This company has just doubled the size of its lithium landholding in WA

Riversgold Limited (ASX:RGL) on Monday revealed it has doubled the size of its landholdings prospective for lithium in WA’s prolific Pilbara mining region. 

The landholdings in question comprise the company’s Tambourah Lithium Project. 

In August 2022, the company reported it had found a new batch of pegmatite outcrops on-site the project acreage acquired in April of the same year. Now, less than a year later, Riversgold has moved to expand Tambourah once again with the acquisition of nine new tenements. 

Appetite for WA as risk-off jurisdiction

“With recent developments including Tianqi’s $136 million bid for Essential Metals and SQM’s recent $20 million investment in Azure Minerals highlighting the growing appetite for raw materials from safe jurisdictions such as WA,” Riversgold CEO Julian Ford said. 

“We believe the strategy we are pursuing will deliver significant reward for shareholders over time.” 

Lithium focus 

Lithium will dominate the focus of the Riversgold exploration team across all new tenements. However, the company has recently sought to enter the Rare Earth Elements (REE) space.

The company also holds the WA-based Mt. Weld REE project alongside UK REE heavyweight Corcel. 

“The addition of this new Pilbara ground is another example of Riversgold’s ability to expand its Western Australian battery metals portfolio cheaply and sensibly with a view to building value through targeted exploration,” CEO Julian Ford added.

“The Pilbara and Southern Cross – Mt Holland regions are our focus area for increasing our tenement holdings and conducting on ground exploration…Lithium and rare earth elements are key to the growth of the burgeoning green economy.” 

Want to learn more?

Extensive pricing and company data about Riversgold Limited is available on Market Index’s free service, including—but not limited to—the following:

• Share price is 2.8c* 

• Market cap of $26.4m* 

• One year returns are up 54.5% 

• Year to date performance down -6.67% 

• Average 4 week trading volume of 1.62m shares 

• Ranked 455 of 942 materials sector constituents 

• The company had $1.8m in cash at end of September quarter 

• It spent $464,000 in opex over the period 

• It spent $518,000 in investing activities over the period 

*As at 1415 AEST Monday 16 January 2023 

A look at Riversgold's one year charts contextualises impressive one year returns