Pinnacle Minerals Limited (PIM:ASX), a leader in the mining and production of essential minerals, is thrilled to announce a significant advancement in its operations with the receipt of a US $500,000 offtake payment from Electrification and Decarbonization AIE LP (E&D Fund). This strategic financial milestone marks the completion of Pinnacle's acquisition of a 75% interest in the Adina East Lithium Project, located in James Bay, Quebec.
The offtake payment from E&D Fund is allocated for the rights to 25% of any minerals extracted from the Adina East Lithium Project. This project is a cornerstone in Pinnacle's portfolio, reflecting the company's commitment to sustainable mining practices and its role in the global transition to green energy.
Pinnacle's partnership in the Adina East Project includes collaboration with entities managed by Waratah Capital Advisors Ltd (Waratah), a renowned global asset manager with over CAD $4B in assets under management. This partnership underscores the project's robustness and potential for significant contributions to the lithium market.
The funds received will be strategically invested in Pinnacle's ambitious 2024 exploration program in James Bay. This program is being meticulously planned with the expertise of IOS Geosciences, a Quebec-based team renowned for their proficiency in geological exploration. IOS Geosciences' involvement, especially following their successful reconnaissance exploration in October 2023, ensures a comprehensive and efficient approach to unlocking the full potential of the Adina East Lithium Project.
Pinnacle Minerals Managing Director, Nic Matich, commented:
“Having now closed the Adina East Lithium Project acquisition, Pinnacle has moved to develop an extensive exploration program for 2024 to unlock the full potential of the Project. We have the advantage of a fresh capital injection with the US $500,000 offtake payment, supportive project partners in Waratah and an expert exploration team both in-house and from IOS in Quebec.”
Pinnacle Minerals Ltd (PIM:ASX) 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: WR1:ASX) and adjacent to the Trieste Lithium Project (Loyal Lithium: LLI:ASX) and the Tilly Lithium Project (WR1:ASX). The Company’s Australian exploration assets are prospective for Rare Earth Elements, Mineral Sands and Kaolin.