RAIDEN RESOURCES LIMITED — Capital/Financing Update 2019

Aug 14, 2019

ASX RELEASE | 15[th] August 2019

RAIDEN DEFINES GEOCHEMICAL PROSPECTS ON THE ZUPA PROJECT IN SERBIA

HIGHLIGHTS

QUICK STATS

ASX Code: RDN

Shares on Issue: 410.4 million Market Cap: $4.10 million Cash: $1.75m (at 30 June ‘19)

BOARD & MANAGEMENT

Non- Executive Chairman

• Raiden defines a large poly-metallic geochemical anomaly on the Zupa project;

• Anomalous trend supported by elevated Zn-Pb-Cu;

• Zone of interest extends over an impressive 6.5km strike length;

• Prospect in a district with operating mines and development projects; and

• Western Zupa anomaly may represent a new skarn target

Mr Michael Davy

Managing Director Mr Dusko Ljubojevic

Non-Executive Directors Mr Martin Pawlitschek

Company Secretary Ms Kyla Garic

ASSET PORTFOLIO

Stara Planina - Serbia

(JV with local entity – path to 100% - 46km[2] )

Raiden Resources Limited (ASX: RDN) (“Raiden” or “the Company”) is pleased to report on the results from a maiden geochemical survey over its 100% owned Zupa project, which has defined a multi-element anomaly.

Dusko Ljubojevic, Managing Director of Raiden commented:

“Earlier in the season the Company undertook a large target generation exercise across a number of its projects. The objective was to define large-scale targets in terrain that is considered prospective for large deposits. The Western Zupa anomaly is another addition to a growing list of well defined and significant size anomalies, which the Company has defined in a relatively short time frame. The Company will continue with the target generation work, with the aim of drill testing the most promising targets within the following six to twelve months.”

Donje Nevlje - Serbia (100% – 74km[2] )

Majdanpek West - Serbia (Rio JV - 100% - 76km[2] )

Zupa - Serbia (100% Raiden – 85km[2] )

Pirot - Serbia (Executing Application – 16km[2] )

Bor – Serbia (Partially granted/ pending application - 100% - ~28km[2] )

Vuzel - Bulgaria

(JV with local entity – path to 100% ~26.5 km[2] )

Kalabak - Bulgaria

(JV with local entity – path to 75% ~191 km2)

Zlatusha - Bulgaria (JV with local entity – path to 75% ~195 km2) Significant further ground holding currently under review.

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ASX RELEASE | 15[th] August 2019

Western Zupa Prospect

The Company executed a detailed soil sampling campaign on the western periphery of the Zupa license. Over 1200 samples were collected on a systematic spacing that ranges from 100x100m to 200x200m. The program targeted the contacts between the Triassic andesites and limestones. These contacts are known to host skarn mineralisation within the district, such as the Cadinje deposit, which is located just north of the boundary of the Zupa permit, as well as the Suplja Stjena deposit in Montenegro (approx. 30km NW of the Zupa project).

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Figure 1 - sampling location on the Western Zupa prospect and the work completed to date on the Central Dome prospect

The soil samples were analysed with a portable Olympus XRF device in a controlled field laboratory setting. This is widely used and a cost-effective way to define zones of interest and zones with elevated metal content. Based on this analysis, the program has defined a 6.5 Km long geochemical anomaly on the south-western flank of the project area. The anomaly is defined by a coherent zone of elevated Zinc in soil values, as well as coincident elevated lead and copper trends.

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ASX RELEASE | 15[th] August 2019

The soil anomalies are likely associated with a NW-SE trending structural corridor and the andesitelimestone contact. On the north-western part of the anomaly, the anomaly widens out into a conspicuous circular anomaly, which lies within the embayment of the andesite-limestone contact, representing a favourable structural location, or potentially an intrusive at depth which has not been recognised to date.

