RAIDEN RESOURCES LIMITED — Capital/Financing Update 2021

Nov 1, 2021

CAPITAL RAISE, ARROW DRILL CONTRACT & CONSOLIDATION OF ENTIRE WESTERN TETHYAN PORTFOLIO

HIGHLIGHTS

• Company has closed oversubscribed capital raising of A$2.5m for planned drill programs across key Pilbara and Western Tethyan projects
• Drill contract signed for maiden 5,000m Reverse Circulation drill program at Raiden's 100% owned Arrow North Project
• Targets are located ~35km along strike of (ASX:DEG) De Grey Mining's Hemi deposit with similar geological environment
• Drilling targeting Hemi-style, small volume Indee Suite intrusives, identified from Raiden's recent high resolution magnetic survey, and associated altered intrusive & sediments
• Company nearing completion of detailed evaluation and remodelling exercise of historical drilling (~80,000m) and geophysical data on the Mt Sholl Ni-Cu-PGE Pilbara project
• In Bulgaria, the BG1, advanced porphyry-epithermal license has been issued by the Ministry of Energy
• Work program approved by Ministry of Energy for flagship Zlatusha project in Bulgaria
• Raiden executed a purchase agreement over Kalabak and Zlatusha licenses in Bulgaria – now owns 100% of both assets
• Raiden now either owns or has a path to 100% of entire portfolio in Europe – consolidation of portfolio completed
• Company continues to engage with strategic partners in relation to its Western Tethyan portfolio

QUICK STATS ASX Code: RDN DAX Code: YM4

BOARD & MANAGEMENT

Non- Executive Chairman Mr Michael Davy

Managing Director Mr Dusko Ljubojevic

Non-Executive Director Mr Martin Pawlitschek

Non-Executive Director Mr Dale Ginn

Company Secretary Ms Kyla Garic

ASSET PORTFOLIO

SERBIA

Cu, Co & Au (~269km2 )

BULGARIA

Cu, Au & Ag (~409km2 )

AUSTRALIA Au, Cu, Ni & PGE (~840km2 )

P 08 6158 9990 Suite 7, 63 Shepperton Road, Victoria Park, WA 6100 ABN 68 009 161 522

Raiden Resources Limited (ASX: RDN) ("Raiden" or "the Company") is pleased to announce the completion of a capital raising, signing of a drill rig contract for its maiden 5,000m Reverse Circulation ("RC") drilling program at the Arrow North Project (E47/3476) in the Pilbara region of Western Australia, as well as, provide an update in regard to licensing and corporate activity across its Western Tethyan portfolio.

Mr Dusko Ljubojevic, Managing Director of Raiden commented:

"Management is very excited to commence with our maiden drill program on the Arrow North project. This initial program is the culmination of a significant amount of targeting work carried out over the last year, as well as, engagement with all stake holders in the project area. The maiden program will focus on one of the key target areas, where prospectivity is defined by multiple data sets and correlates to numerous elements which define the Hemi deposit. At the same time, we are currently evaluating and remodelling all the historical work available over the Mt Sholl project, where approximately 80,000 meters of drilling has been completed to date. We are planning to provide an update to the market over the following weeks. As part of our strategy, we have also executed the acquisition of 100% of Zelenrok EOOD, a Bulgarian entity, which holds the rights to the Kalabak and Zlatusha projects in Bulgaria. This acquisition provides Raiden with 100% exposure to the entire portfolio in Bulgaria and in Serbia. This acquisition means that Raiden now either owns or has a path to 100% of the entire portfolio in Europe. This provides the Company with optionality in terms of potential strategic partnerships and other means to finance an aggressive, multi project campaign, without further dilution to shareholders. With a number of projects advancing through the permitting cycle in Bulgaria, it is promising to be a very active 2022. Finally, the board would like to thank CPS Capital and Morpheus Corporate for their support on the capital raising, which provides the Company with the runway to execute its planned drill programs."

Placement Update

The Company has closed an oversubscribed A$2.5m share subscription through its joint led capital raise with CPS Capital and Morpheus Corporate. 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.

