Counter-cyclical M&A, such as Pilbara Minerals’ acquisition of Latin Resources (ASX:LRS) and Rio Tinto (ASX:RIO) circling Arcadium may be another sign of brighter things to come.As too is the fact deep pocketed investors with extended horizons continue to support companies in the industry.Resources entrepreneur and corporate finance specialist Tolga Kumova has kept his holding in Pilbara lithium play Raiden Resources (ASX:RDN) since first nabbing a stake in the company in 2020.RDN’s Andover South project is adjacent to Azure Minerals and Mark Creasy’s world-class Andover lithium discovery near Roebourne, which sparked a $1.7b takeover by Gina Rinehart and Chile’s SQM earlier this year.A recent cash injection of $10m via a placement to investors in early October set RDN up nicely to kick off an expanded drill program of up to 15,000m to evaluate seven key target areas dotted with pegmatites that span over 4.2km in strike and up to 50m in width.
The decision to conduct the placement and expand the drill program was made after Raiden’s geologists identified additional high-grade drill targets, with a significant portion of surface samples returning over 1% Li2O and stand out results of 3.80% Li2O, 3.64% Li2O and 2.97% Li2O
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