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Figure 2 - West Zupa zinc in soil anomaly with underlying geology, which indicates that the Zn anomaly is associated with the contact of the andesites and the limestones. The anomaly may be related to skarn mineralisation

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Figure 3 - Elevated lead (Pb) values (left) and elevated copper (Cu) values (right) both support separate parts of the larger Zinc anomaly.

The Company plans to undertake further work in the following months, with the objective of generating drill targets within the large target zone. The program will likely include:

• Laboratory annalysis of samples which define the prospective trend to determine gold values;

• Magnetic survey to assist with mapping out structrual zones and magnetite bearing intrusives. Its is also possile that skarn mineralisation, if associated with magnetite or pyrohtite, could be mapped out by a magnetic survey; and

• Further mapping and potentially trenching to define drill targets

Central Dome Prospect

The Central Dome prospect is located in the middle of the Zupa project and is defined by a domal cold closure mapped out within the older Carboniferous-age meta-sandstones. The prospect area forms a distinct and uncharacteristic dome in the middle of the project area within the sedimentary package. The Company believes that the anticline may point to an intrusive body at shallow depths, and that this may represent the driving heat and fluid source for the skarn and carbonate replacement mineralisation in the area, such as the polymetallic Chadinje mineralisation just to the north of the permit.

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Figure 4 - setting of the Central Dome prospect (Circular dashed line) within the Zupa permit.

The Company has initiated a soil sampling and a reconaissance mapping program over the prospect, targeting to define further base metal geochemical anomalies. Follow up work will include mapping and geophysics to define drill targets.

About the Zupa project

The Zupa Project is located in the south-western part of Serbia on its border with Montenegro and covers an area of approximately 85km[2] . The Zupa license was granted to Balkan Mineral Corporation DOO (“BMC”), a local Serbian exploration and development company in September 2017. As detailed in the Company’s 4 July 2019 ASX announcement, the license has been transferred to Skarnore Resource DOO, a 100% owned subsidiary of the Company.

Geological setting

Regional Geology

The Zupa project is located in a geological terrane distinct from the Company’s other projects in eastern Serbia. The far western region of Serbia is dominated by an Ophiolite Belt. This is bounded by a major structural corridor, west of which the terrane is known as the East Bosnian-Dormitor Block. Together these two domains form the Dinaric Metallogenic Province (DMP).

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The East Bosnian-Durmitor Block comprises Triassic sedimentary rocks, limestones, and volcanics. Although these differ in age to the Bor metallogenic Zone in the east, they are considered prospective for analogous deposit styles, as well as replacement and skarn mineralisation.

Project Geology

The Zupa project is dominated by Carboniferous-age meta-sandstones in structural and unconformable contact with Triassic limestones and volcanics (Figures 1 and 5). A North-West striking structural corridor runs through the western portion of the project- The western structure occurs proximal to a mapped area of pyritic alteration, indicative of hydrothermal alteration. Notably, this is also observed in the structure which trends on the eastern side of the permit boundary, which also controls skarn/replacement-type (Cu-Au-Zn-Pb) mineralization at the Cadinje deposit located approx. 2km to the north of the Zupa permit.

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Figure 5 - Geology, structure and mineral occurrences of the Zupa permit area.

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ASX RELEASE | 15[th] August 2019

Target style and geological concept

On the basis of reconnaissance field visits, the Company has defined a number of target areas which will be the focus of the initial work program. They include skarn and replacement type of mineralisation as illustrated by Target Style 1 on Figure 5. The Cadinje deposit (located 2km north of the permit) is considered to be of this type. Another example in the region is the Suplja Stjena deposit in Montenegro (currently in operation), which is located approximately 35km to the West of the Zupa license (Figure 6). Both of these deposits are considered to be carbonate replacement styles of mineralisation likely driven by deeper intrusive system (illustrated by Target Style 2 on Figure 5). The majority of the historical Yugoslav government work focused on the outcropping and near surface mineralisation but never targeted the blind heat and fluid source to the mineralisation which represents an attractive target in itself.

