Pursuit Minerals Limited (PUR) Earnings Call Transcript & Summary

I'm Sarah Huen joined by Aaron Revelle, Managing Director and CEO of Pursuit Minerals. Aaron, can you provide an overview of the company firstly?

Absolutely. Pursuit Minerals is an added-time focused lithium developer, where we're focused on our flagship projects, the Rio Grande Serve project, which is located in the [ Apli ] named Rio Grande Salar in the Salta province of Argentina.

And can you update on your maiden drilling campaign currently underway?

The Stage 1 drilling campaign, which focuses on the 4 tenements to the south of our tenement package has just commenced, and we're progressing with DDH 1, which is currently underway. We're quite excited by the interim and intermediate results that are coming out from some of the packet samples as we progress to depth. We're expecting that program to continue over the remainder of the quarter into the half of the year, where we're expecting to complete all 4 diamond holes, which should total about 2,500 meters of drilling. From the samples that we've currently been able to recover from our packet testing, we're expecting a significant upgrade to be delivered over the course of the half of the year or into the third quarter. So with that campaign progressing, quite a bit of excitement around that.

Absolutely. And the company recently announced the completion of the commissioning of your lithium carbonate pilot plant, what are the next steps there?

So with the completion of the lithium carbonate pilot plant, our engineering team is now focused on producing the first 5 to 10 kilos of lithium carbonate products, which is quite a big achievement for the company once we complete that milestone. With completion of the first 5 to 10 kilos of products, we'll be able to send that product to potential offtake partners for quality certification and product analysis as we look to advance offtake discussions with that plant. Additionally, once we've completed the first product production, we'll be looking to continually work on the plant through the construction and development of the evaporation ponds at-site, with the aim of that plant ultimately to be a 250-tonne continuous operation operating in the Rio Grande Salar. So quite a bit of excitement again around the engineering work streams as we look towards our first production of lithium carbonate.

Incredible. And Aaron, finally, what can investors expect over the rest of the year from Pursuit Minerals?

So Pursuit is very much focused on the 2 workstreams we just mentioned, which is the completion of our Stage 1 maiden drill program, where we're targeting that resource upgrade in addition to the continuation of the production at our pilot plant. Pursuit's ultimate goal with that plant is to become a continuous producer to 250 tonne level. So we're working towards those milestones in the near term as well as advancing some of the other elements of our project, inclusive of our bankable feasibility study, which we're on track to deliver a larger commercial scale study by the end of this year. So quite a bit of news flow coming out over the end of 2024.

That's great. Thanks for the update, Aaron.

Thank you for having me.