Pioneer Resources : Drilling Programme Underway for High-Grade Caesium and Lithium Extensions Outside the Sinclair Mine

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DRILLING PROGRAMME UNDERWAY FOR HIGH-GRADE CAESIUM AND LITHIUM	Western Australia 6872
EXTENSIONS OUTSIDE THE SINCLAIR MINE

Perth, Western Australia: 27 May 2019: Pioneer Resources Limited (the "Company" or "Pioneer") (ASX: PIO) is pleased to advise that drilling is underway at the Sinclair Lithium-Caesium-Tantalum ("LCT") Pegmatite at its 100%-held Pioneer Dome Project near Norseman in Western Australia.

In addition, plans for the third shipment of pollucite finalised, with shipment scheduled for the third week of June 2019.

2,500m DRILLING UNDERWAY AT SINCLAIR

RC drilling, comprising 2,000m, has been designed to discover extensions to the core zone of the Sinclair Pegmatite, which contains the complex array of alkali metal minerals including pollucite, potash feldspar, petalite, lepidolite and cleavelandite. Drilling will test a zone approximately 150m long both to the north and south of the pit.

A further 500m of diamond core drilling will commence as the RC drilling phase nears completion, targeting pollucite mineralisation extensions and caesium anomalies that occur to the north of the Sinclair Pit. Drilling will conclude by end May, and assays are expected by the end June.

Figure 1: Sinclair Pit and stockpile area showing drill targets that will be tested in this programme.

POLLUCITE EXPORTS CONTINUE ON SCHEDULE

To date, Pioneer has completed 2 shipments of Pollucite to Canada, and has repaid the loan facility of US$4.8 million provided by offtake partner Cabot Specialty Fluids Limited ("CabotSF") via the sale of pollucite. The preparatory logistics planning for the 3rd shipment is now finalised, with the shipment date anticipated for the 3rd week of June 2019.

There are approximately 8,500 tonnes of Pioneer-owned, crushed pollucite remaining to be sold (including the June shipment). The crushed Pollucite has been stockpiled by grade quality, and blending ensures an optimal grade is delivered to CabotSF, a process that is being optimised as each shipment occurs, when tonnes and grade are independently confirmed and then reconciled against Pioneer's records.

The Company previously provided information relating to adaptions to export arrangements for the significantly larger tonnage of Pollucite due for export. Shipments are scheduled from June and expected to conclude by December 2019, with the last payment in January 2020.

ABOUT THE PIONEER DOME AND SINCLAIR MINE

The Sinclair Pegmatite hosts one of only three known pollucite deposits globally of a size to be commercially extracted. Pollucite is a high-value mineral containing the alkali metal caesium (Cs). Pioneer completed excavation of Stage One open pit at the Sinclair mine in January 2019, which produced approximately 19,000t of crushed pollucite-bearing rock with an average grade of 9.1% Cs2O.

The Company stockpiled co-product minerals including potash feldspar (K), petalite (Li), lepidolite (Li, Ta), eucryptite (Li), silica (SiO2) and beryl (Be) in addition to pollucite.

OUTLOOK

• Shipments of pollucite continue in accordance with the agreed schedule, on an on-going basis;
• Results of drilling at the Sinclair Pegmatite will be advised when received;
• Exploration crews have started detailed appraisal of the (Pioneer) Dome North prospect located 18 km north of the Sinclair Mine, where pegmatites have been identified and lithium minerals observed in outcrop; and
• Offtake discussions continue with potential customers for other saleable minerals from Sinclair - including potassium feldspar, quartz and lithium minerals (petalite and lepidolite) which were stockpiled during mining and which would be extracted from a Sinclair Stage 2 Pit.

