RAIDEN RESOURCES LIMITED — Capital/Financing Update 2021

Apr 27, 2021

SIGNIFICANT GOLD INTERCEPTS IN HISTORIC DRILLING AT YANDICOOGINA

HIGHLIGHTS

Significant historic, shallow drill intercepts were reported in the 1980s from exploration on Raiden's Yandicoogina property in Pilbara, Western Australia. No drilling has followed up these encouraging results. Yandicoogina is located ~30 km southeast of Calidus Resources (ASX: CAI) million ounce Klondyke gold deposit.

• Growth Resources drill tested under the historic Uncle Tom and Black Shepherd workings in 1986. Significant intercepts include:
  • o 1m @ 9.8 g/t Au from 32 meters
  • o 1m @ 7.4 g/t Au from surface
  • o 2m @ 11.4 g/t Au from 42 meters
• Callina Resources drilled under the historic Eastern workings in 1988. Significant intercepts include:
  • o 2m @ 3.8 g/t Au from 12 meters
  • o 2m @ 1.4 g/t Au from 8 meters
  • o 4m @ 2.3 g/t Au from 18 meters

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

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Raiden Resources Limited (ASX: RDN) ("Raiden" or "the Company") is pleased to announce the findings from an ongoing review of historic data for the Pilbara portfolio of projects. Work to date has revealed that significant gold intercepts were reported from shallow holes drilled in the 1980s at the Yandicoogina property. These encouraging first phase drill results were never followed up, despite the high grade intercepts. The Company plans to continue with the evaluation of historical data on Yandicoogina, as well as, other projects in the portfolio. A field reconnaissance visit to the Yandicoogina project is being planned and will serve to determine on follow up work for this property.

Mr Dusko Ljubojevic, Managing Director of Raiden commented:

"The Yandicoogina project is strategically located in the vicinity of Calidus Resources' Klondyke deposit, which is being advanced towards development. The historic high grade drill intercepts are exciting and given that they have not been followed up to date, provides us with an opportunity to potentially make a commercial discovery. The fact that the prospects are high grade in nature and within a reasonable distance of the Calidus' Klondyke development project, suggests the threshold for commercial development on this project may be lower than for a typical greenfield exploration project "

Figure 1: Pilbara Project Portfolio

Yandicoogina Project

Raiden's Yandicoogina property is centred about 50 km southeast of Marble Bar and incorporates two granted exploration licences and two granted mining leases covering an area of about 90km2 . Calidus Resources' million ounce Klondyke gold deposit, which is currently being developed, is located ~30 km to the northwest.

Tenements cover part of the Warrawoona-Kelly Greenstone Belt and the southeast edge of the Mount Edgar Granitoid Complex. Greenstone rocks include the Duffer Formation felsic volcaniclastic rocks, schists and the overlying Apex Basalt which hosts the Klondyke gold deposit. Granitoids incorporate banded tonalite, granodiorite and monzogranite gneiss and migmatites. The Mount Edgar Mylonite Complex is a wide zone of deformation on the margin of the granitoid complex. The Paleoarchean Willina Pluton intruded the mylonite complex, post-dating the primary phase of deformation.

Figure 2: Yandicoogina project geology

The Yandicoogina Mining Centre has recorded production from 1898 to 1978 of 3,903 tonnes for 227.3 kg of gold at a reconciled grade of 58.2 g/t Au. Gold mineralisation is hosted by quartz veins in chlorite-carbonate altered schist. Work in the area by previous explorers has encompassed stream sediment, soil and rock sampling; geological mapping; surface and airborne geophysics and limited drilling under some historic workings.

In 1986 Growth Resources drilled seven RC holes for 312 m as an initial test of the Uncle Tom (M45/987) and Black Shepherd (M45/115) lines of lode. Holes were planned to cut approximately perpendicular to downdip projections of the lodes. Reports by Growth Resources indicate the Uncle Tom main lode has a mined width of 0.2-0.6 meters, strikes 060°, dips 45° south and can be traced for 245 m. The south lode, parallel and 5-10 meters south of the main lode, is 0.3-1.0 meter wide (where mined), and can be traced for about 200 m.

At Black Shepherd, the main lode strikes approximately east-west, dips south at 38-50° and can be traced semi-continuously on surface for 480 m. The Shannon workings exploited the eastern end of the lode and the Black and White workings the western end of the lode.

Four holes for 180 meters were drilled to test the Uncle Tom workings. Three of the four holes reportedly intersected the target structure, with intercepts of:

• 1m @ 9.8 g/t Au from 32m in UT01 and
• 1m @ 0.51 g/t Au from 28m in UT03
• UT04 cut 1 m @ 7.4 g/t Au from surface (in what could be a concealed parallel lode)

Three holes for 132 m were drilled to test the Shannon (two holes) and Black and White (one hole) workings. At Shannon, hole SH01 intersected:

• 2m @ 11.4 g/t Au from 42m

At Black and White hole BW01 returned an intercept of;

• 1m @ 0.96 g/t Au from 27m.

