Pursuit Minerals Advances 5,000tpa Lithium Feasibility, Raises $4M for Gold Acquisition

Lithium Project Momentum

Pursuit Minerals Limited (ASX, PUR) has reported steady progress at its flagship Rio Grande Sur Lithium Project in Salta, Argentina, during the September 2025 quarter. The company continued small batch production of high-purity (99.5%) lithium carbonate from its 250 tonnes per annum pilot plant, sending samples to prospective offtake partners to validate product quality and maintain commercial engagement.

This pilot production underpins ongoing negotiations and supports the transition to a larger-scale commercial operation. Pursuit is advancing a feasibility study for a 5,000 tonnes per annum lithium carbonate facility, with key technical milestones such as geological block modelling and pond design completed. Regulatory permitting and environmental studies are progressing alongside engineering work, aiming for feasibility completion in the fourth quarter of 2025.

Refined Development Strategy

In response to market conditions and feasibility feedback, Pursuit has updated its commercial development plan to move directly from pilot operations to a 5,000tpa commercial facility. This capital-efficient approach prioritises early production and customer qualification, while retaining flexibility for staged expansion to 17,500tpa through a future 12,500tpa operation at the Mito tenement.

The company’s strategy aligns with Argentina’s Régimen de Incentivos para Grandes Inversiones (RIGI), which offers fiscal incentives including reduced federal income tax and export duty exemptions for qualifying projects. Pursuit anticipates its staged capital deployment will meet RIGI thresholds, enhancing project economics and investment certainty.

Expanding into Gold with Sascha Marcelina Acquisition

Immediately after the quarter ended, Pursuit announced the acquisition of the Sascha Marcelina Gold Project in the Deseado Massif, Santa Cruz province. This underexplored epithermal gold-silver system complements Pursuit’s lithium assets, diversifying its portfolio within Argentina’s Tier 1 mining jurisdiction. The project covers a 100 km² district with multiple vein corridors and preserved geological features indicative of significant mineral potential.

Initial exploration plans include geophysical surveys and AI-assisted target mapping to define drill targets for early 2026, positioning Pursuit to leverage Argentina’s growing precious metals sector alongside its lithium ambitions.

Financial Position and Outlook

At quarter end, Pursuit held a modest cash balance of approximately AUD 0.331 million. However, the company completed an oversubscribed placement raising $4.04 million shortly after, primarily to fund the Sascha Marcelina acquisition and ongoing project development. Cost-cutting measures remain in place to extend operational runway.

Looking ahead, Pursuit’s focus for the December 2025 quarter includes completing the 5,000tpa feasibility study, advancing permitting and construction planning for evaporation ponds, and progressing offtake negotiations. Concurrently, the company will advance exploration at Sascha Marcelina to unlock its gold potential.

Overall, Pursuit Minerals is positioning itself as a diversified mineral developer in Argentina, balancing near-term lithium production prospects with strategic entry into gold, supported by a favourable regulatory environment and targeted capital deployment.