RAIDEN RESOURCES LIMITED — Capital/Financing Update 2021

May 9, 2021

SIGNIFICANT GOLD AND SILVER RESULTS FROM SURFACE SAMPLING AT VUZEL PROJECT

HIGHLIGHTS

Significant gold and silver results from rock-channel sampling at Vuzel project, Bulgaria.

• Historically defined high grade gold zones were field checked and rock-chip sampled. Significant intervals* include:
  • o 6 m @ 5.9 g/t Au
  • o 2 m @ 6.6 g/t Au
  • o 3 m @ 3.9 g/t Au
• Best silver intervals from the historic data include:
  • o 8 m @ 79 g/t Ag
  • o 10 m @ 49 g/t Ag
  • o 6 m @ 38 g/t Ag
• Two gold and one silver zones were defined for further field evaluation and initial drill testing later in the season
• Permitting of 1,000-2,000 meter drilling program is advanced with involvement of the local municipality and forestry agency.

* selected intervals; a full list of gold and silver results is provided in Table 1, the analytical results are provided in Table 2

QUICK STATS

ASX Code: RDN DAX Code: YM4

BOARD & MANAGEMENT

Non- Executive Chairman Mr Michael Davy

Managing Director Mr Dusko Ljubojevic

Non-Executive Directors Mr Martin Pawlitschek

Company Secretary Ms Kyla Garic

ASSET PORTFOLIO

SERBIA Cu, Co & Au (~269km2)

BULGARIA Cu, Au & Ag (~409km2)

AUSTRALIA Au, Cu, Ni & PGE (~823km2)

Raiden Resources Limited (ASX: RDN) ("Raiden" or "the Company") is pleased to announce a progress update on the Vuzel gold and silver project in Bulgaria.

Mr Dusko Ljubojevic, Managing Director of Raiden commented:

"The objective of the field exercise was to verify selected high-grade gold and silver zones, which are referenced in the historical work. We will integrate these results into the planning of the drilling activities, which we aim to commence in the near term. We continue to liaise with all state and municipal agencies to ensure we can complete the drill access program as soon as possible.

Furthermore, the Company's soil sampling program over the Vuzel silver anomaly has indicated that the prospect may be larger than initially interpreted. The Company's technical team will follow up on these results with further mapping and sampling to determine the ultimate extent of the silver anomaly."

Figure 1: Vuzel Overview Geology

Figure 2**: Vuzel Defined gold and silver exploration targets**

Vuzel Gold-1 Target

Vuzel Gold-1 is a target outlined over an approximate 300m strike and is 100m wide, along a westnorthwest elongated structural zone. The prospect is hosted within a Breccia-Conglomerate unit and defined by:

• A spotty gold in soil anomaly, overlapped by a chargeability and resistivity anomaly defined by a historic geophysical anomaly (IP- induced polarisation). The type of anomaly is in many cases a good guide for mapping subsurface disseminated sulphide mineralisation and intense silica alteration, which are often associated with epithermal precious metals mineralisation. defined by historical work;
• A 150 by 50 meter exposure of pervasive silica and quartz-sericite alteration with quartzcarbonate-baryte veinlets that are northwest and east-west striking and steep dipping;
• Confirmed gold mineralization over the entire exposure returning historical trench intercepts as:
  • o 132 meters at 1.70g/t Au in Line 1;
  • o 24 meters at 2.80g/t Au in Trench TR 5;
  • o 24 meters at 1.80g/t Au in Trench 1307;

• Two historical drill holes drilled within the target returned:
  • o 58 meters at 0.72 g/t Au, from surface in DH4 and;
  • o 36 meters at 0.71g/t Au, from 22m in DH 3;
• The gold mineralization is supported by one check sample 35807, recently collected by Raiden's teams, composited by collecting rock chips over a 6m width, and which assayed: 5.93g/t Au over a 6 meter interval;
• Two drill holes spaced 50 meters apart and totalling 350 meters in length, are planned to test the immediate vicinity of the mineralized outcrop. In case of positive results, a second phase exploration drilling over the entire strike in the second half of the year.

