Ronin Resources Limited updates ASX on delayed exploration activities and relinquished projects, citing socio-political challenges and market conditions. The company anticipates key licence grants by August 2025 and confirms compliance with listing rules while seeking new opportunities.
- San Juan Project licences expected by 29 August 2025
- Maiden drilling at Vetas Project delayed due to Colombian instability
- Santa Rosa and northern Hornby Lake Lithium projects relinquished
- Exploration spend significantly below IPO commitments
- Company maintains compliance and pursues new business opportunities
Exploration Licence Progress and Delays
Ronin Resources Limited (ASX, RON) has provided a detailed response to an ASX query regarding its exploration projects and operational status. The company anticipates that the mineral exploration licences for its San Juan Project in Argentina will be granted on or before 29 August 2025. Until then, Ronin has only conducted desktop reviews and low-cost field mapping, awaiting formal approvals to commence more extensive exploration activities.
Challenges at the Vetas Project
The Vetas Project in Colombia remains a core asset for Ronin, but the company has been unable to initiate its maiden drilling campaign due to ongoing socio-political instability following Colombia’s 2022 presidential election. Despite maintaining a local presence and engaging with authorities, safety concerns and community access issues have delayed progress. Ronin has secured a retrospective suspension of contractual obligations from the National Mining Agency, providing some relief on land tax and reporting requirements. The company remains committed to drilling when conditions improve.
Project Relinquishments and Market Realities
Ronin has relinquished its interest in the Santa Rosa Gold Project after exploration results indicated low prospectivity for gold mineralisation. Similarly, the northern section of the Hornby Lake Lithium Project in Ontario, Canada, was relinquished following assays that showed no significant lithium mineralisation. The company retains the southern portion of Hornby Lake but has paused further exploration pending improved lithium market conditions.
Financial and Operational Overview
Since its ASX listing in late 2021, Ronin’s exploration expenditure on its IPO assets has been substantially below initial commitments, with only 12.4% of the forecast spend realised by the end of 2023. The company attributes this shortfall primarily to external factors such as political instability in Colombia and strategic decisions to relinquish less prospective projects. Meanwhile, staff and corporate administration costs have exceeded exploration spend, reflecting ongoing efforts to identify new business opportunities and manage the company’s portfolio.
Compliance and Future Outlook
Ronin confirms it remains compliant with ASX Listing Rules, including continuous disclosure obligations. The company’s board has authorised the responses to the ASX query and continues to actively pursue complementary projects and potential joint ventures to enhance shareholder value. While uncertainties remain, particularly regarding the timing of licence grants and geopolitical risks, Ronin’s strategic focus appears to be shifting towards portfolio optimisation and readiness to capitalise on future market improvements.
Bottom Line?
Ronin Resources faces a critical period ahead as it awaits licence approvals and navigates geopolitical challenges, with its next moves likely to shape investor confidence.
Questions in the middle?
- When will the San Juan Project licences be officially granted and exploration commence?
- How will ongoing instability in Colombia impact the feasibility of the Vetas Project?
- What new business development opportunities is Ronin actively pursuing to offset current project delays?