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Highlights
- Raiden Resources retains 100% ownership of the Mt Sholl project and associated work at no cost, following an Intent to Withdraw Notice from First Quantum Minerals.
- Raiden will receive A$135,000 from First Quantum Minerals for a Stage 1 drilling shortfall payment, bringing cash received under the MoU to A$385,000.
- First Quantum Minerals’ contributions have enhanced Raiden’s understanding of the Mt Sholl Project.
- The Mt Sholl Project hosts a significant, outcropping nickel-copper-PGE sulphide deposit with open-pit mining potential.
Raiden Resources Limited (ASX:RDN) has announced that it will regain 100% ownership of the Mt Sholl Ni-Cu-PGE Project in Western Australia following receipt of a formal "Intent to Withdraw" notice from First Quantum Minerals. This development ends the Memorandum of Understanding (MOU) that previously granted First Quantum optional rights over the project.
Ownership and Work Fully Revert to Raiden
As a result of the withdrawal, Raiden will assume full ownership of all work completed by First Quantum Minerals to date, at no additional cost.
The work includes-
- Approximately 2,466m of drilling
- Field mapping and soil sampling programs
- Heritage surveys
- Multiple geophysical surveys that identified new prospective areas and drill targets
- Preliminary engineering studies
- Discovery of the Keel prospect, which has expanded the known mineralised area beyond the current Mineral Resource Estimate.
- First Quantum Minerals spent ~A$2 million on the project.
Raiden noted that this work has substantially enhanced its understanding of the Mt Sholl Project, including potential development strategies, building upon nearly 85,000m of historical drilling conducted over several decades.
In addition to regaining full control, Raiden will receive a cash payment of A$135,000 from First Quantum Minerals. This payment covers the shortfall of 534m in drilling from the original 3,000m Stage 1 commitment under the MOU. Including the A$250,000 signing bonus previously paid to Raiden, the total cash received under the MOU amounts to A$385,000.
Raiden will assume full operational control of the Mt Sholl Project effective 1 August 2025. Notably, the date remains contingent on First Quantum Minerals fulfilling all outstanding commitments before the handover.
Open-Pit Mining Potential at Mt Sholl
The Mt Sholl Project hosts a significant, outcropping nickel-copper-PGE sulphide deposit with potential for open-pit mining. Multiple exploration targets across the project area remain open, offering opportunities to further expand the existing resource base.
The project is strategically located near the town of Karratha and its supporting infrastructure. Combined with the project's near-surface, high-grade mineralisation, these factors enhance its prospects for potential development.
Raiden has commenced early-stage discussions exploring regional development opportunities for the project.
RDN shares traded at A$0.004 per share at the time of writing on 3 July 2025.
