On 25 July 2019, Pioneer and Black Cat Syndicate Limited (ASX:BC8) entered into a Farmin & Joint Venture Agreement over Pioneer’s Balagundi tenement. Balagundi sits adjacent to the north-west portion of Black Cat’s Bulong Gold Project (“Bulong”) and runs parallel to a major structural trend bounding the Balagundi and Bulong Subdomains. This 40.6 km² tenement increases the size of Bulong by ~46% from 87 km² to 128 km². The Farm-in involves a minimum spend by Black Cat of $150,000 (over a maximum period of two years) at which time Black Cat can withdraw. Black Cat can earn 75% by completing the Earning expenditure of $600,000 over five years and Pioneer would retain a 25% free carried interest to completion of an approved Bankable Feasibility Study. Black Cat is the Manager of the Joint Venture. Black Cat will issue 122,820 fully paid ordinary shares (based on $40,000 at a 20-day VWAP) to Pioneer which will be subject to a 12-month voluntary restriction on trading.

July 2019