Pinnacle Minerals Limited (ASX:PIM), an ASX-listed mineral exploration company focused on projects across mineral sands, rare earth elements, uranium, and lithium, has provided an update on the non-binding Memorandum of Understanding (MOU) between APT Tungsten and Nexus Metals LLC. This follows American Tungsten & Antimony Ltd (ASX:AT4) completing its acquisition of Nexus Metals Pty Ltd, which has subsequently finalised its acquisition of the Del Sol Facility in Nevada. This development addresses a key condition related to potential future toll treatment or off-take arrangements for tungsten material from APT Tungsten’s Utah Projects.
The Del Sol Facility, a constructed and permitted antimony refinery, does not currently possess a tungsten processing circuit, though AT4 has indicated studies are underway for the addition of ammonium paratungstate (APT) production capabilities. While the acquisition of the facility by Nexus meets one of the conditions for any future commercial arrangement under the Nexus MOU, the agreement remains non-binding. The MOU does not grant APT or Pinnacle access or rights to the Del Sol Facility, and there is no certainty that a definitive agreement will be entered into.
Pinnacle Minerals’ Managing Director and CEO, William Witham, welcomed the progress, noting that Del Sol is a step forward within the framework APT has with Nexus. He stated that any processing arrangements would depend on exploration success, testwork, and definitive agreements. Mr Witham added that Pinnacle looks forward to collaborating with Nexus on metallurgical testwork for samples from the Utah Projects following the anticipated completion of the APT Tungsten acquisition. The acquisition, along with a placement including AT4’s $412,066 subscription, remains subject to shareholder approval at Pinnacle’s Annual General Meeting on 30 November 2026, and other conditions announced on 26 October 2026. The company aims to commence on-ground exploration at its Hero project in January 2027.
