Pmet Resources (ASX:PMT) has submitted its environmental and social impact assessment (ESIA) for the Shaakichiuwaanaan lithium project in Quebec, a milestone that materially de-risks its development pathway, Euroz Hartleys said in a note on April 2.

Euroz Hartley noted that the ESIA "materially de-risks" the project by advancing it beyond technical validation toward formal approvals, though additional permits for mining, tailings, and other post-approval requirements remain necessary.

The firm highlighted Shaakichiuwaanaan's strategic value, citing its scale, high lithium grade, and co-product potential in caesium and tantalum, while noting that rising commodity prices enhance its economic potential.

The firm said that lithium market tailwinds remain strong, with spodumene over $2,000 per tonne and rising electric vehicle adoption, while near-term catalysts for the company include ESIA progress, permitting updates, block model and economic study revisions, and advancement of the underground bulk sampling.

The firm added that the company offers prime exposure to North America's largest hard-rock lithium deposit, along with the world's largest pollucite-hosted caesium resource, which could help lower operating costs through co-product credits.

Euroz Hartleys maintained its speculative buy rating on Pmet Resources with a price target of AU$0.95 per share.