Board Shakeup and Capital Raise Signal Premier1’s Bold Shift Toward Gold Exploration

Exploration Breakthrough at Rochefort

Premier1 Lithium Limited (ASX – PLC) has unveiled a substantial expansion of its gold-in-soil anomaly at the Rochefort Prospect, part of its Abbotts North Project in Western Australia’s Murchison region. The anomaly now covers an area of approximately 350 by 350 metres, with peak gold values reaching 30 parts per billion; nearly double the previous high of 16 ppb. This expansion follows detailed infill soil sampling and builds on earlier high-grade rock chip results of up to 11.7 grams per tonne, reinforcing the prospect’s potential for significant gold mineralisation.

The geological setting is promising, with the prospect hosted in quartz dolerite formations similar to those found in some of the Yilgarn Craton’s world-class gold deposits. Reprocessed airborne magnetic data has revealed a larger dolerite corridor extending beneath cover to the north, east, and southeast, suggesting a structurally favourable environment for further mineralisation. The proximity; just 20 kilometres north; to New Murchison Gold’s Crown Prince deposit, which recently commenced production, adds strategic value to Premier1’s tenure.

Capital Raising Fuels Next Phase

To support its accelerated exploration plans, Premier1 successfully completed an oversubscribed renounceable entitlement offer, raising approximately $1.84 million before costs. This was complemented by a $331,000 top-up placement to satisfy excess demand, bringing total funds raised to around $2.17 million. The capital injection is earmarked for advancing drilling programs at both the Yalgoo and Abbotts North projects, alongside geophysical surveys, heritage clearances, and general working capital.

The company’s financial discipline is evident, with $331,000 spent on exploration activities during the quarter, including heritage surveys and soil sampling, while maintaining a healthy cash balance of $1.415 million at quarter’s end. No mining production or development expenditure was recorded, consistent with its exploration-stage status.

Corporate Restructuring to Sharpen Focus

Alongside operational progress, Premier1 has undertaken significant board and management changes to bolster governance and align expertise with its strategic pivot towards gold and copper exploration. Notably, mining industry veterans Dale Hanna and Simon Phillips joined the board as Non-Executive Directors, bringing valuable experience to guide the company’s growth. The transition also saw the resignation of former Non-Executive Chairman Hugh Thomas and Managing Director Jason Froud, who moved to a Non-Executive Director role, ensuring continuity while refreshing leadership.

Investor engagement has been proactive, with updated corporate presentations and a live webinar featuring Q&A sessions, reflecting Premier1’s commitment to transparency and shareholder communication.

Looking Ahead

Premier1 plans to conduct a larger UltraFine soil sampling program to refine drill targets further, with drilling anticipated in the second half of 2026. The company’s farm-in interests in the Yalgoo tenements have recently been consolidated to 100%, enhancing control over its flagship project. These developments position Premier1 to potentially unlock significant value from its Western Australian gold and copper assets in the coming months.