Australia's Raiden Resources jumps on deal to earn-in on Pilbara lithium project
07/08/2023 03:32
** Shares of Raiden Resources RDN.AX rise as much as 25%
to A$0.015, hitting their highest since April 27, 2022
** The gold explorer says it has executed a farm-in deal
with Arrow Minerals AMD.AX to earn up to 85% of the
Pilbara-based Arrow lithium project
** Says it holds an option to purchase up to 100% of rights
covering the project, comprised two licences – E47/3476 and
E47/3478; Arrow is currently the owner of both
** Says it can pick up 100% of the lithium rights to the
tenements should it award Arrow A$500,000 in cash within the
next three months – half of that cash proper, and half of it in
Raiden shares
** Stock more than doubled in value YTD, as of last close
(Reporting by Riya Sharma in Bengaluru)
((Riya.Sharma@thomsonreuters.com;))