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Figure 6 - District setting of the Zupa project area in relation to the Suplja Stjena deposit (currently in operation), and Cadinje (currently a retention license applying for Mining lease)

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Figure 7 - schematic representation of the deeper Central Dome Target concept

FOR FURTHER INFORMATION PLEASE CONTACT

DUSKO LJUBOJEVIC

Managing Director

RAIDEN RESOURCES LIMITED

dusko@raidenresources.com.au www.raidenresources.com.au

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ASX RELEASE | 15[th] August 2019

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 Australian Institute of Geoscientists (AIG). 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 forward-looking 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

About Raiden Resources

Raiden Resources Limited (ASX: RDN) is an ASX listed copper—gold exploration company focused on the emerging prolific Tethyan metallogenic belt in eastern Europe (Serbia and Bulgaria). The Company has signed an Earn-In and Joint Venture Agreement with Rio Tinto in respect to two licenses (Majdanpek West and Majdanpek Pojas), 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, the Donje Nevlje project; the Zupa property and the Tilva Njagra project which the company considers prospective for epithermal and porphyry style copper, gold and base metal mineralisation. The Company also has executed a Joint Venture Agreement with a local vendor in relation to the Stara Planina project, which hosts two large anomalies, which the Company plans to continue exploring throughout 2019. The Company has also recently signed 3 significant transactions in Bulgaria, including the Vuzel project (epithermal gold); Kalabak project (epithermal and porphyry potential) and Zlatusha project (porphyry and epithermal potential). With the recent acquisitions, the Company has become one of the largest ground holders in the Western Tethyan belt and the Directors believe that the Company is well positioned to unlock value from this exploration portfolio.

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ASX RELEASE | 15[th] August 2019

JORC Code, 2012 Edition Table 1. This table applies to Zupa exploration project in Serbia. Section 1: Sampling Techniques and Data

Criteria		JORC Code Explanation	Commentary
		Nature and quality of sampling (e.g. cut channels, random chips,	This press release reports the results of a soil sampling
		or specific specialised industry standard measurement tools	program. Soil samples were analysed for a range of
		appropriate to the minerals under investigation, such as down hole	elements in a field laboratory using a Olympus Delta
		gamma sondes, or handheld XRF instruments, etc.). These	Professional DPO, hand-held XRF Spectrometer.
		examples should not be taken as limiting the broad meaning of
		sampling.
		Include reference to measures taken to ensure sample	Soil samples of 1-2kg each were collected from the top of
		representivity and the appropriate calibration of any	the A-horizon (from 5cm to 15cm) following 200m by 200m,
		measurement tools or systems used.	100m by 100m and 50m by 50m sampling grids.
	Sampling techniques		In the field laboratory all samples were screened through a
		Aspects of the determination of mineralisation that are Material	2mm sieve. The -2mm fraction was sub-sampled using the
		to the Public Report. In cases where ‘industry standard’ work has	coning and quartering technique to obtain a representative
		been done this would be relatively simple (e.g. ‘reverse circulation	150g sample for XRF analysis. Measurements were carried
		drilling was used to obtain 1 m samples from which 3 kg was	out in a lead box in order to protect the operator from X-
		pulverised to produce a 30 g charge for fire assay’). In other cases,	rays. Analysis of each sample was continuous for 90
		more explanation may be required, such as where there is coarse	seconds (soil mode). The instrument was calibrated using
		gold that has inherent sampling problems. Unusual commodities	blanks and standards at the start of each day. Blanks,
		or mineralisation types (e.g. submarine nodules) may warrant	standards and field duplicates were inserted into the
		disclosure of detailed information.	sampling stream at a ratio of 30:1; i.e. one blank and one
			standard and one duplicate sample for every 30 samples.
			The QAQC procedure employed by the Company were
			satisfactory and the CP is confident they are sufficient for
			this stage of exploration

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JORC Code, 2012 Edition Table 1. This table applies to the Zupa exploration project in Serbia. Section 1: Sampling Techniques and Data

	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary
Drilling techniques	air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by	Not applicable as this public report does not refer to the results of drilling activity.
	what method, etc.).
	Method of recording and assessing core and chip sample recoveries and results assessed.	As per the above.
Drill sample recovery	Measures taken to maximise sample recovery and ensure representative nature of the samples.	As per the above.
	Whether a relationship exists between sample recovery and grade	As per the above.
	and whether sample bias may have occurred due to preferential
	loss/gain of fine/coarse material.
	Whether core and chip samples have been geologically and
	geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical	As per the above
	studies.
Logging	Whether logging is qualitative or quantitative in nature. Core (or	As per the above.
	costean, channel, etc.) photography.

