First Quantum’s Exit Leaves Raiden Sole Owner of Mt Sholl—What’s Next?

Full Ownership Secured Amid Withdrawal

Raiden Resources Limited (ASX – RDN) has announced it will retain 100% ownership of the Mt Sholl nickel-copper-PGE project after First Quantum Minerals formally withdrew from their Memorandum of Understanding (MOU). This move ends First Quantum's optional rights over the project, returning full control to Raiden as of 1 August 2025.

While the withdrawal may initially seem a setback, Raiden has secured a significant upside. The company will receive A$135,000 in cash to cover a shortfall in drilling meters from First Quantum’s Stage 1 commitment, adding to an earlier A$250,000 signing bonus. In total, Raiden pockets A$385,000 in cash from the arrangement.

Valuable Exploration Work Comes at No Cost

Beyond the cash, Raiden inherits the full benefit and ownership of all exploration work conducted by First Quantum under the MOU. This includes approximately 2,466 meters of drilling, detailed geological mapping, soil sampling, heritage surveys, multiple geophysical surveys, and preliminary engineering studies. Notably, the discovery of the Keel prospect has expanded the known mineralised footprint, enhancing the project's geological understanding.

Raiden’s Managing Director, Dusko Ljubojevic, acknowledged the professionalism of First Quantum’s team and highlighted the value added by their work, which complements the historical drilling of around 85,000 meters conducted over past decades.

Project’s Development Potential and Strategic Outlook

The Mt Sholl Project boasts a substantial JORC mineral resource estimated at 40 million tonnes at 0.45% nickel equivalent, with a high-grade component of nearly 6 million tonnes at 0.94% nickel equivalent. Its location near Karratha and existing infrastructure, combined with near-surface, high-grade mineralisation, positions it well for potential open-pit mining.

Raiden is actively assessing alternative development pathways, including regional opportunities, with a clear focus on maximising shareholder value. The company’s strategic approach reflects confidence in the project’s merit despite First Quantum’s decision not to proceed due to internal scale requirements.

Looking Ahead

With full operational control returning to Raiden, the company is poised to chart its own course for Mt Sholl’s advancement. The next steps will likely involve detailed feasibility assessments and potential partnerships to unlock the project’s value. Investors will be watching closely for updates on Raiden’s development strategy and any new collaborations.