New Risk • Jul 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 30% per year over the past 5 years. Shareholders have been substantially diluted in the past year (163% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$19.7m market cap, or US$13.6m). Announcement • Mar 30
Pursuit Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 7 million. Pursuit Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 7 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 46,947,370
Price\Range: AUD 0.095
Discount Per Security: AUD 0.0057
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 26,736,843
Price\Range: AUD 0.095
Discount Per Security: AUD 0.0057
Transaction Features: Subsequent Direct Listing Announcement • Feb 02
Pursuit Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 7 million. Pursuit Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 7 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 73,684,211
Price\Range: AUD 0.095
Discount Per Security: AUD 0.0057
Transaction Features: Subsequent Direct Listing Announcement • Oct 03
Pursuit Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 4.041887 million. Pursuit Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 4.041887 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 53,891,824
Price\Range: AUD 0.075
Discount Per Security: AUD 0.0045
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 01
Pursuit Minerals Limited, Annual General Meeting, Nov 07, 2025 Pursuit Minerals Limited, Annual General Meeting, Nov 07, 2025. Board Change • Aug 18
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Non-Executive Chairman Tom Eadie is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Apr 08
Pursuit Minerals Ltd Announces the Successful Production of Its First Lithium Carbonate At Its 250Tpa Lithium Carbonate Pilot Plant, Located in Salta, Argentina Pursuit Minerals Ltd. announced the successful production of its first Lithium Carbonate at its 250tpa Lithium Carbonate Pilot Plant, located in Salta, Argentina. The plant has commenced processing synthetic brine formulated to replicate the chemistry of evaporated brines from the Rio Grande Sur Project, producing high-purity lithium carbonate and marking a significant milestone in the Company's lithium development strategy. Pilot plant has produced its first high-purity lithium carbonates using synthetic brine identical in chemical composition to the Rio Grande Sur brines. 98.9% lithium carbonate equivalent (LCE) successfully produced, validating process design and brine compatibility for conventional scalable processing. Completion of first production confirms full operational readiness. Initial samples to be sent to potential off-take partners and interested parties. Processing parameters are now being optimised to upgrade product purity to 99.95% LCE, targeting battery-grade specification and enhanced market value. Robust operational framework established, significantly de-risking the transition to commercial-scale production and supporting long-term project growth. First production of high purity Lithium Carbonate. Any reference to production capacity should not be interpreted as an indication of future economic viability or actual production levels. Following the successful commencement of production, Pursuit is advancing the next phase of its development strategy with a disciplined and focused approach. Key priorities include: Planning for the relocation of the 250tpa Pilot Plant to the Rio Grande Sur Project site. Construction of low-cost test ponds for the evaporation of Rio Grande brine for further small batch production testing at the Pilot Plant. Argentina, a Tier 1 Lithium Jurisdiction. Argentina continues to solidify its status as a premier mining jurisdiction, exemplified by significant investments such as Rio Tinto's USD 6.7 billion acquisition of Arcadium Lithium, encompassing the Fenix and Olaroz Lithium Mines in Catamarca and Jujuy provinces. Similarly, BHP's transaction with Lundin Mining in the $3.25 billion buyout of Filo Corp. aims to develop copper mines in San Juan province. Recently, Galan Lithium rejected a $150 million acquisition offer from Zhejiang Huayou Cobalt and Renault Group for its Hombre Muerto West and Candelas projects in Argentina, deeming the bid "opportunistic" and undervaluing the assets. This development reflects the increasing strategic value of Argentine lithium assets in the global market. The surge in mergers and acquisitions, along with significant capital expenditures by major miners, underscores Argentina's attractiveness for long-term investment. This is further bolstered by supportive government reforms like the Regimen de Incentivos para Grandes Inversiones (RIGI), offering generous 30-year tax, trade, and foreign exchange benefits for projects exceeding USD 200 million across key sectors, including mining, energy, and infrastructure. In this dynamic environment, Pursuit remains committed to evaluating acquisition and development opportunities within Argentina seeking complementary assets to its large-scale, high-grade Rio Grande Sur Lithium Project. Board Change • Feb 04
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Non-Executive Independent Chairman Pete Wall was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jan 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 61% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.09m market cap, or US$5.02m). Board Change • Dec 24
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Non-Executive Independent Chairman Pete Wall was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 10
Pursuit Minerals Limited, Annual General Meeting, Nov 21, 2024 Pursuit Minerals Limited, Annual General Meeting, Nov 21, 2024. New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (32% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (AU$9.09m market cap, or US$6.30m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (42% increase in shares outstanding). Announcement • Sep 10
