Lithium's missing link - Patriot Battery Metals new CEO Ken Brinsden sets focus on downstream

The falloff in demand for electric vehicles is overblown, says Ken Brinsden, president and CEO of Patriot Battery Metals (TSX:PMET).

In February Brinsden, along with COO and Executive Director Blair Way, spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.

Brinsden, Patriot’s former board chair, is now CEO, president and managing director. Former CEO Way moved into the chief operating officer position while retaining his seat on the board.

“I'm really motivated by the development story,” Brinsden said of the flagship Corvette project in Quebec. “It's moved beyond being just an exploration play and I think most people can see that it’s now got serious potential and one day will be a mine.”

The property hosts the CV5 spodumene pegmatite with a maiden inferred resource estimate of 109.2 million tonnes at 1.42% Li2O and 160 ppm Ta2O5 (at a cut-off of 0.40% Li2O). It ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent (LCE), and one of the top 10 largest pegmatite resources in the world.

While Western Australia has been supplying lithium to China, which dominates the world’s lithium processing capacity, Brinsden said the Corvette project is “so much more about the future of the North American and European supply chains, much more so than China.”

In Patriot's investor presentation, the company calls out lithium chemical refining in North America, calling it the missing link the Western supply chain. The company is looking to partner with future refiners.

“Corvette has the critical mass in terms of total tons to underwrite multiple chemical facilities and as a result we should be able to have sensible conversations with participants downstream that are also interested in building out those new supply chains that allow some diversity in the lithium world, at least diversity beyond China,” he continued.

Asked whether he’s concerned about the company tying its fortunes to North America, which has seen a reduction in EV sales of late, Brinsden said: ”I would hazard a pretty good guess that there is going to be a lot of growth in that North American supply chain despite people's views about EVs today.”

COO Blair Way concurred, stating “the demand profile for materials is quite staggering when you look the number of EVS that are being sold worldwide… the demand for lithium is not going anywhere.”

BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).

0:00 Management changes
3:49 Critical minerals
5:56 North American supply chain
7:22 Lithium supply
11:29 Corvette project
14:49 Refining
17:09 Albemarle investment
17:55 2024 plans

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