Multicenter, open-label study will evaluate the safety and preliminary efficacy of CK0802, a first-in-class, off-the-shelf Treg therapy, in patients with steroid-refractory GVHD

HOUSTON, May 5, 2026 /PRNewswire/ — Cellenkos^®, Inc., a clinical stage biotechnology company, pioneering allogeneic, tissue-targeted regulatory T cell (Treg) therapies, today announced that the U.S. Food and Drug Administration (FDA) has cleared its Investigational New Drug application to initiate a Phase 1b/ 2a clinical trial of CK0802 for the treatment of patients with steroid-refractory graft-versus-host disease (GVHD).

Steroid-refractory GVHD represents a critical unmet need in post-transplant care. While allogeneic stem cell transplants are curative for many blood cancers, the procedure carries the risk of GVHD—a condition where donor cytotoxic T cells “misfire,” recognizing the patient’s healthy organs as foreign and launching a systemic attack. This typically manifests as severe skin rashes, debilitating diarrhea, and liver failure.

Current first-line treatment relies on high-dose intravenous steroids. However, steroids act as a “blunt instrument,” suppressing the aggressive T cells while simultaneously depleting the healthy immune system, leaving patients vulnerable to life-threatening infections. In nearly 50% of cases, steroids fail to calm the immune attack. Currently available second-line therapies often struggle to provide lasting results, frequently hampered by severe immunosuppression and hematologic toxicities. Due to these limitations, patients face a poor prognosis, with two-year survival rates currently stagnating at approximately 30%. Novel therapies are urgently needed.

“FDA clearance to advance CK0802 into a Phase 1b/ 2a trial marks a hopeful step forward for patients facing the dire prognosis of steroid-refractory GVHD,” said Simrit Parmar, MD, MSCI, Founder of Cellenkos, and Faculty, Texas A&M, School of Engineering and Medicine (EnMed). “CK0802 is uniquely qualified to function under intense inflammatory stress, resetting the patient’s immune system, and de-escalating donor T-cell attack without the toxicities typically associated with broad-spectrum immunosuppression.”

About the CK0802 Phase 1b/ 2a Study
The multicenter, open-label Phase 1b/ 2a trial is designed to evaluate the safety, tolerability, and preliminary efficacy of multiple infusions of CK0802.

• Target population: Patients with GVHD who have failed to respond adequately to systemic corticosteroid therapy following allogeneic stem cell transplantation.
• Primary endpoint: Safety and early efficacy of CK0802 as assessed by overall response rate (ORR) at Day 29.

The trial is scheduled to commence in the second half of 2026, with a clinical readout anticipated in early 2027.

How can CK0802 treat Steroid Refractory GVHD?
In cases of steroid-refractory GVHD, patients face a life-threatening “vicious loop” of injury and inflammation. This condition is driven by aggressive donor T cells that relentlessly attack the recipient’s organs, triggering the release of inflammatory cytokines that further fuel the disease’s progression. CK0802 Tregs are designed to break this cycle. Hardwired to remain resilient even under intense inflammatory conditions, CK0802 delivers a concentrated dose of “young,” highly functional regulatory T cells (Tregs). These cells employ a multi-faceted biological approach to suppress runaway inflammation at the source, actively promoting long-term immune stability.

• Direct Suppression: By releasing suppressor cytokine, IL-10, CK0802 Tregs apply “molecular brakes” to the immune system, inhibiting pro-inflammatory mediators (TNF-α, IL-6, IL-12, and IL-17), preventing further tissue injury.
• Indirect Starvation: CK0802 Tregs act as “cytokine sinks,” utilizing high-affinity surface receptors to rapidly consume, IL-2, a survival cytokine for aggressive T cells. By draining this lifeline, CK0802 effectively starves and depletes the cytotoxic T cells responsible for attacks on target organs.
• APC Neutralization: CK0802 Tregs take aim and neutralize Antigen-Presenting Cells (APCs), which are the primary drivers of GVHD. By silencing these “masterminds”, CK0802 extinguish the “cytokine storm” and resolve the inflammatory chaos, to establish durable immune homeostasis.
• Infectious Tolerance Induction: Beyond immediate action, CK0802 retrain the patient’s endogenous regulatory T cells, recruiting the host’s immune system to sustain long-term healing and maintain equilibrium.

