Highlights

  • American Tungsten & Antimony (ASX:AT4) completed its acquisition of Nexus Metals Pty Ltd.
  • Nexus completed its acquisition of the Del Sol antimony refinery in Nevada, satisfying one condition of the Nexus MOU.
  • AT4's $412,066 placement subscription in Pinnacle is unchanged.
  • The APT Tungsten acquisition remains subject to shareholder approval at the AGM on 30 November 2026.

Pinnacle Minerals Limited (ASX:PIM) has provided an update on its proposed acquisition of APT Tungsten and the related Nexus MOU, following the completion of American Tungsten & Antimony's acquisition of Nexus Metals.

Background to the APT Tungsten Deal

On 26 October 2026, Pinnacle announced a binding heads of agreement to acquire 100% of APT Tungsten Limited. APT holds an exclusive right and option over 199 unpatented mining claims across five tungsten projects in Utah, USA.

The transaction includes a placement of up to $1.3 million, supported by a $412,066 subscription from American Tungsten & Antimony (AT4). APT also has a non-binding MOU with Nexus Metals LLC covering possible toll treatment or offtake of tungsten material at the Del Sol Facility.

Completion of Nexus and Del Sol Acquisitions

On 30 October 2026, AT4 announced completion of its acquisition of Nexus Metals Pty Ltd, making Nexus Metals LLC an indirect wholly owned subsidiary of AT4. On 29 October 2026, Nexus completed its acquisition of the Del Sol Facility, a constructed and permitted antimony refinery in Amargosa Valley, Nevada.

This satisfies the MOU condition that Nexus secure rights to the Del Sol Facility. The facility does not currently have a tungsten processing circuit, and AT4 is studying a possible expansion into ammonium paratungstate production. Other MOU conditions remain unsatisfied, and the MOU remains non-binding.

Next Steps and Timetable

The acquisition and placement terms are unchanged. Completion requires Pinnacle shareholder approval at the AGM on 30 November 2026, with completion expected by 31 December 2026. AT4 is expected to hold 5.01% of Pinnacle on completion.

Managing Director Bill Witham said any processing arrangement for Utah material remains subject to exploration success, testwork and definitive agreements. Exploration at the Hero (House Range) project is planned to begin in January 2027.

Key Takeaways

  • AT4's completion of the Nexus deal satisfies one condition of the Nexus MOU.
  • The MOU remains non-binding, with other conditions outstanding.
  • Pinnacle's APT Tungsten acquisition still requires shareholder approval.
  • Exploration at the Utah projects is planned to start in January 2027.