15 October 2025 – Sydney, Australia | Pinnacle Minerals Limited (ASX:PIM) is pleased to announce that it has entered into a binding agreement to acquire a portfolio of eight critical minerals projects in the United States, expanding its footprint in the global technology and defence minerals sector.
This acquisition encompasses highly prospective Antimony, Gold, and Silver projects across two key mining jurisdictions (Idaho and Washington State). It includes six claim blocks in Idaho surrounding the Stibnite Mine operated by Perpetua Resources Inc. (NASDAQ:PPTA; ~A$4bn market cap), and two claim blocks in historically productive districts in Washington State.
The Idaho projects, comprising Thunder Mountain, Big Creek, Smith Creek, Routson, Logan Creek, and Silver Cliff Lode, are located within a structurally prospective corridor adjacent to the Stibnite district and exhibit strong geological similarities including the presence of roof pendant-style mineralisation. The Thunder Mountain Project produced approximately 20,000oz of gold early in the 20th century.
In Washington State, the Justice Mine and Antimony Queen Projects are located in established historical mining zones with substantial past production. The Antimony Queen Project offers near-term exploration potential due to extensive existing underground development and ease of access.
Strategic Timing for Critical Minerals
This acquisition follows recent developments in international critical minerals policy, including China’s further tightening of export controls on critical minerals on 9 October 2025. In parallel, the Australian Government is considering a $1.2 billion strategic reserve and support package to underpin domestic critical minerals development, which may include price floors, funding, and offtake agreements.
This strategic alignment places Pinnacle in a favourable position to benefit from emerging government policy in both the United States and Australia. The company has flagged the potential for accessing U.S. government initiatives such as FAST-41 permitting and Department of War funding to fast-track critical mineral development.
Transaction and Funding Overview
Pinnacle will acquire 100% of Idaho Antimony Critical Minerals Pty Ltd, which holds an option for Idaho Antimony Corporation (exercised), the U.S.-based owner of the Projects.
Key terms include:
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Upfront consideration of 45 million Pinnacle shares and 22.5 million listed options, subject to shareholder approval and escrow provisions.
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Deferred cash consideration of US$300,000 tied to fieldwork milestones, payable no later than 30 June 2026.
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A 3% NSR royalty on production and marketing rights to 25% of products from the projects for the first ten years.
In support of this acquisition, Pinnacle has received firm commitments for a placement to raise $3 million via the issue of new shares at $0.08 per share to sophisticated and professional investors. The raise includes options on a 1-for-2 basis with a $0.08 exercise price expiring in August 2028.
Oakley Capital Partners and AE Advisers (Joint Lead Managers) will receive fees including a combination of cash and options, subject to shareholder approval.
For further information, please contact:
William Witham
Executive Chair
Pinnacle Minerals Limited
T: +61 417 097 172
E: [email protected]
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]
About us:
About Pinnacle Minerals
Pinnacle Minerals Ltd (ASX: PIM) is a technology minerals exploration company focused on delivering shareholder value through the discovery and development of high-quality battery and technology metals projects in the United States, Canada, Western Australia, and South Australia.
In addition to today’s announcement, the Company’s holds assets in James Bay, Quebec, proximal to the world-class Adina Lithium Project (ASX: WR1) and in Australia, Pinnacle’s exploration assets are prospective for Rare Earth Elements (SA) and Heavy Mineral Sands (WA).
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]