“Clearance of our IND application is a major milestone for Cellenkos and confirms that the FDA is satisfied with the clinical, preclinical and manufacturing data submitted in support of CK0802, further validating our CRANE^® manufacturing platform,” said Tara Sadeghi, Chief Operating Officer of Cellenkos. “This trial will provide critical data to guide the design of future, pivotal studies. We believe that CK0802 will be a transformational therapy for steroid refractory GVHD patients who tragically have limited options today.”

Acting as an immunological “crusader,” CK0802 is specifically trained to thrive within intense inflammatory environments and home directly towards injured tissues to suppress donor-driven immune attacks, effectively re-establishing immune homeostasis.

CK0802 Phase 1 Trial Outcomes
Results from a randomized, placebo-controlled trial demonstrate that CK0802 Tregs are a safe and highly effective treatment for critically ill COVID-19 ARDS patients, requiring mechanical ventilation and vasopressor support, thought to be driven by severe “cytokine storm” inflammation, like that seen in GVHD. All patients had failed traditional steroid therapy. Bayesian regression analysis revealed a probability of beneficial effect (PBE) of 89.7% for being alive and extubated at day+28 in recipients of multiple infusions of CK0802 at a fixed dose of 100 million Tregs compared to placebo. Long-term data showed a 98.6% PBE for overall survival at the one-year mark, alongside significant improvements in cognitive function and general quality of life six months after hospital discharge in favor of CK0802 at the same dose. These findings suggest that CK0802 could fundamentally shift the prognosis for patients facing the most life-threatening respiratory complications of the virus.

About CK0802
Derived from qualified U.S. public cord blood units in compliance with 21 CFR Part 1271, CK0802 is a pioneering, “off-the-shelf” cryopreserved Treg therapy. Featuring a robust shelf life of nearly three years, this investigational treatment is designed for immediate intravenous administration without the logistical delay of HLA matching. This “ready-to-use” capability is critical for steroid-refractory GVHD patients, where rapid intervention is essential for survival and every hour counts.

At the core of the CK0802 are “supercharged,” intelligent regulatory T cells (Tregs) that preserve their cellular naivety. This unique state facilitates rapid in vivo proliferation, enabling the cells to expand aggressively once inside the patient to mount a powerful suppression of the rogue elements. Furthermore, these cells possess a specialized “target readiness” that drives a gain of function; allowing for the swift resolution of dysregulated inflammation—the primary biological driver of GVHD—restoring balance to the immune system when it is needed most.

About Graft-versus-Host Disease
Graft-versus-host disease (GVHD) remains one of the most significant and life-threatening complications following allogeneic hematopoietic stem cell transplantation. Approximately 11,000 allogeneic stem cell transplants are performed annually in the United States, and 80,000 worldwide. Despite modern prophylactic measures, acute GVHD occurs in approximately 50% of transplant recipients, and chronic GVHD impacts between 30% and 70% of patients, severely affecting long-term quality of life and non-relapse mortality. Current standard-of-care treatments rely heavily on high-dose corticosteroids, yet these interventions are only effective in roughly 50% of cases. For those with steroid-refractory disease, the prognosis is often dismal, with 2-year survival rates historically recorded near 30%, highlighting a critical unmet medical need for novel, more effective therapeutic options.

About Cellenkos^®, Inc.
Cellenkos^® is a Houston-based, fully integrated, biotechnology company focused on developing transformative Treg therapies for inflammatory diseases and autoimmune disorders. Cellenkos was granted US patent (US12472182B2) on November 18, 2025, for their technology covering “Compositions comprising regulatory T cells and methods of producing and using them”. Leveraging its proprietary CRANE^® technology, Cellenkos develops off-the-shelf Treg product candidates designed to suppress inflammation and support tissue repair. The company’s pipeline includes candidates for aplastic anemia (CK0801); amyotrophic lateral sclerosis, dementia, and psoriasis (CK0803); and myelofibrosis, type 1 diabetes, and inflammatory bowel disease (CK0804).

For more information, please visit www.cellenkosinc.com.