Pursuit Minerals Limited Appointment Stephen Layton as Non-Executive Director Pursuit Minerals Limited announced Mr. Stephen Layton has been appointed as a Non-Executive Director effective 9 September 2024. Mr. Layton has over 35 years of experience in Equity Capital Markets in the UK and Australia. Beginning his career as a Jobber (market maker) with Wedd, Durlacher (subsequently BZW) on the trading floor of the London Stock Exchange from 1980 to 1986, he became a Member of the London Stock Exchange in 1985. Since migrating to Australia in 1986, Mr. Layton has worked with various stockbroking firms and/or AFSL-regulated Corporate Advisory firms. Mr. Layton has specialised in capital raising services and opportunities, corporate advisory and facilitation of ASX listings. In his advisory career, Mr. Layton has held both Principal and Director roles. His professional associations include Master Practitioner Member of the Stockbrokers and Investment Advisers Association (MSIAA). Mr. Layton is currently a Non-Executive Director of Mithril Silver and Gold Limited and EQ Resources Limited. Announcement • Jul 10
Pursuit Minerals Ltd Provides Update on its Maiden Stage 1 Drilling Program with the Commencement of Drill Hole 2 on the Sal Rio 02 Tenement Pursuit Minerals Ltd. provided the following update on its maiden Stage 1 Drilling Program with the commencement of Drill Hole 2 ("DDH-2") on the Sal Rio 02 tenement. Drill Hole 2 (DDH-2) of the Stage 1 drilling programme has now commenced on site at the Rio Grande Sur Project following the recent completion of Drill Hole 1 (DDH-1) at the Maria Magdelena tenement which yielded exceptional high-grade intercepts of above 600mg/l from ~115m through to ~500m. The location of DDH-2 at Sal Rio 02 was selected by the geological onsite team following interpretation of the Transient Electromagnetic (TEM) survey results from field work carried out in late 2023. The Sal Rio II tenement is located on the margins of the salar, and the TEM indicates the presence of a thick conductive layer which is considered highly prospective for lithium brine. Intercalation of volcanics, alluvial fan sediment and halite are characteristic of the margins of the mature salars, and this is supported not only by the TEM data for the tenements but also by the outcrops of volcanic rocks and alluvial presence of large alluvial deposits observed during the site visit by SRK in 2023. The average thickness is approximately 10m to 20m in the TEM data and is possibly composed of interbedded clastic sediments (e.g., silt, fine sand) and massive halite observed on the surface. Relatively high values of resistivity are likely related to brine diluted by fresh or brackish water coming from the western margin of the salar. The Sal Rio II tenement is characterised by a large, thick and contiguous extremely low resistivity layer located from 20m depth to approximately 300m. The very high conductivity of this layer renders any collected TEM data below 250m uncertain, however low resistivity layers below this depth suggest that the layer continues at depth. This layer is possibly composed of interbedded clastic sediments (e.g., silts, sands) or fractured volcanic rocks. The low resistivity layers suggest it is porous and host to high brine concentrations. Interpretation of specific lithologies near the margins from TEM data can be considered uncertain as the potential for unexpected lithologies to sub crop on the margins of mature Salars. Announcement • Jun 14
Pursuit Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 2.5 million. Pursuit Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 2.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 714,285,714
Price\Range: AUD 0.0035
Discount Per Security: AUD 0.00021
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Jan 31
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.7m (US$9.69m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.8m free cash flow). Shares are highly illiquid. Shareholders have been substantially diluted in the past year (158% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$14.7m market cap, or US$9.69m). Board Change • Jan 24
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Non-Executive Independent Chairman Pete Wall was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 12
Pursuit Minerals Ltd Provides Update on Key Developments for Its Lithium Carbonate Pilot Plant At the Rio Grande Sur Lithium Project Pursuit Minerals Ltd. provided the following update on key developments for its Lithium Carbonate Pilot Plant at the Rio Grande Sur Lithium Project following a recent site visit by management to Argentina. Lithium Carbonate Pilot Plant The Company is progressing with its commissioning and start up works of the Lithium Carbonate Pilot Plant. The plant is currently in the process of being commissioned with equipment currently being refurbished for testing of the circuit and first production of material. This process is being overseen by Pursuit’s plant operations and engineering team led by: Pedro Mauricio Torres Senior Lithium Process Engineer. Mr. Torres has been working for more than 15 years in Lithium Projects (Process, Operation, Engineering and Project area), in Chile where he worked for more than 10 years in a senior role at SQM and was in charge of carrying out the commissioning of the new La Negra Lithium Hydroxide Plant. In addition, Mr. Torres has held senior roles with Galaxy Lithium now Allkem and Alpha Lithium Corp. Mr. Torres is an engineer with significant experience in the development of lithium processing operations with a strong technical profile. He is one of the founders of Beyond Lithium LLC Consultants. Adrian Arias Senior Lithium Brine Technology Engineer Mr. Arias has held senior roles with several different Lithium development companies with vast experience in Argentina, with a focus on the development of chemical plants. Mr. Arias was formerly the Process Manager of the Sal de Vida