Pioneer Resources (ASX: PIO; 'Pioneer' or 'the Company') is pleased to provide an update on the status of its three West Australian gold project joint ventures, one located in the Pilbara region and two within the Kalgoorlie region.

ACRA GOLD PROJECT JOINT VENTURE

The Acra JV Project is located near Kalgoorlie W.A.: Northern Star Resources Limited has earned a 75% Project Interest and continues to fully fund exploration programmes with Pioneer retaining a 25% free-carried interest until approval of a mining proposal by DMIRS.

The Acra Project JV with Pioneer forms the southern section of the greater NST Acra Gold Project, located 60 kilometres north east of Kalgoorlie, WA.

In the three years up to December 2019, Northern Star has spent $3.8 million exploring the priority targets identified from previous work undertaken by Pioneer and from their own target generation programmes along the main structure running north-west to south-east in the southern area of the Project. The results to date on the Project have been modest and work will now move on to testing secondary structures.

KANGAN GOLD PROJECT JOINT VENTURE (FARMIN STAGE)

The Kangan Project is located in the West Pilbara W.A: Under the farmin & JV agreement with Novo Resources Corp and Sumitomo Corporation, the parties will jointly fully fund gold exploration programmes until a decision to mine is made, with Pioneer retaining a 30% interest until the decision to mine.

In 2016, Pioneer acquired two tenements from Fortesque Metals Group (ASX:FMG), known as the Kangan Lithium Project. Pioneer subsequently applied for another two tenements adjoining the Kangan project tenements. The tenements were considered prospective for lithium and gold, located approximately 20kms to the west of the Wodgina Lithium Mine.

Field reconnaissance work was conducted but no pegmatites with potential to host spodumene were found outcropping and no obvious targets were generated from geochemical analysis of soil samples taken in the areas identified as historical tin and tantalum workings. From a gold perspective, Kangan's prospectivity was assessed as low for 'lode' type quartz vein structures and low to medium for 'conglomerates' due to the lack of the key geological units being identified. Work by Novo Resources Corp ('Novo Resources') in 2019 has demonstrated that the Kangan ground has excellent potential for gold-bearing, deflationary and/or marine lag gravels blanketing an erosional terrace covering most of the Egina area.

In 2018, Pioneer reached agreement with Novo Resources, regarded then, as now, as the leading proponent of 'Pilbara conglomerate/alluvial gold'. The farmin spend threshold was deliberately set low so that Novo Resources was not forced into a 'spend or withdraw' decision, mindful that Novo Resources' projects cover 13,000 square kilometres in the Pilbara region. The main objective of the agreement was to have Novo as a partner and leave Pioneer with a 30% interest with no expenditure commitments until a decision to mine is made.

The agreement also provided for Novo to subscribe to a $1 million placement ($0.02/share) of Pioneer shares. This prudently topped up Pioneer's working capital as it headed towards commencement of mining at the Sinclair Caesium Mine. Novo has approached the Egina Project by focussing first on an area covered by mining leases that allow it to establish a central hub and carry out exploration activities relatively quickly. These were acquired from another party around the same time the Kangan JV was entered into with Pioneer.

Up to 31 October 2019, Novo has recorded capitalised exploration expenditure including acquisition costs of C$13.6million on the Egina Project, including C$0.6 million on the Kangan JV. For its Pilbara projects, Novo Resources has capitalised C$112 million in exploration and evaluation expenditure including acquisition costs from inception in 2009 up to 31 October 2019. Importantly, knowledge gained from its other Pilbara projects benefits the Egina/Kangan Project. This includes applying geological models, techniques for bulk sampling and testing, leading edge work using ore-sorters and more.

A heritage survey was recently completed over a target area entirely located on Kangan JV tenement E47/3318. As a result, ground-disturbing exploration activities are scheduled to commence during the 2020 season in accordance with the heritage management plan for the area. The current weather inhibits remote sampling. A scope of work for regional sampling for 2020 (including the target on E47/3318) will be generated during the next quarter, with field work likely to commence by midyear.