Vuzel Gold-2 Target

Vuzel Gold-2 target is contoured over approximately a 300 meter strike and a width of 100-200 meter. The prospect is hosted within quartz-sericite altered conglomerates and sandstones, locally with pervasive silicification. The target is defined by:

• An intensive gold in soil anomaly overlapping the alteration zone;

• Wide spread ancient mining workings as small adits, shafts, pits and dumps;
• Many gold anomalous historic trench intercepts exist and include:
  • o 140m at 1.0g/t Au in TR 13;
  • o 98 meters at 0.98g/t Au in TR 16;
  • o 46 meters at 1.22g/t Au in Tr 1352;
• No historic drill holes have been drilled within this target;
• The gold mineralization is supported by four check rock-chip samples, collected in 2021:
  • o 35808 returned 4 meters at 1.49g/t Au;
  • o 35809 returned: 3 meters at 3.94g/t Au;
  • o 35810 returned 3 meters at 0.36g/t Au and;
  • o 35811 returned 2 meters at 6.57g/t Au
• Three drill holes, totalling 250 meters are planned as an initial test of the Gold 2 target, followed by a second phase drilling in the second half of 2021 in case of positive returns.

Vuzel Silver-1 Target

The Vuzel Silver 1 target is outlined over a 200 meter by 100 meter area and defined by pervasive silicification along a shallow dipping limestone/tuff contact. An adjacent linear gravity anomaly is interpreted to represent a major regional structure and is likely linked to the mineralisation representing a significant structural target.

The silver anomalism correlates with elevated base metals, arsenic, barium and antimony, but not with gold which would indicate that it resulted from a different hydrothermal event. The target is defined by:

• A 500 meter by 300 meter historical silver in soil anomaly with coincident pathfinder element associations of, lead, zinc, copper, arsenic, antimony and barium.
• Historical rock-chip channel sample results with intervals including 83m at 43.8 g/t Ag;
• One historical drill hole KKDD015 has intersected 9m at 63.7g/t Ag confirming the shallow dip to southwest along the tuff/limestone contact;
• The Silver mineralization is supported by five rock-chip check samples, collected by Raiden in early 2021 and returned:
  • o 10 meters at 49g/t Ag in 35802;
  • o 10 meters at 21g/t Ag in 35803;
  • o 6 meters at 38g/t Ag in 35804 and
  • o 3 meters at 34 g/t Ag in 35805;
• An initial drill test of five shallow drill holes, totalling 250 meters is planned to determine the economic significance of the outlined silver target;
• In case of positive returns, a second phase of drilling would be implemented later in 2021, or in 2022.

Figure 4: Vuzel Silver target

Planned Work

Raiden is continuing with a follow up field evaluation program for improved definition of the main gold and silver targets prior to commencing initial drill testing in the following months. Follow up work is likely to include:

• Detailed geological mapping, focusing on less understood silver anomalies in the south part of the Vuzel license;
• Channel sampling of the key silver anomalous outcrops, to obtain representative data on silver grade distribution;
• Systematic soil sampling over the arsenic-antimony-barium anomalies on a 100x50m grid, with initial analysis by hand held XRF followed by gold-silver laboratory assaying;
• Finalizing drill access permitting on planned drill sides with municipality and forestry authorities;
• Engagement of a drilling contractor; and
• Initial drilling program of 1,000 2,000 meter diamond drilling.

Sample№	E_UTM35N	N_UTM35N	Elev.	length	Sampletype	Data	Sample№	Au_ppm	Ag_ppm	Litho Fieldname	Alteration
					rock
35801	365124	4617551	661	2m	chip	9.2.2021	35801	<0.01	12	Limestone	Silica
					rock
35802	365119	4617525	661	10m	chip	9.2.2021	35802	<0.01	49	Limestone	Silica
					rock
35803	365149	4617495	669	10m	chip	9.2.2021	35803	<0.01	21	Limestone	Silica
					rock
35804	365151	4617519	671	6m	chip	11.2.2021	35804	<0.01	38	Limestone	Silica
					rock
35805	365176	4617482	677	3m	chip	11.2.2021	35805	<0.01	34	Limestone	Silica
					rock						Sil, Qtz
35806	364696	4617987	704	8m	chip	11.2.2021	35806	0.08	79	Limestone ?	Ser
					rock						Sil, Qtz
35807	366534	4619312	520	6m	chip	10.2.2021	35807	5.93	3	Congl, Sandst	Ser
					rock
35808	366721	4619203	487	4m	chip	11.2.2021	35808	1.49	<1	Sandstone	Qtz-Ser
					rock
35809	366687	4619285	478	3m	chip	11.2.2021	35809	3.94	<1	Conglomerate	Qtz-Ser
					rock
35810	366740	4619341	483	3m	chip	11.2.2021	35810	0.36	<1	Sandstone	Qtz-Ser
					rock
35811	366795	4619349	483	2m	chip	11.2.2021	35811	6.57	1	Sandstone	Qtz-Ser