The A$2.5m placement, comprises the issue of 125,000,000 shares at an issue price of $0.02 per share ("Placement"). The $0.02 placement price represents a ~22% discount to the 15-day VWAP price. Each placement share subscribed for, will receive a 1 for 2.5 free attaching option (i.e. 50,000,000 options) exercisable at $0.04 per share with a 3 year expiry from the date of issue. The Company plans to list the options over the course of the next few weeks, subject to a prospectus being approved and completed.

Arrow North drilling campaign

Figure 1: Arrow in relation to ASX:DEG tenure and the Hemi gold deposit

The Company has entered a drill rig contract with Orlando Drilling Pty Ltd to undertake an initial 5,000 meter RC drilling campaign on its Arrow North project. Anticipated drilling start date is expected in early December 2021, following completion of a heritage survey and drill pad preparation.

The Arrow North Project is located approximately 35 km to the south-east, and along strike from De Grey Mining's Hemi 6.8moz gold deposit (refer ASX: DEG 23rd June 2021 announcement) where small volume and linear Indee Suite intrusions are intimately associated with gold mineralisation. The gold at Hemi is located in and around these bodies within northeast-southwest striking shear zones adjacent to a larger Indee Suite stock.

Targeting at Arrow to date has been based around identifying the intrusions, host structures and products of gold-related hydrothermal alteration. Raiden's recent high resolution aeromagnetic survey identified 40 intrusive targets, where the magnetic response is indicative of small volume and linear Indee Suite intrusions, and also included zones of demagnetisation, and possible

hydrothermal alteration, associated with mineralisation (refer ASX: RDN 6th July 2021 announcement) 1 . In addition, a series of northeast-southwest striking shear zones adjacent to the larger Indee Suite Peawah Granodiorite (Figure 2), a structural setting comparable to the setting associated with the Hemi deposit has been identified.

In conjunction with recent field verification of these intrusive bodies through geological mapping, which identified zones of altered sandstone and Indee Suite quartz diorite, and where soil sampling defined a number of discrete multi-element anomalies (Au-As-Sb), management believe that we have identified a number of highly prospective targets for this initial drill program. Further, technical information on the specific targets, which will be the focus of the maiden 5,000 meter RC drill campaign, will be released prior to the commencement of the program.

1 Refer to ASX announcement 6 July 2021. The Company confirms that it is not aware of any information or data that materially affects the information included in the market announcements, and that all material assumptions and technical parameters underpinning the estimates continue to apply.

Figure 2: Arrow Project Geology and Targets as defined through recent high resolution magnetic survey

Historical data Evaluation and Modelling Across Mt Sholl Project

The Company has engaged an external consultant to conduct an evaluation and a remodelling exercise of all historical drilling information on the Mt Sholl project. Approximately 80,000 meters has been drilled across the current landholding, with the majority of that relating to the A1, B1 and B2 deposits. The objective of the exercise is to gain a better understanding of grade distributions; improve understanding on controls on the mineralisation and design a follow-up drill program.

The Company also engaged Terra Resources, a Perth based geophysical service provider, to re-evaluate and re-model historical ground based electro-magnetic ("EM") data pertaining to A1 and B2 deposits, to define any potential exploration targets which remain untested across these deposits.

The Company plans to update the market with regard to these results over the next few weeks.

Figure 3 – Mt Sholl project area (100% Raiden), including the recently acquired Welcome tenements (80% Raiden), with main prospects (left); highlight drill intercepts on the B2 deposit - 'inset' (right)

For additional information pertaining to the Mt Sholl and Welcome Ni-Cu-PGE projects the Company refers investors to its ASX: RDN announcement on the 13th September 20212 .

2 Refer to ASX announcement 13 September 2021. The Company confirms that it is not aware of any information or data that materially affects the information included in the market announcements, and that all material assumptions and technical parameters underpinning the estimates continue to apply.

