PERTH: Australian explorer Pinnacle Minerals Ltd. (ASX: PIM) has executed a binding agreement to acquire a portfolio of eight critical minerals projects in the United States, the company announced Wednesday.
The acquisition includes six projects in Idaho and two in Washington state, all located in historic mining districts. The centerpiece of the deal is the Thunder Mountain Gold Project in Idaho, credited with approximately 20,000 ounces of historical gold production in the early 1900s.
The six Idaho projects are situated near Perpetua Resources’ Stibnite Gold Project, a major development with an estimated A$4 billion market capitalization. Pinnacle stated its new assets lie within a similar geological corridor and share characteristics with the Stibnite deposit.
The portfolio also includes the Antimony Queen and Justice Mine projects in Washington, which have a history of small-scale antimony, gold, and silver production.
In a separate statement, Pinnacle announced it has received firm commitments to raise $3 million (approximately AUD) through a placement to sophisticated and professional investors. The funds are intended to advance exploration on the newly acquired U.S. projects.
The company highlighted the strategic timing of the acquisition, citing recent tightened export controls on critical minerals by China and a reported A$1.2 billion critical minerals strategic reserve initiative being considered by the Australian government.
“The acquisition aligns Pinnacle’s U.S. strategy with key White House mission to quickly develop U.S. critical minerals assets and strengthen U.S. defence supply chain security,” the company said in its ASX announcement.
Pinnacle cautioned that historical data for the projects is not yet reliable enough to be considered material and requires verification. The company plans to begin a program of rock-chipping, sampling, and mapping in the fourth quarter of 2025.
Completion of the acquisition is subject to standard conditions, including shareholder approval.