Rock chip check samples intercepts – Table 1

Rock chips Assays – Table 2

Sample
№	Au_ppm	Ag_ppm	Al_%	As_ppm	Ba_ppm	Be_ppm	Bi_ppm	Ca_%	Cd_ppm	Co_ppm	Cr_ppm	Cu_ppm
35801	<0.01	12	0.94	150	4630	<10	<20	0.46	<10	10	40	20
35802	<0.01	49	0.83	170	22100	<10	<20	0.11	<10	<10	50	40
35803	<0.01	21	0.52	70	9710	<10	<20	0.06	<10	<10	80	10
35804	<0.01	38	0.52	70	7260	<10	<20	0.09	<10	<10	100	10
35805	<0.01	34	0.52	90	8560	<10	<20	<0.05	<10	<10	80	10
35806	0.08	79	1.04	1510	680	<10	<20	0.06	30	10	60	230
35807	5.93	3	1.02	360	320	<10	<20	<0.05	<10	<10	80	10
35808	1.49	<1	1.29	90	300	<10	<20	<0.05	<10	10	60	10
35809	3.94	<1	1.33	70	290	<10	<20	<0.05	<10	10	70	20
35810	0.36	<1	1.22	60	270	<10	<20	<0.05	<10	<10	60	10
35811	6.57	1	1.03	70	290	<10	<20	<0.05	<10	<10	60	20
Sample
№	Fe_%	Ga_ppm	K_%	La_ppm	Mg_%	Mn_ppm	Mo_ppm	Na_%	Ni_ppm	P_ppm	Pb_ppm	S_%
35801	3.37	<50	0.4	<50	<0.05	150	10	<0.05	40	2140	220	0.13
35802	1.92	<50	0.5	<50	<0.05	230	10	<0.05	20	650	630	0.58
35803	0.71	<50	0.2	<50	<0.05	50	10	<0.05	10	210	120	0.27
35804	0.83	<50	0.2	<50	<0.05	40	10	<0.05	<10	460	330	0.26
35805	0.81	<50	0.1	<50	<0.05	50	10	<0.05	10	200	250	0.23
35806	3.32	<50	0.7	<50	0.07	120	20	<0.05	50	500	6500	0.57
35807	0.84	<50	3.1	<50	0.06	50	<10	0.08	10	240	40	0.1
35808	2.06	<50	2.7	<50	<0.05	310	<10	0.07	20	210	20	<0.05
35809	2.42	<50	2.7	<50	<0.05	240	<10	0.12	30	210	20	<0.05
35810	1.7	<50	2.7	<50	<0.05	290	<10	0.09	20	200	<20	<0.05
35811	1.06	<50	3.1	<50	<0.05	90	<10	0.08	10	160	<20	<0.05

Sample
№	Sb_ppm	Sc_ppm	Sr_ppm	Th_ppm	Ti_%	Tl_ppm	U_ppm	V_ppm	W_ppm	Zn_ppm
35801	50	<10	70	<50	<0.05	<50	<50	20	<50	1110
35802	120	<10	380	<50	<0.05	<50	<50	20	<50	640
35803	<50	<10	180	<50	<0.05	<50	<50	10	<50	110
35804	50	<10	140	<50	<0.05	<50	<50	10	<50	60
35805	70	<10	80	<50	<0.05	<50	<50	10	<50	140
35806	310	<10	100	<50	0.06	70	<50	30	<50	4020
35807	<50	<10	30	<50	0.16	<50	<50	40	<50	20
35808	<50	<10	30	<50	0.21	<50	<50	50	<50	40
35809	<50	<10	20	<50	0.24	<50	<50	70	<50	40
35810	<50	<10	30	<50	0.21	<50	<50	50	<50	40
35811	<50	<10	20	<50	0.17	<50	<50	50	<50	30

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. Mr Martin Pawlitschek has provided his prior written consent as to the form and context in which the exploration results and the supporting information are presented in this announcement.

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) Raiden Resources Limited . (ASX:RDN / DAX:YM4) is a dual listed base metal—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. More recently Raiden executed a transaction to purchase a highly prospective portfolio of gold, copper, nickel and PGE projects in the Pilbara region of Western Australia. Over the last 3 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 and 2020, a number of which the Company plans to drill test in 2021 and through 2022.

Furthermore, initial work programs in the Pilbara are demonstrating the potential of the recently acquired portfolio and will lead to near term drilling. The Directors believe that the Company is well positioned to unlock value from this exploration portfolio and deliver a significant mineral discovery.

