RAIDEN RESOURCES LIMITED — Capital/Financing Update 2020

Oct 18, 2020

ASX RELEASE | 19[th] October 2020

KALABAK DRILLING PROGRAM UPDATE

HIGHLIGHTS

• Company has completed the maiden drilling program on the Kalabak project in Bulgaria;

• Company drill tested the Sbor and Belopoltsi targets;

• Samples have been dispatched to the laboratory for analysis; and

• Results and interpretations are anticipated within the following 3 to 4 weeks

QUICK STATS ASX Code: RDN

DAX Code: YM4

Shares on Issue: 538.5 million **Market Cap: ~** $19.9 million

BOARD & MANAGEMENT Non- Executive Chairman Mr Michael Davy

Managing Director Mr Dusko Ljubojevic

Raiden Resources Limited (ASX: RDN) (‘Raiden’ or ‘the Company’) is pleased to announce an update in regard to the drilling program at Kalabak.

Non-Executive Director Mr Martin Pawlitschek

Company Secretary Ms Kyla Garic

ASSET PORTFOLIO

Mr Dusko Ljubojevic, Managing Director of Raiden commented:

“We are pleased to have completed the drilling program at Kalabak, on time and within budget. We anticipate to receive the results from the laboratory over the following 3 weeks, at which time we shall inform the market and develop the follow-up program.”

Stara Planina - Serbia

(JV – path to 100% - 46km[2] )

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

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

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

Kalabak - Bulgaria (JV - path to 75% - ~195km[2] )

Sbor drilling program

Zlatusha - Bulgaria

(JV -, path to 75% - ~195km[2] )

The Company has successfully completed the planned drilling program on the Kalabak project. The program consisted of just over 1600 metres of diamond drilling over 4 drill sites. The key focus was on the Sbor target, which the Company has been developing over the last 12 months and which is defined by a gold-copper-molybdenum in soil anomaly and outcropping alteration. A total of 3 out of the total 4 drill holes were completed

Vuzel - Bulgaria (JV – path to 100% - ~26.5km[2] )

ASX RELEASE | 19[th] October 2020

on the Sbor target, with the objective of determining the extent of the anomaly to gain a better understanding of the controlling features.

The Company has completed the cutting and sampling of the drill core and samples have been dispatched to the ALS laboratory in Romania for analysis. The Company expects the analysis to be completed within the following 3-4 weeks and will report on the results in due course.

This ASX announcement has been authorised for release by the Board of Raiden Resources Limited.

FOR FURTHER INFORMATION PLEASE CONTACT:

DUSKO LJUBOJEVIC

Managing Director RAIDEN RESOURCES LIMITED dusko@raidenresources.com.au

www.raidenresources.com.au

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. Investors are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and the Company does 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.

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ASX RELEASE | 19[th] October 2020

About Raiden Resources

Raiden Resources Limited (ASX: RDN) is an ASX/DAX listed copper—gold focused exploration Company focused on the emerging prolific Tethyan metallogenic belt in Eastern Europe and has established a significant exploration footprint in Serbia and Bulgaria.

Over the last 2½ years, the Company has secured one of the largest project portfolios, considered prospective for porphyry and epithermal mineralisation in Eastern Europe. The Company has defined over 20 porphyry, epithermal and polymetallic prospects over the course of 2019, a number of which will be drill tested during the remainder of 2020 and during 2021.

Furthermore, the Company has recently announced that it has entered into an option agreement to purchase a large portfolio of gold and Nickel-Copper-PGE projects in the Pilbara region of Western Australia.

The Directors believe that the Company is well positioned to unlock value from this exploration portfolio and deliver a significant mineral discovery.

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