Piche Resources Limited (ASX: PR2) — Advancing Argentina Gold and Uranium Projects
- Noel Ong
- Jul 4
- 5 min read
Announcement
From Prospectus to Progress: 🆕 IPO Review
ASX Code: PR2
Listing Date: 15 July 2024
IPO Offer Price: $0.20
Current Share Price (as at 27th of June 2025): $0.09
Market Capitalisation (as of 27th of June 2025): $7.10 million
Industry Group: Materials
Piche Resources Limited (ASX: PR2) listed on the ASX on 15 July 2024, entering the market with a portfolio focused on uranium and gold exploration. Since its IPO, Piche has advanced exploration in both Argentina and Western Australia, with primary efforts concentrated on the Cerro Chacon gold project and the Sierra Cuadrada uranium project, both located in Argentina’s Chubut Province (Figure 1).
Figure 1: Locality maps highlighting Piche’s Australian Projects in Western Australia and its Argentinean Projects in the Chubut Province. (source: PR2)
🔷 What Have They Done To Find that Gold and Uranium Prize?
💠Cerro Chacon (Gold–Silver, Argentina):
Piche’s fieldwork has led to the identification of a 14km-long mineralised corridor, extending from the Chacon Grid through La Javiela and Toro Hosco (Figure 2).
Figure 2: extending from the Chacon Grid to the north to Toro Hosco in the south, creating a 14km zone of anomalous Au/Ag and pathfinder geochemistry. The Cerro Chacon mineralised corridor is the target for the 2025 drilling programme. (source: PR2)
Key highlights include:
Over 2,000 geochemical samples collected to date.
Assay highlights:
Toro Hosco: 11.65 g/t Au, 120.3 g/t Ag
La Javiela South: 333.65 g/t Ag, 9.48% Pb, 8.52% Zn
EIA approval received for Chacon South, with Chacon Middle pending.
A maiden RC drill program of 8,000 metres is scheduled to commence in Q2 2025.
🔷 Sierra Cuadrada (Uranium, Argentina):
The uranium potential at Sierra Cuadrada continues to strengthen with:
Exceptional assays such as:
8,146 ppm U₃O₈ (Teo 3)
6,236 ppm U₃O₈ (Teo 2)
28,650 ppm (2.86%) U₃O₈ rock chip (Teo 8)
Mapping of uranium-hosting stratigraphy across a 70km fluvial sequence.
New zones defined in Mamuny I & II and other priority targets (Figure 3).
Regulatory clearance via EIA approval for ground-disturbing activities, including RC drilling.
Figure 3: Location of broad-spaced auger drill holes. The Holes with visible uranium are highlighted in yellow. Piche has recently finalised access agreements with Priority 1 & 2 targets (P1 & P2) and will target these areas in early 2025. (source: PR2)
🔷 Use of IPO Funds – Summary (Actual vs Budget)
Based on the latest quarterly activities and cash flow disclosures, Piche Resources Limited (ASX: PR2) has not provided a detailed "Actual vs Budget" table for IPO funds, but the reports indicate steady and strategic expenditure aligned with the prospectus intentions.
Since listing, the company has focused its capital on advancing both the Cerro Chacon and Sierra Cuadrada projects. Over the past nine months, approximately $2.64 million has been invested into exploration activities, alongside staff and administrative costs of $803,000 and $937,000, respectively. IPO-related expenses total $165,000 to date.
With $5.84 million in cash reserves as at 31 March 2025, PR2 appears well-funded to support its planned drilling campaigns in the second half of 2025. The company’s use of funds reflects a disciplined approach to capital deployment consistent with exploration-stage milestones.
🔷 Share Price Performance Since Listing
Since debuting on the ASX in July 2024 at an IPO price of $0.20, Piche Resources (ASX: PR2) has moved through a classic early-stage exploration cycle. After a softening post-listing—typical of pre-drill stories—the stock has shown signs of renewed momentum, now trading at $0.115 (Figure 4). With drilling on the horizon and robust sampling results behind it, the company is entering a phase where market sentiment often begins to shift in tandem with news flow.
Figure 4: PR2’s Share price as of 19 June 2025 (source: ASX)
Samso Concluding Comments
Stories like Piche Resources often go unnoticed until a catalyst event—typically drilling—reveals the scale of what’s quietly been built. What we see now is a company that has taken the time to gather meaningful geological datasets across two compelling fronts: gold and uranium.
The Cerro Chacon project in Argentina is showing all the hallmarks of a significant epithermal system. High-grade rock chips, a defined structural corridor, and robust geophysical correlations are the prelude to discovery. On the uranium side, Sierra Cuadrada continues to deliver substantial grades and a growing footprint, validating the geological theory and building confidence in its scale.
The market tends to wait for the drill core, but the pre-drilling work here has been thorough. With EIA approvals in place and the rigs ready to turn, 2025 could become a transformative year.
This is the kind of story that Samso likes with a low market capitalisation and a decent blue sky potential. I will continue to follow the PR2 journey, as this is the kind of story that rewards those who understand how the foundation of a discovery is really made. Those Who Dare To Wait are often Winners.
The Samso Way – Seek the Research
At Samso, we value companies like PR2 that invest in foundational work — mapping, geochemistry, and geophysics — before drilling. It’s this disciplined, data-led approach that often precedes meaningful discoveries. For investors, it’s a reminder that the real story starts well before the first assay hits the headlines.
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