JORC Code, 2012 Edition. Table 1. This table applies to Vuzel exploration prospect at SE Bulgaria

Section 1: Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cutchannels, random chips, or specific specializedindustry standard measurement toolsappropriate to the minerals under investigation,such as down hole gamma sondes, or handheldXRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning ofsampling.	Gramex Program -The HQ diamond drill core drilled by Gramex in 2000 arestored in the Bulgarian National Core storage in Bulgaria. Gramex completedcore logging at a temporal core storage facility in Kurdjali, about 10 km southof the project. The core was split in half utilizing a water-cooled diamondcore saw. Samples were systematically collected in 1 to 2m intervals downthe holes. Where geological logging identifies special intervals of interest,sampling maybe adjusted to 0.5m minerals.Samples typically weighbetween 4-10kg.
		Trenches opened by Gramex in 1997 to 2,000 and exposed outcrops weresystematically sampled in 2 to 4 meters intervals with by channel chipsampling. Gramex completed geological logging of exposed visuallymineralized outcrops and open trenches followed bysystematicallycollected channel chip sampling. Samples are systematically collected in 2 to4 meters intervals along the trench. Samples typically weight between 5 and10 kg.
		The collected core and trench samples were submitted to a Geology &Geophysic's branch in Assenovgrad for standard sample preparation (crushand pulverize) and then shipped to an accredited Chemex Laboratories, inCanada for gold fire assay and multi-element ICP analysis.
		The soil samples were collected from the B horizon, between a 20-40cmdepth. Initial samples were 1Kg and were sieved to 100g, which was shippedto the Chemex lab in Canada for assaying.
		Dundee Precious Metals Program -The Dundee HQ drill holes from2005/2006 have been logged in their regional core storage facility inKroumovgrad on about 30 km se of the project. After half splitting, coresamples are systematically collected in 1 m intervals. In the intervals of NQcore, the entire core was sampled. The typical sample weight is about 4-5kg.

The Dundee's core samples then were crushed and pulverized within the Kroumovgrad sample prep facility, supervised by SGS Analab. 200 g splits were send to SGS Chelopech laboratory and assayed with AA (atomic adsorption) for gold and ICP 17 elements.

In 2021 Ridge Consultants were engaged with the project's field activities implementation, and the sampling commenced as follows:

• XRF in situ soil analysis in grid 50m X 50m / 50m X 100m. For that purpose a holes (40cm X 40cm X depth of the target soil layer), were made, and the material from each of it was measured with NitonXL3 XRF analyzer. The provided results are in ppm ("Soil mode") and are representing the average of 3 separate measurements each per 30 sec. ("Average mode") -Rock Chip samples are composed by rock chip material with total weight between 3 and 10 kg, with clearly defined location and specifics (e.g. in situ outcrops or floating fragments). The material is sent to "ALS" Romania, for sample pre-processing PREP-31Y & Au-AA25 / ME-ICP61a / ICP-AES analysis. - Channel sampling .The samples are with average length of 2m, taking in to account the lithological contacts, and always presented by at least one control sample beyond the target zone. A portable core saw is used for regular and unbiased sampling. Through this equipment a channel (10cm width X 5cm penetration depth) is made along the whole length of each sample, and the rock from it is chipped, and packed in a separate, labelled bag. The samples are sent in "ALS" Romania, for sample preprocessing PREP-31Y & Au-AA25 / ME-ICP61a / ICP-AES analysis

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Gramex Program - The half core and weight of the channel chip samples provides sufficient material for the purposes of exploration work. Duplicate and blank samples were regularly included in every 20 regular samples, to control gold distribution and quality of sample preparation. Certified standard samples have not been included, for the final analysis at the Chemex laboratory.

The soil samples were manually sieved to generate a 100g sample prior to being sent to the laboratory, where further sample homogenisation was conducted.

Dundee Precious Metals Program - A total of 104 standard certified material samples were introduced in Dundee sample batches from 2005/2006.

Ridge Consultant is planning QA /QC verification scheme for all the channel sampling & forthcoming drilling campaign. Up to date, the implementation commenced with the channel sampling, as follows Duplicates (11, 31, and 51..., taken by second parallel channel); Blanks (13,

33, 53…) and Standards (12, 32, 52…).

Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to

obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

Gramex Program - Rock chip channel sampling of 2 to 4 m intervals and HQ diamond drilling methods were used to obtain 4-10kg samples, which was crushed and pulverized to produce a representative 400 g sample, which was sub sampled for fire assay and ICP multielement analysis. At the geologist's discretion and depending on the geology, certain shorter 0.5 to 1 m intervals were selected for sampling, which provide at least 2 kg samples.

