PORTFOLIO INCLUDES SIX PROJECTS SURROUNDING PERPETUA'S STIBNITE MINE, AND TWO PROJECTS IN HISTORIC MINING DISTRICTS IN WASHINGTON STATE
To Acquire Eight U.S. Critical Minerals, Gold and Silver Projects
Perth, Oct 16, 2025 AEST (ABN Newswire) - Pinnacle Minerals Limited (
ASX:PIM) is pleased to announce it has entered into a binding agreement for the strategic acquisition of Idaho Antimony Critical Minerals Pty Ltd, an entity that has a binding option agreement to acquire Idaho Antimony Corporation, providing the Company with 100% ownership of a portfolio of eight highly prospective critical minerals projects located in Idaho and Washington State, USA (the "Projects").
Highlights
- Pinnacle Minerals Limited (ASX:PIM) has executed a binding agreement to acquire eight Antimony, Gold and Silver projects in two highly prospective and well established mining regions in the USA.
- Eight claim blocks secured, with six in Idaho and two in Washington, located near historic mining districts with proven production history.
- The six Idaho Projects surround Perpetua Resources Inc's (PPTA.NAS; A$4bn market cap) Stibnite Project and lie within a similar structural corridor and share similar geological characteristics, including host rocks, alteration, and "roof pendant" mineralisation style.
- The Thunder Mountain Project is credited with approx. 20,000 oz of historical gold production in the early 1900s.
- All projects benefit from good quality existing infrastructure and evidence of past production of gold and silver and antimony.
- 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.
- Potential for FAST-41 permitting and U.S. Department of War funding to accelerate development of domestic critical minerals supply chains.
- On 9 October 2025, China further tightened export controls on critical minerals.
- On 12 October 2025, Australian media reported that the Australian government is considering setting up a $1.2 billion critical minerals strategic reserve and supporting Australian critical minerals companies by setting price floors for output, providing funding for new projects, providing offtake agreements and encouraging Australian based critical minerals miners to work closely with the U.S. administration to strengthen Western supply chain capability.
- Acquisition occurring at an opportune time for the industry sector, with many U.S. critical minerals companies trading at record highs, including Critical Metals Corp (CRML.NAS; up 15x from 52-week low), USA Rare Earth Inc (USAR.NAS; up 6.8x from 52-week low), MP Materials Corp (MP.NYS; up 5.4x from 52-week low) and Perpetua Resources Corp (PPTA.NAS; up 3.4x from 52-week low).
- Pinnacle has also received firm commitments for a Placement to raise $3 million from sophisticated and professional investors.
Cautionary Statement Regarding Historical Data
The Company is in possession of or is aware of historical exploration results summarised in US government reports, that it considers are (at this stage) not reliable enough to be material, and/or not sufficiently complete. Therefore, the Company has determined those data are therefore not suitable for release to the market. The Company is in possession of a number of these historical reports and confirms that, it will commence a program of rockchipping, sampling and petrographical work to verify statements made in these historical reports. This work will be carried out in the coming weeks prior to the onset of winter in the region.
Idaho Antimony Corporation holds eight claim blocks as follows:
Idaho, USA
Gold:
o Thunder Mountain Gold Project
Antimony:
o Big Creek Antimony Project
o Smith Creek Antimony Project
o Routson Antimony Project
o Logan Creek Antimony Project
o Silver Cliff Lode Antimony Project
Washington, USA
Antimony: o Antimony Queen Project
Gold and Silver:
o Justice Mine Project
The acquisition, if completed, will represent a strategic addition to Pinnacle's portfolio of high quality critical minerals exploration ground and reaffirm its position as an emerging critical minerals exploration and development company. It also presents an opportunity to leverage the US Government's commitment to establish a robust domestic supply chain for essential critical minerals.
Detailed Project Overview
Project 1 - Thunder Mountain Mines Area (Idaho, USA)
The Thunder Mountain project is the lead asset in Idaho. Following a major gold rush in 1896, the area developed into a significant mining district hosting numerous mines and prospects. The district experienced a resurgence in the 1980s and 1990s when NYSE-listed Coeur d'Alene Mines operated the Sunnyside and Lightning Peak Heap Leach Gold Mines between 1984 and 1990, producing more than 90,000 ounces of gold.
