Announcement PDF ASX: PIM Pinnacle Minerals Limited | ACN 655 033 677 | ASX: PIM 1 ASX ANNOUNCEMENT 26 October 2026 Pinnacle acquires rights to five Utah tungsten projects USA $1.3 million placement supported by American Tungsten & Antimony (ASX:AT4) Key Highlights • Binding agreement to acquire 100% of APT Tungsten Limited, holder of an exclusive option over five Utah tungsten projects in the USA • 199 claims over approximately 4,000 acres; reported historical production at Lone Pine, Desert Flower and Super W • Priority project: Hero (House Range), where a September 2026 site visit by Pinnacle Minerals observed extensive outcropping skarn at multiple sites • Selective May 2026 rock chip samples returned up to 12.25% W (15.45% WO₃) at Lone Pine (not representative; all 25 results reported) • All-scrip consideration: 33.3m shares at $0.045 plus 33.3m performance shares (converting at a $0.09 20-day VWAP within three years); no cash; staged 12-month escrow • Placement of up to $1.3 million at $0.045 with 1-for-2 free attaching options in the existing PIMOB class ($0.08, expiring 22 August 2028), subject to shareholder approval and completion • AT4 to subscribe $412,066 in the Placement, becoming a substantial shareholder (expected 5.01%) • Non-binding Memorandum of Understanding with Nexus Metals (which AT4 has agreed to acquire) on potential toll treatment or offtake; no processing rights and not a deal condition • Tungsten is a US critical mineral; from 1 January 2027, US defence rules restrict tungsten mined or processed in China, Russia, North Korea or Iran (with exceptions) • Exploration planned from January 2027, subject to completion and approval at the 30 November 2026 AGM; existing projects continue as part of the portfolio Managing Director and CEO, William (Bill) Witham, commented: “We are excited to be securing the right to acquire five tungsten projects in Utah. Tungsten is a critical mineral for the United States, essential to defence, aerospace and advanced manufacturing, and the US currently relies heavily on imports from a small number of countries for its supply. The opportunity to acquire a portfolio that covers historical tungsten workings is a significant step for Pinnacle and our shareholders. We welcome AT4's decision to invest in the Placement and become a substantial shareholder in Pinnacle. APT's MOU with Nexus Metals gives us a framework to explore a possible future processing arrangement and to work together on metallurgical testwork, although any such arrangement remains subject to exploration success, testwork and definitive agreements. Our focus now is on completing the transaction and getting to work. We plan to start on-ground exploration in January 2027 at Hero (House Range), our priority project, with mapping, sampling and validation of historical workings across the portfolio. At the same time, we will continue to advance our existing projects in Australia and Canada. On behalf of the Board, I thank our shareholders for their support and look forward to welcoming AT4 and the APT Vendors to the register.” ASX: PIM Pinnacle Minerals Limited | ACN 655 033 677 | ASX: PIM 2 Overview Pinnacle Minerals Limited (ASX:PIM, “Pinnacle” or the “Company”) is pleased to announce that it has entered into a binding heads of agreement dated 22 October 2026 (the “Acquisition Agreement”) with the shareholders of APT Tungsten Limited (ACN 698 494 825) (“APT”) (the “APT Vendors”) to acquire 100% of the issued capital of APT (the “Acquisition”). APT is an Australian unlisted public company whose principal asset is the exclusive right and option, under a binding heads of agreement dated 4 July 2026 (the “Western Cobalt Agreement”) with Western Cobalt, LLC (“Western Cobalt”), to acquire 199 unpatented mining claims in Box Elder, Millard and Juab Counties, Utah, United States of America. These mining claims comprise the Hero, Trout Creek, Lone Pine, Desert Flower and Super W projects (the “Utah Projects”). The claims cover approximately 4,000 acres and are administered by the US Bureau of Land Management (BLM) and the relevant county recorders. The claims have been processed and recorded with the relevant County Recorders as transferred from Western Cobalt to APT Tungsten (USA) Inc, the 100%-owned