Dundee Precious Metals Program - The Dundee core samples averaged 4-5 kg are crushed/pulverized/split to representative 200g sample for AAA gold and ICP assays.

Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc).

The 2000 Gramex and 2005/2006 Dundee drilling was completed with a professional drilling contractor, Geops, utilizing a track mounted diamond core rig. All holes commenced with PQ core diameter in the top 5 to 10m and most of them were completed with HQ.

Drilling techniques

Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed.

Diamond core was recovered in 3m runs using a standard core barrel, of HQ size on a wireline. All core was then logged for geology and structure. The sample recovery generally was greater than 90% recovery in the mineralised and sampled intervals. The HQ diameter core and sampling of half core is considered representative for exploration purposes. No relations between core recovery variation and gold grades have been observed.

	Measures taken to maximisesample recoveryand ensure representative nature of thesamples.	As per above.
	Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.	As per above.
Logging	Whether core and chip samples have beengeologically and geotechnically logged to a levelof detail to support appropriate MineralResource estimation, mining studies andmetallurgical studies.	Gramex Drill core is transported to the Company's rented core handlingfacility in Kurdjali, where all core is measured, logged for geology, alterationand structures.Dundee drill core was transported to their core/sample prep facility inKroumovgrad, where it is systematically logged.All core is then sampled on 1.0 to 2.0m intervals. All logging is qualitative.Sufficient geological logging of the core has been taken and in sufficientdetail to support a preliminary Mineral Resource estimate however noMineral Resource estimate is being reported.
	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc)photography.	As per the above.
	The total length and percentage of the relevantintersections logged.	As per the above.
Sub-sampling techniques andsample preparation	If core, whether cut or sawn and whetherquarter, half or all core taken.	The HQ diameter core is cut in half utilizing a water-cooled diamond coresaw.Dundee precious Metals Program –Same as above
	If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wet ordry.	N/A

Gramex Program - Samples of around 4-10kg of half core material and from trenches have been crushed to 80% less than 2mm on a jaw crusher, rotary split off 500gr, pulverize split to better than 85% passing 75 micron serving to provide an appropriate and representative sample for analysis. Sample preparation is undertaken at the Geology & Geophysics branch in Assenovgrad.

CP does not know the exact procedures which were employed by the laboratory for soil sample preparation, but assumes that industry standard procedures were employed.

Dundee Precious Metals program - The Dundee samples of around 4-5kg of half core material have been crushed to less than 6mm on a jaw crusher, rotary split off 400gr, pulverized to better than 95% passing 75 micron. Sample preparation of Dundee is undertaken at their sample prep facility in Kroumovgrad.

Quality control procedures adopted for all subsampling stages to maximise representivity of samples.

For all sample types, the nature, quality and appropriateness of the sample preparation

technique.

Gramex Program - Duplicate sample and a blank sample were introduce every 20 regular samples to monitor for cross contamination in the sample handling and preparation process.

Dundee Precious Metals Program - Certified Reference Material were implemented only by Dundee 2005/2006 drilling program, results demonstrate systematically lower gold assays in the reference materials, but within appropriate limits.

Quality of assay data and laboratory tests

Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

The half core sampling and trench sampling are considered a reasonable representation of the in-situ material for the purposes of initial exploration work. The quarter core duplicates and silica sand blanks were introduced every 20 regular samples. Results demonstrate an appropriate repeatability in duplicates and insignificant cross sample contamination in blank materials. No Certified Reference Material was inserted during the Gramex program, while Dundee did insert certified standard materials.

Whether sample sizes are appropriate to the	Sample size of around 4-10kg is considered to be appropriate to reasonablyrepresent the material being tested.
grain size of the material being sampled.	Soil sample size of 1kg is appropriate for this stage of exploration and the CPconsiders the data only indicative for demonstrating the potential of thesilver target area.
The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	Gramex program -Sample preparation was undertaken by the Geology &Geophysics branch of the Ministry of Minesin Assenovgrad and shipped tothe accredited laboratory of ALS CHEMEX in Canada for sample analysis.Multi elements were analysed an ICP-MS technique following an aqua regiadigest. Gold was determined using a fire assay on a nominal 30g charge withan ICP-AES finish. These analytical and assay techniques and QA/QCprotocols elected Gramex are appropriate and adequate for the purposes ofexploration evaluation of the Vuzel exploration targets. These sample mediaand techniques and assays were not part of aresource estimate
	Dundee precious Metals Program -Dundee sample prep is done in theKroumovgrad facility under supervision of SGS Analab and assayed by SGSChelopech.
	These analytical and assay techniques and QA/QC protocols elected byGramex and Dundee are appropriate and adequate for the purposes ofexploration evaluation of the Vuzel exploration targets. These sample mediaand techniques and assays were not part of aresource estimate
For geophysical tools, spectrometers, handheldXRF instruments, etc, the parameters used in
determining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.	There was no reliance on determination of analysis by geophysical tools.

	Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptablelevels of accuracy (i.e. lack of bias) and precisionhave been established.	Gramex Program -Duplicate and blank samples were added to samplebathes at a rate of 1 duplicate and 1 blank in every 20 regular samples.Acceptable levels of repeatability and lack of cross contamination have beenobserved. Standards or Certified Reference Material have not been addedinto Gramex sample batches. It is recommended in further explorationactivities by Raiden to add Certified Reference Material samples appropriatefor the elements being analysed at a rate of 1 in 20. Any results reported byALS CHEMEX on the CRMs will need to be within1 standard deviation (1SD),which is considered an acceptable level of accuracy.Dundee Precious Metals Program -Certified Reference Material wereimplemented only by Dundee 2005/2006 drilling program, resultsdemonstrate systematically lower gold returns but within appropriate limits.
	The verification of significant intersections byeither independent or alternative companypersonnel.	The Company has not conducted any independent verifications of thedrilling or chip sampling work reported in this release, nor is it aware of anyother independent verifications. The Company is not using the historicalresults for any resource statements and shall conduct its own verificationwork once the final approvals have been provided by the Bulgarian Ministryof Energy.
Verification of sampling and
assaying	The use of twinned holes.	No assaying reported. No twin holes were drilled.
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	Gramex and Dundee Previous Metals -The primary data of core/trenchlogging, primary laboratory certificates are stored in hard copyandelectronic format for the Final Exploration report, hosted in BulgarianNational Geofund, from October 2000 .
	Discuss any adjustment to assay data.	There was no adjustment of assay data.
Location of data points	Accuracy and quality of surveys used to locatedrill holes (collar and down-hole surveys),	Not applicable as there is no Mineral Resource.

	trenches, mine workings and other locationsused in Mineral Resource estimation.	Grid System: Projected coordinate system WGS 84, UTM35 zone. Trenchand drill hole locations were determined by a hand-held GPS. Topographicaccuracy is estimated to be within 5-10 meters. Soil sampling was done on agrid and the samplers used a Santino compass and a hip chain to determinesample locations.As per national regulations in Bulgaria all exploration maps and plans of theGramex final exploration report are converted to a "Local System 1970, K5zone". Topographic control is not considered relevant, as it does not relateto Mineral ResourcesRidge Consultants in using portable GPS( Garmin 64st )forthe current fieldactivities, in grid system as per above
	Specification of the grid system used.	As per the above.
	Quality and adequacy of topographic control.	As per the above.
Data spacing and distribution	Data spacing for reporting of ExplorationResults.	Gramex -All samples are collected at 2-4 meters intervals in trenches and 1to 2 meters intervals from the drilled core hole.The central part of the Vuzel epithermal gold target has only been initiallytested by subsurface trenching and drilling of four shallow drill holes whichwere drilled by Gramex (4 drill hols) and 25 holes which were drilled byDundee Precious Metals, mostof which are outside the Company's area ofinterest (the central area).The drilling is very wide spaced for the size of the targets and cannot beconsidered as an exhaustive test. The drilling is insufficient to determine thepresence of a mineral resource. Further drilling will be required for this.
		The soil sampling on the silver target was conducted on a 100m by 50m grid,which is sufficient for this level of investigation.
	Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for theMineral Resource and Ore Reserve estimationprocedure(s) and classifications applied.	No Mineral Resource or Ore Reserve is being reported.