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JORC Code, 2012 Edition Table 1. This table applies to the Zupa exploration project in Serbia. Section 1: Sampling Techniques and Data

				The total length and percentage of the relevant intersections	As per the above_._
				logged.
				If core, whether cut or sawn and whether quarter, half or all core	Not applicable as this public report does not refer to the
				taken.	results of drilling activity.
				If non-core, whether riffled, tube sampled, rotary split, etc. and	As per the above.
				whether sampled wet or dry.
				For all sample types, the nature, quality and appropriateness of	Soil samples were not subject to any laboratory sample
				the sample preparation technique.	preparation techniques. The samples were sieved through
					a -2mm screen and sample splitting to ensure
					representativity during XRF analysis. Procedures were put
Sub-sampling preparation	techniques	and	sample		in place to ensure that sample splitting achieved a representative sample, as well as, equipment sanitising was done to ensure that no cross contamination took place.
				Quality control procedures adopted for all sub-sampling stages to	Method for representative sub-sampling has been given
				maximise representivity of samples.	above. Quality control of sub-sampling was not externally
					audited but was carried out by trained and supervised
					company technicians.
				Measures taken to ensure that the sampling is representative of	Field duplicates were inserted in the sampling sequence at
				the in-situ material collected, including for instance results for	regular intervals (see above) and repeated anomalous
				field duplicate/second-half sampling.	results.

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JORC Code, 2012 Edition Table 1. This table applies to the Zupa exploration project in Serbia. Section 1: Sampling Techniques and Data

	Whether sample sizes are appropriate to the grain size of the	Results presented in this release have only been considered
	material being sampled.	qualitatively. The sampling, sub-sampling and analytical
		technique followed in the field and detailed above, is
		suitable to qualitatively detect base metal anomalies in soil.
	The nature, quality and appropriateness of the assaying and	As per the above. The XRF analytical technique is
	laboratory procedures used and whether the technique is	considered to determine the total concentration of a given
	considered partial or total.	element.
	For geophysical tools, spectrometers, handheld XRF instruments,	Olympus Delta Professional DPO, hand-held XRF
	etc., the parameters used in determining the analysis including	Spectrometer: Measurements were carried out in a lead
	instrument make and model, reading times, calibrations factors	box in order to protect the operator from X-rays. Analysis
	applied and their derivation, etc.	of each sample was continuous for 90 seconds (soil mode).
Quality of assay data and laboratory tests	Nature of quality control procedures adopted (e.g. standards,	Blanks, standards and field duplicates were inserted into
	blanks, duplicates, external laboratory checks) and whether	the sampling stream at a ratio of 30:1; i.e. one blank and
	acceptable levels of accuracy (i.e. lack of bias) and precision have	one standard and one duplicate sample for every 30
	been established.	samples. Acceptable levels of repeatability within one
		standard deviation and a lack of cross contamination have
		been observed. Selected samples may still be submitted for
		ICP-MS multi-elemental laboratory analysis in order to
		confirm the soil anomalies that have been reported in this
		report.

