Pioneer Lithium’s Uranium Focus Deepens Amid Leadership Change and Capital Raise

Strategic Uranium Acquisitions

Pioneer Lithium Ltd has marked a significant strategic pivot towards uranium exploration with the completion of two key acquisitions during the quarter ending March 2025. The company secured the Skull Creek Uranium Project in north-western Colorado, USA, situated on federally managed land approximately 260 kilometres east of Salt Lake City. Concurrently, Pioneer acquired the Warmbad Uranium Project in southern Namibia, covering 271 square kilometres under an Exclusive Prospecting Licence.

Both projects are positioned in geologically prospective regions. Skull Creek features the Sego Sandstone formation, known for uranium mineralisation, where initial field exploration detected radiometric anomalies reaching up to 10,000 counts per second. Meanwhile, Warmbad lies within the Namaqua Metamorphic Complex, analogous to Namibia’s prolific Rossing uranium mine, with historic drilling data revealing three priority mineralised zones exhibiting strong continuity and expansion potential.

Capital Raising and Leadership Refresh

To underpin its uranium ambitions, Pioneer successfully raised $1.62 million through a two-tranche placement at 20 cents per share. The initial tranche raised $1.3 million, with the second tranche of $320,000 approved by shareholders and expected imminently. These funds are earmarked for advancing exploration and development at Skull Creek and Warmbad, covering drilling, project acquisition costs, and general working capital.

Complementing this financial boost, the company appointed Michael Beven as Chief Executive Officer. Beven brings over a decade of exploration experience across gold, uranium, rare earths, and lithium, positioning him well to drive the company’s evolving portfolio. The leadership transition also saw Robert Martin move from Executive Chairman to Non-Executive Chairman, signaling a renewed operational focus.

Exploration Progress and Portfolio Realignment

Exploration activities during the quarter concentrated on uranium assets, with Pioneer’s in-country partners conducting geological mapping and spectrometer surveys at Skull Creek, confirming multiple high-priority radiometric anomalies. At Warmbad, the acquisition and interpretation of 31,685 metres of historic drilling data from the Namibian Ministry of Mines and Energy provided a material advantage, enabling Pioneer to plan targeted diamond and reverse circulation drilling to define a JORC-compliant resource.

Meanwhile, exploration on lithium projects such as Root Lake and Benham in Canada was limited due to seasonal conditions, and the company elected to allow its rare earths project Verde Valor in Brazil to lapse, focusing resources on uranium and lithium assets with higher near-term potential.

Financial Position and Outlook

At quarter-end, Pioneer held $970,000 in cash, with exploration expenditure excluding acquisition costs totaling $102,000. The company’s disciplined capital management and targeted use of funds reflect a strategic emphasis on advancing uranium projects that could unlock significant value. Payments to directors and associates amounted to $53,000 during the quarter, consistent with governance disclosures.

Looking ahead, Pioneer’s immediate priorities include releasing assay results from Skull Creek rock chip samples, commencing drilling programs at Warmbad, and leveraging new leadership to identify further strategic opportunities that complement its growing uranium and lithium portfolio.