Pioneer Minerals has secured major funding towards exploration of its U.S. critical minerals portfolio.
The company raised AU$1 million through a share placement to investors. The company issued 5,555,555 new fully paid ordinary shares at 18 cents per share.
Settlement of the placement is expected to be completed on January 28.
Pioneer Minerals will use the funds to explore its U.S. critical minerals portfolio, with a priority focus on the North Pine tungsten, gold and antimony project in Idaho, as well as the Skull Creek and Central Buttes uranium projects in Colorado and Wyoming. The company will also use the funds for working capital.
Pioneer Metals CEO Michael Beven said: “The strong demand for this placement reflects growing investor confidence in Pioneer’s strategy and the quality of our U.S. critical minerals portfolio.
“Securing AU$1 million in new capital positions the company to advance exploration at North Pine, where recent rock-chip sampling at the Springfield prospect has delivered highly encouraging tungsten and gold results.
“These results highlight Springfield as a compelling critical minerals opportunity with clear scale potential, located in a proven U.S. mining jurisdiction of strategic importance to defence and energy supply chains.
“With funding now in place, we are moving swiftly into detailed geophysics to refine structural controls on mineralisation, followed by targeted drilling of high-priority zones.”
