RAIDEN RESOURCES LIMITED — Capital/Financing Update 2020

Sep 3, 2020

ASX RELEASE | 4[th] September 2020

$1M CAPITAL RAISING AND DRILLING ON KALABAK PROJECT UNDERWAY IN BULGARIA

QUICK STATS ASX Code: RDN

DAX Code: YM4

Shares on Issue: ~ 574.3 million*

OVERVIEW

• Company has received applications to raise $1M, which includes Director participation of $195k (subject to shareholder approval)

• Drilling on Kalabak commenced with Sbor Au-Cu porphyry target drilling underway

• Plans will include drill testing of the Belopoltsi epithermal gold target on completion of Sbor drill testing

• Engaged in review and discussions with several international and Australian gold opportunities

Market Cap: ~ $4.02 million Cash Position : ~A$1.25M

*Assumes completion of the Placement

BOARD & MANAGEMENT Non- Executive Chairman Mr Michael Davy

Managing Director Mr Dusko Ljubojevic

Non-Executive Director

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 advise that it has received all permits to drill at its Kalabak project and has commenced drilling. To support the drilling program the Company has received applications from sophisticated, professional and exempt investors to raise $1 million, as well as the commencement of drilling on the Kalabak project.

Dusko Ljubojevic, Managing Director of Raiden commented:

“ We are very excited to be finally drilling the targets on Kalabak. Both the Sbor porphyry and Belopoltsi epithermal gold targets provide us with an opportunity for an exciting discovery in an emerging gold district in Bulgaria. This is the initial drill program, which we expect to provide insight into the nature of mineralisation and structural controls of both targets and assist in guiding further drilling. Furthermore, we are thankful for the support of current and

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

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

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

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

Zlatusha - Bulgaria (Pending final signature – Jv with QX Metals, path to 75% - ~195km[2] )

Vuzel - Bulgaria

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

ASX RELEASE | 4[th] September 2020

new investors, who participated in the non-brokered capital raising. The Company is now fully funded for the planned drilling program.”

Capital Raising

The Company has received applications from sophisticated, professional and other exempt investors to subscribe for a $1 million capital raising ( Placement ). Funds raised will be used to advance the Company’s projects including drilling at Kalabak, to further its acquisition strategy and provide working capital.

The Placement was undertaken at an offer price of $0.007 per new share, representing a discount of 22% to the closing price on 28 August 2020 and a 8.76% discount to the 15 day volume weighted average price of shares prior to this date.

A total of 142,857,143 new fully paid ordinary shares ( Shares ) will be issued under the Placement in two tranches:

• 107,142,857 Shares to raise $750,000 will be issued in tranche 1 under the Company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A, with:

• 64,714,619 Shares being issued under ASX Listing Rule 7.1; and

• o 42,428,238 Shares being issued under ASX Listing Rule 7.1A; and

• subject to shareholder approval, 35,714,286 Shares will be issued in tranche 2 to raise the balance of $250,000.

The Directors have committed to take up $195,000 under the Placement, subject to the receipt of prior shareholder approval.

The Company anticipates that completion of tranche 1 will occur on 9[th] September 2020 and will convene a shareholders meeting to approve tranche 2 to be held in the Annual General Meeting, with tranche 2 funds to be transferred shortly after the meeting.

New Shares issued under the placement will be fully paid ordinary shares ranking equally with the Company’s existing shares on issue.

The Placement was conducted by the Company and as such no broker was appointed and no capital raising fees will be paid.

Kalabak drilling - Sbor gold porphyry target

The Company has commenced drilling at a number of its targets at the Kalabak project, where it has the right to earn up to a 75% interest.

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ASX RELEASE | 4[th] September 2020

The Sbor target is defined by a coherent gold in soil anomaly, measuring approximately 400m by 400m. The gold anomaly is also coincidental with both molybdenum and copper soil anomalies, as well as strong argillic and phylic alteration at surface. Sheeted and stockwork quartz veining (refer figure 1 and 2), which has been mapped over the target area is indicative of a porphyry system at depth. The target remains untested at depth, despite significant evidence of potential mineralisation.

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Figure 1 - sheeted and stockwork veining on the Sbor target

Considering the high gold content and the relative high grade of Eldorado Gold’s Skouries porphyry deposit in Greece, located in the same belt and geological setting comparable to that at Sbor, the Company considers the Sbor target to be the highest priority within the Kalabak project and is therefore being drill tested first.

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ASX RELEASE | 4[th] September 2020

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Figure 2 - outcropping veining on the Sbor porphyry target

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Figure 3 - 3D UBC magnetic susceptibility inversion models over the Sbor prospect depicting the size and vertical extent of the M4 magnetic high, which is interpreted as a potential porphyry related (potassic) alteration zone. The magnetic anomaly at Sbor coincides with the outcropping mineralisation and a well-defined Copper-Gold-Molybdenum soil anomaly

Further information on the Sbor target can be found in the Company’s ASX releases on the 22[nd] November 2019 and the 5[th] of May 2020.

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ASX RELEASE | 4[th] September 2020

Kalabak drilling - Belopoltsi epithermal gold target

The Belopoltsi epithermal gold target is located within the eastern perimeter of the Kalabak project area. The prospect was mapped out by Raiden geologists in 2019. Follow up soil sampling defined several anomalous zones, which correlated with outcropping quartz veins and elevated gold in rock samples. Management believe that the outcropping chalcedony veins may contain higher gold values at depth and the drilling program will aim to test the structures at 100-200m below the surface.

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Figure 4 - Hydrothermal / tectonic breccia on the contacts of rhyolitic dykes at Belopoltsi target

Further information on the Belopoltsi target can be found in the Company’s ASX release on the 18[th] November 2019.

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ASX RELEASE | 4[th] September 2020

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Figure 5 - Belopoltsi low sulphidation, gold bearing, chalcedony veins

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ASX RELEASE | 4[th] September 2020

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Figure 6 - Kalabak project in relation to Ada Tepe gold mine (Dundee Precious Metals) and the Rozino gold deposit (Velocity Minerals). Notably, the Kalabak project is strategically located within potential trucking distance of both deposits. Eldorado Golds Skouries deposit is a gold rich AuCu porphyry. The Company believes that the Sbor target has a number of similarities to this deposit.

Acquisition Strategy

In line with Raiden’s corporate strategy on exploring and evaluating new projects which have the potential to deliver Tier 1 discoveries, over the past two years, the Company has completed three drill campaigns across its portfolio, as well as, increased its landholding within the region, and as a result is one of the largest land holders of the highly prospective cretaceous and tertiary volcanic belts in Serbia and Bulgaria.

As evidenced by the commencement of drilling at Kalabak, the Company remains committed to development of its existing projects, but also continues to evaluate further potential acquisitions, in line with its continued growth strategy. The Company’s current focus is on identifying (many of the ones we look at are not at resource state) Tier 1 gold or copper acquisition opportunities internationally and in Australia. The Company has been actively evaluating and is in discussions

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ASX RELEASE | 4[th] September 2020

regarding a range of opportunities, but notes that these discussions are preliminary in nature and there is no certainty a transaction will transpire.

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

Competent Person's Statement

The Exploration Results referred to in this announcement were first reported in accordance with Listing Rule 5.7 in the Company's ASX announcements of 18 November 2019, 22 November 2019 and 5 May 2020. The Company confirms that it is not aware of any new information or data that materially effects the information included in the previous ASX announcements.

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 | 4[th] September 2020

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 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.

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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