Pioneer Lithium will leverage A$1.675 million raised through an equity placement to acquire exploration data from the Geological Survey of Namibia, conduct modern magnetic surveys and drill two new holes to confirm past results and identify new anomalies.

The acquisitions pave the way for value creation in the critical minerals sector as uranium emerges as a key driver in the transition to low-carbon energy solutions in 2025, according to Robert Martin, Executive Chairman of Pioneer Lithium.

Spanning 271 Km2 within the Namaqua Metamorphic Complex - a globally recognized uranium district - the project has five drill-ready targets, with previous samples indicating the presence of high-grade uranium. The firm acquired the asset owing to its proximity to critical infrastructure, high exploration potential to unlock new reserves and Namibia’s investor-friendly regulatory framework.

The acquisition terms include Pioneer Lithium paying an initial $50,000, followed by $150,000 upon deal closure in Q1 2025. An additional $1.5 million will be paid upon the announcement of a Mineral Resource Estimate of at least 30 million pounds of uranium ore, graded between 101ppm and 199ppm U₃O₈.