subsidiary of APT Tungsten Limited. These County documents have now been filed with the BLM, which will accordingly update its records to recognise the transfer of the claims with the effective date of 5 October 2026. The Acquisition will give Pinnacle exposure to tungsten, a critical mineral subject to concentrated global supply and increasing strategic demand in the United States. The Acquisition complements, rather than replaces, Pinnacle's existing exploration portfolio, which the Company will continue to fund and advance. Figure 1 – Location of the five Utah Projects ASX: PIM Pinnacle Minerals Limited | ACN 655 033 677 | ASX: PIM 3 The Utah Projects The Utah Projects are early-stage tungsten exploration projects across three styles of mineralisation – placer, skarn and fissure-vein. Several cover historical small-scale tungsten workings mined in the mid-twentieth century that have seen little modern exploration. A summary of each project is set out below. Table 1 – Portfolio of APT Utah projects Project County Claims Area ( acres approx.) Summary Hero (House Range) Millard 52 1,000 acres Skarn contact zone around the Notch Peak intrusive, hosting a number of historical small-scale workings. Priority project. Trout Creek Juab 80 1,600 acres Alluvial fan on the eastern flank of the Deep Creek Mountains; placer tungsten target. Depth to bedrock not yet determined. Lone Pine Box Elder 18 400 acres Historical Lone Pine tungsten mine and its interpreted extensions. Surface rights privately owned. Desert Flower Box Elder 15 300 acres Historical Desert Flower mine; skarn contact reported to be traceable at surface for over five miles. Super W (West Tintic) Juab 34 700 acres Historical West Tintic district; certain claims junior in priority to third-party claims. Total 199 4,000 acres Figure 2 – Pinnacle Minerals Managing Director & CEO William (Bill) Witham and team on site at Lone Pine in Utah Hero (House Range) – Priority Project The Hero Project (referred to by Western Cobalt as the House Range Project) is located within the historical Notch Peak tungsten district of Millard County, west-central Utah. It covers portions of the metasomatic contact zone surrounding the Notch Peak intrusive complex and includes several historical tungsten workings and prospects. The Notch Peak district is centred on the Jurassic Notch Peak quartz monzonite, which intrudes a thick sequence of Cambrian carbonate rocks, principally limestone and dolomite. Tungsten occurs as scheelite in garnet–pyroxene skarn lenses reported to be [1 to 10 feet (0.3 to 3 m)] thick. The district has a documented history of tungsten exploration and mining extending back to the 1940s, from a series of relatively small mines and workings around the margins of the intrusive, including the New Klondike, Scheelite Queen, Brown Queen, Pines Peak, Rainbow and Treasure Mountain areas. Historical mining appears to have followed tungsten mineralisation exposed at or close to surface, using shallow open cuts, ASX: PIM Pinnacle Minerals Limited | ACN 655 033 677 | ASX: PIM 4 bulldozer trenches, adits and underground workings. Modern exploration techniques have not tested the down- dip extension of the eastern contact beneath thin sedimentary cover. Following the September 2026 site visit, which observed extensive outcropping skarn, historical workings and mining equipment, the Company has selected Hero as the priority project for initial exploration. Trout Creek Placer Project Trout Creek is a placer tungsten target covering an alluvial fan on the eastern flank of the Deep Creek Mountains, interpreted to be derived from the weathering of adjacent hard-rock tungsten occurrences. Erosion of tungsten-bearing rocks in the Deep Creek Mountains may have liberated resistant, high-density tungsten minerals, principally scheelite, and concentrated them in the alluvial and colluvial sediments of the fan. Grade and continuity in alluvial and colluvial gravels are less predictable than in hard-rock deposits, and depth to bedrock has not been determined. The project has been the subject of historical trenching and test pits, and of further trenching in Q4 2025 by Burgex Inc, which staked the original claims. The immediate exploration objective is to establish whether the fan