Raiden draws up deal to sell 80% interest in Mt Sholl project to Forgent PLC for up to A$2.25 million

Raiden Resources (ASX:RDN) has entered into a binding Option and Sale and Purchase Agreement with London-listed Forgent PLC for the divestment of an 80% interest in the Mt Sholl Ni-Cu-PGE Project in Western Australia.

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Under the agreement, Forgent now has an exclusive five-month option to acquire the stake, aligning with Raiden’s corporate strategy to “divest non-core assets, lower management costs, and maintain a robust cash position.” Should the buy-up deal go through, Raiden stands to earn as much as $2.25M.

Raiden would keep a 20% interest in Mt Sholl, free-carried through up to $4 million in
direct project expenditure. Things will then be converted to a 1% Net Smelter Royalty if either party dilutes interest less than 10%.

This is “consistent” with Raiden’s new focus on pursuing joint ventures, divestments, and sales across its non-core assets, the company wrote. “This agreement enables continued focus on priority assets, including Crixás Project.”

“Raiden is continuing to explore opportunities,” the explorer added.

The total transaction consideration from Forgent for the 80% interest amounts to $2.8M. There’s also a $100,000 option consideration, all in scrip.

This transaction follows several completed non-core data divestments by Raiden since 2023, totalling ~A$695,000 in stock, cash, and royalties. The company is still advancing its Crixás gold tailings project at the same time.

RDN has been smashed -25% today, to 0.3cps.

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