Media and Investor Contact: contact@cellenkosinc.com

Forward-Looking Statements
This press release contains forward-looking statements regarding the clinical development of CK0802. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

Alongside new availability on AWS ap-southeast-1, Pinecone announces Nexus knowledge engine, KnowQL query language, Marketplace, Builder tier, and native full-text search

SINGAPORE, May 5, 2026 /PRNewswire/ — Pinecone, the knowledge infrastructure for AI at scale, today announced the launch of its first serverless region in Asia with the AWS Asia Pacific (Singapore) Region (ap-southeast-1), bringing its full serverless vector database and knowledge infrastructure to the Asia-Pacific market. The new region enables organizations across Southeast Asia, Australia, and the broader Asia-Pacific to run AI workloads with low-latency performance and local data residency.

The Singapore region launch coincides with a series of major product announcements from Pinecone, including the introduction of Pinecone Nexus, a knowledge engine for AI agents; KnowQL, a declarative query language for agentic retrieval; the Pinecone Marketplace with more than 90 production-ready knowledge applications; a new Builder tier at $20 per month; native full-text search in the core Pinecone database; and Dedicated Read Nodes for high-throughput, low-latency production workloads delivering up to 97% cost reduction at scale.

“The best knowledge infrastructure should be accessible to every builder, in every region,” said Ash Ashutosh, CEO of Pinecone. “Launching our first serverless region in Asia marks a significant milestone for Pinecone. Organizations across the Asia-Pacific now have access to the same infrastructure that more than 9,000 customers worldwide rely on — with the data residency, low latency, and proximity that enterprises in the region require. Combined with today’s launches of Nexus, KnowQL, Marketplace, and our new Builder tier, we are delivering the most comprehensive knowledge infrastructure for AI at a scale and price point that removes every barrier to building.”

Pinecone Nexus: The Knowledge Engine for Agents

As AI shifts from assistive applications to autonomous agents, the demands on knowledge infrastructure are changing fundamentally. Roughly 85% of an agent’s effort today is spent on context retrieval, resulting in task completion rates of just 50–60%, unpredictable completion times, and runaway token costs. Pinecone Nexus addresses this by moving reasoning upstream, from retrieval to knowledge compilation. Its context compiler transforms raw data into task-optimized artifacts that agents consume directly, while its composable retriever serves those artifacts with low latency, per-field citations, and deterministic conflict resolution. Early results show up to 90% reduction in token usage, task completion rates above 90%, and 30x faster time-to-completion.

At the core of Nexus is KnowQL, a declarative query language that gives agents a universal interface for knowledge access, replacing custom tool definitions and bespoke glue code with a single call that specifies output format, citation requirements, and latency budgets, and returns trusted, structured, grounded knowledge.

Pinecone Marketplace

The Pinecone Marketplace is a catalog of fully working, production-ready knowledge applications that users can deploy, customize, and run immediately. It launches with more than 90 production-ready solutions across sales and revenue, insurance, real estate, legal and compliance, people and HR, customer support, and more categories. Built by Pinecone and partners, these applications require no infrastructure assembly. The Marketplace is free at launch, with partner-built commercial solutions coming soon.

New Pricing and Infrastructure Updates

Pinecone’s new Builder tier provides full access to its production-grade infrastructure for $20 per month and free support. Dedicated Read Nodes offer provisioned read capacity with warm data paths and fixed hourly pricing, delivering 77–97% cost reduction at scale for sustained high-throughput workloads. Bring Your Own Cloud (BYOC) deploys Pinecone fully managed within a customer’s own cloud environment for organizations with data residency or regulatory requirements. Additionally, Pinecone has integrated native full-text search into its core database, now in public preview, enabling hybrid retrieval that combines semantic breadth with exact-match precision for agent-scale query volume.

The Singapore region is available now. It is Pinecone’s first serverless region in Asia, joining existing serverless regions on AWS in the United States and Europe, with additional regions planned.

Get started here. For more detailed information on today’s announcements, dive into the blog.

About Pinecone

Pinecone is the knowledge infrastructure for AI at scale. Its leading vector database and knowledge engine, Pinecone Nexus, power accurate, performant AI applications for more than 9,000 customers and 800,000 developers worldwide. Pinecone’s mission is to make AI knowledgeable. For more information, visit pinecone.io.