contains laterally extensive zones of tungsten mineralisation that could justify systematic drilling and bulk sampling. Lone Pine Tungsten Skarn Project The Lone Pine Project (referred to by Western Cobalt as the Grouse Creek Project) consolidates the historical Lone Pine tungsten mine and the interpreted extensions of its mineralised system. Historical mining targeted tungsten-bearing tactite and skarn developed along the contact between quartz monzonite and reactive limestone. Scheelite is the principal tungsten mineral of exploration interest. Historical development focused on mineralisation accessible from existing workings and areas of surface expression. Drifts, winzes and crosscuts remain, and historical US Bureau of Mines channel sampling and 1952 cross-sections are available for compilation. This provides an opportunity to test the strike, depth and potential concealed extensions of the mineralised contact beyond the historical mine. The surface rights overlying the Lone Pine claims are privately owned by a third party, and Western Cobalt gives no warranty that lawful surface access exists free of any third-party right. The Company expects to need to execute an access agreement with the surface rights owner before undertaking surface-disturbing exploration. Desert Flower Project The Desert Flower Project, in the Newfoundland Range of Box Elder County, north-west Utah, covers the historical Desert Flower mine and a scheelite-bearing skarn developed along the contact between quartz monzonite and Ordovician carbonate rocks. Historical geological investigations report that the skarn contact can be traced at surface for more than five miles (approximately 8 km). Historical mining and exploration focused on the Desert Flower mine and a limited number of accessible surface occurrences. Initial exploration is expected to focus on compiling historical records, geological and structural mapping, and sampling of historical workings and mineralised outcrop along the contact, to identify targets for subsequent drill testing. The northern part of the claim block also covers a historical copper prospect. Super W (West Tintic) Project The Super W Project (referred to by Western Cobalt as the West Tintic Project) is located in the historical West Tintic mining district of Juab County, central Utah. It covers areas of historical tungsten mining, including the Bates (approximately 70 feet) and Sullivan (approximately 400 feet) shafts, where mineralisation occurs in structurally controlled fissure veins and along intrusive contacts. Certain claims comprising the Super W Project rank behind claims previously located by one or more third parties, and Western Cobalt gives no warranty as to the validity or priority of the Super W claims to the extent of any overlap. The Company intends to complete detailed land-status, title and claim-priority investigations before committing to material on-ground exploration expenditure, and will refine the effective project area once that review is complete. ASX: PIM Pinnacle Minerals Limited | ACN 655 033 677 | ASX: PIM 5 Reported Historical Production Historical records report tungsten production from three of the Utah Projects, as summarised in Table 2 below. Lone Pine — Historical Reference: The primary published reference for Lone Pine production figures is Everett, F.D., 1961, Tungsten deposits in Utah: U.S. Bureau of Mines Information Circular 8014 — the same source cited for Desert Flower and other Box Elder/Utah tungsten mines in the USGS MRDS records. There is also a USGS Historical Files record (Data Series 1004, OME file 6150) for the Lone Pine Mine. The IC 8014 citation is the standard reference for this mine's wartime production data. Super W (West Tintic) — Historical Reference: The production figure (7,198 tons at ~0.94% WO₃, May 1942– June 1944) comes directly from a contemporaneous USGS field report: Davis, D.L., 1944, Report on Desert Tungsten Mine, West Tintic Mining District, Utah: U.S. Geological Survey unpublished report (now accessible via Utah Geological Survey mineral files, MD00562_21). The same data is cited in secondary literature as: U.S. Geological Survey Open-File Report 88-558 (Field Trip Guide for the West Tintic Mining District), which gives 7,198 tons