99.5% Lithium Carbonate – A Clear Signal from Pursuit Minerals (ASX: PUR)

Announcement

Shipment of Lithium Samples as Feasibility Studies Advance

When Pursuit Minerals (ASX: PUR) announced it had dispatched 99.5% pure lithium carbonate samples to potential offtake and strategic partners, it caught my attention for all the right reasons. In a climate where investors are becoming more selective and market conditions remain tight, real progress—not marketing noise—matters.

I was told to take a position in PUR for a trade, and it has become a long-term trade. As an investor, I am sure there are many people who have had this happen to them. Fortunately for me, it was a small trade, but it was a valuable one, as I was never a believer of the lithium run, and I went against my own rules. This journey went from bad to worse as the stock got consolidated with a falling share price, so when I saw this latest news, I was very curious.

Figure 1: Pursuit’s 99.5% Li₂CO₃ Sample Ready for Dispatch to Potential Offtake Partners (source: PUR)

Proof of Concept, or Proof of Credibility?

From where I stand, I am hoping that this would be a good thing and reading through the release, it just may be good. Here’s why:

First, hitting 99.5% purity—especially at a pilot plant level—is a good tick in a checkbox. I agree that it's just a technical milestone with a verified third-party assay, which removes a big chunk of risk perception for prospective partners.

This product came from a 250tpa pilot plant in Salta Province, Argentina, using synthetic brine formulated to match that of the Rio Grande Sur Project. This means the company has successfully mimicked real-world operating conditions in a test environment and delivered a technically sound result.

Figure 2: SGS Laboratory Assay Confirms 99.55% Lithium Carbonate Purity (source: PUR)

CEO Aaron Revelle summed it up perfectly:

From a development perspective, this is what I call “de-risking by doing.” Instead of promising future capability, Pursuit is showing what it can deliver now. The step from “resource in the ground” to “qualified product in hand” is a big one, and not many juniors make it convincingly.

So, is it a good thing?

Absolutely. It’s a signal to the market that this isn’t just a lithium story—it’s a lithium business in the making, and this is what is making me more than curious. This may mean that it's more than announcing the discovery of a pegmatite or some high assay in a rock chip sample.

The Path to Profit: Still Paved with Questions—But Promising

This is the question every investor should ask: Can this become a profitable business?

Let’s be clear—at the 250tpa pilot stage, Pursuit is not aiming to make money. The purpose is qualification, not revenue. But the long game is being built around a 5,000tpa operation, and that’s where profitability comes into play.

Figure 3: 250tpa Lithium Carbonate Pilot Plant Ready for Production. (source: PUR)

Feasibility studies are underway, with engineering, environmental, and process modelling all being lined up. If these efforts prove successful—and offtake agreements follow—then yes, this has the bones of a lean, margin-positive operation.

Timing will be everything. Lithium prices remain subdued. But that won’t last forever. The companies with qualified products, operational discipline, and market-ready projects will be the first to benefit when sentiment turns.

Let’s also not ignore Argentina’s rise as a Tier 1 mining jurisdiction, particularly with the RIGI tax and FX stability program for large-scale investments. It adds critical long-term clarity and de-risks future development.

And while lithium is the core focus, Pursuit’s broader strategy to evaluate gold, silver, and copper acquisitions in Argentina is a smart hedge. That kind of optionality can help the company pivot if market conditions change and remain relevant across commodity cycles.

So, is it going to be profitable?

Not today and the potential for success is still based on the lithium price coming back to a level where new players like Pursuit can earn a decent income. The upside looks positive, and the story appears to have an intent to create the right execution and with alignment with buyers, and market rebound, it will happen.

 Samso Concluding Comments

This is the kind of story I like. Real product. Real purity. Real commercial intent. I also like that Pursuit Minerals isn’t making noise—they’re making lithium carbonate at 99.5% purity and putting it in the hands of people who matter.

I do realise that there is still a long journey and if my forecast for the lithium price is correct, which is a level where there is cost effectiveness for producers and end users, the PUR story may work. Irrespective of my very cautious approach to the upside, it is comforting for me that Pursuit appears not to be just talking—they appear to be building parts or at least building the paths to a business. In a market filled with announcements, this one stands out because it’s backed by something tangible.

While existing producers are bleeding as the pricing has not recovered, Pursuit is proving it can deliver product and validate its flowsheet in real-world conditions. That gives them a significant head start when market conditions shift. What’s more impressive is their clear intent to scale methodically through a 5,000tpa operation, all while preserving capital and exploring smart diversification into gold, silver, and copper.

For me, this is not a lithium story—it’s a strategy to become a production business. Argentina’s mining environment is maturing, and Pursuit is positioning itself right in the middle of that shift. If things fall into place for PUR, this will be the first step in the next phase, not just reacting to the present.

That’s why at Samso, we watch companies like this. Not because they shout the loudest, but because they move with purpose and the timing may just be perfect. The time for Pursuit to get to the end stage is still going to take time and for once, this may be a good thing. And as always, know your own tolerance for risk, do the work, and back the stories built on action, not just ambition.

Our work at Samso is grounded in nearly three decades of industry experience. We bring independent, informed content through Coffee with Samso, Samso News, and Samso Insights—because informed investors make better decisions.

Make sure you understand your own investment strategy, risk appetite, and horizon. Whether it’s lithium, copper, or gold, success always starts with knowing why you're backing a story.

To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.

Disclaimer

The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints.

Read full Disclaimer. 

Share to Grow: Your Bonus

Samso has just released an eBook: How to Add Value to your Share Portfolio

A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.

If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au.

About Samso

Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.