RAIDEN RESOURCES LIMITED — Capital/Financing Update 2018

Sep 6, 2018

T:+61 (0) 8 9486 7244 F: +61 (0) 8 9463 6373 www.raidenresources.com.au

7 September 2018

Update on Stara Planina Project

Raiden Resources completes first five holes at Stara Planina and provides update on status of licence renewal

Raiden Resources Limited (ASX: RDN) ('Raiden' or the 'Company') is pleased to provide an update on the Stara Planina Project drilling activities and progress on renewal of the Stara Planina exploration licence.

HIGHLIGHTS

• The Company has completed approximately 1,700 meters of diamond drilling on the Gradiste and Aldinac targets on the Stara Planina project
• All the drill holes to date have intersected zones containing sulphide mineralisation and alteration
• Samples have been dispatched to the ALS laboratory at Bor in Serbia for sample preparation, from where they will be dispatched out of the country for gold and multi-element analysis
• The Company has paused the drilling activities pending confirmation of the licence extension at Stara Planina Project and will take this opportunity to evaluate the results of the drilling completed to date

Dusko Ljubojevic, Managing Director of Raiden, commented: " The Company is pleased with the progress of the drilling program to date. We have intercepted structures with sulphide mineralisation in all 5 holes completed to date on the two targets. The zones of interest contain pyrite, chalcopyrite and are accompanied by zones of alteration. Considering the Company is testing large targets and the initial drill holes were aimed at gaining a better understanding of the geology and nature of the mineralisation, we are highly encouraged by the fact that these first holes have intercepted these mineralised zones. The Company's geologists are currently logging the core and we are eagerly awaiting the results from the laboratory analysis. The Company will update the market in due course."

Drilling Program

The Company is pleased to announce that it has now completed five holes of drilling for a total of 1,700m at its Stara Planina Project. The holes all commenced with PQ core diameter in the top 40 to 70m and were completed with HQ core to their target depths. The holes completed to date are summarised in Table 1:

Table 1: Drill Holes Completed at Stara Planina

Hole	Easting	RL	Northing	Azimuth	Dip	End of Hole	Area
GRDD004	7610886	364	4820894	85	-50	200.4m	Gradiste
GRDD008	7611808	603	4820626	236	-50	511.6m	Gradiste
ALDD004	7618633	733	4820062	237	-50	395.7m	Aldinac
ALDD008	7618802	752	4819903	237	-50	131.6m	Aldinac
ALDD003	7618460	717	4820150	237	-50	440.6m	Aldinac
Hole		PQ (122mm)		HQ (95mm)
GRDD004		0 to 83.4m		83.4 to 200.4m
GRDD008		0 to 99.9m		99.9 to 511.6m
ALDD004		0 to 92.6m		92.6 to 395.7m
ALDD008		0 to 56.8m		56.8 to 131.6m
ALDD003		0 to 77.6m		77.6 to 440.6m

Figure 1: Diamond Drill Rig from Drillex International drilling on site GRDD008.

Gradiste target

The Company has completed two drill holes at the Gradiste target for a total depth of 712m. The Gradiste target is defined by a Cu-Mo+/-Au in soil anomaly, high grade rock chip grab samples and a high chargeability IP anomaly. The objective of the two holes was to test the peripheral and the central areas of the chargeability anomaly. Drill hole GRDD008 intercepted significant widths of sulphide mineralisation, containing oxidised sulphide/limonite veinlets and quartz veining. Hole GRDD004 intersected coarse grained gabbro and mafic felspar porphyry with minor zones of pyrite veining as well as carbonateepidote veinlets.

Hole GRDD008 intersected a 38m interval of limonite/pyrite stockwork veinlets in oxidised gabbro between 38 to 76m depth (Figure 2). The limonite and pyrite content in this interval is estimated at <5%. This interval also returned zones of quartz-pyrite veining with vein thicknesses of up to 15cm. The overall vein content of quartz in these 1 to 3m wide intervals is less than 5%. A similar zone of pyrite veinlets was also intersected between 204.2 to 237.2m, although the density of veinlets in this zone was lower, with sulphide content estimated at less than 3%.

Drill samples collected from both drill holes have been despatched to ALS Chemex in Bor for sample preparation.

Map 1: Gradiste prospect with IP isolines defining the IP anomaly and the location of preliminary 2 drill holes completed to date

Figure 2: Core from GRDD008 selected from the mineralised interval between 38m to 76m.