at average grade 1% WO₃, May 1942–June 1944. Table 2 – Reported historical production Project Reported historical production Period Source Lone Pine 1,156 t at approximately 3.68% WO₃ 1940–44 Everett, F.D., 1961, Tungsten deposits in Utah: U.S. Bureau of Mines Information Circular 8014 Desert Flower Approximately 400 short tons (~360 t) of direct-shipping ore at 1.25% WO₃ 1950s US Bureau of Mines Information Circular 8014 Super W (West Tintic) 7,198 short tons (~6,530 t) at approximately 0.94% WO₃ 1942–44 Davis, D.L., 1944, Report on Desert Tungsten Mine, West Tintic Mining District, Utah: U.S. Geological Survey unpublished report (UGS mineral files MD00562_21). Also summarised in USGS Open- File Report 88-558, a formal publication that states 7,198-ton / 1% WO₃ within the May 1942–June 1944 timeframe. These are historical production records. They are not estimates of Mineral Resources or Ore Reserves, have not been verified by a Competent Person, and may not be reliable. No Mineral Resource or Exploration Target has been estimated for any of the Utah Projects. Refer to “Historical information” in Appendix 1. May 2026 Rock Chip Sampling In May 2026, before Pinnacle's involvement, Burgex Inc (“Burgex”), which staked the original claims and is associated with Western Cobalt, the claim holder at that time, collected 25 rock chip and grab samples from historical workings at the Lone Pine, Desert Flower, and Hero projects for APT. The samples were analysed by ALS (certificate RE26240626, finalised 18 July 2026). Table 1 reports all 25 results, Figure 3 shows sample locations, and Appendix 2 sets out the JORC Table 1 information. • Lone Pine (11 samples, underground workings and glory hole): 0.69% to 12.25% W (0.87% to 15.45% WO₃), with 8 of 11 samples above 2% W. • Desert Flower (6 samples, adits and shaft area): 0.013% to 2.40% W (0.016% to 3.03% WO₃); gold up to 0.663 g/t Au (DF-001). • Hero (House Range) (8 samples, open cuts, pits and adit): 0.033% to 2.20% W (0.042% to 2.77% WO₃). Rock chip and grab samples are inherently selective. Several were taken from visible scheelite-bearing veins and skarn within historical workings, and the results are not representative of the mineralisation and should not be taken as indicative of grade, width or continuity. Two Trout Creek samples (TAC-1 and TAC-2) were submitted separately and results are pending. Pinnacle intends to validate these results with its own sampling after completion. ASX: PIM Pinnacle Minerals Limited | ACN 655 033 677 | ASX: PIM 6 Table 3 – May 2026 rock chip and grab sample results (ALS certificate RE26240626) Sample Project Date (2026) Latitude Longitude Location / description W % WO₃ % Au g/t LP-1 Lone Pine 2 May 41.517239 -113.772188 Adit below glory hole; 6 in (15 cm) vein 3.70 4.67 <0.005 LP-2 Lone Pine 2 May 41.517239† -113.772188 2 in (5 cm) vein, beside LP-1 5.17 6.52 <0.005 LP-3 Lone Pine 2 May 41.517117 -113.772039 Glory hole entrance 10.20 12.86 <0.005 LP-4 Lone Pine 2 May 41.517117† -113.772039 15 ft (4.6 m) down glory hole decline 2.15 2.71 0.008 LP-5 Lone Pine 2 May 41.518974 -113.772728 Adit at top of dump; 6 in skarn in roof 1.465 1.85 <0.005 LP-6 Lone Pine 2 May 41.518803 -113.772590 Just inside adit; disseminated pockets 4.72 5.95 <0.005 LP-7 Lone Pine 2 May 41.518822 -113.77268‡ 20 ft down decline, 10 ft into drift; 15 in section 0.690 0.87 <0.005 LP-8 Lone Pine 2 May 41.519309 -113.772787 25 ft into adit drift 5.61 7.07 <0.005 LP-9 Lone Pine 2 May 41.519309† -113.772787 Pillar at entrance to south stope 10.05 12.67 <0.005 LP-10 Lone Pine 2 May 41.519309† -113.772787 70 ft (21 m) down decline 12.25 15.45 <0.005 LP-11 Lone Pine 12 May 41.516829 -113.774142 Old gold mine adit, ~120 ft in; floor 1.415 1.78 <0.005 DF-001 Desert Flower 11 May 41.255597 -113.332057 Skarn, 25 ft south of adit entrance 0.559 0.70 0.663 DF-002 Desert Flower 11 May 41.255597 -113.332057 Grab; copper skarn at adit entrance 0.026 0.033 0.466 DF-003 Desert Flower 11 May 41.256047 -113.331255 Grab, near shaft 0.013 0.016 0.144 DF-004 Desert Flower 11 May 41.193135 -113.359932 Lower adit, entrance 0.441 0.56 <0.005 DF-005 Desert Flower 11 May 41.193135 -113.359932 20 ft inside lower adit, east wall 2.36 2.98 <0.005 DF-006 Desert Flower 11 May 41.193135 -113.359932 