LW Resources Pty Ltd entered into a legally binding letter of intent agreement to acquire 90% stake in Yandicoogina Project Tenements (E45/3474, E45/3571, M45/115, M45/987) from Raiden Resources Limited (ASX:RDN) for AUD 0.16 million on May 24, 2023. Under the terms, LW Resources will pay AUD 0.01 million cash consideration within five days of the execution of LOI, for a 75-day exclusivity and due diligence period. At the expiration of the exclusivity period and subject to LW Resources being satisfied with the due diligence, the parties will negotiate and enter into a binding definitive tenement sale agreement.

The definitive agreement will include the consideration for the acquisition as payment of AUD 0.05 million in cash and issuance of AUD 0.1 million worth of shares in a company that is listed on the Australian Securities Exchange.