Patriot Battery Metals (ASX:PMT) Shaakichiuwaanaan lithium project in Canada has the potential to become the world's fourth-largest hard rock lithium operation once fully ramped up, according to a Tuesday report by Euroz Hartleys.
On Tuesday, the company said the mineral resource estimate at the project has increased, with total contained lithium carbonate equivalent now standing at 3.75 million tonnes in the indicated category and 1.09 million tonnes in the inferred category.
The company also said it remains on track to deliver a maiden ore reserve and feasibility study for its CV5 Spodumene Pegmatite at the project in the third quarter of the year.
Euroz noted that the scarcity of high-quality, conventional lithium sources in North America underscored the project's strategic value to the continent's supply chain.
Euroz Hartley maintained Patriot Battery Metals' speculative buy rating and price target of AU$1.24.
Shares of the company fell 2% in recent Tuesday trade.
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