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JORC Code, 2012 Edition Table 1. This table applies to the Zupa exploration project in Serbia. Section 1: Sampling Techniques and Data

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	The verification of significant intersections by either independent	Not applicable as this public release does not report on the
	or alternative company personnel.	results of laboratory test.
	The use of twinned holes.	Not applicable.
	Documentation of primary data, data entry procedures, data	Downloading of the analytical data from the hand-held XRF
Verification of sampling and assaying	verification, data storage (physical and electronic) protocols.	to a laptop computer was undertaken on a daily basis. Data
		is uploaded to the Companies data base which is digitally
		stored on a cloud. The original analytical data is kept in Excel
		spreadsheets.
	Discuss any adjustment to assay data.	The analytical results were not adjusted.
	Accuracy and quality of surveys used to locate drill holes (collar	Not applicable as this release does not report on the
	and down-hole surveys), trenches, mine workings and other	estimation of a mineral resource.
	locations used in Mineral Resource estimation.
Location of data points
	Specification of the grid system used.	Locations recorded during the field mapping were recorded using a hand-held GPS. Positions were noted in
		the geographical and WGS84 UTM (Zone 34N) coordinate

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JORC Code, 2012 Edition Table 1. This table applies to the Zupa exploration project in Serbia. Section 1: Sampling Techniques and Data

		systems. In both cases the WGS84 map datum was used.
		Topographic accuracy is estimated to be within 5-10
		meters.
	Quality and adequacy of topographic control.	Not considered relevant, as the release does not refer to any resources statement.
	Data spacing for reporting of Exploration Results.	Soil samples were taken following 200m by 200m, 100m by
		100m and 50m by 50m sampling grids.
Data spacing and distribution	Whether the data spacing and distribution is sufficient to
	establish the degree of geological and grade continuity	Not applicable as this release does not report on the
	appropriate for the Mineral Resource and Ore Reserve estimation	estimation of a mineral resource.
	procedure(s) and classifications applied.
	Whether sample compositing has been applied.	Not applicable.
	Whether the orientation of sampling achieves unbiased sampling	Sample locations were orientated on a north-south grid.
	of possible structures and the extent to which this is known,	The CP consider this to be appropriate at this stage of
	considering the deposit type.	exploration
Orientation of data in relation to geological
structure
	If the relationship between the drilling orientation and the	Not applicable.
	orientation of key mineralised structures is considered to have

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JORC Code, 2012 Edition Table 1. This table applies to the Zupa exploration project in Serbia. Section 1: Sampling Techniques and Data

	introduced a sampling bias, this should be assessed and reported
	if material.
	The measures taken to ensure sample security.	At the end of each work day, the samples are stored in the
		Companies secure/locked sample storage facility on the
Sample security		project. On completion of the field activities, the samples
		are transported to the Company’s central sample storage
		unit in Knjazevac.
	The results of any audits or reviews of sampling techniques and	No audits or reviews were undertaken.
Audits or reviews	data.

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This table applies to Zupa exploration project in Serbia Section 2: Reporting of Exploration Results

Criteria	JORC Code Explanation	Commentary
	Type, reference name/number, location and ownership	The Velika Zupa is an exploration permit (#2251), as issued
	including agreements or material issues with third parties	under the Serbian laws and regulated by the Ministry of
	such as joint ventures, partnerships, overriding royalties,	Mining and Energy. The license is located in the Prijepolje
	native title interests, historical sites, wilderness or national	municipality in south-western Serbia. The permit is 100%
	park and environmental settings.	owned by Skarnore Resources d.o.o, which is a Serbian entity
		and owned (100%) by Raiden resources LTD. The Company is
		not aware of any impediments which may prevent it from
		exploring the property.
	The security of the tenure held at the time of reporting along	The Velika Zupa license is currently in good standing and the
	with any known impediments to obtaining a licence to	Company is not aware of any impediments which may impact
	operate in the area.	its ability to operate within the area.
Mineral tenement and land tenure status

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This table applies to Zupa exploration project in Serbia Section 2 Reporting of Exploration Results

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Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

The Velika Zupa permit area was primarily explored by various Yugoslav geological agencies from the 1950’s to late 80’s. Majority of the work was concentrated on the Cadinje deposit, which is located just outside of the Velika Zupa permit area. As far as the Company is aware the State agencies only conducted mapping and heavy mineral analysis on the permit. The state also executed a aero-magnetic survey over majority of Serbia, but the survey parameters are not considered sufficient to be used in target generation.Part of the permit area was held by a Serbia private Company – Murex Exploration D.O.O. The Company is not aware of the work done by the Company.

