Welcome back to Kitco Mining investment trends. I'm Jeremy Saffron. Well, Patriot Battery Metals is now in possession of what's being called the world's largest and highest-grade pollucite-hosted cesium pegmatite resource. That's a mineral that's nearly vanished from global markets, yet crucial for solar tech, defense and imaging systems. But this is more than just one metal. Patriot's Quebec project is emerging as a multi-critical mineral system. Of course, hosting lithium — this is a lithium story — but now also tantalum, gallium and this high-value cesium at a time when China and others are actively scouring the globe to secure these inputs. Patriot may be sitting on something far more strategic than previously priced in. And just a reminder, Volkswagen already took a 9.9% stake last year at a modest premium. And the question now is whether markets, governments, and strategic buyers understand what this asset could become. Joining me now is Ken Brinsden. He's the CEO and managing director of Patriot Battery Metals. Good to see you, Ken.
Pleasure to be with you, Jeremy. Thanks.
Let's talk about this latest news, my friend. I mean, the numbers on this maiden resource on the cesium side are extraordinary — over 30,000 tons at grades north of 4%. Explain what those numbers actually mean for production potential and also value here.
Yeah, the team really — it's full credit to them. And that's another amazing discovery at Shaakwan, and it's really proven to be a key critical minerals host. When you're in the hard rock lithium world, you're working in these LCT pegmatites: lithium, cesium and tantalum. And what's been found at Shaakwan is now an abundance of each, with a combination of scale and grade. And you quite rightly pointed out this new cesium discovery absolutely fits that category. In fact, it's likely the largest discovery, and certainly in the last 30 or 40 years. So, yeah, really incredible, and something that we're really keen to capitalize on as we continue to focus on the development of the Shaakwan project.
Yeah, it's interesting. I mean, I had you on last time, we were talking a little bit about cesium. I'm trying to break it down to the audience and kind of what it is. It's not that well understood, but it is priced at over $2,500 US an ounce in metal form. Just break down a little bit about, you know, where it's used and why that demand is rising right now. I just mentioned this race to critical minerals. I mean, very topical right now, Ken.
Oh, so true. Yeah, the critical mineral story is crucial for the West and it's equally true for cesium, another one of these specialty metals and definitely in the critical minerals category. Yeah, its uses — well, historically, predominantly as a heavy media in deep oil and gas drilling, but in the last 10 or 15 years it's also very important in the optoelectronics industry. I appreciate that's also a mouthful, but basically what that means is it's making its way into applications where you're using and modifying light. So classic examples would be things like medical imaging, but now also photovoltaics.
Of course, everybody is familiar with the classic solar panel, typically based on a silicon matrix, but what's happening in the development of the solar industry is obviously everyone's looking for greater efficiency. That's a key outcome — you could collect more sunlight and turn that into more power. And what's been found is that the application of cesium in what's called a perovskite structure or perovskite module provides a really enhanced efficiency in the average solar panel, and it's not small either — you know, sort of 30% efficiency gain, something like that. What that means is that the solar industry is intensely focused on how they can apply that technology. However, everybody has been worried about the abundance of cesium, its ability to make its way into the supply chain, but also, like a lot of the critical minerals, China is definitely a dominant player in that supply chain. So clearly, if there's a big new discovery, there's potential to provide more cesium to global markets and make the most out of the solar industry's efficiency gains. So, yeah, we're looking forward to more interaction with industry downstream and seeing if we can make that a key part of the plan for future development at Shaakwan in the cesium category.
Nice. Ken, you know, we were talking about that global race for critical minerals and obviously it's accelerating, and China's looking for — you know, we're talking about cesium right now, but also this gallium, tantalum. You've just defined, you know, all three down in Quebec. Are you hearing from buyers directly or indirectly already?