BG1 Permit Issued in Bulgaria

The Company was informed that the Ministry of Energy in Bulgaria has issued the exploration permit for the BG1 license (19km2 /100% Raiden), which the Company was awarded through a competitive tender. The BG1 project is an advanced copper-gold project considered highly prospective for porphyry and associated epithermal mineralisation. The project is located in a key mining district, which hosts several operating porphyry and epithermal mines, with excellent infrastructure, including a Cu-Au smelter, which is located approximately 40km away. All the drilling on the project, executed by Bulgarian state geological agencies, was completed in the 1960's and early 1970's, with no further work being undertaken on the project since that period. The drilling results demonstrated the presence of a copper-gold porphyry system and potential epithermal mineralisation and include significant intercepts, including:

150m @ 0.3% Cu (from 28m) including 90m @ 0.36% Cu 135m @ 0.2 % Cu (from 18m) 2.5m @ 15.4 g/t Au (from 289m) 35.8m @ 0.48 g/t Au (from 226m) and ; 40m @ 1.6 g/t Au (from 257)

The historical drilling did not have the benefit of modern geochemical methodology, nor modern geophysical surveys, which the Company believes will greatly aid in understanding the system and guide future drilling towards the centre of the system. Notably, gold was not systematically analysed in the historical drilling.

The Company will continue to advance the statutory permitting process on BG1, including obtaining the approvals for the proposed exploration program, with the objective of executing the initial field work in 2022. For additional information in relation to the BG1 project the Company refers investors to its ASX: RDN announcement on the 22nd April 20203 .

3 Refer to ASX announcement 22 April 2020. The Company confirms that it is not aware of any information or data that materially affects the information included in the market announcements, and that all material assumptions and technical parameters underpinning the estimates continue to apply.

Figure 4 – examples of outcropping alteration on the BG1 project

Work Program Approved for Zlatusha Project in Bulgaria

The Company received notification that the Bulgarian Ministry of Energy has approved the proposed work program for the Company's flagship Zlatusha project in Bulgaria. Along with other state agencies, this was the last outstanding approval required for the work program. The Company will expedite the statutory archaeological surveys across the license over the following months and aim to commence with the field activities across the project in early 2022.

The Zlatusha project encompasses of a large (195km2) area, mainly consisting of Cretaceous volcanics, which are known to host major porphyry and epithermal deposits in the region, including both in Serbia and

Bulgaria. No systematic soil sampling, or modern geophysical surveys have been carried out over the Zlatusha license.

Figure 5 – Zlatusha and Donje Nevlje projects and known prospects

For further information on the Zlatusha project the Company refers investors to ASX: RDN 5 th August 20214 .

Purchase of Zlatusha and Kalabak Projects in Bulgaria

In line with its strategic objectives, the Company has executed a purchase agreement with Gold Bull Resources Corp ("Gold Bull"), which owns Zelenrok EOOD, a Bulgarian registered company holding the rights to the Zlatusha and Kalabak projects, as well as, an additional mineral application, "Draka", in Bulgaria.

The Company previously announced on the 15th of July 20194 , that it entered into two binding option agreements with QX Metals Ltd, a 100% subsidiary of Gold Bull, in relation to the Kalabak and Zlatusha projects. Since the execution of the option agreement, Raiden has been advancing the permitting process on

4 Refer to ASX announcement 5 August 2021 and 15th of July 2019. The Company confirms that it is not aware of any information or data that materially affects the information included in the market announcements, and that all material assumptions and technical parameters underpinning the estimates continue to apply.

the Zlatusha project, which has recently been approved and has been actively exploring the Kalabak project, which is also fully permitted.

The Company considers both projects to be highly prospective for epithermal and porphyry style mineralisation, and management has determined that having exposure to 100% of discovery potential for these projects warrants the purchase under the terms specified.

The execution of this agreement means that Raiden now, either outright owns 100%, or has a clear path to 100% ownership of all the projects within its portfolio in the Western Tethyan. Management consider this to be a very significant step, considering the fact that the Western Tethyan segment in Serbia and Bulgaria, has been and continues to be a very competitive exploration landscape with numerous junior explorers and several global and local developers active in the region for over the last decade. The extensive activity in the regions has resulted in a scarcity of quality exploration ground, where Raiden has now compiled one of the largest exploration portfolios in the region.

This transaction also means that further options are open to Raiden in terms of potential strategic partnerships, allowing Raiden to consider portfolio wide transactions with exposure to 100% interest.

Furthermore, the consideration shares, as defined below, are only converted to ordinary Raiden shares, if the projects achieve significant technical success.