Media Contact:
Mike Sefanov
mike.s@pinecone.io
Sr. Director, Communications

MELBOURNE, Australia and INDIANAPOLIS, Ind., May 5, 2026 /PRNewswire/ — Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX, “Telix”) today announces the publication of a new independent analysis of Phase 3 ZIRCON trial data in European Urology^[1], demonstrating that TLX250‑Px (Zircaix®^[2], ⁸⁹Zr-girentuximab) PET/CT^[3] imaging may be highly predictive of renal malignancy across all subtypes, not limited to clear cell renal cell carcinoma (ccRCC).

Recognizing that carbonic anhydrase IX (CAIX) expression is also observed in other renal cancer subtypes^[4], this subsequent analysis conducted by international investigators who participated in ZIRCON Phase 3 trial^[5], evaluated centrally reviewed imaging and pathology data to explore whether tracer uptake in renal masses correlated with malignancy beyond ccRCC.

The analysis demonstrated that positive PET findings were highly predictive of malignancy overall, including in non-clear cell renal cell carcinoma (nccRCC), with a reported positive predictive value (PPV) of 98% (95% CI, 96–99), sensitivity of 82% (95% CI, 82–90), and specificity of 87% (95% CI, 81–93). These exploratory scientific findings suggest TLX250-Px has applications beyond the detection of ccRCC in primary renal masses and may have implications to management of nccRCC.

Aboubacar Kaba, MD, urologist at the University of California, Los Angeles and corresponding author, commented: “This analysis shows that when TLX250-Px PET/CT is positive, it is highly predictive of renal malignancy, including beyond ccRCC. Thus, the utility of this test may be important in distinguishing more hypoxic, and therefore, aggressive disease from indolent tumors with clear treatment implications. This may provide an additional tool to aid in risk stratifying or guiding patient and clinician decisions in the treatment of renal masses.”

Dr. David N. Cade, Group Chief Medical Officer at Telix, added: “Publication of these data in European Urology reflects the scientific strength of the ZIRCON trial and the robustness of its central imaging and pathology review. While ZIRCON was designed to address ccRCC, this analysis supports continued evaluation of TLX250-Px PET imaging across a broader spectrum of renal malignancies, with potential application in the management of patients with non-clear cell RCC. Furthermore, essentially all false-positives for ccRCC in the ZIRCON study have now been shown to be other malignant kidney cancer subtypes, reducing the risk of overtreatment and further supporting clinical adoption.”

The full paper is available at: https://www.europeanurology.com/article/S0302-2838(26)02037-3/fulltext.

These findings are based on exploratory analyses and were not the basis of Telix’s Biologics License Application (BLA) submission for TLX250-Px, which focuses exclusively on detection of ccRCC in primary renal masses.

About TLX250-Px

TLX250-Px is a PET imaging candidate under development for the diagnosis and characterization of ccRCC, and included in leading international guidelines for renal imaging^[6]. It works by specifically binding to carbonic anhydrase IX (CAIX), a validated target protein expressed on >95% of ccRCC cells^[7], to produce images with high tumor-to-background ratio and high intra- and inter-reader consistency.

Telix’s pivotal Phase 3 ZIRCON trial evaluating TLX250-Px in 300 patients, of whom 284 were evaluable, met all primary and secondary endpoints, including showing 86% sensitivity and 87% specificity and a 93% positive predictive value (PPV) for ccRCC across three independent radiology readers^[8]. Telix believes this demonstrated the ability of TLX250-Px to reliably detect the clear cell phenotype and provide an accurate, non-invasive method for diagnosing and characterizing ccRCC.

ZIRCON-X, a noninterventional, prospective, post hoc study using imaging data from ZIRCON, found that almost half of all patients (48.6%) would have undergone a change in clinical management if imaged with TLX250-Px, compared with baseline standard-of-care (SOC) imaging, and that more than 20% could potentially have avoided an invasive biopsy^[9].

For more on TLX250-Px and Telix’s theranostic kidney cancer program, click here.

TLX250-Px has not received a marketing authorization in any jurisdiction.

