Raiden Targets JORC Resource with Drilling at Crixás Gold Tailings Project

Crixás Project Nears Drilling Milestone

Raiden Resources (ASX:RDN) is gearing up to unlock the potential of its Crixás Gold Tailings Project in Brazil with a targeted ~1,000 metre drilling campaign aimed at delivering a JORC-compliant Mineral Resource Estimate (MRE). This follows the recent re-issue of the project's environmental licence and its approval by the Brazilian Mining Authority, clearing a key regulatory hurdle for the company.

The project, which involves reprocessing tailings from decades of artisanal mining near the town of Crixás, benefits from historical indications of residual fine gold that was likely unrecovered due to rudimentary processing methods used previously. Raiden’s preliminary panning tests have identified visible fine gold, supporting the conceptual thesis that significant recoverable gold remains in the tailings.

Raiden’s near-term work program to reach a Final Investment Decision (FID) is estimated to cost less than A$1 million, a preliminary figure that will be refined as drilling and metallurgical evaluations progress. The company is focusing on defining a simple gravity and flotation processing route to fast-track project development, aiming to de-risk the production pathway ahead of any capital commitments.

Exploration Momentum at Vuzel Gold Project

In Bulgaria, Raiden continues to advance its Vuzel Gold Project, where previous drilling has intersected near-surface gold mineralisation over a 2-kilometre strike length. The company is currently pursuing permitting for drilling the Skarn Silver Anomaly, a high-priority target defined by a significant silver-in-soil footprint and historical rock-chip and drill results showing silver grades up to 63.7 g/t over shallow intervals.

This silver anomaly complements the gold focus at Vuzel and reflects the company’s strategic flexibility in capital allocation, as Raiden aims to maximise shareholder value through potential transactions. The remaining 550 metres of the expanded Phase 2 drilling program remain paused pending drill permit approvals for the silver target, highlighting a cautious but opportunistic approach.

Robust Cash Position Supports Strategic Options

Raiden ended the March quarter with a cash balance of A$12.33 million, underpinning its capacity to pursue further acquisitions and exploration activities. The company continues to evaluate divestment and joint venture opportunities to supplement its cash reserves and manage holding costs across its portfolio, which includes lithium, gold, copper, nickel, and PGE assets in Australia and Bulgaria.

The company’s disciplined acquisition strategy insists on value accretion on a per-share basis, factoring in dilution, funding structure, and capital intensity. This measured approach aligns with Raiden’s recent acquisition of an 85% interest in the Crixás Project, a deal structured to be capital-light and commercially favourable to shareholders, as outlined in previous announcements such as the near-term gold production with Crixás acquisition update.

While no substantive exploration was conducted on other projects during the quarter, all tenements remain in good standing, and the company is actively working on establishing a local operating company in Brazil to manage the Crixás Project. Operational readiness is being supported by the identification of key suppliers and technical teams, poised to mobilise once environmental approvals are finalised.