalized terms in this news release not otherwise defined have the meaning provided in the news release of March 15, 2023 – please refer to that release for more details.

Settlement is anticipated to occur on March 23, 2023 (Sydney, Australia time) at which time the Flow Through Shares will have been converted to approximately 22.15 million Chess Depositary Interests (“CDIs”) which trade on the ASX. CDIs trading on the ASX issued on account of the Flow Through Shares cannot be converted into common shares of the Company for the purpose of trading such shares in Canada until four months have elapsed from the settlement date.

In connection with the completion of the Flow Through Raising, the Company will pay Euroz Hartleys Limited and Canaccord Genuity (Australia) Ltd., as joint-lead managers for the transaction, a cash commission of A$1,215,995.72. Proceeds raised from the sale of the Flow Through Shares will be used to fund exploration on the Company’s Corvette Property.