Yeah, we are. And we've already been receiving inquiry. When we first announced the discovery of cesium, that started the first rounds of inquiry and we've been happy to continue to engage with the industry downstream since. Now, I think that equally that's happened in cesium, but it's the same for tantalum — the key mineral tantalite — but also spodumene, producing the lithium. So Shaakwan's discovery, and especially the predominance across the board in those key minerals — lithium, cesium, tantalum — I would also throw gallium in there, albeit more work to be done in that area, they are absolutely crucial to the future of demand in the West and typically dominated through China supply chains. That concentration risk does represent a challenge for industry, and that's why we will continue to receive, you know, interest and, for that matter, continue to engage with industry downstream about what the alternative supply chains might look like.
Yeah. You know, to your point, I mean, some of these countries are almost creating strategic minerals and strategic metals like, you know, sovereign wealth funds, and they're starting to really invest. I mean, you know, we're seeing this with the Trump White House with that executive order. Do you believe Canada is sending a strong enough signal internationally that it's open for business when it comes to strategic minerals?
Yeah, I think the response that's starting to come from Canada is heading in the right direction. And it's akin to what's happening elsewhere in the Western world. It's starting to tweak now just how important some of these new energy minerals are, and for that matter how far behind the West is. So in Canada what you have is you quite literally have the bain-marie of critical minerals. It's kind of crazy, Jeremy, that you worry about going to Ukraine, Greenland, or the Democratic Republic of Congo when across the border Canada has these incredible resources, and that's particularly true in Quebec, and that's particularly true with our project.
So what does it mean? Well, I think in the end, you'd have to say that logic prevails. There is key projects in the West and, of course, we'd put our Shaakwan project in that category, that are absolutely key to the growth of really material and multi-decade supply. That's what we represent and that's ultimately the sort of project that we're hoping to develop, but supports industry for many, many decades to come, but at the right volume. And based on what we've discovered so far, what's identified in resource, we have an abundance of key critical minerals in the form of lithium, cesium and tantalum, with an expectation that we can continue to grow the footprint into gallium over time and maybe even rubidium. So the combination of those things is a really powerful proposal for Western interests and, of course, across the border in the US as well.
Yeah. Not to mention, I must say, China must be watching this closely, Ken. Okay. Well, let's get back to lithium because obviously it's still the core here. You know, this was found on your lithium deposit, the CV5, over 100 million tons. I mean, can you kind of give us an update on this feasibility study? Q3, still on delivery target?
Spot on, Jeremy. Yep, that's exactly right. So we'll be delivering the feasibility study over the coming months and our objective is to define the first wave of project development, but also scale. So, yeah, big lithium project, stage development: first 400,000 tonnes per annum spodumene concentrate, second stage taking to a total of 800,000 tonnes per annum spodumene concentrate.
And what we achieve out of the presentation in the feasibility study is the ability to progress the final phase of mine authorization. So it's a lithium-only feasibility study principally serving the purpose of the first round of mine authorizations. Our expectation is that we can continue to optimize the project inclusive of the other co-products that we've talked about today, Jeremy, the cesium and the tantalum and maybe down the track the gallium and the rubidium. But they ultimately represent an opportunity to add further economics to the project and become, you know, ultimately become a key supplier of the broader critical mineral suite. But in the first instance, lithium, CV5, and yeah, it's a big one — approximately 100 million tons as you pointed out, defining a mine life of nominally, you know, 20 years. So it's really material to the future of the lithium world, North America, European supply bases.
Yeah, yeah, huge numbers here, Ken. I mean, really massive. Is there an opportunity to develop both in tandem here? Are you sequencing lithium first? I mean, there seems to be a good opportunity for cash flow.
Oh yeah. Yeah, that's so true. So our objective in ensuring a lithium development in the first instance is to have the effect of, let's say broadly speaking, de-risking and simplifying the approvals process. But of course from an economics point of view it does make sense to take these co-products as they become available, just bearing in mind they're in effect in the same ore body at CV5, tantalum especially. And then over time ensuring that we can bolt on CV13, but from a development cycle point of view, CV13, where the bulk of the cesium is, is a little bit further behind but not too far. So our objective is to continue to progress CV13 as fast as we practically can whilst the development is underway at CV5.