Top right hand: Close up of limonite veinlets (after pyrite) in diabase. The pyrite/limonite veinlet content in this interval is estimated at less than 5%. Bottom right hand, silicified zone with pyrite veinlets. Left side, interval of silicified, limonitic core, with <5% limonite/pyrite content.

Aldinac Target

To date the Company has completed three drill holes on the Aldinac target for a total depth of 967.9m. All three holes have intercepted significant zones of structural deformation, associated with intense alteration and intervals of 1 to 5% disseminated sulphide mineralisation and discrete massive sulphide veinlets up to 0.3m wide. The current program has only tested the chargeability anomaly along a 400-meter segment of the 1.5Km trend defined by the IP response and Cu-Mo+/- Au soil geochemistry.

Map 2: Aldinac prospect with IP isolines defining the IP anomaly and the location of the preliminary 3 drill holes completed to date.

Drill hole ALDD004 intersected significant widths of mineralised gabbro and diabase from 21m to 57m. The mineralisation consists of, 1 to 5% by volume, pyrite-magnetite veinlets (1-3mm thick) forming stockworks in some intervals, carbonate-epidote veinlets, pyrite-quartz veins in intervals of up to 0.4m length as well as 0.3m interval of massive pyrite-arsenopyrite veining with traces (<1%) of galena and chalcopyrite (Figure 3).

Figure 3: Selected core photos from ALDD004 from 21 to 57m. The photos are selected to illustrate the range of veinlets and mineralisation encountered within the intervals. Top Left: Quartz (60-70%)-pyrite (30-40%)-magnetite (5-10%)-chalcopyrite (<5%) vein interval. Top Right: Pyrite magnetite veinlets, this is the most common style of mineralisation and in this photo the veinlets occupy about 5% of the core interval volume. Bottom left: Semi massive sulphides (70-80% pyrite with minor (<5%) chalcopyrite and 20-30% quartz) Bottom Right: Massive sulphide (80-90%) vein consisting of 60-70% pyrite- 20-30% arsenopyrite and traces (<1%) of chalcopyrite and galena.

Drill Hole ALDD003 also intersected significant intervals of sulphide mineralisation, consisting of intervals with 1-5% pyrite-magnetite veinlets, and minor intervals (<1%) of massive to semi massive sulphide veins (>80% sulphide content) and 1% of narrower zones of quartz (80% quartz) veining (Figure 4).

Figure 4: Selected core photos from ALDD003. Top Left: Interval with 10% Pyrite magnetite veins in gabbro. Top Right: Interval with 5-10% pyrite veinlets in gabbro between 305 to 306m. Bottom left: quartz pyrite vein at 394m. Bottom Right: Interval with a zone of massive pyrite (>80%) and quartz-carbonate veining at 390 to 392m.

ALDD008 intersected wide zones of epidote carbonate altered gabbro throughout the hole. The core returned a 0.6m interval of pyrite (30-40%) -quartz (60-70%) veining from 47.7m (Figure 5). The laminations in the vein are almost sub parallel to the core axis, indicating that

there is a set of veins subparallel to the drilling of this hole. Drilling from the opposite direction maybe warranted to optimise the intersection of this set of veins.

Figure 5: Photos from drill core ALDD008. Left: Quartz (60-70%)-pyrite (30-40%) vein from around 47.7m. Right: Another pyrite-quartz carbonate vein in tectonised gabbro. The vein is located 17.8m down the hole. The sulphide content of the quartz interval in the central core is about 20-30%.

The logging and sampling of the core will be completed over the following weeks, on completion of which the remaining samples will be sent to the laboratory. The Company will utilise the following weeks to compile the geological data, assays and interpretations to plan any subsequent drill programs, subject to the exploration licence being extended (refer below for further information).

In summary, three types of mineralisation have been encountered in the drilling and need to be assessed for their potential to carry mineralisation:

• wide zones of pyrite-magnetite stock work veinlets (1-5% by volume within mineralised interval)
• zones with narrow quartz-pyrite+/- chalcopyrite veinlets up to 0.6m wide (5-10% by volume within mineralised intervals); and
• massive sulphide veins up to 0.5 m thick, dominated by pyrite, but in some instances arsenopyrite (1-30%) and traces (<1%) chalcopyrite and galena have been observed.