About Telix Pharmaceuticals Limited

Telix is a global biopharmaceutical company focused on the development and commercialization of radiopharmaceuticals with the goal of addressing significant unmet medical need in oncology and rare diseases. Telix is headquartered in Melbourne (Australia) with international operations in the United States, United Kingdom, Brazil, Canada, Europe (Belgium and Switzerland) and Japan. Telix is listed on the Australian Securities Exchange (ASX: TLX) and the Nasdaq Global Select Market (NASDAQ: TLX).

Visit www.telixpharma.com for further information about Telix, including details of the latest share price, ASX and U.S. Securities and Exchange Commission (SEC) filings, investor and analyst presentations, news releases, event details and other publications that may be of interest. You can also follow Telix on LinkedIn, X and Facebook.

Media Contact

Eliza Schleifstein
917.763.8106 (Mobile)
Eliza@schleifsteinpr.com

Legal Notices

Cautionary Statement Regarding Forward-Looking Statements.  

You should read this announcement together with our risk factors, as disclosed in our most recently filed reports with the Australian Securities Exchange (ASX), U.S. Securities and Exchange Commission (SEC), including our Annual Report on Form 20-F filed with the SEC, or on our website.

The information contained in this announcement is not intended to be an offer for subscription, invitation or recommendation with respect to securities of Telix Pharmaceuticals Limited (Telix) in any jurisdiction, including the United States. The information and opinions contained in this announcement are subject to change without notification.  To the maximum extent permitted by law, Telix disclaims any obligation or undertaking to update or revise any information or opinions contained in this announcement, including any forward-looking statements (as referred to below), whether as a result of new information, future developments, a change in expectations or assumptions, or otherwise. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information contained or opinions expressed in the course of this announcement.

This announcement may contain forward-looking statements, including within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that relate to anticipated future events, financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as “may”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “outlook”, “forecast” and “guidance”, or the negative of these words or other similar terms or expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are based on Telix’s good-faith assumptions as to the financial, market, regulatory and other risks and considerations that exist and affect Telix’s business and operations in the future and there can be no assurance that any of the assumptions will prove to be correct. In the context of Telix’s business, forward-looking statements may include, but are not limited to, statements about: the initiation, timing, progress, completion and results of Telix’s preclinical and clinical trials, and Telix’s research and development programs; Telix’s ability to advance product candidates into, enroll and successfully complete, clinical studies, including multi-national clinical trials; the timing or likelihood of regulatory filings and approvals for Telix’s product candidates, including TLX250-Px, manufacturing activities and product marketing activities; Telix’s sales, marketing and distribution and manufacturing capabilities and strategies; the commercialization of Telix’s product candidates, if or when they have been approved; Telix’s ability to obtain an adequate supply of raw materials at reasonable costs for its products and product candidates; estimates of Telix’s expenses, future revenues and capital requirements; Telix’s financial performance; developments relating to Telix’s competitors and industry; the anticipated impact of U.S. and foreign tariffs and other macroeconomic conditions on Telix’s business, including as a result of war or other geopolitical conflicts; and the pricing and reimbursement of Telix’s product candidates, if and after they have been approved. Telix’s actual results, performance or achievements may be materially different from those which may be expressed or implied by such statements, and the differences may be adverse. Accordingly, you should not place undue reliance on these forward-looking statements.

Trademarks and Trade Names. All trademarks and trade names referenced in this press release are the property of Telix Pharmaceuticals Limited (Telix) or, where applicable, the property of their respective owners. For convenience, trademarks and trade names may appear without the ® or ™ symbols. Such omissions are not intended to indicate any waiver of rights by Telix or the respective owners. Trademark registration status may vary from country to country. Telix does not intend the use or display of any third-party trademarks or trade names to imply any affiliation with, endorsement by, or sponsorship from those third parties.

©2026 Telix Pharmaceuticals Limited. All rights reserved.

