Pinnacle Minerals Ltd (ASX: PIM) ("Pinnacle", or the "Company") proudly announces its strategic acquisition of a 75% stake in the Adina East Lithium Project. Nestled in the highly coveted lithium district of James Bay, Quebec, the acquisition reinforces Pinnacle's commitment to tapping into the world's premier lithium resources.
Strategic Acquisition: The Adina East Lithium Project covers an expansive 72.7km2. It shares a proximity with renowned projects including the Adina Lithium Project (Winsome Resources: WR1.ASX), Trieste Lithium Project (Loyal Lithium: LLI.ASX), and the Tilly Lithium Project (WR1.ASX).
Partnership with Waratah: This acquisition is in partnership with Waratah's E&D Fund, a testament to Waratah's confidence in the project's potential. Waratah Capital Advisors Ltd, a global asset management powerhouse, oversees more than $4B CAD in assets.
Offtake Prepayment: A US $500,000 offtake prepayment will be made to Pinnacle by the E&D Fund. This is in exchange for the rights to 25% of any minerals unearthed from the Adina East Project.
Lithium Royalty Corp. Involvement: Holding a 2.0% gross revenue royalty on the Adina East Project, Lithium Royalty Corp. (LRC – LIRC.TSE) expands its portfolio, which includes noteworthy projects such as Allkem’s Mt. Cattlin, Sigma Lithium’s Grota do Cirilo, Core Lithium’s Finniss, and Winsome Resources’ Adina Project.
Upcoming Exploration: Satellite and radar insights have identified 60 potential targets, set to be investigated via rock chip sampling and mapping. Fieldwork is scheduled for October/November 2023, centering on mapped pegmatite occurrences and Sentinel 2 and SAR generated targets.
Geological Prospects: The project's geological and structural settings are favorable for discovering both lithium and gold, especially given its adjacency to the Trieste Greenstone Belt extension.
Leadership Transition: Pinnacle is excited to welcome Mr. Bill Witham as the new Executive Chairman. He brings to the table vast technical and lithium exploration expertise that will undoubtedly steer the project to new heights.
Pinnacle Minerals Managing Director, Nic Matich, commented:
“This acquisition not only provides an exceptional lithium exploration opportunity for Pinnacle Minerals but brings with it a partnership with Waratah and Lithium Royalty Corp. This partnership is anticipated to allow Pinnacle to expand and grow the Company’s critical mineral portfolio further. Preselling a 25% offtake for US $500,000 shows the “offtakers” confidence in the Project and bolsters our cash reserves in a climate where the dilutive effect of raising capital is destructive to junior explorers. Lithium Royalty Corp. has royalties in 32 projects globally highlighting its global expertise in the sector.”
Pinnacle Minerals Ltd (ASX: PIM) is an ASX listed technology minerals company focused on delivering shareholder value via the systematic exploration and development of its portfolio of battery and technology metals projects in Canada, Western Australia and South Australia. Pinnacle aims to deliver exploration success via systematic and geologically rigorous techniques. The Company’s key focus is the “Adina East Project” in James Bay, Quebec which is proximal to the world class Adina Lithium Project (Winsome Resources: WR1.ASX) and adjacent to the Trieste Lithium Project (Loyal Lithium: LLI.ASX) and the Tilly Lithium Project (WR1.ASX). The Company’s other exploration assets in Australia are prospective for Rare Earth Elements, Mineral Sands and Kaolin.