Given the multiple phases of mineralisation, several of the veins have been intersected at a high angle, but there is a significant number of veins which have been intersected at near sub-parallel angles to the core axis. This may require further testing with drill holes with an opposite azimuth. This will be further evaluated on receipt of the assays.

Exploration licence extension status

The exploration licence at Stara Planina (Licence) is held by the Company's joint venture partner at the project, Geo Consulting Studio Doo (Geo Consulting)). The initial 3-year period of the License has expired.

Broadly, under Serbian mining law, a license holder must lodge an application to renew the license not less than 30 days before the expiry of the term. The primary condition to renew is that at least 75% of the planned works on the license has been conducted during the term1 . The Company confirms that Geo Consulting submitted an application to renew the Licence for a further 3-year period to the Ministry of Mining and Energy of Republic of Serbia (Ministry) within the required time frame under Serbian mining law, and that all other requirements for renewal of the Licence have been met, including the requirement to conduct 75% of the planned work on the License. The Serbian administrative law, which governs the response time to a renewal application from the ministry, sets the normal response time as 30 days from submission of the renewal request and allows for a further 30 days thereafter at the Ministry's option. No other applications may be accepted whilst the Licence is in the renewal phase.

The Board has received independent legal advice and is confident the renewal will be granted (although this cannot be guaranteed). The Company and Geo Consulting are continuing to liaise with the Ministry in this regard.

Temporary suspension of the drilling activities

Under Serbian law the Company cannot continue to conduct exploration on the Exploration Licence unless and until the renewal is granted. Accordingly, the Company has de-mobilised the drill rig. This will allow the Company to review and interpret the results of the drilling conducted to date and optimise the drill locations for the remainder of the current drill program. In parallel with the technical review and Licence renewal the Company will also evaluate its land access agreements and options with various surface rights owners. This will provide increased choice for access tracks and drill pad locations for follow up drilling programs. Subject to renewal of the Licence the Company will resume its field activities at Stara Planina.

• ENDS -

1 The process for renewing the license under Serbian mining law is further detailed in the Company's listing prospectus dated 13 December 2017 (see section 5(b) of the Solicitors Report in section 9).

Competent Person's Statement

The information in this announcement that relates to exploration results is based on and fairly represents information and supporting documentation prepared by Mr Martin Pawlitschek, a competent person who is a member of the AusIMM. Mr Martin Pawlitschek is employed by Raiden Resources Limited. Mr Martin Pawlitschek has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Mr Martin Pawlitschek has provided his prior written consent as to the form and context in which the exploration results and the supporting information are presented in this announcement.

Disclaimer:

Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)", "potential(s)"and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forwardlooking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company's prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

For further information please contact:

Dusko Ljubojevic (Managing Director)

Email address: dusko@raidenresources.com.au

About Raiden Resources

Raiden Resources Limited (ASX: RDN) is an ASX listed copper—gold focused exploration company focused on the emerging prolific Tethyan metallogenic belt in eastern Europe, focused in Serbia. The Company has signed an Earn-In and Joint Venture Agreement with Rio Tinto in respect to three of its six projects, whereby Rio Tinto can earn a 75% project-level position in the properties via a staged exploration commitment totalling USD$31.5 million in three stages at Rio Tinto's election.

Raiden also retains a 100% interest in the Bor and Pirot project applications and the Zupa property, which the company considers prospective for intrusion-related mineralisation styles including gold, copper and other base metals. The Directors believe that the Company is well positioned to unlock value from this exploration portfolio and be positioned as a fresh ASX listed gold-copper exploration company.

Criteria	JORCCode explanation	Commentary
	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, orhandheld XRF instruments, etc). These examplesshould not be taken as limiting the broad meaning ofsampling.	The PQ and HQ diamond drill core is marked up at the Company's corehandling facility in Knazevac. The core is split in half utilizing a watercooled diamond core saw. Samples are systematically collected in 1.0mintervals down the holes. Where geological logging identifies specialintervals of interest, sampling maybe adjusted to 0.5m minerals.Samples typically weigh between 4-10kg. Samples are then submittedto the ALS CHEMEX facility in Bor, Serbia for industry standard samplepreparation, where they are sent to an accredited ALS CHEMEX facilityin Ireland for analytical analysis.
Sampling techniques	Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.	The half core and weight of the sample provides sufficientrepresentivity. No calibration of any equipment was required as allsamples were sent for assay by commercial laboratory.
	Aspects of the determination of mineralisation thatare Material to the Public Report. In cases where'industry standard' work has been done this would berelatively simple (e.g. 'reverse circulation drilling wasused to obtain 1 m samples from which 3 kg waspulverised to produce a 30 g charge for fire assay'). Inother cases, more explanation may be required, suchas where there is coarse gold that has inherentsampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules) maywarrant disclosure of detailed information.	PQ and HQ diamond drilling methods are used to obtain 1m samplesfrom which 4-10kg of material is pulverised to produce a representativesample for fire assay and ICP-MS. At the geologist's discretion anddepending on the core geology, certain samples of 50cm were selectedfor sampling.