On 13 February 2020, Novo Resources published a news release titled 'Large-scale bulk sample yields coarse gold and refined targeting strategies lead to another gold-bearing gravel discovery at Novo's Egina Project'. Pioneer notes that the gravel discovery is located on the ground that is adjacent to ground covered by Pioneer's Kangan Gold Project JV with Novo & Sumitomo.

BALAGUNDI GOLD PROJECT JOINT VENTURE (FARMIN STAGE)

Under a farmin & JV agreement, Black Cat Syndicate Limited is earning a 75% interest in the Project located at Bulong, near Kalgoorlie, W.A. Black Cat will then fully fund gold exploration programmes until a decision to mine is made, with Pioneer retaining a 25% interest.

Black Cat Syndicate Limited ('Black Cat') listed on ASX in January 2018 primarily supported by its advanced exploration project named the Bulong Gold Project. In a short period of time it has drilled over 60,000 metres and has now commenced a feasibility study on the Myrhee Deposit.

In July 2019, Black Cat and Pioneer entered into a Farmin and Joint Venture over the Balagundi Project held by Pioneer and considered prospective for gold and copper. The Balagundi Project consists of one tenement (E27/558) and is located on the western boundary of the northern tenements that comprise the Bulong Gold Project.

Black Cat has advised that during the next six months it will conduct field work on the highest priority targets, namely Funnel Web, Anvil and Trapdoor, which are considered prospective for gold and base metals. Black Cat plans to undertake heritage surveys, multi-element auger sample programmes and assess conducting a surface electromagnetic (EM) survey in preparation of planning the first drill programme.

Contact:

Tel: +61 8 9322 6974

Email: tspencer@pioresources.com.au

About Pioneer Resources Limited

Following successful completion of the Sinclair Caesium Mine, Pioneer is now a well-funded and active explorer focused on key global demand-driven commodities, looking for its next opportunity to create shareholder wealth through exploration and project development. The Company operates a portfolio of strategically located lithium, caesium, nickel, cobalt and gold projects in mining regions in Western Australia, plus a high-quality lithium asset in Canada.

Lithium: In addition to the Pioneer Dome LCT Project, the Company holds a 51% Project interest in the Mavis Lake Lithium Project, Canada where Company drilling has intersected spodumene.

Nickel: The Company owns the Golden Ridge Project which includes the suspended Blair Nickel Sulphide Mine, located between Kalgoorlie and Kambalda, WA. Near-mine target generation is continuing, with the Company announcing a new disseminated nickel sulphide drilling discovery at the Leo's Dam Prospect in 2018, highlighting the prospectivity of the greater project area.

Cobalt: Also found as a wide-spread hydromorphic layer throughout the eastern Golden Ridge Project, cobalt is another commodity with demand expanding in response to its requirement in the manufacture of cobaltbased batteries in certain electric vehicles and electricity stabilisation systems (powerwalls). Other uses for cobalt include in the manufacture of super-alloys, including jet engine turbine blades, and for corrosion resistant metal applications.

Gold: Pioneer's key gold projects are free-carried with well credentialed JV partners: Acra JV Project near Kalgoorlie W.A.: Northern Star Resources Limited (ASX:NST) has earned a 75% Project Interest and continues to fully fund exploration programmes until a decision to mine with Pioneer retaining a 25% interest.

Kangan Project in the West Pilbara W.A: A farmin & JV agreement with Novo Resources Corp (TSXV.NVO) and Sumitomo Corporation will fully fund gold exploration programmes until a decision to mine is made, with Pioneer retaining a 30% interest.

Balagundi Project: A farmin & JV agreement with where Black Cat Syndicate Limited (ASX:BC8) is earning a 75% interest in the Project located at Bulong, near Kalgoorlie, W.A. Black Cat will then fully fund gold exploration programmes until a decision to mine is made, with Pioneer retaining a 25% interest.

Caution Regarding Forward Looking Information

This document may contain forward looking statements containing estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, variations to sales agreements, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document would be based on the Company's beliefs, opinions and estimates as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

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