Pinnacle Minerals Limited · ASX:PIM
Pinnacle Minerals — Merger or Acquisition (October 2026)
17 slides from Pinnacle Minerals's merger presentation, Oct 26, 2026
Slide 1: Acquiring Five US Tungsten Projects in Utah
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES al use only INVESTOR PRESENTATION ACQUIRING FIVE US TUNGSTEN PROJECTS IN UTAH Acquisition of APT Tungsten, which holds five early-stage tungsten exploration projects in Utah, USA Up to $1.3M Placement with American Tungsten & A
Slide 2: Important Information
IMPORTANT INFORMATION Important Information Important Information LEGAL SELLING RESTRICTIONS GENERAL TECHNICAL This presentation has been prepared by International offer restrictions: This Forward-looking statements: This Utah projects: The Utah projects are early-stage exploration Pinnacle Minerals
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS Investment Highlights Investment Highlights Pinnacle is acquiring APT, which holds five Utah tungsten projects, for scrip only, backed by a $1.3M placement with AT4 participating to become a substantial holder (>5%), with exploration from January 2027 subject to shareholder app
Slide 4: Tungsten: a US Critical Mineral
WHY TUNGSTEN Tungsten: a US Critical Mineral Tungsten: a US Critical Mineral Tungsten is a US critical mineral, and from 1 January 2027 US defence rules restrict supply of tungsten powder and heavy alloy mined, refined or produced in China, Russia, North Korea or Iran 1 JANUARY 2027: DEFENCE RULES T
Slide 5: Five Utah Projects Create Potential Scale and Optionality
THE UTAH PROJECTS Five Utah Projects Create Potential Scale and Optionality Five Utah Projects Create Potential Scale and Optionality The portfolio spans five projects, 199 claims and ~4,000 acres across three Utah counties and three mineralisation styles HERO (HOUSE RANGE) 1 MILLARD | 52 CLAIMS | ~
Slide 6: Priority Project: Hero (House Range)
HERO (HOUSE RANGE) Priority Project: Hero (House Range) Priority Project: Hero (House Range) Hero (House Range) is the priority project – the September 2026 site visit observed extensive outcropping skarn around the Notch Peak intrusive in numerous historical open pit and underground workings ~1,000
Slide 7: Four Further Projects: Production History and a Placer Prospect
THE APT TUNGSTEN PORTFOLIO Four Further Projects: Production History and a Placer Prospect Four Further Projects: Production History and a Placer Prospect Lone Pine, Desert Flower and Super W have reported historical production; Trout Creek is a placer prospect LONE PINE DESERT FLOWER SUPER W (WEST
Slide 8: AT4's US Mine-to-Metal Strategy
STRATEGIC INVESTOR AT4's US Mine-to-Metal Strategy AT4's US Mine-to-Metal Strategy AT4's strategy is to source US domestic antimony (Sb) and tungsten (W) ore and concentrates for its existing and planned processing at the Del Sol plant in Nevada, in a hub-and-spoke model Sb ANTIMONY: AT4'S PROGRESS
Slide 9: Nexus Metals MOU and Del Sol
NEXUS METALS MOU Nexus Metals MOUand Del Sol Nexus Metals MOU and Del Sol A non-binding MOU with Nexus Metals, which AT4 is acquiring, creates a pathway to metallurgical testwork and potential toll treatment or offtake APT TUNGSTEN Non-binding MOU NEXUS METALS PTY LTD Option and earn-in DEL SOL FACI
Slide 10: Pro Forma Capital Structure and Use of Funds
FUNDING Pro Forma Capital Structure and Use of Funds Pro Forma Capital Structure and Use of Funds Approximately A$3.45M available on completion funds Utah exploration while keeping a strong cash reserve A$3.45M A$1.25M A$1.10M al use only AVAILABLE ON COMPLETION (CASH + MAXIMUM PLACEMENT) EXPLORATIO
Slide 11: Board and Existing Projects
BOARD AND PORTFOLIO Board and Existing Projects Board and Existing Projects A strengthened board adds North American experience, and existing Australian and Canadian projects continue to be advanced al use only MO BS STEPHEN ROSS MATTHEW O'KANE WILLIAM WITHAM BLAKE STEELE AHARON (ARI) ZAETZ NON-EXEC
Slide 12: Next Steps and Catalysts
NEXT STEPS Next Steps and Catalysts Next Steps and Catalysts Shareholder approval at the 30 November 2026 AGM unlocks on-ground exploration from January 2027 26 OCT 2026 29 OCT 2026 30 NOV 2026 BY 31 DEC 2026 BY 31 DEC 2026 JAN 2027 al use only Acquisition and Placement Notice of AGM despatched AGM:
Slide 13: Appendix
al use only ASX: PIM | OTC: PIMLF
Slide 14: Appendix contents
al use only ASX: PIM | OTC: PIMLF A1 May 2026 rock chip results · slide 15 A2 Key terms – acquisition and placement · slide 16 A3 Key risks · slide 17
Slide 15: May 2026 Rock Chip Results
APPENDIX | ROCK CHIP SAMPLING May 2026 Rock Chip Results May 2026 Rock Chip Results Selective May 2026 rock chips returned up to 12.25% W (15.45% WO3) at Lone Pine, with 8 of 11 samples above 2% W 12.25% W ALL 25 RESULTS, W % (ALS CERTIFICATE RE26240626) Lone Pine Desert Flower Hero al use only 14 H
Slide 16: Key Terms – Acquisition and Placement
APPENDIX | TRANSACTION TERMS Key Terms – Acquisition and Placement Key Terms – Acquisition and Placement The all-scrip deal involves no cash to vendors and aligns them with shareholders through performance shares and escrow APT ACQUISITION PLACEMENT AND INCENTIVES 100% of APT Tungsten Limited from i
Slide 17: Key Risks
APPENDIX | KEY RISKS Key Risks Key Risks An investment in Pinnacle is speculative; the key risks below are not exhaustive COMPLETION TITLE WESTERN COBALT OBLIGATIONS al use only If conditions, including shareholder approval and the Retention of the claims depends on the Western Cobalt Up to US$2,912
Pinnacle Minerals — Merger or Acquisition (October 2026) on 6ix