MONTREAL, May 5, 2026 /PRNewswire/ — May 5, 2026 – Sydney, Australia

HIGHLIGHTS

• Environmental and Social Impact Assessment (ESIA) for the Shaakichiuwaanaan Project submitted to the Federal and Provincial authorities on March 31, 2026:
  • Federal ESIA submission deemed complete by the IAAC with the first statutory public consultation period now underway, closing May 28, 2026.
  • Provincial ESIA submission progressing under the COMEV/COMEX review process.
• Updated CV5 lithium-tantalum Feasibility Study and parallel lithium-caesium-tantalum PEA/Scoping Study on the broader project (CV5 + CV13) on track, targeting Q4 2026 completion.
• CV5 bulk sample application under review (~50,000 tonnes), with feedback expected from COMEX in Q2-2026:
  • Project engineering continues to advance towards shovel-ready status by year-end.
• Hydro Quebec power application submitted, with the assessment in progress:
  • Hydro-Quebec’s La Grande 4 (LG4) Tilley substation is only ≈45 km from the Project, being both ideally located and a low-cost potential source of renewable power to the Shaakichiuwaanaan Project.

Ken Brinsden, President and Managing Director, comments: “In just roughly four years since the first drill hole at CV5 in November 2021, we’ve delivered the lithium-only Feasibility Study and submitted the final ESIA documentation for mine authorization – a testament to the quality of the asset and the team behind it. But it does not stop there, as we continue to progress the Project’s critical path through to FID.

“Shaakichiuwaanaan has the scale, grade and strategic positioning to become one of the world’s leading critical minerals projects, right here in Quebec, supporting North American and global supply chains. As geopolitical tension grows across energy and the critical minerals sphere, this represents a massive opportunity for Quebec and Canada to be front-and-centre in the future of lithium, caesium, and tantalum supply to global markets,” added Mr. Brinsden.

PMET RESOURCES INC. (THE “COMPANY” OR “PMET”) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to provide an update on the key permitting, studies and infrastructure workstreams at the Company’s wholly-owned Shaakichiuwaanaan Property (the “Property” or “Project”), located in the Eeyou Istchee James Bay region of Quebec. Significant progress is being made on the key components of the Project’s critical development pathway, including mine authorization, optimized engineering studies, a bulk sample application and key Project delivery elements such as the application for power allocation on the Hydro Quebec network.

The Shaakichiuwaanaan Property hosts one of the largest pegmatite Mineral Resources¹ (Li, Cs, Ta) and Mineral Reserves² (Li) in the world, situated approximately 13 km south of the regional and all‑weather Trans-Taiga Road and powerline infrastructure corridor, and is accessible year-round by road (see Figure 1 below). The Company recently announced a robust lithium only Feasibility Study for the CV5 Pegmatite, which outlined the Project as a potential North American critical mineral powerhouse (see news release dated October 20, 2025).

ESIA DOCUMENTATION REVIEW

The Company submitted the Shaakichiuwaanaan Project Environmental and Social Impact Assessment (ESIA) documentation on March 31, 2026. The ESIA submissions are a critical regulatory requirement under Section 22 of the James Bay and Northern Quebec Agreement (JBNQA), and the Impact Assessment Agency of Canada (IAAC) processes.

These submissions, alongside the positive CV5 lithium-only Feasibility Study delivered in late 2025, form the dual pillars supporting the final mine authorization process. Together, these documents detail the technical viability, environmental safeguards, and social integration of the proposed hybrid open-pit and underground mine proposal.

Federal Process – IAAC

The Federal government, via IAAC, has now deemed the Shaakichiuwaanaan Project ESIA ‘complete’ in line with its previously issued ESIA guidelines. This marks another significant permitting milestone for the Company.

IAAC has now initiated formal public consultations by inviting comments from communities, regulators and project stakeholders, which are expected to be completed by May 28, 2026. Further updates on the federal IAAC review process on the Shaakichiuwaanaan Mining Project are available on the Canadian Impact Assessment Registry portal at: https://iaac-aeic.gc.ca.

Provincial Process – COMEX/COMEV

PMET Resources’ ESIA submission is now under review, in accordance with the COMEX/COMEV process, with further updates expected shortly. The Company looks forward to their comments as it continues to advance and de-risk the Project.

The Company remains committed to maintaining a transparent and timely approval process, working closely with all levels of government, which includes the Cree Nation, to bring this unique asset into production over the coming years.