	Whether sample compositing has been applied.	No assays, Mineral Resource or Ore Reserves is being reported.
Orientation of data in relation togeological structure	Whether the orientation of sampling achievesunbiased sampling of possible structures andthe extent to which this is known, consideringthe deposit type.	Gramex Program -The Gramex trenches are open in different orientation,following natural exposures within the gold anomalous zones. The Gramexdrilling has been oriented to drill across the main NW trends and structuresindicated from the available data, or across the lithology bedding. Additionaldown dip drilling on sections will be required for this. In some cases wherethe structures in the core run sub parallel to the core axis, additional drillingwith opposing azimuths maybe required before the dip can be defined withsome certainty.The soil sampling grid define 2 anomalous zones. At this time the controlson the mineralisation are not understood and will need further evaluationto determine.Dundee Precious Metals Program -The Dundee drill holes are oriented towest-northwest.Additional down dip drilling on sections will be required for this. In somecases where the structures in the core run sub parallel to the core axis,additional drilling with opposing azimuths maybe required before the dipcan be defined with some certainty.
	If the relationship between the drillingorientation and the orientation of keymineralised structures isconsidered to have introduced a sampling bias,this should be assessed and reported if material.	As per above

Sample security	The measures taken to ensure sample security.	The Gramex and Dundee measures taken to ensure sample and coresecurity, reported are acceptable. The drill core was in the custody ofCompany personnel from the drill site to the core handling facilities. Thefacilities were locked when not in use. Core samples are transported insealed bags to the prep laboratory. Pulverized samples were shipped toChemex Canada by TNT courier company or to SGS Chelopech by a companytruck. The CP assumes the same procedures were employed for the soilsampling survey.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	No audits have yet been undertaken.

JORC Code, 2012 Edition. Table 1. This table applies to Vuzel exploration prospect at SE Bulgaria Section 2 Reporting of Exploration Results

Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenurestatus	Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.	Raiden Resources has an interest in the Vuzel project, which is located inEastern Rhodope, Bulgaria, under an earn-in and option to purchaseagreement with the holder of the Vuzel project, Ridge Consultants EOOD.Under the Agreement Raiden has a right to earn in up to a 90% interest, andan option to acquire a 100% interest in respect of the Vuzel Licence.
		Project Vuzel does not fall within the protected areas according to theArticle 5 of the Protected Areas Act, as well as in special areas ofconservation part of the European Ecological Network NATURA2000, withinthe meaning of the Law on Biological Diversity.
		Important Archaeological object "Ancient mine" is located in Vuzel area.Exploration activities around the archaeological objects should becompleted under the professional supervision of Ministry of Culture.
		Ministry has issued the final approvals to Ridge Consultants and the permitis in good standing formal granting of the exploration license and executionof the exploration agreement with the Ministry of Energy is expected.

		Under the Bulgarian Law of Mineral Resources, on expiration of the initialthree-year exploration period, the holder of the exploration permit isentitled to apply for an extension/renewal of the exploration license for afurther 2-year period from the Bulgarian Ministry of Energy ('Ministry"). Thelicense applicant is required to meet the following criteria in order for theMinistry to grant the extension;•Submitting a request for license renewal/extension to the Ministry, 30days before the expiration of the 3-year period. With the request for theextension, the applicant is required to submit:- Having completed the approved work program within the 3year period;- Final report on results of geological explorations which includes all types,scope and results of performed geological works over the previous approvedperiod of exploration- Project of geological exploration for the following 2-year periodTo date Raiden resources has not earned into the license.The full terms of the Vuzel earn-in can be found on the press release dated26 April 2019.
	The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	As per above.
Exploration done by other parties	Acknowledgment and appraisal of explorationby other parties.	The Vuzel gold project is known as one of the many ancient gold miningareas in Rhodope Massive, active in Roman and Byzantine times. Ancientmining is presented by many adits, shafts, small pits and mining dumps overthe central about 1sq km of the Vuzel project area.Modern exploration of the Vuzel property commence by Gramex between1997 and 2000, when following BLEG re-discovery of the Vuzel auriferouszone, geological mapping, rock-chip sampling, soil sampling and 4 shallow
		drill holes were completed.Dundee Precious Metals controlled the property between 2004 and 2006,when 25 shallow drill holes were completed, testing satellite anomalies inthe western and southern periphery of the Vuzel property. The mostprospective central part of the Vuzel auriferous zone remain untested.

Deposit type, geological setting and style of

mineralisation.

In 2015 Ridge Consultants initiate a tender procedure for acquisition of the Vuzel 26.5sq km exploration permit and on August 2018 Ridge was engaged by Bulgarian Ministry of Energy as a license holder. Further formal granting of Vuzel exploration permit by Government and execution of an exploration agreement with the Ministry of Energy is expecting shortly.

Vuzel gold project is located in the Eastern Rhodope ore region of southeast Bulgaria, which is a part of the West Tethyan's EoceneOligocene continental magmatic and metallogenic belt, extending around 500 km from Serbia to northwest Turkey. The eastern segment of that belt is dominated by the Rhodope Massive, which consists of Precambrian to Mesozoic metamorphic basement and Palaeogene post collisional magmatic and volcanosedimentary cover.