Criteria	JORCCode explanation	Commentary
Drilling techniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (e.g. core diameter, triple or standardtube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, by whatmethod, etc).	Drilling by the Company was completed with a professional drillingcontractor, Drillex International, utilizing a track mounted diamond corerig. All holes commenced with PQ core diameter in the top 40 to 70mand were completed with HQ (see Table 1 for details). All diamond drillcore was orientated where possible.
	Method of recording and assessing core and chipsample recoveries and results assessed.	Diamond core is recovered in 3m runs using a standard core barrel,either PQ or HQ size on a wireline. All core is then logged for geology
Drill sample recovery	Measures taken to maximise sample recovery andensure representative nature of the samples.	and structure. As no assay results are being reported here, the samplerecovery is not considered to be relevant, however the companygenerally achieved greater the 90% recovery in the mineralised and
	Whether a relationship exists between samplerecovery and grade and whether sample bias may	sampled zones. The PQ & HQ diameter core and sampling of half coreensures the representative nature of the samples. As no assays havebeen received or are being reported the Company cannot comment onany observed relationship between sample recovery and grade.
	have occurred due to preferential loss/gain offine/coarse material.
	Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail tosupport appropriate Mineral Resource estimation,mining studies and metallurgical studies.	Drill core is transported to the Company's rented core handling facility,where all core is oriented, measured, logged for geology, alteration andgeotechnical. All core is then photographed and sampled on 1.0m or
Logging	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography.	0.5m intervals. All logging is qualitative. Sufficient geological andgeotechnical logging of the core has been taken and in sufficient detailto support a Mineral Resource estimate however no Mineral Resource
	The total length and percentage of the relevantintersections logged.	estimate is being reported.
Sub-sampling techniquesand sample preparation	If core, whether cut or sawn and whether quarter, halfor all core taken.	The PQ and HQ diameter core is cut in half utilizing a water-cooleddiamond core saw.

Criteria	JORCCode explanation	Commentary
	If non-core, whether riffled, tube sampled, rotary split,etc and whether sampled wet or dry.	The sampled material is PQ or HQ half core.
	For all sample types, the nature, quality andappropriateness of the sample preparation technique.	Samples of around 4-10kg of half core material will be crushed to 70%less than 2mm on a jaw crusher, rotary split off 250gr, pulverize split tobetter than 85% passing 75 micron serving to provide an appropriateand representative sample for analysis. Sample preparation isundertaken at the ALS CHEMEX laboratory in Bor, to industry bestpractice.
	Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.	Industry best practice are adopted by ALS CHEMEX for laboratory subsampling and the avoidance of any cross contamination.
	Measures taken to ensure that the sampling isrepresentative of the in-situ material collected,including for instance results for fieldduplicate/second-half sampling.	The half core sampling is considered a reasonable representation of thein-situ material. No duplicate material was collected although aCertified Reference Material was inserted every 20 samples or less.
	Whether sample sizes are appropriate to the grain sizeof the material being sampled.	Sample size of around 4-10kg is considered to be appropriate toreasonably represent the material being tested.
Quality of assay data andlaboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used and whetherthe technique is considered partial or total.	No assays are reported here. Sample preparation will be undertaken atthe accredited laboratory of ALS CHEMEX in Bor, Serbia which has fullindustry certification and will be sent to an accredited ALS CHEMEXfacility in Ireland for sample analysis. Multi elements will be assayed byan ICP-MS technique following an aqua regia digest. Gold will bedetermined using a fire assay on a nominal 30g charge with an ICP-AESfinish. Raiden's Competent Person (CP) is confident that these analyticaland assay techniques and QA/QC protocols selected by the Company

