RAIDEN RESOURCES LIMITED — Capital/Financing Update 2021

Nov 7, 2021

Update Summary

Entity name

RAIDEN RESOURCES LIMITED

Announcement Type Update to previous announcement

Date of this announcement

5/11/2021

Reason for update to a previous announcement

Inclusion of options to be issued under 7.1.

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

1.1 Name of +Entity

RAIDEN RESOURCES LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

Registration Number

ABN

68009161522

1.3 ASX issuer code

RDN

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Inclusion of options to be issued under 7.1.

1.4b Date of previous announcement to this update

2/11/2021

1.5 Date of this announcement

5/11/2021

1.6 The Proposed issue is:

A placement or other type of issue

Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? Yes

7A.1a Conditions

Approval/Condition +Security holder approval Date for determination 22/12/2021 Is the date estimated or actual? ** Approval received/condition met? Estimated

Comments

Issue of approx 1.8m performance shares to Gold Bull in regards to the Zlatusha and Kalabak project is subject to shareholder approval. Other securities will be issued under the Company's placement capacity

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this +security include an offer of attaching +securities? No

Details of +securities proposed to be issued

ASX +security code and description

RDNAC : PERFORMANCE SHARES

Number of +securities proposed to be issued

180,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

These consideration shares are subject to shareholder approval and shall convert to ordinary Raiden shares only once and if significant technical milestones are achieved on each of the projects. Refer to the ASX release dated 02 November 2021 for further information.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

1,500,000.000000

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this +security include an offer of attaching +securities? Yes

Details of +securities proposed to be issued

ASX +security code and description

RDN : ORDINARY FULLY PAID

Number of +securities proposed to be issued

125,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? Yes

In what currency is the cash	What is the issue price per
consideration being paid?	+security?
AUD - Australian Dollar	AUD 0.02000

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Attaching +Security

Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX)or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)?New class
Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)
Details of attaching +securities proposed to be issued
ISIN Code (if Issuer is a foreign company and +securities are non CDIs)
Have you received confirmation from ASX that the termsof the proposed +securities are appropriate andequitable under listing rule 6.1?No	Will the entity be seeking quotation of the 'new' class of+securities on ASX?Yes
ASX +security code	+Security description
New class-code to be confirmed	Listed Options
+Security type
Options
Number of +securities proposed to be issued
50,000,000
Offer price details
Are the +securities proposed to be issued being issued for a cash consideration?No
Please describe the consideration being provided for the +securities
Free attaching options for placement being 1 option for every 2.5 shares placed
Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities0.000001
Will all the +securities issued in this class rank equally in all respects from their issue date?Yes

Options details

+Security currency

AUD - Australian Dollar

Exercise price

AUD 0.0400

Expiry date

31/12/2023

Details of the type of +security that will be issued if the option is exercised

RDN : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised

1

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

1 listed option for every 2.5 fully paid ordinary shares subscribed for - refer announcement released 02/11/2021

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this +security include an offer of attaching +securities? No

Details of +securities proposed to be issued

ASX +security code and description

RDN : ORDINARY FULLY PAID

Number of +securities proposed to be issued

40,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

The Kalabak and the Zlatusha project. Refer announcement 02.11.21 for further details.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

1,000,000.000000

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Part 7C - Timetable

7C.1 Proposed +issue date 8/11/2021

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?

1. 2,235,850 of 125,000,000 fully paid ordinary securities to raise $2.5m AUD (remaining to be issued under 7.1A),

2. 40,000,000 fully paid ordinary shares as consideration for the acquisition of the Zelenrok and Zlatusha projects

3. 50,000,000 free attaching listed options, and

4. 3,750,000 broker fee at $0.02

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? Yes

7D.1c ( i ) How many +securities are proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A?

122,764,150 of 125,000,000 fully paid ordinary shares to raise $2.5m AUD.

7D.1c ( ii ) Please explain why the entity has chosen to do a placement rather than a +pro rata issue or an offer under a +security purchase plan in which existing ordinary +security holders would have been eligible to participate

The Company drill rig contract are based on access and availability of which timing to the equipment is uncertain as subject to external demand and availability. The Company undertook the placement as this was the quickest option available for funding.

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? Yes

7E.1a Who is the lead manager/broker?

CPS Capital Group Pty Ltd and Morpheus Capital Limited (Joint Lead Manager and Broker) on $2.5, AUD placement.

7E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

Management fee 2% of placement and placement fee 4% of placement. Half of the fee will be settled in equity and the other half will be cash.

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

No other material fees

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

The funds raised ensure that the upcoming drilling program at Arrow and the planned drilling campaign at Vuzel in Bulgaria are fully funded. The Company is also working towards a drill campaign at its Mt Sholl Ni-Cu-PGE project.

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

Nil

7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)