Skip to content
Finance Investment, Oil Mining Resources

Pinnacle Minerals (ASX: PIM) – James Bay Project Acquisition and Offtake Payment Update

Pinnacle Minerals Limited (ASX: PIM) 2 mins read

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


More from this category

  • Finance Investment
  • 23/07/2024
  • 18:26
EBC Financial Group

Revolutionising CFD Trading with DiNapoli’s Leading Indicators: EBC Financial Group Announces Strategic Partnership

BANGKOK, July 23, 2024 (GLOBE NEWSWIRE) -- EBC Financial Group (EBC) is pleased to announce the successful conclusion of its event, "Revolutionising CFD Trading with DiNapoli’s Leading Indicators." This event marked a significant milestone in the world of CFD trading, featuring a signing ceremony with renowned trader and author, Joe DiNapoli, and was attended by a distinguished audience of international and local media, KOLs, VIP clientele, industry specialists, and business leaders.The event highlighted the strategic partnership between EBC Financial Group and DiNapoli’s leading indicators, integrating DiNapoli’s renowned trading approach into the CFD trading realm. EBC, celebrated for its rapid order…

  • Oil Mining Resources
  • 23/07/2024
  • 11:08
Solis Minerals

Extensive Drone Mag Survey planned at Guaneros Project, Peru

Solis Minerals Limited (ASX: SLM) (“Solis” or the “Company”) is pleased to announce anupdate on exploration activities at the Guaneros Project in Peru. Solishas contracted a geophysical contractor to carry out a maiden drone airborne magnetometry survey to assist in fast-tracking target generation, identify zones for further geophysical follow-up, and formulate the drill permitting application. Airbornemagnetometry is useful in detectingthe presence of magnetite in the subsurface that can be a vector for porphyry alteration.Executive Director, Matthew Boyes, commented: “We are starting to gain some realmomentum now in the exploration programmes on our quality copper portfolio in Peru.Airborne mag surveys are…

  • Contains:
  • Business Company News, Oil Mining Resources
  • 23/07/2024
  • 10:23
Jane Morgan Management

Zenith (ASX:ZNC) Minerals Limited Appoints Andrew Smith as New Managing Director

Perth, Australia – 23 July 2024 | Zenith Minerals Limited (ASX: ZNC) (“Zenith” or “the Company”) is pleased to announce the appointment of highly…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.