The metamorphic rocks of Rhodope basement consists of two tectonostratigraphic complexes: a gneiss migmatite and a variegated complexes. The age of metamorphism and collision is interpreted as Cretaceous. Volumetrically minor Upper Cretaceous plutons intrude the metamorphic basement.

The Rhodope metamorphic basement is locally overlain by the Maastrichtian-Palaeocene sin-detachment Shavarovo sedimentary formation (Kroumovgrad group) which is overlain by Upper EoceneLower Oligocene breccia conglomerate, coal bearing sandstone and marllimestone formations and a series of bimodal rhyolite and basalt to basaltic andesites volcanics and volcaniclastics, intruded by Oligocene diorite, gabbro diorite and shoshonitic intrusions.

The geology of the Vuzel gold project is dominated by a district Palaeogene sin-tectonic sedimentary basin within and above the metamorphic basement. That basin is controlled by east-west and northwest post collisional extensional faults and is filled by sedimentary rocks of the Kroumovgrad, breccia-conglomerate and coal bearing sandstoneconglomerate units. These sedimentary units are the predominant host of the outlined Vuzel epithermal gold mineralization. The auriferous Palaeocene-Eocene sedimentary rocks are overlain by the Oligocene marllimestone and bimodal rhyolite/basalt volcanic and volcaniclastic formations.

Geology

Vuzel is a low sulfidation epithermal gold mineralization, hosted by Palaeocene-Eocene conglomerates and sandstones and presented by as dissemination and quartz-calcite-adularia veinlets develop in quartz-sericite and sericite-clay alteration envelopes.

The dominant alteration and mineralization trend is east-west with local mineralization development controlled by intersections of steep structures sub-parallel to northwest extensional faults.

The Company considers that the historic Gramex and Dundee drilling has not properly tested the identified exploration targets.

A conceptual epithermal gold target is interpreted to be located in the top 200 to 300m following the controlling northwest intersections with underline unconformity between the metamorphic basement and Kroumovgrad sedimentary group, where high grade thick silicaadularia-gold lenses could be developed.

Drill hole Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar

o dip and azimuth of the hole

• o down hole length and interception depth
• o hole length

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

The details relating to this section were reported in the Companies announcement on the 12th of June 2019

Data aggregation methods	• In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting of highgrades) and cut-off grades are usually Materialand should be stated.• Where aggregate intercepts incorporateshort lengths of high-grade results and longerlengths of low grade results, the procedure usedfor such aggregation should be stated and sometypical examples of such aggregations should beshown in detail.The assumptions used for any reporting of metalequivalent values should be clearly stated.	•Any grade and width information reported in thisrelease is considereduseful, qualitative information by the CP. The data is suitable for planning ofadditional work that will lead to a drill decision. The data available isinsufficient to be included in a mineral resource.•No metal equivalent formulas were used in reporting of any historicalintercepts, or results
Relationship betweenmineralisation widths and	• These relationships are particularlyimportant in the reporting of ExplorationResults.• If the geometry of the mineralisation withrespect to the drill hole angle is known, its	•Mineralisation widths and grades reported here are only indicative andare not incorporated into a resource.
intercept lengths	nature should be reported.If it is not known and only the down hole lengthsare reported, there should be a clear statementto this effect (eg 'down hole length, true widthnot known').	•Mineralisation geometry at this stage is unknown, width reported fromthe historic trenching can therefore not be considered true widths.
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included forany significant discovery being reported Theseshould include, but not be limited to a plan viewof drill hole collar locations and appropriatesectional views.	Figure 1 showing the location of the Gramex trenches and historicintercepts. Other details are available on the Company's announcementfrom 12th June 2019.
Balanced reporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and high	The reporting here covers the area ofthe company's current focus. Furtherdata analysis and interpretation may result in the definition of new targetareas.

	grades and/or widths should be practiced toavoid misleading reporting of ExplorationResults.
Other substantive exploration data	Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations; geophysicalsurvey results; geochemical survey results; bulksamples –size and method of treatment;metallurgical test results;bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	•No information is available on metallurgy, ground water, bulk densityor rock stability.•Integration and interpretation of the various data sets are ongoing
Further work	•The nature and scale of planned further work(egtests for lateral extensions or depthextensions or large-scale step-out drilling).Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	•The Company is still developing the geological model and defining thepotential extensions of target trends and designing the next explorationprograms.