Coffee with Samso – Pioneer Minerals and the Search for America’s Next Tungsten System

Coffee with Samso | Episode 214 | Hotel indigo - Adelaide markets | Adelaide | South Australia

Guest: Michael Beven – CEO, Pioneer Minerals Limited (ASX: PMM)

 

Introduction

In this episode of Coffee with Samso, I sat down with Michael Beven, CEO of Pioneer Minerals Limited (ASX: PMM), in the heart of Adelaide, to unpack what is shaping up as one of the more technically compelling US critical minerals exploration stories currently flying under the radar.

The discussion focused on tungsten, antimony, and gold, but more importantly, on mineral systems thinking—how deposits form, why certain geological settings matter, and why Pioneer’s ground selection in Idaho, USA, was anything but random. As someone who has followed tungsten closely, this was a conversation that went well beyond commodity hype and into the fundamentals of discovery.

This Coffee with Samso episode is about process, geology, and long-term thinking, not short-term market noise.

The Business of the Company: Focus – US Critical Minerals Projects

Pioneer Minerals Limited is focused on advancing critical minerals exploration in the United States, aligned with US strategic supply-chain priorities.

• North Pine Project, Idaho – A multi-prospect project (Springfield, Silver Cliffs, Northman) targeting tungsten and antimony, with additional gold and silver mineralisation.

• Proven mineral systems – High-grade surface results confirm tungsten skarns and precious-metal vein and epithermal-style systems.

• Strategic location – Located near major regional projects and a nearby tungsten–antimony processing facility, providing potential development leverage.

Pioneer’s strategy is to advance North Pine through systematic, data-driven exploration in a Tier-One jurisdiction.

About the Projects

North Pine Project, Idaho

• Located in mining-friendly Idaho, USA, within a well-endowed tungsten–antimony district.

• Comprises the Springfield, Silver Cliffs, and Northman prospects over ~34 km².

• Targets US-designated critical minerals — tungsten and antimony — with additional gold and silver upside.

Springfield & Silver Cliffs Prospects

• Springfield hosts a high-grade scheelite tungsten skarn and a separate gold–silver–antimony vein system.

• Silver Cliffs shows epithermal-style gold–silver–antimony mineralisation and is located near an existing tungsten–antimony processing facility.

Funding, Structure, and Long-Term Intent

Pioneer Minerals is tightly held, with strong cornerstone shareholders who backed the pivot into US critical minerals from the outset. The company has already committed significant capital to ground acquisition and early exploration, signalling intent rather than opportunism.

Importantly, this is not a story built around chasing what is currently fashionable. As Michael put it, if the goal were short-term rerating, antimony alone would be the headline. Instead, the focus remains on building a long-life tungsten system, with gold providing additional upside.

Tungsten: Rare, Strategic, and Misunderstood

A major theme of the discussion was the disconnect between tungsten price and market awareness. Tungsten prices have moved sharply higher, yet investor understanding lags behind antimony and even rare earths.

Michael made several key points:

• Tungsten deposits are genuinely rare, not just economically rare

• Global Tier-1 tungsten deposits are small by tonnage compared to copper or gold

• China controls ~83% of global supply and processing

• There is no operating tungsten mine in the US

The implication is clear: tungsten sits at the intersection of rarity, defence, and industrial necessity, with a supply chain vulnerability that the market has not yet fully priced in

Why This Coffee with Samso Matters

This conversation is a reminder of why geology still matters.

In a market often driven by themes and headlines, Pioneer Minerals is taking a bottom-up approach—starting with mineral systems, historical context, and geological logic. Whether or not Springfield becomes the next Yellow Pine remains to be seen, but the thinking behind the project selection is sound.

For investors who value process over promotion, this Coffee with Samso episode offers a clear window into how real exploration decisions are made.

In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso.

Chapters

00:00 Start

00:10 Introduction

02:34 Michael Beven - Introduction

04:33 The Pioneer Projects - Introduction

05:00 The North Pine Project

05:38 The Yellow Pine Mine - Historical significance

07:32 The Springfield Prospect.

09:18 Geology of Springfield - The Skarn Effect

10:00 The Tungsten Mineralisation at Yellow Pine

10:26 Potential for Tungsten Yellow Pine-type Mineralisation at Springfield.

11:36 Historical Tungsten at Springfield

14:51 What is the Gold Potential for North Pine?

19:39 Silver Cliffs Prospect

22:43 Details of Pioneer Property Claims North Pine Project

25:18 Northman Project

25:59 Are the shareholders supporting the new PMM Story?

29:03 What is the Capital market saying?

30:54 How does PMM convince investors that the projects are the Real Deal?

33:40 Tungsten is the Real Critical Mineral.

36:30 Disequilibrium between Tungsten Price and Tungsten Market Interest.

40:18 Discussion on the market disparity in the Tungsten price

43:20 Is it difficult to raise money for Non-Gold projects?

47:06 Key Parameters for Investors who want to be in this sector?

50:53 Why PMM?

51:55 Conclusions