Gold Assays Highlight Lady Grey Project as Lanthanein Raises $2.4M

Exploration Progress at Lady Grey

Lanthanein Resources Ltd has completed diamond drilling at its Lady Grey Project in Western Australia's Yilgarn region, targeting a modelled conductor identified by geophysical surveys. Two holes reached depths of 325m and 351m, with assay results revealing variable but encouraging gold mineralisation, including intervals exceeding 1 gram per tonne. While these results do not yet define a resource, they provide a foundation for further exploration planning.

Despite the drilling progress, Lanthanein has formally withdrawn from its farm-in agreement with Gondwana Resources Limited, relinquishing its right to earn a 70% interest in the Lady Grey tenement. The company has since rehabilitated the drill sites, signalling a strategic shift in focus.

Strategic Moves in Gascoyne and Koolya

In the Gascoyne region, Lanthanein is conducting a detailed review of historical exploration data across its Lyons and Edmund projects. Previous work by major mining companies uncovered geochemical anomalies, and Lanthanein plans targeted geochemical sampling to refine drill targets. Conversely, the company has relinquished its Koolya exploration licences after air core drilling revealed kaolin deposits of inconsistent quality, which do not warrant further commercial evaluation.

Capital Raising and Corporate Changes

To fund ongoing exploration and potential acquisitions, Lanthanein completed a placement raising approximately $275,000 and announced a fully underwritten non-renounceable entitlement offer aiming to raise up to $2.1 million. The entitlement offer includes free-attaching shares, effectively reducing the cost per share for participating investors. Inyati Capital Pty Ltd is acting as lead manager and underwriter, with Non-Executive Chairman Peter Pawlowitsch also sub-underwriting part of the offer.

In a move to reposition the company, Lanthanein intends to seek shareholder approval to change its name to Fortuna Metals Ltd and consolidate its issued capital on a 30, 1 basis. This consolidation aims to streamline the capital structure and enhance investor appeal. The company’s ASX ticker would change from 'LNR' to 'FUN' if approved.

Governance and Financial Position

Governance changes include the appointment of Peter Pawlowitsch as Non-Executive Chairman, bringing extensive experience in corporate strategy and funding, while Non-Executive Director Anees Sabet resigned. Exploration expenditure for the quarter was $776,000, with no substantive mining production activities reported. Lanthanein ended the quarter with a healthy cash balance of approximately $2.94 million, providing a runway for its planned activities.

Overall, Lanthanein’s latest quarter reflects a company actively refining its project portfolio, securing funding, and preparing for a strategic rebrand. The coming months will be critical as shareholders vote on key corporate actions and the company advances its exploration agenda.