AGM Chairman Address
The past 12 months has been an exceptionally active and positive period for Ardiden, during which we have significantly expanded and strengthened our portfolio of strategic mineral assets in the premier mining jurisdiction of Ontario, Canada.
While the Company has a deep pipeline of project opportunities (including a highly prospective new gold asset which was optioned during the year), the Board's Strategy has consistently been to progress towards rapid development of our flagship Seymour Lake Lithium Project.
The supporting rationale behind this fast-track development strategy is:
- It is now 100% owned by Ardiden Ltd;
- It is located in the heart of a Tier-1 exploration and mining district with access to high-quality infrastructure and services;
- It has produced exceptional grades and metallurgical recoveries; and
- We have been able to develop strong relationships with key stakeholders including the Canadian First Nations, our Canadian exploration and drilling partners, the Ontario Ministry of Northern Development and Mines, our Chinese strategic partner, Yantai Jinyuan Mining Machinery Co Ltd, DST Engineering Consultants and a wide range of Canadian geological, mining and engineering consultants.
The fundamentals and outlook for the global lithium market are very encouraging and Ardiden has already received strong interest from potential off-take partners for our product due to its high grades, positive metallurgical results and, importantly, our premier geographical location.
In early October, the Company announced a Phase 1 Mineral Resource estimate for the Seymour Lake Project comprising Indicated and Inferred Resources totalling 1.24Mt at 1.43% Li2O containing 8,200 contained tonnes of lithium together with a maiden Exploration Target of 3-5Mt at 1.2% Li2O to 1.6% Li2O.
This was an important first step for the project which has allowed us to progress baseline environmental studies, engage with regulatory authorities and key stakeholders, and initiate feasibility studies.
However, it is important to emphasise that, to date, Ardiden has drilled only 5% of the estimated 5km strike length of prospective pegmatite systems at Seymour Lake.
With lithium mineralisation remaining open along strike and at depth, our strategy is to continue drilling to steadily increase the overall scale of the project, whilst simultaneously progressing a fast-track development strategy for the benefit of all shareholders.
The balance of our Canadian exploration tenements are highly prospective, and we intend to accelerate drilling on all of these areas over the next 12 months.
I am confident that the combination of an aggressive exploration effort aimed at growing our lithium resource inventory and a development project supported by strategic partners who are motivated to fast-track its progress towards production and cash-flow is an attractive combination which should be capable of driving a significant increase in value for Ardiden shareholders over the coming 12 months.
In conclusion, I would like to thank our management team for their efforts and continued enthusiasm for our projects and my fellow directors for their support and efforts.
Last but certainly not least, I want also to thank our loyal shareholders. We do not believe the current market capitalisation reflects anything like a fair valuation of our Company, and I can assure you we are striving to change that situation as soon as possible.
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About Ardiden Ltd
Ardiden Limited (ASX:ADV) is an emerging international diversified exploration and development company possessing a mature multi-element asset portfolio, with a near term development pipeline, focused quality projects located in the established mining jurisdiction of Ontario, Canada.