Maiden Resource Statement15 Jun 2026 16:18
A maiden resource estimate for Lithium Ridge is the likeliest mover for Andrada's share price in the near term. The timing for that:- bull case 2026/2027, base case 2027, bear case 2027/2028.
The amount of drilling done during the recent campaign at Lithium Ridge was relatively modest, about 15% of the amount done at, for example, Andover. That, however, is only this recent drill campaign.
I strongly suspect SQM already has access to substantially more historical data than we know about. The fact that SQM agreed to spend up to US$40 million, expanded the first drill campaign, and entered directly at the project level rather than taking a small equity stake, suggests they likely reviewed a large historical geological archive before signing the earn-in. The former TinTan mine and Nai-Nais pegmatite belt have been known for decades, and major miners typically digitise and reinterpret these legacy datasets before committing capital.
It would speed up the publication of a maiden resource estimate if SQM were to reconstruct the historical TinTan/Nai-Nais database from archived Geological Survey reports and mine records. That could potentially reveal pegmatite dimensions, historical drilling density, and mined tonnages.
The fact that SQM expanded the program from 14,000 m to 16,500 m and Andrada continues to describe results as confirming scale and continuity suggests the companies are increasingly focused on defining the size of the system rather than simply proving lithium is present. Historical record will assist that process.
The bull case for the publication of a maiden resource estimate is in play IMO.
TDT
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