UPDATED FEASIBILITY STUDY (CV5) / PEA-SCOPING STUDY (CV5+CV13)

The geology team is currently interpreting and working with the previously reported drill-hole data to advance the host rock and pegmatite geological models for the entire Project. The work is focused on the CV5 and CV13 pegmatites – including the Vega, Rigel, and Helios caesium zones – ahead of updates to their respective block models and Mineral Resource Estimates.

These revised models will underpin an updated Feasibility Study for the CV5 Pegmatite with the addition of tantalum as a co-product, as well as a Preliminary Economic Assessment (PEA) for the broader Project inclusive of lithium, caesium, and tantalum. The increased resource granularity will also contribute meaningfully to the design and detailed engineering effort currently underway for the underground infrastructure of the Bulk Sample Project.

BOTH THE UPDATED LITHIUM-TANTALUM FEASIBILITY STUDY ON CV5 AND PARALLEL LITHIUM-CAESIUM-TANTALUM PEA/SCOPING STUDY ON THE BROADER PROJECT (CV5 + CV13) REMAIN ON TRACK, TARGETING COMPLETION IN Q4-2026.

BULK SAMPLE APPLICATION

The Company is actively advancing the permitting of an underground bulk sample at CV5, targeting samples (50,000 tonnes) at the upper levels of the proposed underground mine, the high-grade Nova Zone and known caesium occurrences in pollucite. The bulk sample application is the subject of an ESIA exemption application, with feedback from COMEV expected during the June quarter. In the meantime, project engineering continues to advance to inform subsequent detailed activities permits required for the bulk sample project, with the objective of being shovel-ready by year-end. 

HYDRO QUEBEC POWER APPLICATION

The Company has now formally made its application for power at the Shaakichiuwaanaan Project, through the Hydro Quebec application process. Hydro Quebec has acknowledged the submission, and is reviewing the application.

Access to Hydro Quebec’s power offers distinct competitive advantages. Firstly, the cost of power is very low (estimated at approximately 5.3c/kWhr in the CV5 lithium-only Feasibility Study), and as a renewable power source, it has a comparatively negligible carbon footprint. The final allocation of power from Hydro-Quebec is the subject of both engineering assessment/reviews and determination of the Project’s merit, against competing power applications.

The Company believes that the close proximity of the Shaakichiuwaanaan Project to the La Grande 4 Power station (LG4) (see Figure 2 below) and its associated sub-station infrastructure, positions it as an ideal customer given that Shaakichiuwaanaan will not be subject to the extended power line distribution losses and infrastructure constraints potentially facing many projects further south. This fact, combined with the Project’s alignment with Quebec’s objectives in critical minerals supply chains, make a compelling case to support its Hydro-Quebec power application.

Figure 1: Shaakichiuwaanaan Project Location and Regional Infrastructure.

Figure 2: LG4 Power Station and the Proposed Shaakichiuwaanaan Power Line Corridor.

QUALIFIED/COMPETENT PERSON

The technical and scientific information in this news release that relates to the Mineral Resource  Estimate and exploration results for the Company’s properties is based on, and fairly represents, information compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the related technical information in this news release.

Mr. Smith is an Executive and Vice President of Exploration for PMET Resources Inc. and holds common shares, Restricted Share Units (RSUs), Performance Share Units (PSUs), and options in the Company.

The information in this news release that relates to the Mineral Reserve Estimate and Feasibility Study is based on, and fairly represents, information compiled by Mr. Frédéric Mercier-Langevin, Ing. M.Sc., who is a Qualified Person as defined by NI 43-101, and member in good standing with the Ordre des Ingénieurs du Québec. Mr. Mercier-Langevin has reviewed and approved the related technical information in this news release.

Mr. Mercier-Langevin is the Chief Operating and Development Officer for PMET Resources Inc. and holds common shares, RSUs, PSUs, and options in the Company.

ABOUT PMET RESOURCES INC.

PMET Resources Inc. is a pegmatite critical mineral exploration and development company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan Property located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and proximal to regional hydro-power infrastructure.

In late 2025, the Company announced a positive lithium-only Feasibility Study on the CV5 Pegmatite for the Shaakichiuwaanaan Property and declared a maiden Mineral Reserve of 84.3 Mt at 1.26% Li₂O (Probable)³. The study outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation (“DMS”) only process flowsheet. Further, the results highlight Shaakichiuwaanaan as a potential North American critical mineral powerhouse with significant opportunity for tantalum and caesium in addition to lithium.