Criteria	JORCCode explanation	Commentary
		are appropriate and adequate for the purposes of explorationevaluation of the drill targets. These sample media and techniques andassays were not part of a resource estimate
	For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc.	There was no reliance on determination of analysis by geophysicaltools.
	Natureof quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established.	Certified Reference Material (CRM) appropriate for the elements beinganalysed will be added at a rate better than 1 in 20. Any resultsreported by ALS CHEMEX on the CRMs will need to be within 1 standarddeviation (1SD), which is considered an acceptable level of accuracy.
	The verification of significant intersections by eitherindependent or alternative company personnel.	There has been no independent logging of the mineralised intervalhowever, it has been logged by several company geologists and verifiedby senior geological staff. Further review will be undertaken once theCompany receives Fire Assay and ICP analysis from the laboratory.
Verification of samplingand assaying	The use of twinned holes.	No assaying reported. All holes reported are not twin holes.
	Documentation of primary data, dataentryprocedures, data verification, data storage (physicaland electronic) protocols.	No assaying reported. Field collected data was entered into theCompany's database and verified at point of entry. Data is stored on theVirtual Cloud and is regularly backed-up locally.
	Discuss any adjustment to assay data.	No assaying reported here.
Location of data points	Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mine	Not applicable as there is no Mineral Resource

Criteria	JORCCode explanation	Commentary
	workings and other locations used in Mineral Resourceestimation.	Soil samples: Grid System: Projected coordinate system MGI 1901 /Balkans zone 7 EPSG number 3909. Soil sampling locations weredetermined by a hand-held GPS. Topographic accuracy is estimated to
		be within 30-50 meters. Topographic control is not considered relevant,as it does not relate to Mineral Resources
		Induced Polarisation (IP): Grid System: Projected coordinate systemMGI 1901 / Balkans zone 7 EPSG number 3909. Location of IPmeasuring stations were determined using a Trimble differential GPS.
	Specification of the grid system used.	The location accuracy is estimated to be within a couple of meters.
		The elevation used for modelling were taken from a digital elevationmodel (SRTM) downloaded from Geosoft Public DAB server.
		Topographic accuracy is estimated to be within 30-50 meters.Topographic control is not considered relevant, as it does not relate toMineral Resources
	Quality and adequacy of topographic control.
		No assays are being reported. All samples are collected at 0.5m or 1mintervals down hole.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	The first pass drilling of the targets at Gradiste and Aldinac has beencompleted. The drilling was designed to gain a better understanding ofthe local geology and nature of the mineralisation and as such holes arespaced 200-800m apart. The drilling is very wide spaced for the size ofthe targets and can not be considered as an exhaustive test. Drill sitelocations in this program were a compromise between geologicalobjectives, accessible surface land titles, access roads and topography.

Criteria	JORCCode explanation	Commentary
		The objective was primarily to test the IP anomalies with coincidentcopper and gold anomalism, and to establish the style of mineralization.The drilling, even after receiving the assay results will be insufficient todetermine the presence of a mineral resource. Further drilling will berequired for this.
	Whether the data spacingand distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) andclassifications applied.	No Mineral Resource or Ore Reserve is being reported.
	Whether sample compositing has been applied.	No assays, Mineral Resource or Ore Reserves is being reported.
Orientation of data inrelation to geologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering the deposittype.If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	The drilling has been oriented to drill across the main NW trends andstructures indicated from the available data. It is more difficult toascertain the dip and dip azimuth of the mineralized zonesencountered. Additional down dip drilling on sections will be requiredfor this. In some cases where the structures in the core run sub parallelto the core axis, additional drilling with opposing azimuths mayberequired before the dip can be defined with some certainty.

Criteria	JORCCode explanation	Commentary
Sample security	The measures taken to ensure sample security.	The drill core is in the custody of Company personnel from the drill siteto the core handling facility. The facility is locked when not in use. Coresamples are transported in sealed bags to the laboratory. Thelaboratory checks the sample batches and signs for the receipt.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	No audits have yet been undertaken