(*Bennett E. H., Gillerman V.S 2024. 1992 Idaho Mining and Exploration, Idaho Geological Survey, Staff Report 24-03 page 36)
The Company's claims cover approximately 368 hectares, including the historic Lightening Peak Pit.
Geologically, the Thunder Mountain district lies within the Eocene-aged Challis Volcanic Field, which is dominated by thick rhyolitic ash-flow tuffs and volcaniclastic sediments. Structurally, the district is defined by fault-bounded grabens that served as fluid conduits, allowing mineralizing fluids to permeate the volcanic sequence. The resulting low-sulfidation epithermal gold-silver mineralization occurs primarily within silicified breccias and tuffs and is interpreted to be associated with shallow, late-stage granite-porphyry intrusions that provided the heat and mineralizing fluids.
Exploration will focus on drilling proximal to and beneath historic workings to test for extensions of the known gold mineralization. Additionally, there remains potential for other metal mineralization within the broader project area.
Project 2 - Yellow Pine Antimony Target Area (Idaho, USA)
The Yellow Pine Antimony Project comprises five key prospect areas: Big Creek, Routson, Silver Cliff Lode, Smith Creek, and Logan Creek. All five areas display evidence of historical Antimony exploration and are located on or near the Johnson Creek Shear Zone and the Stibnite Mining District, a region well known for its significant antimony-gold deposits.
The exploration model recognizes that, similar to Perpetua Resources' Stibnite deposit, any potential antimony mineralization would post-date the earlier gold event, representing a distinct phase. At Stibnite, the antimony is typically hosted within roof pendant metasediments, a key geological control that will guide exploration strategy.
The Company's exploration program will focus on targeting similar roof pendant exposures where comparable structural and lithological conditions are present, with the objective of delineating new antimony-rich zones.
General Regional Geology
The Yellow Pine district in central Idaho hosts significant gold-antimony mineralisation associated with a large hydrothermal system emplaced into the Idaho Batholith.
Mineralisation is characterised by quartz-sulphide vein systems and disseminated sulphides within intrusive and metasedimentary host rocks. Gold occurs primarily as fine-grained native gold and electrum closely associated with stibnite (Sb2S3), pyrite, and arsenopyrite, reflecting a strong structural and hydrothermal control. Antimony, occurring dominantly as stibnite, is often intimately intergrown with gold, and historically the district was one of the leading producers of both metals in the United States. Alteration is typified by sericitisation, silicification, and carbonate replacement, with mineralisation localised along major shear zones and fractures. This geological setting makes Yellow Pine one of the most important examples of combined gold-antimony systems in North America.
Yellow Pine Area Historical Exploration
Prospectors first worked the district around Yellow Pine during Idaho's gold-rush period (c. 1899 onward), with placer and early hard-rock gold activity bringing sustained interest in the area.
By the 1930s, the district (Yellow Pine / Stibnite) hosted major hard-rock operations. During World War II and the Korean War, it became one of the nation's most important sources of antimony and tungsten (and also produced gold, silver and mercury), supplying critical wartime needs. Large company operations (e.g., Bradley Mining Co. and others) built mills, smelters and a company town.
Production declined after the mid-20th century but continued intermittently through the 1970s-1990s. By the late 1990s active mining ceased and legacy mine workings and tailings became a local environmental and reclamation issue.
From about 2009 a modern exploration program (by Perpetua Resources) resumed systematic drilling, resource definition and feasibility work to evaluate gold, antimony and associated metals, accompanied by extensive geologic, hydrologic and environmental studies. USGS and academic research have also studied the district's gold-antimony-tungsten geology to better understand ore controls and deposit timing.
Historical mining established large known ore bodies (Yellow Pine, Meadow Creek, etc.) and created a substantial legacy data set (mine records, drill logs, old maps). Recent programs have used that legacy information plus modern drilling and technical studies to refine resource estimates, environmental restoration concepts, and plans for potential redevelopment.
