Raiden Resources Limited (ASX: RDN / DAX: YM4) (“Raiden Resources” or the “Company”) reported the progress made so far on its plans to drill priority lithium-bearing pegmatite targets at the Andover South Project (E47/4061 and E47/4062).
The execution of the State Deed between the Ngarluma Aboriginal Corporation (NAC) and the tenement vendor has cleared the path for the E47/4062 tenement, with the deed now under review by the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS). Upon the tenement’s grant, Raiden will promptly submit a Programme of Work (PoW) for diamond drilling on E47/4062. Additionally, the E47/4061 tenement has been renewed for five years.
Figure 1: Andover South Lithium Project of Raiden Resources
Expected Timeline of Drilling
| Expected Project Approval | *Timeline |
| Grant of tenement E47/4062 | Three to five weeks |
| Approval of PoW | 15 business days |
* Raiden Resources cautions investors that the above timelines are subject to change. The Company will provide subsequent updates to the market as and whenever necessary.
As soon as the PoW is granted, earthmoving and diamond drilling equipment on standby will be mobilised. Further, the Company has been progressing with other projects in the portfolio. Drilling updates will be provided in the near term for the benefit of investors.
Upon grant of the tenement, the acquisition of 80% interest by Raiden Resources from Welcome Exploration Pty will be complete (as announced on June 28th, 2023).
Figure 2: Andover Lithium Project Schedule
Heritage Survey Successfully Completed at Mt Sholl Cu-Ni-Co-PGE Project
Raiden Resources Limited announced the completion of a heritage survey conducted by First Quantum Minerals at the Mt Sholl Cu-Ni-Co-PGE project in collaboration with the Ngarluma Aboriginal Corporation (NAC). The survey covers priority targets and is a significant step forward in the exploration process, with a preliminary heritage report expected within a week. Once the final report is received and the Programme of Work is approved, drilling activities are set to commence. This follows Raiden’s previously reported JORC (2012) Resource Estimate of 23.4Mt @ 0.60% Ni_Eq or 1.54% Cu_Eq at a 0.35% Ni_Eq cut-off.
Lithium Paving the Way for the Clean Energy Transition
Securing the critical mineral value chain is a crucial priority for governments worldwide as part of the clean energy transition. Lithium is a vital building block to developing green technologies to achieve this objective. It is the lightest metal on earth and is widely used in rechargeable batteries. Lithium demand is anticipated to be driven by electric vehicles (EVs). The increase in demand implies that it has to be met with adequate supply.
Australia is well placed in terms of mineral wealth endowment. The Australian Government has committed USD 3.9 billion to accelerate strategically significant projects and strengthen the country’s metallic ore mining capabilities in its Critical Mineral Strategy 2024-2030.
According to the International Energy Agency (IEA), the recent increase in battery production has resulted in a short-term supply glut of lithium. The renewable energy segment – EVs, in particular – is expected to be boosted. Hence, minerals exploration companies such as Raiden Resources have the opportunity to contribute to the growing demand for lithium. Future lithium demand driven by EVs and energy storage devices is anticipated to benefit the Company, which owns potential tenements.
Raiden Resources’ Exploration Activities in Western Australia
Andover Lithium Project
The Andover Lithium Project (North & South) is the Company’s flagship asset. It is located in the Pilbara region, adjacent to Azure Minerals’ Andover Lithium discovery. The project is anticipated to be one of the world’s most significant lithium pegmatite discoveries.
Mt Sholl Nickel-Copper-Platinum Group Elements Project
The Mt Sholl Project is 22 kilometres southeast of Karratha in the Pilbara region. It is 100% owned by Raiden Resources’ wholly-owned subsidiary, Pilbara Gold Corporation. The property is 10 kilometres northeast of the Radio Hill nickel-copper-PGE historical mine and its processing infrastructure.
Arrow Gold Project
The Arrow Gold Project is 110 kilometres southwest of Port Hedland in the Pilbara region. It consists of two exploration licenses (E47/3476 and E47/3478) covering an area of 377 km². Raiden Resources’ wholly-owned subsidiary, Pilbara Gold Corporation, holds a 100% stake in both licenses.
From the MD’s Desk
Mr Dusko Ljubojevic, Managing Director of Raiden Resources, stated,
“With heritage approvals in place and the State Deed for E47/4062 now executed between the tenement vendor and NAC, management is pleased to announce an expected timeline to commence the maiden diamond drilling program over the Andover South Lithium Project. The remaining steps for this major milestone now follow the grant of the tenement and target timeframes set by DEMIRS for approval of the PoW. Earthmoving and drilling contractors are ready for deployment immediately pending PoW approval.”
Investor’s Outlook
Raiden Resources Limited is strategically accelerating its flagship assets under the strong leadership of Managing Director Mr Dusko Ljubojevic. He is a geologist with 18 years of industry expertise. His extensive experience with key mining companies emphasises his capabilities to spearhead the Company and help position itself as a market leader. Raiden Resources strategically holds greenfield lithium tenements with financing support from global leaders in various geographies for exploration.
As of August 21st, 2024, Raiden Resources Limited’s shares traded at AUD 0.028 per share, with a 52-week range of AUD 0.012 – AUD 0.080. The Company’s market capitalisation is AUD 70.69 million, with 2,718.86 million shares issued as of the same date.
