Premier1 Lithium Ltd (ASX:PLC) is undertaking a strategic review of its portfolio of exploration projects in Western Australia to define follow-up exploration targets, and identify complementary exploration potential outside of lithium to prioritise expenditures in the current subdued lithium market.
This includes assessing the gold and copper potential within the Abbotts North, Yalgoo, Boodanoo and Mount Magnet North projects.
The gold and copper potential is considered to be a parallel work stream to the company’s lithium exploration. It remains optimistic on the long-term outlook for lithium but expects a ‘U’ shaped recovery.
The company also advised it has completed its board and management refresh.
Strategic review underway
Having completed the first phase of field work at its main Abbotts North, Yalgoo and Montague projects, the company is now analysing all data including historic intersections of pegmatites for interpretation and follow-up lithium exploration targeting.
As part of this, a strategic review of the current portfolio commenced to focus future exploration work on the most prospective areas and commodities. While lithium remains a core focus of Premier1, its existing exploration portfolio also has considerable potential for gold and copper mineralisation.
Premier1 managing director Jason Froud explained: “While we currently review our existing lithium portfolio for the next round of exploration work, early indications from our internal review of the company’s tenure are also highly encouraging for gold and potentially copper mineralisation.
“This allows us to maintain a parallel focus on multiple commodities over our existing projects whilst the lithium market remains weak.
“The company’s long-term view of lithium remains positive and we continue seeking further transactional opportunities to strengthen our portfolio and generate shareholder value going forward.”
Summary of projects within the Premier1 portfolio.
The current strategic review follows the recent refresh of the board and management including new managing director, chair and exploration manager, as well as the relocation of all company functions to Perth.
Main projects within Premier1 portfolio.
Read more on Proactive Investors AU