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	Type, reference name/number, location andownership including agreements or materialissues with third parties such as jointventures, partnerships, overriding royalties,native title interests, historical sites,wilderness or national park andenvironmental settings.	Skarnore Resources DOO, a 100% owned subsidiary of Raiden Resources Limited, has an interest in theStara Planina Licence (#2168), which is located in eastern Serbia, under an earn-in and joint ventureagreement with the registered holder of the Stara Planina Licence, Geo Consulting Studio doo('GeoConsulting Joint Venture Agreement'). Under the GeoConsulting Joint Venture AgreementSkarnore has a right to earn in up to a 90% interest, and an option to acquire a 100% interest inrespect of the Stara Planina Licence. The license is partially located in the Stara Planina Nature Park.The segments of the license which are located in the Nature park are in a zone which is subject to thelowest rank with regard to environmental protection. The zone within which the licenses is located inthe park, permits mineral exploration and exploitation, as defined by the Serbian Mining Law.
	The security of the tenure held at the timeof reporting along with any knownimpediments to obtaining a licence tooperate in the area.	As of the 26th of August 2018, the initial 3-year exploration period for the Stara Planina explorationlicense has expired and the current permit holder has applied for a 3-year renewal period in a timelymanner as governed by the Serbian mining law. The license is held and the extension has beenreapplied for by Geoconsulting Studio DOO ("GCS").
		GCS has applied for a renewal/extension of the Stara Planina exploration license in a timely mannerand submitted all the documentation which is stipulated within the Serbian mining law.To the best ofThe Company's knowledge the work completed satisfies the requirement for a renewal
		Under the Serbian mining law, on expiration of the initial three-year exploration period, the holder ofthe exploration permit is entitled to apply for an extension/renewal of the exploration license for afurther 3-year period from the Serbian Ministry of Mining and Energy ('Ministry"). The licenseapplicant is required to meet the following criteria in order for the Ministry to grant the extension;
		-Having completed at least 75% of the approved work program within the 3-year period;-Submitting a request for license renewal/extension to the Ministry, 30 days before theexpiration of the 3-year period. With the request for the extension, the applicant is requiredto submit:project of geological exploration for the following 3-year periodo

Criteria	JORC Code explanation	Commentary
		project of geological reports and certificates on completed technical control of theoproject;final report on results of geological explorations which includes all types, scope andoresults of performed geological works over the previous approved period of exploration
		The response time for license renewals is governed by the Serbian administrative law, which states thatthe Ministry is obliged to respond within a 30-day period but may extend the response time frame to atotal of 60 days. To date, the Ministry has not responded to Geo Consulting Studios' (License holder), todate. The Company is hopeful the Ministry will reply within the 60 day period but cannot guarantee it.
		To date Skarnore Resources DOO has not earned into the license.
		The full terms of the Stara Planina earn-in can be found on page 65 of the Company's listing prospectusdated 13 December 2017.
Explorationdone by otherparties	Acknowledgment and appraisal ofexploration by other parties.	The project area has been explored by a number ofparties in the past. Prior to the small mining duringWorld War II, what exploration or mineral exploitation activities are unknown. After World War II andthe termination of mining activities, the Stara Planina area was reportedly explored for uranium byformer-Yugoslav state agencies which undertook limited exploration.
		In the period 2003-2004 Rio Tinto performed minor copper exploration in the area. Although limited,this exploration activity was the first to document porphyry, or intrusion related style potential of thearea, specifically on the Gradiste anomaly. Rio Tinto's work included soil and rock sampling whichdefined a multi-element Cu/Mo/As +- Au in soil anomaly on the Gradiste prospect.
		Further work was also performed by Reservoir Capital Corp ('Reservoir"). Raiden has purchased thedata sets of the work executed by Reservoir, and the data which is relevant to the target areas, asdefined by Raiden are presented in this release.

Criteria	JORC Code explanation	Commentary
		The key aspects of the work undertaken by Reservoir included; geological mapping, stream sedimentsampling throughout the permit area; A 200x200m spaced soil sampling survey was completed, anddetailed orientation lines were undertaken, across known mineralization occurrences (Gradiste andAldinac), which were also defined through the stream sediment sampling program. The results confirmpersistent Cu and Mo anomalism covering an area of about 2.5 x 0.75km along a NNW structural trendon Gradiste and a Cu/Mo anomaly covering a similar area on the Aldinac anomaly. Within both of theanomalies, gold is inconsistent but anomalous. The geochemically anomalous area is characterised byalteration (silicification, carbonate), mineralization (quartz veining with sulphides), and ductiledeformation. Stockwork quartz veining with malachite staining has been discovered within thegranodiorite outcrops which are present within both of the anomalies.
		Furthermore, Reservoir collected surface grab samples throughout the 2 anomalies and conductedroad cut-continuous chip sampling, as well as, trenching and sampling on the Gradiste anomaly.Reservoir also executed a small induced polarisation (IP) program over the norther extent of thehistorical Alin Do mine, which is located on the North Eastern periphery of the Gradiste anomaly. Theprogram was followed up by a short (ca 786m), drill program whose objective was to define theextensions of the mineralisation within the Alin Do mine. The drilling program failed to define anysignificant mineralised zones.
		For further details regarding the historical data sets refer to the Company's press release on the 5th ofJune 2018.
Geology	Deposit type, geological setting and style ofmineralisation.	At this time the CP is not certain of the genetic model which is related to the mineralisation and on theGradiste and Aldinac anomalies. One of the objectives of the initial drilling program is to gather furtherinformation in order to aid in definition of the genesis of the mineralisation. From the data available atthis time, the CP believes that the mineralisation is related to an 'Intrusion Related Gold +- Au Deposit'model. This hypothesis is supported by the presence of granodioritic intrusions which are locatedwithin the anomalous zones. Distinct geochemical footprints also provide further evidence to supportthe Intrusion Related Mineralisation model, but further investigation and analysis is required todetermine this with more confidence.'