Yellow Pine Access & Infrastructure
The Yellow Pine area in Idaho benefits from strong multi-mode access and improving infrastructure. The area is connected to Cascade then Boise via several routes, with the South Fork Road maintained year-round and other roads open seasonally to enhance connectivity.
The Johnson Creek Airport (3U2), just 3 miles south, provides reliable aviation access for supplies, recreation, and emergency response, supported by nearby airport at Big Creek (U60).
Yellow Pine serves as a small regional service hub, with electricity, stores and ongoing upgrades to bridges improving safety and resilience. These features ensure year-round access, redundant transport options (road and air), and robust infrastructure that supports both community needs and potential industrial or exploration activity in the region.
The upgrades associated with the nearby Stibnite Mine will no doubt bring even better access to the area.
Following completion of the acquisition, Pinnacle intends to:
o The Company is in possession of several historical reports and after some desktop technical review, confirms that, it will commence a program of rock-chipping, sampling and petrographical work to verify statements made in these historical reports. This work will be carried out in Qtr4 2025 prior to the onset of winter in the region.
o commence on-ground exploration in Q4 2025, including geological mapping, sampling, and geophysics;
o advance permitting and environmental baseline work to support future drilling.
Project 3 - Antimony Queen (Washington State, USA)
The Antimony Queen Project is located on the slopes of Middle Fork Ridge within the Gold Creek-Methow district of Okanogan County, Washington. T the project comprises a historic stibnite bearing vein and breccia system hosted in lime-rich argillite. Extensive historic underground workings, including multiple adits, shafts, and surface waste dumps, confirming past small-scale mining activity.
Located in a region with well-established infrastructure and historical production, Antimony Queen sits within a known geological corridor where mining was associated with shearhosted quartz-stibnite veins. (* Source - Amann, M., Wasley D.G., 2004. SITE INSPECTION, Antimony Queen Mine, Okanogan National Forest. USDA Forest Service pp19)
Importantly, Antimony Queen offers the potential for rapid assessment given the presence of old workings,, and ease of site access. The project may lend itself to low-cost, small-scale restart or pilot production, supporting the growing strategic demand for domestically sourced antimony, a U.S. critical mineral essential to the defence, energy storage, and semiconductor industries. Worked intermittently from the early 1900s (reported from ~1906) through mid-20th century, the site was developed by multiple adits and ~1,000 ft of tunnelling and historically produced antimony (including antimony oxide) along with significant associated gold, tungsten, copper, lead and silver mineralization.
Recorded ore types include stibnite with accessory chalcopyrite, sphalerite and scheelite in carbonate-rich/argillaceous host rock; mineralization occurs in veins and breccia zones.
Exploration and assessment work will focus on confirming the old workings and taking fresh samples and mapping to bring to modern day understanding.
Project 4 - Justice Mine Project (Washington State, USA)
The Justice Mine Project, situated in the Northern Cascades of eastern Snohomish County, near the headwaters of the South Fork Sauk River, is a historic silver- and gold- mining district with notable antimony, lead, zinc, and copper historical production. The Monte Cristo district, in which the Justice Mine is located, experienced a boom from 1889 to 1907, with early discoveries rapidly attracting settlers and financiers, including New York syndicates backed by Rockefeller. Ore was historically transported via the Everett & Monte Cristo Railway, shipping approximately 300,000 tonnes of ore to Everett (~68km away).
The Justice Mine hosted sulphide-bearing quartz veins within sheared tonalite and andesite, extending ~1.8km along strike with an average vein thickness of 1.3m. Underground development included over 1.3km of workings and a 76m raise connecting to the Golden Cord Mine, with combined historic production estimated at 34,000 tonnes.
The Golden Cord Mine is closely associated, hosting steeply dipping sulphide-bearing quartz veins in andesite (~700m of underground workings).
Mining occurred within a northwest-trending, northwest-dipping shear zone featuring lenselike quartz veins with multi-phase sulphide mineralization, including pyrite, pyrrhotite, galena, chalcopyrite, sphalerite, stibnite, arsenopyrite, and secondary oxidized minerals such as azurite, malachite, and realgar.