Project of Allkem in addition to being a consultant of Alpha Lithium Corp. in the establishment of its Pilot Plant at the Tolilar Salar. Currently, Mr. Arias is the leader of technology development for Beyond Lithium LLC, where his experience in laboratories, field testing and operations development positions him as a leader in the construction of Lithium Projects focusing on the brines of the Argentine Puna. Worley Process Report - Mass Balance, Evaporation Ponds and Li2CO3 100tpa Plant Study Earlier in 2023, Pursuit commissioned global engineering firm Worley to commission a study to outline a process route for the Rio Grande Brines through development of a dynamic mass balance for the production of 100 tonnes per annum of battery grade lithium carbonate, through the use of evaporation ponds and a lithium carbonate plant. Worley has now developed the dynamic simulation of the evaporation ponds and the lithium carbonate plant to produce 100 TPA of battery grade lithium carbonate. To achieve this production, the following consecutive stages are defined: Solar evaporation through Halite Ponds; Impurity removal through Liming Plant; Solar evaporation through Sylvinite Ponds; Boron removal through solvent extraction (SX); Calcium and Magnesium (impurity removal) through reagent addition; Calcium and Magnesium removal through ion exchange columns (IX); Lithium carbonate precipitation through soda ash addition; Drying and cooling. With the definition of these stages, as well as with the definition of certain assumptions and parameters, the dynamic simulation was developed for the evaporation ponds and lithium carbonate plant with the results summarized as follows: Effective area required for the solar evaporation ponds: o 57,005 m²; Lithium concentration in brine at the outlet of the evaporation ponds (inlet of lithium carbonate plant): o 1.67 % Li (% w/w). Final production of lithium carbonate: o 100.04 TPA; Lithium content in lithium carbonate battery grade: o 99.99586% (purity); The simulation resulted in the following conceptual lithium recoveries: o Ponds: 70% o Lithium carbonate plant: 78% The pond simulation has established that Rio Grande brine will be able to commence processing into the plant circuit after 363 days where the brine will reach 1.6-1.8% Lithium after reaching ‘Out Pond S4’ being the final pond. To generate this level of production, Worley has concluded 57,005m² of evaporation ponds are required to continuously feed the lithium carbonate plant with a target production of 100.04 tonnes per annum of Battery Grade Lithium Carbonate. 250tpa Plant Capacity Increase Building on the study carried out by Worley, Pursuit’s engineering team has carried out a gap analysis of the pilot plant equipment to identify the additional tanks and equipment required to upgrade the plant capacity from its existing 100tpa to 250tpa with the following operations layout designed. In conjunction with the plant layout Pursuit’s engineering team, under the direction of Mr. Torres and Mr. Adrias, has developed an upgraded mass balance and plant design for increased capacity to 250tpa. The plant design has been separated into two stages, the liming plant component, which is intended to be constructed at site upon relocation of the plant to the Salar, and the process circuit, which is currently being commissioned for operation at Pursuit’s facility in Salta. It is expected that the upgraded 250tpa plant will produce a 99.5% battery grade Lithium Carbonate, a product with guaranteed 99.5 wt. % purity and a relatively fine particle size. Battery Grade product is a superior purity grade for use as a precursor in making critical battery materials. It is intended that the plant refurbishment, capacity upgrade and commissioning will be completed in the first quarter of 2024 where the Pilot Plant will have an operational capacity of 250tpa, upon which Pursuit’s engineering team will commence production of Lithium Carbonate from the plant. Currently, Pursuit’s engineering team is developing the pond layout and design for the 250tpa plant for the environmental permit applications for construction of the evaporation ponds. The construction of the ponds is anticipated to occur in the second half of 2024 subject to environmental approvals from discussions with the Salta Mining Secretary, other relevant government stakeholders and Pursuit board approval. The ponds and plant are intended to be located on the Sal Rio 02 tenement where first production of Lithium Carbonate at site could occur in 2025. Announcement • Oct 05
Pursuit Minerals Limited, Annual General Meeting, Nov 28, 2023 Pursuit Minerals Limited, Annual General Meeting, Nov 28, 2023. New Risk • Sep 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$5.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.8m free cash flow). Shareholders have been substantially diluted in the past year (195% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$26.5m market cap, or US$17.0m). Announcement • Sep 01
Pursuit Minerals Limited Announces Executive Changes Pursuit Minerals Limited announced the resignation of Mr. Mark Freeman as Finance Director and Company Secretary effective 31 August 2023. The Company announced that Mr. Vito Interlandi has been appointed as Company Secretary effective 1 September 2023. Mr. Interlandi is the Managing Partner of Nexia Melbourne and is responsible for Corporate Advisory at Nexia Melbourne. Mr. Interlandi has over 20 years of finance, accounting, and capital markets expertise where he has served as a board member and advisor to a number of listed and unlisted companies across a range of industries. Announcement • Aug 18
Pursuit Minerals Limited (ASX:PUR) acquired Lithium Carbonate Pilot Plant. Pursuit Minerals Limited (ASX:PUR) entered into a binding agreement to acquire Lithium Carbonate Pilot Plant for $0.365 million on May 8, 2023. The deal is subject to subject to conditions precedent and satisfaction of due diligence.
