Ann: Trading Halt, page-240

Comparative Analysis of RDN vs. AZS Expected Market ValuationAzure Minerals (ASX: AZS) OverviewMarket Capitalization: ~$1.2 billion【23†source】【24†source】.Key Projects: The Andover Project (60% owned) has confirmed significant high-grade lithium deposits, with an exploration target of 100–240 Mt grading 1.0–1.5% Li₂O. Azure is well-funded with strategic investment from SQM, enabling accelerated development【44†source】.Valuation Drivers:Advanced drilling with robust lithium grades and volumes.Confidence in scaling to a world-class deposit.Institutional support and strong cash reserves.Raiden Resources (ASX: RDN) OverviewMarket Capitalization: ~$15 million【45†source】.Key Projects: Early-stage exploration at Andover South (adjacent to Azure's Andover). Initial sampling has shown up to 2.22% Li₂O. The company is mapping and sampling to identify broader lithium mineralization【45†source】.Valuation Driversroximity to Azure's proven Andover discoveries enhances potential.Limited current resource definition, meaning valuation is speculative.Proportional Valuation EstimateIf Raiden Resources' Andover South demonstrates similar resource size and grade to Azure’s Andover project, its market valuation could theoretically scale toward Azure’s valuation. However, key factors influence this comparison:Resource Similarity and Market PerceptionExploration Maturity: Azure has a defined exploration target and substantial drill data. Raiden’s valuation will depend on its ability to replicate or approach such results.Funding and Partnerships: Azure's partnership with SQM adds a layer of confidence not yet matched by Raiden.Potential Market Cap Estimates for RDNAssuming successful exploration at Andover South with similar resource scale, RDN could aim for a valuation between A$300–A$500 million, representing a significant multiple of its current market cap.Share Price Estimate: With its current share structure, this could result in a share price of approximately A$0.30–A$0.50, assuming no substantial equity dilution.Relative Valuation: RDN vs. AZSIf Raiden proves a smaller but economically viable deposit, its valuation might remain in the range of A$100–A$200 million, maintaining a significant gap from Azure due to differences in scale, funding, and market confidence.ConclusionRaiden Resources offers a higher-risk, higher-reward investment relative to Azure Minerals. While the proximity to Azure’s discoveries at Andover is promising, actual valuation growth will depend on exploration results, resource definition, and investor confidence.Would you like further assistance monitoring these companies' developments or conducting a deeper analysis of share structures?