RAIDEN RESOURCES LIMITED — Capital/Financing Update 2021

Jun 1, 2021

Update Summary

Entity name

RAIDEN RESOURCES LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

Wednesday June 2, 2021

Reason for update to a previous announcement

Update from estimate of shares to final number of shares to be issued based on 20 day VWAP from date of execution. Update from approximate issue date being 24 May 2021 to approximately 15 June 2021.

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.

1.2 Registered Number Type

ABN

Registration Number

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

Update from estimate of shares to final number of shares to be issued based on 20 day VWAP from date of execution. Update from approximate issue date being 24 May 2021 to approximately 15 June 2021.

1.4b Date of previous announcement(s) to this update

Friday April 23, 2021

1.5 Date of this announcement

Wednesday June 2, 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 - Are any of the following approvals required for the placement or other type of issue?

• +Security holder approval
• Court approval
• Lodgement of court order with +ASIC
• ACCC approval
• FIRB approval
• Another approval/condition external to the entity

No

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

RDN : ORDINARY FULLY PAID

Number of +securities proposed to be issued

36,338,315

Reason for the update of 'Maximum Number of +securities proposed to be issued'

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

Acquisition of remaining 25% interest in tenements E45/3571 E45/3474 M45/115 M45/987 E45/3586 E47/3476 E47/3478

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 Tuesday June 15, 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?

A$1,000,000 in fully paid ordinary shares of Raiden equating to 36,338,315 shares based on a 20 day VWAP (at $0.028 per share) from date of execution of the agreement (on issue securities will be subject to 6 months voluntary escrow from date of issue).

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)? No

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? Yes

7D.4a Please enter the number and +class of the +securities subject to +voluntary escrow and the date from which they will cease to be subject to +voluntary escrow

A$1,000,000 in fully paid ordinary shares of Raiden equating to 36,338,315 shares based on a 20 day VWAP (at $0.028 per share) from date of execution of the agreement (on issue securities will be subject to 6 months voluntary escrow from date of issue).

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

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

Part 7F - Further Information

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

Acquisition of remaining 25% interest in tenements E45/3571 E45/3474 M45/115 M45/987 E45/3586 E47/3476 E47/3478

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

A$1,000,000 in fully paid ordinary shares of Raiden equating to 36,338,315 shares based on a 20 day VWAP (at $0.028 per share) from date of execution of the agreement (on issue securities will be subject to 6 months voluntary escrow from date of issue).