Pursuit Minerals Limited (ASX:PUR) completed the acquisition of Lithium Carbonate Pilot Plant on August 17, 2023. New Risk • Jun 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (175% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$36.5m market cap, or US$24.8m). Announcement • May 09
Pursuit Minerals Limited (ASX:PUR) entered into a binding agreement to acquire Lithium Carbonate Pilot Plant for $0.365 million. Pursuit Minerals Limited (ASX:PUR) entered into a binding agreement to acquire Lithium Carbonate Pilot Plant for $0.365 million on May 8, 2023. The deal is subject to subject to conditions precedent and satisfaction of due diligence. Announcement • Jan 20
Pursuit Minerals Limited Announces 1m Re-Assays of Commando Ac Au Samples Pursuit Minerals Limited provided 1m re-assay results from Air Core (AC) drilling at the Commando Project in June 2022. As advised in October 20221, Pursuit completed a 5,290m Air Core (AC) drill program (142 holes) at Commando in June to follow-up gold auger geochemical anomalies. Composite samples were submitted to Bureau Veritas Kalgoorlie for a typical orogenic gold system Aqua Regia assay suite and significant assay results >0.1 g/t Au. Following review of these results the exploration team resampled the anomalous intervals on an individual metre basis and submitted these results to ALS for confirmation assays. AC Drill Results - Bungarra Prospect: Drilling at Bungarra Prospect discovered a deep weathering trough trending NE-SW with significant chlorite and albite alteration of saprolitic granite. These wide-spaced 320m x 80m traverses have identified a >800m trend of low-grade bottom-of-hole (BOH) bedrock gold mineralisation up to 200m wide, similar to early exploration results of the Golden Cities gold deposits (1.5m Oz Au - Federal, Havana-Suva and Jakarta) by AMAX and Centaur Mining less than 5km to the east. Assays from one-meter samples of anomalous composite zones (Table 1) have been received indicating stronger mineralisation than previously reported at the end of hole for 22KAC056, 057, 059, 130 and 131 with all of these holes reporting > 0.3 g/t and up to 0.98 g/t gold. The Bungarra mineralisation appears to run NW-SE, similar to the trend observed at Havana-Suva and Federal gold deposits nearby, although additional drilling is required to confirm this. The gold mineralisation is hosted in weakly oxidised granite as noted previously. Additional drilling is required to clarify grades below these first BOH anomalies. AC Drill Results - Wedge and Whisperer Prospects: At Paddington North, 42 holes across auger gold anomalies were completed along the highly sheared greenstone-granite contact at Wedge, as well as the Whisperer mafic body within nine mile monzogranite. At Wedge, strong chlorite-biotite alteration is developed whilst at Whisperer quartz-sericite and iron alteration was noted. Anomalous gold mineralisation was identified at 5 holes at Paddington North, 3 holes at Wedge and 2 holes at Whisperer. Gold at Wedge is located at the western and eastern holes of line 6630920N where hole depths are very shallow, reflecting the very fresh nature of lithologies in these areas (138g found recently). Best result was 4m @ 1.03 g/t Au from 16m to BOH in hole 22KAS084. One metre re-assays returned 2m @ 2.08 g/t Au from 18m to BOH with both samples returning above 2 g/t gold. Step-out holes will require RC or AC hammer to explore this mineralisation due to the hard fresh nature of the rocks. Sericitic altered granite hosted mineralisation in the bottom of hole 22KAC084 19-20m reported 2.04 g/t Au. At Whisperer gold grades up to 3.09 g/t were located on line 6629870N to the north of historical workings and close to the greenstone-granodiorite contact, a common structural setting for gold mineralisation in the area. The results to date warrant follow-up drilling at Whisperer. Board Change • Nov 17
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Non-Executive Independent Chairman Pete Wall was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Non-Executive Independent Chairman Pete Wall was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