Grab, 10 ft inside lower adit; iron-rich 2.40 3.03 0.017 HH-01 Hero 13 May 39.194530 -113.380270 Grab, long open cut beside road 0.122 0.15 <0.005 HH-02 Hero 13 May 39.194530† -113.380270 Adit beside open cut near road 1.240 1.56 0.010 HH-03 Hero 13 May 39.194933 -113.380883 50 ft into adit, south face; 3 ft skarn 0.485 0.61 <0.005 HH-04 Hero 13 May 39.190190 -113.377620 Old open pit, east face of pocket 2.20 2.77 <0.005 HH-05 Hero 13 May 39.190190 -113.377620 Old open pit, back of pocket 0.730 0.92 <0.005 HH-07 Hero 13 May 39.180990 -113.375320 South pits, middle of skarn bed 0.118 0.15 <0.005 HH-08 Hero 13 May 39.180990 -113.375320 Grab, middle of south pit 0.033 0.042 <0.005 HH-09 Hero 13 May 39.181220 -113.375510 South pits, east wall at contact 0.154 0.19 <0.005 ASX: PIM Pinnacle Minerals Limited | ACN 655 033 677 | ASX: PIM 7 Note: These are selective rock chip grades and do not imply grade continuity, widths or Mineral Resources. Coordinates are handheld GPS in decimal degrees (WGS84 assumed); coordinates for underground samples are approximate. † No separate coordinate recorded; location given is that of the adjacent sample. ‡ Field record reads -11.3772681; corrected to -113.772681 (to be confirmed). WO₃ % = W % × 1.2611. Au by 30 g fire assay; <0.005 = below detection. MOU with Nexus Metals On 14 August 2026, APT entered into a non-binding memorandum of understanding (the “Nexus MOU”) with Nexus Metals LLC, a Delaware limited liability company wholly owned by Nexus Metals Pty Ltd ([ACN 699 926 951]) (together, “Nexus”). Nexus Metals LLC is party to an option and earn-in agreement dated 20 May 2026 with Del Sol Refining Inc, under which it may acquire, or otherwise secure rights to, a processing facility at Amargosa Valley, Nevada, which Nexus does not own (the “Del Sol Facility”). On 28 July 2026, American Tungsten & Antimony Ltd (ACN 168 269 752) (ASX:AT4) (“AT4”) announced that it had agreed to acquire Nexus Metals Pty Ltd. AT4 has disclosed that completion of that acquisition is subject to conditions, and it had not occurred as at the date of this announcement. The Nexus MOU records the parties' intention to explore whether a commercial arrangement – which may take the form of a toll treatment arrangement, an offtake arrangement or another agreed structure – may in future be entered into for the processing of tungsten ore or concentrate from the Utah Projects at the Del Sol Facility. The parties also intend to work together on: • metallurgical testwork on tungsten ore and concentrate samples from the Utah Projects, to assess and optimise concentrate specifications; • characterisation of the mineralogy of the Utah Projects' tungsten mineralisation and its implications for concentrate quality and recoveries; and • jointly pursuing US federal and state funding opportunities to support the development of the Utah Projects. The Company has not applied for any US federal funding, and there is no assurance that it would be eligible for, or obtain, any such funding. In consideration for Nexus undertaking technical and commercial assessment of APT's material, the Nexus MOU contemplates a non-binding last look right for 36 months from the date of the Nexus MOU. If APT receives a bona fide, arm's-length offer from an unrelated third party for the offtake, toll treatment or other commercialisation of material from the Utah Projects, Nexus would have 30 business days to submit a proposal, and APT would accept a proposal that matches or improves on the third-party offer. The Nexus MOU is non-binding, other than its provisions on confidentiality, announcements, term and termination, costs, notices and general matters. Any future commercial arrangement is conditional on Nexus completing its option and earn-in agreement and securing rights to the Del Sol Facility, the parties executing a definitive agreement, each party obtaining all necessary board, shareholder and regulatory approvals, and each party completing its own technical, commercial, legal, tax, regulatory and financial assessment. None of those conditions has been satisfied. The Nexus MOU confers no right on APT or Pinnacle to access, use or acquire any interest in the Del Sol Facility, or to information about it, and is not a condition of the