![]() ![]() ![]() Pilbara even denied interest citing Patriot’s long time to production. Since then, multiple buyout rumors have distracted from resource delays and sector risk, all implausible given the Company’s early stage, nosebleed valuation and suspect sources.The stock, in which he was a director and significant shareholder, is down 95% since. We question the involvement of a popular junior mining entrepreneur who admitted to over-inflating an asset by 9x or $4.8bn.One such investor promotes Patriot on Twitter without disclosing an award of ~5m shares (current value >$75m) for brokering a private placement. Known mining investors and promoters orbit in the background.Considering ecological sensitivity of the location (much of it under a lake) which should complicate permitting and construction, we think Corvette is a 2032+ mine. Management also touts production by 2028, a stretch even under normal circumstances.CEO explains he’s willing to show geologists, but investors will misinterpret. The Company hasn’t published cross sections since June 2022. ![]() Patriot’s lack of disclosure of industry standard data bodes poorly for results.First targeted for Fall 2022, guidance is now set for late-July 2023. We think management over-touted resource figures, leading Patriot to delay an initial MRE at least seven times (and counting).Using generous assumptions, we estimate an initial resource below 100Mt or 3.2Mt LCE, over 40% lower. CEO Blair Way touts “triple digit” figures and recently suggested Corvette exceeds Liontown’s 171Mt of 1.4% Li 2O. Expectations for Patriot’s initial resource estimate are sky-high.Like Patriot, Atlas soared on a pivot to a hyped metal but eventually restructured and sold at a 90% discount to its peak valuation. Yet, Patriot also mirrors his time as MD at Atlas Iron. Ex-Pilbara CEO Ken Brinsden’s appointment as Non-Executive Chairman has buoyed the stock.Six of the seven companies are currently nanocaps The CEO was an insider at 7 public companies down on average 70% during his tenure. Patriot’s leadership has a history of shareholder value destruction.Its sole principal has been involved in psychedelic mushroom and cannabis nanocaps down 99% from highs. The emerging miner struck a $1.5m promotion deal with an unknown entity based in a suburban house.We think Patriot’s rally can in part be attributed to stock promotion with marketing outlets which other supposed “Tier-1” developers would avoid.Patriot Battery Metals is a rare mining “unicorn” – a lithium explorer ascending to a $2bn valuation despite having acquired its core asset for $8m only 16 months ago (a 250x return) and lacking an established maiden resource. ![]()
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