The Company plans to carry out an initial field campaign to confirm the continuity of the Justice Mine-Golden Cord veins, reportedly hosted by silicified phreatomagmatic breccias associated with the shear zone.
With its combination of historic production, accessible infrastructure, and well-defined geological controls, the Justice Mine offers potential for near-term exploration success.
Transaction Overview
The Company has entered into a binding agreement to acquire Idaho Antimony Critical Minerals Pty Ltd (Idaho Antimony Critical Minerals), an entity that has a binding option to acquire 100% of the shares on issue in Idaho Antimony Corp. (a company incorporated in Delaware, United States of America) (Option). The Option has been exercised.
Idaho Antimony Corp owns or has the right to own the Projects.
The material terms of the transaction agreements are as follows:
- Subject to shareholder approval in general meeting, upfront consideration of 45 million ordinary shares at a deemed issue price of $0.08 in Pinnacle, 22.5 million options (3 years; $0.08 exercise; listed). These shares and options will be voluntary escrowed as follows, 25% freely trading from date of issue, 25% escrowed for 3 months from date of issue, 25% escrowed for 6 months from date of issue and 25% escrowed for 9 months from date of issue.
- Deferred Consideration of US$300,000 in cash on the following milestones:
o 50% upon completion of an initial field program on the Tenements of rock chips based on XRF and mapping results (Initial Field Program); and
o 50% upon receipt of assay results from the Initial Field Program, provided that the entire Cash Payment shall be payable no later than 30 June 2026.
- 3% NSR Royalty on products produced and sold from the Projects.
- Grant of marketing rights in relation to 25% of all minerals and products produced from the Projects for the first 10 years following the commencement of commercial production.
- Completion is subject to standard conditions precedent, including regulatory approvals, shareholder approval and completion of due diligence by the Company (which remains ongoing).
Strategic Rationale
The acquisition provides Pinnacle with an immediate foothold in the United States, a jurisdiction with well-established permitting regimes, increasing local demand for critical minerals, and supportive federal and state-level policies incentivising domestic supply chains.
The Projects complement Pinnacle's existing portfolio and offer shareholders exposure to commodities that are increasingly in demand.
Capital Raising
Pinnacle is pleased to announce that it has also received binding commitments for a placement (Placement) of fully paid ordinary shares in the Company (Shares) to sophisticated investors to raise a total of $3 million, providing the Company with the resources to advance the newly acquired US projects while continuing progress across existing projects.
Under the Placement, new Shares will be issued at an offer price of $0.08 per share. Subject to receipt of shareholder approval at the next general meeting, participants in the Placement will also be issued one (1) PIMOB option for every two (2) Shares issued under the Placement.
The Options have an exercise price of $0.08 per Share and expire on 22 August 2028. Tranche 1 will consist of 15,000,000 Shares under ASX Listing Rule 7.1. Tranche 2 will be subject to Shareholder approval and will consist of 22,500,000 Shares and the attaching one for two PIMOB options.
Oakley Capital Partners and AE Advisers acted as Joint Lead Managers to the raise. The Lead Managers will be paid: a cash fee of 6% and will be issued an aggregate 9 million PIMOB broker options, some of which may be passed on to third parties, none of whom are related parties of the Company. A 12.5% facilitation fee will be paid for this transaction, which will go to Oakley Capital Partners (or its nominees), AE Advisers, and other parties (none of whom are related parties of the Company) payable via the issuance of 6,718,750 Shares and 6,718,750 PIMOB Options, subject to Shareholder approval at the AGM. If shareholder approval is not obtained for any of the above broker securities, cash equivalent will be payable.
The funds raised under the Placement are intended to be used for expenditure on the new U.S. Projects (including surface rock sampling and mapping, surface grid soil sampling, aerial drone magnetics and additional mining claim staking), expenditure on the Company's existing projects, the costs of the acquisition and general working capital.
In addition 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).
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/F2LPADEJ
About Pinnacle Minerals Limited
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.
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