Acquisition. The Nexus MOU ends on the earliest of the execution of a definitive agreement, 36 months after its execution, agreement between the parties, or termination by either party on notice if Nexus's option and earn-in agreement terminates or lapses, a condition becomes incapable of satisfaction, or the other party commits an unremedied material breach of a binding provision. Pinnacle will not acquire, construct or operate any processing facility as part of the Acquisition, and there is no certainty that a definitive agreement will be entered into. ASX: PIM Pinnacle Minerals Limited | ACN 655 033 677 | ASX: PIM 8 Terms of the APT Acquisition The material terms of the APT Acquisition Agreement are summarised below. Consideration The consideration for 100% of the issued capital of APT is to be satisfied wholly in Pinnacle securities issued to the APT Vendors (or their nominees) in proportion to their holdings in APT, in full on completion (the “Consideration”): • Consideration Shares: 33,333,333 fully paid ordinary shares at a deemed issue price of $0.045 per share; and • Consideration Performance Shares: 33,333,333 performance shares, each converting into one share at the volume-weighted average price of Pinnacle shares over 20 consecutive trading days on which shares have traded at or above $0.09 (the “Milestone”), and otherwise lapsing three years after completion. The Consideration Shares will be subject to voluntary escrow, with 25% released on each of the dates falling 3, 6, 9 and 12 months after completion. Any shares issued on conversion of the Consideration Performance Shares within 12 months after completion will be escrowed on the same basis. No cash consideration is payable to the APT Vendors, although the Company has paid APT an exclusivity fee of US$20,000 under an exclusive dealing agreement dated 30 July 2026. On completion, the Company will also repay the unsecured loan from Oakley Capital Partners Pty Limited (“Oakley”) to APT under a loan agreement dated 9 July 2026 (as varied on 19 August 2026), being US$254,094 in principal plus accrued interest at 15% per annum. None of the APT Vendors is a related party of the Company or a person referred to in Listing Rule 10.1. On completion, MinExchange Pty Ltd, an APT Vendor, is expected to hold 12,499,999 shares (approximately 6.84% of the shares then on issue). Western Cobalt has agreed to pay MinExchange Pty Ltd a fee equal to 4% of the consideration Western Cobalt receives under the Western Cobalt Agreement; that fee is funded by a 4% uplift included in the payments under the Western Cobalt Agreement and is an obligation of Western Cobalt only. Oakley introduced the Acquisition to the Company. Conditions precedent Completion of the Acquisition is conditional on: • Pinnacle obtaining all shareholder approvals required under the ASX Listing Rules and the Corporations Act 2001 (Cth) for the Acquisition and the Placement (this condition cannot be waived); • the Western Cobalt Agreement remaining on foot, the conditions under it having been satisfied or waived, and legal and beneficial title to all of the claims having been transferred to APT Tungsten (USA) Inc and recorded with the relevant County Recorder and filed with the BLM; • Pinnacle completing the Placement, raising not less than $1,200,000 (before costs) through the issue of shares at $0.045 per share, with one free attaching option for every two shares subscribed for (the Placement is for up to $1,300,000); • the parties obtaining all other necessary third-party and regulatory approvals, including under applicable United States mining and foreign investment legislation; and • no material adverse change occurring in the business, operations, assets or capital structure of Pinnacle or APT. The conditions must be satisfied or waived by 31 December 2026, or a later date agreed by the parties. On completion, the Company will assume, through APT, the ongoing obligations under the Western Cobalt Agreement. ASX has advised the Company that it will not exercise its discretion under Listing Rule 11.1.3 to require the Company to re-comply with Chapters 1 and 2 of the Listing Rules in connection with the Acquisition. ASX: PIM Pinnacle Minerals Limited | ACN 655 033 677 | ASX: PIM 9 Western Cobalt