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This table applies to Zupa exploration project in Serbia Section 2 Reporting of Exploration Results

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Geology

Deposit type, geological setting and style of mineralisation.

The Zupa project is located in an Ophiolite Belt. The tectonic margin of this belt is marked by a buried structural corridor west of the terrane and is known as the East Bosnian-Durmitor Block. Together these two domains form the Dinaric Metallogenic Province. The East Bosnian-Durmitor Block comprises Triassic sedimentary rocks, limestones and volcanic rocks. Although these differ in age to the Bor metallogenic Zone in the east, they are considered prospective for analogous deposit styles, as well as replacement and skarn mineralisation.

The Zupa project is dominated by Carboniferous-age metasandstones in structural and unconformable contact with Triassic limestones and volcanic rocks. A NW striking structural

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This table applies to Zupa exploration project in Serbia Section 2 Reporting of Exploration Results

corridor runs through the western portion of the project. The western structure occurs proximal to a mapped area of pyritic alteration, indicative of hydrothermal alteration.

The Company has defined a number of target areas which will be the focus of the initial work program. They include skarn and replacement type of mineralisation as well as polymetallic deposit styles. The majority of the historical Yugoslav government work focused on outcropping and near surface mineralisation and no work was done to define the possible deeper sources of the system, which the Company considers a target for exploration.

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

Not applicable as this public release does not report on the results of drilling activity.

• easting and northing of the drill hole collar

• o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar

Drill hole Information

• dip and azimuth of the hole

• down hole length and interception depth

• o hole length.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

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This table applies to Zupa exploration project in Serbia Section 2 Reporting of Exploration Results

	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off	Not applicable as this public release does not report on grade information.
	grades are usually Material and should be stated.
	• Where aggregate intercepts incorporate short lengths of
Data aggregation methods	high-grade results and longer lengths of low grade
	results, the procedure used for such aggregation should
	be stated and some typical examples of such
	aggregations should be shown in detail.
	The assumptions used for any reporting of metal equivalent
	values should be clearly stated.
	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the	Not applicable as this public release does not report on the results of drilling.
Relationship between mineralisation widths	drill hole angle is known, its nature should be reported.
and intercept lengths	If it is not known and only the down hole lengths are
	reported, there should be a clear statement to this effect
	(e.g. ‘down hole length, true width not known’).
	Appropriate maps and sections (with scales) and tabulations	Figure 1 above shows the locations of the soil samples that
	of intercepts should be included for any significant discovery	are discussed in this Public Report.
Diagrams	being reported. These should include, but not be limited to a
	plan view of drill hole collar locations and appropriate
	sectional views.
	Where comprehensive reporting of all Exploration Results is	This release was prepared reporting on all soil sampling
Balanced reporting	not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid	results available for the Zupa Project at the time of writing. The presented maps highlight the areas with anomalous
	misleading reporting of Exploration Results.

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This table applies to Zupa exploration project in Serbia Section 2 Reporting of Exploration Results

values, whereas, Figure 1 indicates the location of all sample points.

Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• The information provided in this public release is partially based on observations made when the company’s technical team visited the Zupa permit area. • Geological information provided in figures presented above has been extracted from published geological maps. Geological Map of Serbia (1:100,000). • No information is available on metallurgy, ground water, bulk density or rock stability.
		• Integration and interpretation of the various data sets is
		on-going.
Further work	The nature and scale of planned further work (e.g. tests for	Raiden’s exploration program for the Zupa permit for the
	lateral extensions or depth extensions or large-scale step-out	remainder of 2019 will include additional soil sampling. The
	drilling).	base-metal anomalism discussed in this release is still to be
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and	confirmed and selected samples may be submitted for base metal ICP-MS analysis and fire assay gold analysis.
	future drilling areas, provided this information is not
	commercially sensitive.

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