By way of ultra-extreme, high-level comparison, the plus-A$3 billion capitalised Liontown Resources is developing a mainly underground lithium-tantalum mine featuring reserves of 68.5 million tonnes grading 1.34% lithium and 120ppm tantalum.

To re-emphasise, it is extremely early days for Red Dirt at Mt Ida, located 230km north of Perth.

Red Dirt's maiden drilling has targeted three known pegmatites at Mt Ida with two RC rigs beginning work in November and a diamond core rig now in action.

It was bought for $11 million in September last year from gold miner Ora Banda Mining in a competitive tender process, with Ora Banda divesting the "gold-copper" asset for cash to focus on its namesake operations nearer Kalgoorlie.

However, Red Dirt, then known as TNT Mines, is said to have identified the lithium potential while reviewing the Ora Banda data, with no previous exploration for the key battery input having been carried out.

Diamond core drilled by La Mancha back in 2006 was subsequently submitted for assay and returned 22m at 2.1% lithium and 302ppm tantalum.

Red Dirt shares have surged since the deal and these days it has an enterprise value of circa $160 million versus Ora Banda's circa $40 million.

Red Dirt started the current quarter with $9.5 million cash.

Shares in Red Dirt were down 10% to 67.5c in morning trade, capitalising the company at $172 million.

The stock has a 52-week high/low of 93.5c/14.5c.