Pinnacle Minerals Limited (ASX: PIM) (“Pinnacle”, the “Company”), a leader in mineral exploration and development, is excited to announce significant progress towards the completion of its transaction with Waratah Capital Advisors’ Electrification and Decarbonisation AIE LP Fund (“E&D Fund”) for a 75% interest in the Adina East Lithium Project.
This landmark transaction, which is on the verge of formal completion, represents a major step forward in Pinnacle’s strategic expansion and in the global push towards electrification and decarbonization. Waratah Capital Advisors, a renowned global asset manager with over $4B CAD in assets under management, brings substantial expertise and financial strength to this partnership.
Key Highlights of the Transaction:
- The transaction is nearing formal completion, with both parties working diligently to finalize the drafting of formal documents.
- An extension has been agreed upon until 19 December 2023, to accommodate the transition to Quebec law and ensure the thoroughness of the agreement.
- A significant offtake payment of US $500,000 from the E&D Fund is due at the completion of the transaction.
Exploration and Future Prospects: Pinnacle Minerals has successfully conducted an exploration program in October, with assay results eagerly anticipated in early January 2024. The recent findings by Winsome Resources at their Adina Project, revealing a maiden resource estimate of 59Mt at 1.12% Li2O, underscore the high potential for lithium mineralization in the area. Pinnacle is optimistic about the forthcoming results and the project’s contribution to the lithium supply chain.
Pinnacle Minerals Managing Director, Nic Matich, commented: “The excellent working relationship between Pinnacle and our project partners at the Adina East Lithium Project is further strengthening. The agreement to extend the completion period to ensure a mutually beneficial outcome is an example of this. The Pinnacle Board looks forward to finalising the transaction and is excited about receiving and announcing the first pass exploration results in the new year."
About us:
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 focus is the “Adina East Project” in James Bay, Quebec which is proximal to the world class Adina Lithium Project (Winsome Resources: ASX:WR1) and adjacent to the Trieste Lithium Project (Loyal Lithium: ASX:LLI) and the Tilly Lithium Project (ASX:WR1). The Company’s Australian exploration assets are prospective for Rare Earth Elements, Mineral Sands and Kaolin.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au