Raiden Resources (RDN) Q3 2025 TU earnings summary

Executive summary

• Received final assay results from maiden drilling at Andover South, confirming high-grade Li₂O mineralisation in Target Areas 1 and 2, with potential for a larger untested system nearby.

• Mt Sholl project drilling by First Quantum Minerals identified extensions at B2 and A1 deposits and a new discovery at the Keel target, indicating further resource potential.

• Arrow Gold Project aircore drilling revealed gold and arsenic anomalism in the southern area, associated with intrusives and shear zones.

• Initiated Phase 2 drilling at the Vuzel gold project in Bulgaria, targeting infill and extensional zones to delineate a viable resource.

• Ended the quarter with $14.9m in cash, excluding shares from divestments, and continued expense optimisation.

Financial highlights

• Cash and cash equivalents at quarter end were $14.9m, down from $16.4m in the previous quarter.

• Net cash used in operating activities was $1.04m for the quarter, mainly for exploration and evaluation.

• $1.1m spent on exploration, with major costs in drilling ($484k), equipment hire ($184k), assays ($161k), and labour ($84k).

• No mining, production, or development expenditure incurred during the quarter.

Outlook and guidance

• Board remains focused on disciplined cash management and capital allocation to projects with near-term value potential.

• Further divestments and joint ventures of non-core projects are being considered to strengthen the balance sheet.

• Ongoing exploration at Andover South, Mt Sholl, Arrow, and Vuzel projects to drive future value.