Purchase agreement key terms;

• All rights and obligations under the option agreements executed in 2019 are cancelled
• Raiden shall assume 100% ownership and management of Zelenrok EOOD, the Bulgarian entity which has the rights to the Zlatusha and Kalabak projects and the exclusive rights to the Draka mineral exploration application in Bulgaria
• On obtaining of all regulatory approvals and meeting of other administrative condition precedents, Raiden shall;
  • o Pay Gold Bull A$25,000 in cash;
  • o Issue Gold Bull A$250,000 equivalent of Raiden ordinary and fully paid shares for the Kalabak project, to be calculated on a 15 day VWAP prior to execution of the purchase agreement
  • o Issue Gold Bull A$750,000 equivalent of Raiden ordinary and fully paid shares for the Zlatusha project, to be calculated on a 15 day VWAP prior to execution of the purchase agreement

Raiden will also issue additional consideration/performance shares to Gold Bull in relation to each of the three projects. The consideration share details are subject to significant technical success as follows:

• A$1,500,000 equivalent consideration/performance shares in Raiden securities, in regard to each of Zlatusha and Kalabak projects and Draka application. These consideration shares are subject to shareholder approval and shall convert to ordinary Raiden shares only once and if the following technical milestones are achieved on each of the projects;
  • o Announcement by Raiden of an independently verified JORC Mineral Resource Estimate over a project of at least:
    • 1Moz at or above 2g/t gold (or gold Equivalent, being any of Cu, Ag, Mo, Pb and Zn) for an underground resource, or 1g/t for an open pit scenario and gold Equivalent (being any of Cu, Ag, Mo, Pb and Zn); or

• 0.5Moz at or above 4g/t gold (or gold Equivalent, being any of Cu, Ag, Mo, Pb and Zn) for an underground resource, or 2g/t for an open pit scenario; or
• 5Moz at or above 0.5g/t gold (or gold Equivalent, being any of Cu, Ag, Mo, Pb and Zn),

For sake of clarity, the consideration/performance shares to the value of A$1,500,000 will apply to each of the 3 projects separately and independently of each other. The share value will be determined on a 15 day VWAP ending on (and including) the business day before the date of the meeting of the Raiden Shareholders at which the issue of the Performance Rights is approved (conversion to ordinary Raiden shares), which will only occur upon meeting of the technical milestones as defined above.

A Performance Right will lapse upon the earlier of:

• the relevant Vesting Condition becoming incapable of satisfaction;
• the relevant Vesting Condition not being satisfied on or before 5.00pm (WST) on the date that is 5 years from the date of issue;
• Raiden ceasing to hold an interest in the project to which the relevant Vesting Condition/consideration shares relate, whether directly or indirectly (including through a joint venture or any company in which Raiden holds shares).

Each property (Zlatusha, Kalabak and Draka), will also be subject to a 2% NSR, where Raiden will have the exclusive option, but not the obligation to purchase down the NSR on each project, separately and independent of the NSR across the other projects, as per following terms;

• o the Company's option to purchase an initial 0.5% of the total Royalty for USD$2,500,000, prior to commencement of commercial production (reducing the Royalty from 2% to 1.5%); and
• o an option for the Company to purchase a further 1% of the Royalty for USD$5,000,000, prior to commencement of commercial production (reducing the Royalty from 1.5% to 0.5%).

Management continue to evaluate, the Companies existing portfolio and are determining the optimal means to execute and finance an aggressive exploration campaign across the entire portfolio of projects, with a view to limit existing shareholder dilution. Future actions may include potential spinouts or strategic partnerships across various projects within the entire portfolio. Management also continue to evaluate new opportunities which may generate significant value to shareholders.

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 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 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. The information previously released to the ASX on 6 July 2021 (40 Intrusion Related Targets Defined at Arrow), on 13 September 2021 (Significant Expansion to Mt Sholl Ni-Cu-PGE Project), 22 April 2020 (Raiden Reports on Historical Data and Field Observations from the BG1 Project in Bulgaria) and 5 August 2021 (Exploration Agreement Signed for Flagship Balkans Project) continues to apply and has not materially changed, and the Company is not aware of any new information or data that materially affects the information that has been provided in this announcement. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market 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.

About Raiden Resources

Raiden Resources Limited . (ASX:RDN / DAX:YM4) is a dual listed base metal—gold exploration Company focused on the emerging and prolific Western Tethyan metallogenic belt in Eastern Europe, where it has established a significant exploration footprint in Serbia and Bulgaria. In 2021 Raiden has completed a transaction that resulted in the acquisition of highly prospective portfolio of gold, copper, nickel and 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.