Calidus Resources [ASX:CAI] Builds Up Pirra Lithium with Partner Company

Calidus Resources [ASX:CAI] — the gold exploration company and owner of the 410,00-ounce Warrawoona Gold Project in Pilbara, WA — has been recently looking at growing its lithium prospects new entity, Pirra Lithium.

It’s been able to do so with help from project partner Haoma Mining NL [ASX:HAO]. The two companies have signed an official agreement to combine their lithium landholdings.

Both companies hope their combined efforts will allow Pirra its own listing on the ASX.

Yet investors voted down the CAI share price by more than 4% by Friday afternoon.

With the share price trading at 22 cents per share at the time of writing, CAI has slipped by more than 8% in the last month and 75% in the past full year:

ASX:CAI Calidus Resources Stock Chart News 2023



Calidus and Haoma fortify Pirra lithium

Calidus has and Haoma signed a binding terms sheet to combine their complete prospective lithium holdings for one greater project, Pirra Lithium.

Back in January 2022, the two companies agreed to collaborate and place certain lithium rights and tenements into their shared project, so that it might one day be listed on the ASX.

Today marks a milestone for both companies. CAI and HAO are placing the rest of their respective lithium rights into the project, making things official under the new agreement.

Pirra has been assigned tenements and lithium rights across ‘the most prospective’ lithium grounds in the shared Calidus and Haoma portfolio.

These tenements and lithium rights cover 1,303 square km in the east Pilbara, 89 square km in the west Pilbara and 289 square km in the Northampton Inlier.

The area includes E45/2983, which is directly along strike from the King Cole lithium pegmatite discovery of De Grey Mining [ASX:DEG].

Haoma will also be supplying extra tenements in West Pilbara, near Global Lithium Resources [ASX:GL1] Archer deposit.

Calidus Otways already has two exploration licences ready, though these are for the ‘highly under-explored’ regions of Northampton Inlier, in WA’s Midwest.

This time last year both companies had a 50/50 stake in Pirra, but under the new Agreement, Haoma will hold 60% of the Pirra Lithium project, and Calidus 40%.

Managing Director for Calidus, David Reeves, said:

The amalgamation of Calidus’ and Haoma’s lithium rights gives Pirra Lithium an incredible footprint covering some of the most prospective lithium ground in Western Australia.

With the addition of tenements located less than 1km along strike from known lithium spodumene bodies, Pirra now has the critical mass and clear upside to immediately begin finalising a separate listing on the ASX.’


Source: CAI

In the group’s latest quarterly report, Calidus stated the Warrawoona gold production was 12,544 ounces. New gold discoveries were made at Blue Spec, including grading of:

Pirra’s tenements (1km along strike) were today reported at 27.3 million, at 1.14% Li2O.

CAI ended the December quarter with $12.4 million in cash and equivalents and provided H2 FY23 guidance of 31–36,000 ounces at AISC A$2,000–2,250 per ounce.

It hopes to increase production to 130,000 ounces annually.

Drill baby drill: the drilling boom approaches

Believe it or not, the diverse range of raw materials is an industry making massive bull market-like gains in the face of recession, rising interest rates, and negative wider-market sentiment.

This can be described as an alternate universe — the universe of booming drillers.

More of these booms are marked to happen for every single metal that can be found on the period table.

It’s been described as a ‘new golden age’ for junior explorers — and investors who get in early.

Aussie mining is at its best right now, but if so many of them topped 2022, can they really do it again in 2023?

Yes, it’s very possible. Many are small caps primed to grow into mid-to-large caps, but how do you tell which ones?

You may need a little help from our commodities expert James Cooper.

He’s found six ASX mining stocks heading to top the charts.



Mahlia Stewart,

For The Daily Reckoning


The post Calidus Resources [ASX:CAI] Builds Up Pirra Lithium with Partner Company appeared first on Daily Reckoning Australia.

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