ASX-listed Pinnacle Minerals has signed an agreement to acquire a 75% interest in the Adina East lithium project in the lithium-rich James Bay region, in Quebec, Canada.

“Signing of the formal agreement for 75% of the Adina East lithium project is a milestone for the company and advances Pinnacle’s transition to a battery minerals explorer.

"Partnering with Waratah Capital at this stage of the company’s journey is a strategic move and is expected to bolster Pinnacle’s growth. The company will enter 2024 with a strong balance sheet and an exciting suite of prospective exploration projects which, together, arguably provides shareholders, both current and future, with significant leverage to exploration success," says MD Nic Matich.

Pinnacle, in collaboration with IOS Geosciences, a Quebec-based team, has already initiated a ground reconnaissance programme at Adina East, sampling various pegmatite outcrops.

The company is in the process of finalising its exploration plans for 2024 and will provide updates in the first quarter of the year.