The Project hosts a Consolidated Mineral Resource⁴ totalling 108.0 Mt at 1.40% Li₂O and 166 ppm Ta₂O₅ (Indicated) and 33.4 Mt at 1.33% Li₂O and 155 ppm Ta₂O₅ (Inferred), and ranks as a top ten lithium pegmatite globally in size. Additionally, the Project hosts the world’s largest pollucite-hosted caesium pegmatite Mineral Resource at the Rigel and Vega zones with 0.69 Mt at 4.40% Cs₂O (Indicated), and 1.70 Mt at 2.40% Cs₂O (Inferred).

For further information, please contact us at info@pmet.ca or by calling +1 (604) 279-8709, or visit www.pmet.ca. Please also refer to the Company’s continuous disclosure filings, available under its profile at www.sedarplus.ca and www.asx.com.au, for available exploration data.

This news release has been approved by

“KEN BRINSDEN”                                 

Kenneth Brinsden, President, CEO, & Managing Director

DISCLAIMER FOR FORWARD-LOOKING INFORMATION

This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws.

All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as “progressing”, “on track”, “targeting”, “continues”, “advance”, “FID”, “to become”, “opportunity”, “further”, “expected”, “committed”, “over the coming years”, “ahead of updates”, “underway” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. 

Forward-looking statements include, but are not limited to, statements concerning the ESIA submission, the updated CV5 lithium-tantalum Feasibility Study and parallel lithium-caesium-tantalum PEA/Scoping Study on the broader project (CV5 + CV13), the bulk sample and Hydro-Québec power applications,  bringing the Project into production and exploration and development potential of the Project.

Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, the ability to make discoveries, the potential of each of tantalum, lithium, caesium as a co-product, the ability to complete an updated Feasibility Study for the CV5 Pegmatite with the addition of tantalum as a co-product, as well as a Preliminary Economic Assessment for the broader Project inclusive of lithium, caesium, and tantalum, the ability to get approval for the bulk sample initiative and for the Hydro-Québec power, the obtention of all required regulatory approvals, that proposed exploration work on the Property and the results therefrom will continue as expected, the accuracy of reserve and resource estimates, the classification of resources and the assumptions on which the reserve and resource estimates are based, long-term demand for lithium (spodumene), tantalum (tantalite), and caesium (pollucite)  supply, and that exploration and development results continue to support management’s current plans for the Property’s development.

Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, any of which could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. Readers should review the detailed risk discussion in the Company’s most recent Annual Information Form filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate. If any of the risks or uncertainties mentioned above, which are not exhaustive, materialize, actual results may vary materially from those anticipated in the forward-looking statements.

The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.

COMPETENT PERSON STATEMENT (ASX LISTING RULES)

The information in this news release that relates to the Feasibility Study (“FS”) for the Shaakichiuwaanaan Project, which was first reported by the Company in a market announcement titled “PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project” dated October 20, 2025 (Montreal time) is available on the Company’s website at www.pmet.ca, on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au. The production target from the Feasibility Study referred to in this news release was reported by the Company in accordance with ASX Listing Rule 5.16 on the date of the original announcement. The Company confirms that, as of the date of this news release, all material assumptions and technical parameters underpinning the production target in the original announcement continue to apply and have not materially changed.

The Mineral Resource and Mineral Reserve Estimates in this release were first reported by the Company in accordance with ASX Listing Rule 5.8 in market announcements titled “World’s Largest Pollucite-Hosted Caesium Pegmatite Deposit” dated July 20, 2025 (Montreal time) and “PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project” dated October 20, 2025 (Montreal time) and are available on the Company’s website at www.pmet.ca, on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au. The Company confirms that, as of the date of this news release, it is not aware of any new information or data verified by the competent person that materially affects the information included in the relevant announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changed. The Company confirms that, as at the date of this announcement, the form and context in which the competent person’s findings are presented have not been materially modified from the original market announcement.

Olivier Caza-Lapointe, Head, Investor Relations, T: +1 (514) 913-5264, E: ocazalapointe@pmet.ca

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