Pursuit Minerals Faces Funding Challenges Amid Ambitious Lithium and Gold Development Plans

Progress on Rio Grande Sur Lithium Project

Pursuit Minerals Limited has reported steady advancement in its flagship Rio Grande Sur Lithium Project located in Salta, Argentina. The company continues to produce small batches of 99.5% lithium carbonate, a critical step in validating product consistency for prospective offtake partners. This ongoing qualification supports long-term commercial engagement ahead of scaling up production.

Simultaneously, the pre-feasibility study (PFS) is progressing well, with completion of the geological block model and preliminary pond design, key components for evaporation-based lithium extraction. Engineering, permitting, and financial modelling workstreams are advancing in parallel, aligning technical development with regulatory and community engagement. The PFS remains on track for completion by the first quarter of 2026, setting the stage for a bankable feasibility study and eventual commercialisation.

Sascha Marcelina Gold Project Acquisition and Exploration

In a strategic move to diversify its portfolio, Pursuit completed the acquisition of the Sascha Marcelina Gold Project in Santa Cruz, Argentina, during the quarter. This high-grade gold asset lies within the prolific Deseado Massif, a region renowned for its epithermal gold-silver systems. The project covers a substantial 100 km² district footprint with multiple vein corridors and preserved geological features indicative of significant mineral potential.

Historical drilling and geophysical surveys have identified a ~2 km mineralised trend at Sascha Main, with high-grade gold intercepts and strong geochemical anomalies. The Marcelina area features a large silica cap and compelling chargeability-resistivity anomalies interpreted as sulphide-rich feeder zones, suggesting concealed high-grade mineralisation at depth. Pursuit plans a two-phase drilling program starting with 2,550 metres of diamond drilling targeting these high-confidence structural positions, followed by 1,500 metres of reverse circulation drilling to expand exploration.

Financial Position and Corporate Updates

As of 31 December 2025, Pursuit held a cash balance of approximately AUD 0.238 million. This modest cash position reflects ongoing exploration and development expenditures but is bolstered by recent capital raising efforts and aggressive cost-cutting measures, including reduced corporate spending. The company remains confident in its ability to secure further funding as needed to support its growth strategy.

During the quarter, there was a notable change in the boardroom with the resignation of Non-Executive Director Stephen Layton and the appointment of Colin McKenzie as his replacement. Managing Director Aaron Revelle also maintained an active presence in investor forums across Europe, promoting the company’s progress and strategic outlook.

Outlook for the March 2026 Quarter

Looking ahead, Pursuit’s priorities include completing the Rio Grande Sur pre-feasibility study and advancing technical and permitting work to support a future bankable feasibility study. The company also plans to commence drilling at the Mito tenement within the Rio Grande Sur project area to target resource growth and de-risk development pathways. Concurrently, Sascha Marcelina will move into an active exploration phase with detailed geological mapping, geophysical surveys, and the initiation of the planned drilling campaign.

With Argentina’s mining sector gaining momentum through supportive policies and increasing foreign investment, Pursuit is well positioned to leverage its dual exposure to lithium and gold in this Tier-1 jurisdiction. The company’s integrated approach to project development and exploration aims to deliver sustained shareholder value amid a dynamic commodities landscape.