Criteria	JORC Code explanation	Commentary
Drill holeInformation	A summary of all information material tothe understanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:	The details of the drill holes material to the exploration results reported in the announcement areincluded in this announcement, refer Table 1.
	easting and northing of the drill holeocollarelevation or RL (Reduced Level –oelevation above sea level in metres)of the drill hole collardip and azimuth of the holeodown hole length and interceptionodepthhole length.o
	If the exclusion of this information isjustified on the basis that theinformation is not Material and thisexclusion does not detract from theunderstanding of the report, theCompetent Person should clearlyexplain why this is the case.
Dataaggregationmethods	In reporting Exploration Results,weighting averaging techniques,maximum and/or minimum gradetruncations (eg cutting of high grades)and cut-off grades are usually Materialand should be stated.Where aggregate intercepts incorporateshort lengths of high grade results and	-Any grade and width information reported in this release is considered useful, qualitativeinformation by the CP. The data is suitable for planning of additional work that will lead to a drilldecision. The data available is insufficient to be included in a mineral resource.

Criteria	JORC Code explanation	Commentary
	longer lengths of low grade results, theprocedure used for such aggregationshould be stated and some typicalexamples of such aggregations should beshown in detail.
	The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	-No metal equivalent formulas were used in reporting of any historical intercepts, or results
Relationshipbetweenmineralisationwidths andinterceptlengths	These relationships are particularlyimportant in the reporting of ExplorationResults.If the geometry of the mineralisationwith respect to the drill hole angle isknown, its nature should be reported.If it is not known and only the down holelengths are reported, there should be a clearstatement to this effect (eg 'down holelength, true width not known').	Mineralisation widths and grades reported here are only indicative and are not incorporated into aresource.Mineralisation geometry at this stage is unknown, width reported from the current drilling programcan therefore not be considered true widths.Drill hole orientations have been oriented to intersect the NW trending structural trends.No drilling assay intercepts are reported here.
Diagrams	Appropriate maps and sections (with scales)and tabulations of intercepts should beincluded for any significant discovery beingreported These should include, but not belimited to a plan view of drill hole collarlocations and appropriate sectional views.	Maps 1 and 2 showing the location of the drill holes are included in the text.
Balancedreporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should be	The reporting here covers the area of the company's current focus. Further data analysis andinterpretation may result in the definition of new target areas

Criteria	JORC Code explanation	Commentary
	practiced to avoid misleading reporting ofExploration Results.
Othersubstantiveexplorationdata	Other exploration data, if meaningful andmaterial, should be reported including (butnot limited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples – size andmethod of treatment; metallurgical testresults;bulkdensity,groundwater,geotechnicalandrockcharacteristics;potential deleterious or contaminatingsubstances.	•No information is available on metallurgy, ground water, bulk density or rock stability.•Traces of Arsenic are present in the soil samples and rock chip samples.•Logging and sampling of the Company's drill core will continue until completed•Integration and interpretation of the various data sets are on-going
Further work	The nature and scale of planned furtherwork (eg tests for lateral extensions ordepth extensions or large-scale step-outdrilling).Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	•The Company has completed an Induced Polarisation program and a drilling program over its twokey target areas at Aldinac and Gradiste. The Company has also commenced with a mapping projectto define the structural and geological controls on the mineralisation within the target areas.Further geochemical sampling will be undertaken to further constrain mineralisation envelopes.•The Company is still developing the geological model and defining the potential extensions of targettrends