Aruma Resource (ASX: AAJ) – junior gold and lithium explorer

COMPANY SCOREBOARD

Pro Plus	Pro	Con Plus	Con
	New management team since 2022	No flagship project	Low bank balance

ABOUT COMPANY

Aruma Resources (AAJ) (https://www.arumaresources.com/) explores gold and lithium in Western Australia with a focus in the Pilbara and Norseman regions in Western Australia.

CAPITAL STRUCTURE


ASX Code	Share Price	Shares	Option (In)	Market Cap	Cash/Asset ($m)
AAJ	0.021	196891506		4134721.626	2.7/0


Holders No	Top 20 (Cur)	Top 20 (Pre)	Director Hold	Performance Right	Note
???	32.4%	39.3%	0.48%		last raise $2.3m@5.8c+10cOpt; pre raise $3.1m@10c

The company had 15:1 share consolidation in January 2021.

Two directors retired in late 2022 to focus on their own business, the founding director, Peter Schwann, left as well in early 2023.

FLAGSHIP ASSETS

Mt Deans Lithium Project Norseman WA (1.44km2)

Norseman - Lithium, Nickel, Gold - MIN, ESS, MCR, LM8, PNR/TUL, GAL, AAR

Project Data

The initial 1,400m drilling showed low grades of Li and Rb2O. Note that Rb2O is worth half of the gold price.

OTHER ASSETS

Salmon Gums Gold Project Esperance WA (202km2)

The company reported some very high grade but thin drilling results under quartz vein style structures in March 2022.

Esperance - Gold, REE - MEK, MI6, OD6

Melrose Project Ashburton WA

Ashburton - Gold, Base Metals - BC8, KZR, CAZ, TMB

Saltwater Gold Project Newman WA

Newman - Base Metals, REE - G1A, DRE, BVR

SUMMARY

The company has enough cash to weather the down cycle, and it is also somewhat actively planning the drilling programs for both gold and lithium projects.