Yours faithfully

Managing Director

For further information please contact:
David Crook	James Moses
Managing Director	Media and Investor Relations
Pioneer Resources	Mandate Corporate
T: [phone]	M: [phone]
E: [e-mail]	E: [e-mail]

ABOUT PIONEER RESOURCES LIMITED

Pioneer is a new miner and active explorer focused on key global demand-driven commodities. The Company operates a portfolio of strategically located lithium, caesium, potassium ("alkali metals"), nickel, cobalt and gold projects in mining regions in Western Australia, plus a high-quality lithium asset in Canada. Drilling is in progress, or has been recently completed, at each of these Projects.

Pioneer Dome Project and the Sinclair Caesium Deposit: In late 2016 Pioneer reported the discovery of Australia's first caesium (in the mineral 'pollucite') deposit, which was brought into production within 2 years. Pollucite is currently being delivered to Cabot Specialty Fluids' Tanco Mine facility where it is converted into Caesium Formate brine, used in high temperature/high pressure oil and gas drilling.

The Pioneer Dome is prospective for further pollucite discoveries, and drilling is scheduled for later this year. The Sinclair Mine sequence includes thicknesses of microcline, a potassium feldspar, and lithium minerals petalite and lepidolite.

Nickel: Blair Dome/Golden Ridge Project: The price for nickel is steadily improving. The Company owns the closed Blair Nickel Sulphide Mine located between Kalgoorlie and Kambalda, WA, where near-mine target generation is continuing. The Company announced a significant new disseminated nickel sulphide drilling intersection at the Leo's Dam Prospect in 2018, highlighting the prospectivity of the greater project area. A programme of RAB drilling has been undertaken, with assay results pending.

Cobalt: Golden Ridge Project, WA: Cobalt demand is expanding in response to its requirement in the manufacture of cobalt-based lithium batteries in certain electric vehicles and electricity stabilisation systems (power walls). Other uses include in super-alloys, including jet engine turbine blades, and for corrosion resistant metal applications.

Lithium: Mavis Lake Project, Canada: Pioneer Dome Project, WA: Lithium has been classed as a 'critical metal' meaning it has a number of important uses across various parts of the modern, globalised economy including communication, electronic, digital, mobile and battery technologies; and transportation, particularly aerospace and automotive emissions reduction. Critical metals seem likely to play an important role in the nascent green economy, particularly solar and wind power; electric vehicle and rechargeable batteries; and energy-efficient lighting.

REFERENCES

Pioneer Dome: Refer Company's announcements to ASX dated 19 May 2016, 27 July 2016, 28 August 2016, 1 September 2016, 4 October 2016, 17 October 2016, 14 November 2016, 2 December 2016, 13 December 2016, 13 January 2017, 24 January 2017, 23 February 2017, 20 March 2017, 22 March 2017, 20 May 2017, 21 February 2018, 19 April 2018, 20 May 2018, 25 July 2018, 26 July 2018, 30 July 2018, 30 August 2018, 8 November 2018 (Mineral Resource update), 28 November 2018, 12 December 2018, 22 January 2019, 1 February 2019, 26 March 2019, 17 April 2019

GLOSSARY

For descriptions of any technical terms that are not described within the report, the reader is directed to various internet sources such as Wikipedia (www.wikipedia.org) or Mindat (www.mindat.org)

Competent Person' Statement

The information above that relates to the Company's Resources and Exploration Results is extracted from various ASX Announcements as listed in the References, including released on 8 November 2018 entitled "Mineral Resource Update for the Sinclair Caesium Zone" and for which Competent Persons consents were obtained. The Competent Persons' consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The reports are available to review on the ASX website and on the Company's website at www.PIOresources.com.au. The Company confirms that it is not aware of any new information or data that materially effects the information included in the original market announcement, and, in the case of estimates of Mineral Resources, that all market assumptions and technical assumptions underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Caution Regarding Forward Looking Information

This document may contain forward looking statements concerning the projects owned by the Company. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve 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, 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 are based on the Company's beliefs, opinions and estimates of the Company 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.

There can be no assurance that the Company's plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to confirm the presence of additional mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company's mineral properties. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.