Highlights

  • Raiden closed the September 2026 quarter with A$11.73 million in cash and reported no borrowings or loan facilities.
  • The Crixás environmental permit awaits re-issue and verification by the state agency SEMAD, with the water management impact statement resubmitted.
  • Raiden holds the right to acquire an 85 per cent interest in Crixás, where no JORC Mineral Resource exists.
  • Net operating outflow was A$248,000, giving an estimated 47.31 quarters of funding at the current burn rate.

A$11.73 million. That is the cash Raiden Resources (ASX:RDN) carried out of the September 2026 quarter, with no borrowings and a single project at centre stage. The Crixás gold tailings project in Brazil absorbed the company's attention, while its other assets waited and divestment talks continued in the background.

The Crixás project

Raiden holds the right to acquire an 85 per cent commercial interest in the Crixás Gold Tailings Project. The project covers 28.79 hectares, about five kilometres from the town of Crixás and roughly 450 kilometres north-west of Brasília.

The company is working with the state environmental agency SEMAD on the re-issue of the project's environmental permit. The Environmental Impact Statement for the water management plan has been completed and resubmitted, and progress remains subject to the permit being re-issued and verified by SEMAD.

Raiden has established a local operating company, Crixas Recursos Minerais LTDA, and anticipates an operating agreement with the vendor. Drilling contractors and technical teams have been identified. An initial drilling programme is designed to support a JORC-compliant Mineral Resource Estimate, and metallurgical testwork focused on gravity recovery and potentially flotation is planned on a fast-tracked basis.

The company described the work programme needed to reach a Final Investment Decision as preliminary and estimated its cost at less than A$1 million. No drilling results were reported in the quarter.

Important caveats on the resource

Raiden stressed that there is no JORC Mineral Resource or Ore Reserve at Crixás. Historical data referenced in the report comes from a 2010 report that is not JORC-compliant and has not been independently verified. Visual panning results shown in the report are not a substitute for laboratory analysis.

Other projects and portfolio strategy

Outside Brazil, no substantive exploration was carried out in Europe or Western Australia during the quarter, and all projects remain in good standing. Raiden is evaluating divestment and joint venture proposals to strengthen cash reserves and limit capital commitments. A footnote refers to the Mt Sholl option agreement, announced on 9 June 2026, for up to A$2.25 million plus a free carry.

The tenement schedule shows 15 granted tenements at Mt Sholl in Western Australia and five at Andover held at 80 per cent. No tenements were acquired during the quarter.

Raiden is also evaluating new copper and gold opportunities and said Crixás is not intended to be its sole or final acquisition. It cautioned that there is no certainty any transaction will proceed.

Cash flow and corporate activity

The Appendix 5B shows net operating cash outflow of A$248,000 for the quarter. Exploration and evaluation spending was A$202,000, staff and board costs were A$52,000, and administration and corporate costs were A$140,000, partly offset by A$146,000 of interest received. There were no investing or financing cash flows.

Opening cash of A$11.98 million fell to A$11.73 million, of which A$11.04 million was held in other deposits. The company reported an estimated 47.31 quarters of funding at the current burn rate. Payments to related parties were A$134,000, comprising director and executive fees and accounting and company secretarial services.

Raiden also completed its unmarketable parcel sale facility. Parcels of 166,666 shares or fewer, valued at A$0.003 a share on the 21 July 2026 record date, were eligible. After opt-outs and holders who ceased to be unmarketable, 132,722,321 shares held by 2,383 holders were sold at A$0.003 each on 21 October 2026, with proceeds paid on 23 October and sale costs borne by the company.

What to watch

The milestones the company points to are the re-issue of the Crixás environmental permit, signing of the operating agreement with the vendor, commencement of drilling and metallurgical work, and any outcome from the divestment and joint venture discussions.