Pinnacle continues to assess opportunities for acquiring complementary projects. Credit: Salienko Evgenii via Shutterstock.com.

Pinnacle Minerals, an ASX-listed mining company, has conducted a strategic review of its operations, leading to significant changes aimed at conserving capital.

The company has decided to streamline its exploration activities and reduce discretionary expenditure.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

This move includes the surrender or ongoing process of surrendering several tenements in Western Australia (WA) and planning to offload others in South Australia (SA).

The tenements in WA that are being surrendered include the Holly (E70/5690 and E70/5676), Bobalong (E70/6440 and E70/6441), and Tambellup (E70/6440 and E70/6441) sites.

In addition, Pinnacle is looking to surrender the White Knight tenements (EL6789, EL6790, EL6791, EL6939) in SA.

See Also:

In Canada, Pinnacle intends to surrender the Lac Rug and Lac Bigniba properties.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This rationalisation of exploration tenure is expected to reduce future capital commitments for the company.

Pinnacle chairman William Witham said: “The Board has taken appropriate actions to conserve capital by reducing discretionary expenditure, relinquishing non-core projects, whilst maintaining key projects and board expertise.

“Pinnacle continues to provide shareholders with exposure to high impact, future-facing commodities including Lithium (Adina East), Uranium and Rare Earths (Wirrulla) and Heavy Mineral Sands (Capel).”

Following the reduction of tenure, William Witham, the company’s chairman, has transitioned to the role of non-executive Chairperson.

Despite these divestments, Pinnacle continues to assess opportunities for acquiring complementary projects.

Pinnacle’s focus remains on delivering shareholder value through the systematic exploration and development of its portfolio, which includes battery and technology metals projects in Canada, Western Australia, and South Australia.

In December 2023, Pinnacle entered an agreement with E&D Fund to acquire a 75% stake in the Adina East lithium project in Quebec, Canada.