Ann: Trading Halt, page-100

To estimate the economic value in dollars of Raiden Resources' (ASX: RDN) Andover South lithium project, we must rely on benchmarks and comparable projects in the same region, particularly those at similar stages of development.Benchmarks for Economic ValuationAzure Minerals' Andover Lithium Project (adjacent):Azure’s Andover project, which has an exploration target of 100-240 million tonnes (Mt) grading 1-1.5% Li2O, is considered among the top lithium deposits globally. Analysts have valued the project at over A$1 billion, even before resource confirmation【31†source】【32†source】.Initial Resource-Based Valuations:High-quality spodumene deposits in the Pilbara region can range from A$500 million to A$2 billion depending on the resource grade and tonnage.For reference, Pilbara Minerals' flagship Pilgangoora lithium project, with reserves of 108 Mt at 1.25% Li2O, has a market cap exceeding A$16 billion.Potential Value of Raiden’s Andover South:If Raiden delineates a substantial resource (e.g., 20-50 Mt at 1-1.5% Li2O), the project could achieve a valuation in the range of A$200 million to A$800 million, depending on lithium prices, processing costs, and infrastructure.Added Value of Co-Minerals:Rubidium and tantalum credits could add 10-20% to the overall valuation, enhancing the project's economic attractiveness.Key VariablesLithium Prices: Currently trading between US$20,000 and US$40,000 per tonne for battery-grade lithium carbonate.Resource Confirmation: Drill results and eventual JORC-compliant resource statements will solidify the valuation.This preliminary estimate underscores the need for updated drilling results, metallurgical studies, and detailed resource modeling to determine a more accurate valuation in dollars. Raiden's trading halt suggests pivotal news that could impact these figures significantly.