Riedel Resources (ASX:RIE) has reported hitting a $5M milestone in spending on its Kingman Project in Arizona, following the completion of the diamond drilling programme in late 2022.
Riedel Resources' new CEO, geologist David Groombridge, says the company can now shift its focus to transitioning Riedel from an explorer to a developer/producer as soon as it can.
The company will now proceed, subject to shareholder approval, to issue 100 million shares to Flagstaff Minerals to earn a 51% interest in Flagstaff.
In addition, Riedel Resources has hired contractors to begin baseline data collection and has sent samples to a metallurgical lab, which it says are two key steps in advancing the project.