Agreement Western Cobalt has granted APT the exclusive right and option to acquire the claims comprising the Utah Projects. The key terms are: • Upfront payment: US$208,000 (US$200,000 plus a 4% uplift), which has been paid; • Anniversary payments: APT may elect, project by project, to retain the claims by making anniversary payments of up to US$2,912,000 in aggregate over three years if all five projects are retained (US$520,000 on the first anniversary, US$832,000 at 26 months and US$1,560,000 on the third anniversary). If an anniversary payment is not made in respect of a claim, that claim must be transferred back to Western Cobalt; • Minimum expenditure: US$1,000,000 on exploration across the claims within three years, with APT bearing all claim maintenance costs (estimated at US$39,500 per annum); • Maiden resource bonus: US$2,000,000 for each project on which a maiden JORC Mineral Resource of not less than 15,000 tonnes of contained WO₃ at a grade of not less than 0.15% WO₃ is reported, up to a maximum of two projects (US$4,000,000 in aggregate); • Royalty: a 2% net smelter return royalty on each project acquired, which APT may buy back for US$2,000,000 per 1%; and • Sunset date: the agreement terminates if completion has not occurred by 31 December 2026, which APT may extend to 31 March 2027 on payment of US$10,000 per month. Board changes On completion, the APT Vendors will nominate two directors for appointment to the Pinnacle Board: Mr Matthew O'Kane, will be appointed Managing Director, and Mr Blake Steele, will be appointed a Non-Executive Director. Mr William Witham will step down as Managing Director and Chief Executive Officer and will continue on the Board as Technical Director. Mr Stephen Ross will continue as Non-Executive Chairman and Mr Aharon (Ari) Zaetz as a Non-Executive Director. The new appointments add significant management capacity and experience in North American operations. The Company's name and ASX code will not change. On completion, the APT Vendors will together hold 33,333,333 shares (approximately 18.24% of the shares then on issue). Terms of the Placement Concurrently with, and conditional on, completion of the Acquisition, Pinnacle intends to raise up to $1,300,000 (before costs) through the issue of up to 28,888,889 shares at $0.045 per share to unrelated institutional, professional and sophisticated investors (the “Placement”). Placement participants will receive one free attaching option for every two shares subscribed for and issued, being up to 14,444,445 options in the Company's existing class of quoted options (ASX:PIMOB), exercisable at $0.08 each and expiring 22 August 2028 (“Placement Options”). The Placement is subject to shareholder approval, and the Placement Options will be offered under a prospectus. AT4 has agreed to subscribe for 9,157,031 shares (and 4,578,516 Placement Options) under the Placement, representing $412,066. Following completion, AT4 is expected to hold 5.01% of Pinnacle's issued shares and will become a substantial shareholder of the Company. Oakley and AE Advisors Group Pty Ltd (the “Joint Lead Managers”) will act as corporate advisers and joint lead managers to the Placement under a corporate advisory mandate dated 21 October 2026. ASX: PIM Pinnacle Minerals Limited | ACN 655 033 677 | ASX: PIM 10 Under the mandate, the Company has agreed to: • pay the Joint Lead Managers a fee of 6% of the amount raised under the Placement, comprising a management fee of 2% and a selling fee of 4%; • issue the Joint Lead Managers a facilitation fee equal to 10% of the Consideration, comprising 3,333,333 shares and 3,333,333 performance shares on the same terms as the Consideration Performance Shares, subject to shareholder approval (if approval is not obtained but completion occurs, the Company will instead pay $150,000 in cash, and a further $150,000 if the Milestone is satisfied); and • subject to completion of the Placement and the Acquisition, issue 22,000,000 performance rights (“Adviser Performance Rights”), being 9,000,000 to each Joint Lead Manager and 4,000,000 to parties mutually agreed by the Joint Lead Managers who assisted with the introduction and facilitation of the Acquisition and ongoing investor relations activities (“Introducers”), su