Note that downhole lengths are quoted because true widths are not known. A full list of drill intercepts is provided in table 1 and analytical data in table 2.

Figure 3: Uncle Tom geology and historic drillhole locations. Drilling has tested only an 80 meter strike out of an approximate 250 meter strike length

Figure 4: Uncle Tom schematic cross section UT01 (view to 060 deg)

Figure 5: Black Shepherd geology and historic drillhole locations

Figure 6: Black Shepherd schematic cross section SH02 (view to 110 deg)

Callina Resources drilled five RC holes for 211 m to test the Eastern workings (E45/3474) in 1988. At Eastern, the quartz lode system strikes 025°, dips between 45 and 70° east and is exposed over a 760 meter strike. Holes were planned to cut approximately perpendicular to the downdip projection of the lode. Intercepts included:

• 2m @ 3.8 g/t Au from 12m in YRC-2,
• 2m @ 1.4 g/t Au from 8m in YRC-3,
• 4m @ 2.3 g/t Au from 18m in YRC-4 and
• 2m @ 0.2 g/t Au from 14 m in YRC-5

Note that downhole lengths are quoted because true widths are not known. A full list of drill intercepts is provided in table 1 and analytical data in table 2.

Figure 7: Eastern geology and historic drillhole locations

Figure 8: Eastern schematic cross section YRC-3, YRC-4, YRC-5 (View to 025 deg.)

Within a district scale context, mineral occurrences on the Yandicoogina project are clustered in strain shadows adjacent to the Willina Pluton. On the southwest side are historic workings on orogenic gold occurrences discussed here. To the northeast are VMS occurrences, part of the Lennons Find system.

Yandicoogina project is also considered prospective for VMS type deposits. This is further supported by the fact that Noranda collected a sample, located approximately 5km southwest of the property, in 1984 which returned 30 g/t Au and 2.9 % Pb. The sample was collected from a gossanous outcrop near the base of the Apex Basalt (as at Lennons Find), reportedly 4 meters wide and exposed intermittently over a 2.7 kilometre strike length.

At Calidus Resources' Klondyke deposit, gold mineralisation is closely associated with the Kopcke's Leader chert horizon. A number of chert horizons have been mapped by the GSWA on Raiden's Yandicoogina licences. Bonanza gold grades (1,380 g/t), were recorded from historic production records at the Invincible mine (location shown in figure 2), which is associated with a mapped chert horizon in the Apex Basalt, one kilometre southwest of the Yandicoogina property boundary.

Planned Work

Raiden is planning a follow up program aimed at placing the historic drill intercepts in context and identifying drill targets. Follow up work is likely to include:

• Detailed geological mapping of drilled historic workings
• Field review of historic geochemical targets

Historic drillhole locations – Table 1

Hole	Company	Year	Prospect	E_GDA94	N_GDA94	Depth(m)	Azimuth	Dip	Intercept*
	Growth		Uncle Tom				332	55
UT01	Resources	1986		616773	7680512	48			32-33 m; 1 m @ 9.8 g/t Au
	Growth		Uncle Tom				332	55
UT02	Resources	1986		615936	7679881	48			NSI
	Growth		Uncle Tom				332	55
UT03	Resources	1986		615801	7679882	42			28-29 m; 1 m @ 0.51 g/t Au
	Growth		Uncle Tom				332	55
UT04	Resources	1986		615869	7679695	42			0-1 m; 1 m @ 7.4 g/t Au
	Growth		Black				20	55
SH01	Resources	1986	Shepherd	615758	7679560	48			42-44 m; 2 m @ 11.4 g/t Au
	Growth		Black				20	55
SH02	Resources	1986	Shepherd	615873	7677318	48			45-47 m; 2 m @ 0.14 g/t Au
	Growth		Black				20	55
BW01	Resources	1986	Shepherd	615185	7674989	36			27-28 m; 1 m @ 0.96 g/t Au
	Callina		Eastern				300	60
YRC-1	Resources	1988		613414	7673806	36			NSI
	Callina		Eastern				300	60
YRC-2	Resources	1988		617243	7673732	40			12-14 m; 2 m @ 3.8 g/t Au
	Callina		Eastern				300	60
YRC-3	Resources	1988		616627	7672150	40			8-10 m; 2 m @ 1.4 g/t Au
	Callina		Eastern				300	60
YRC-4	Resources	1988		617801	7671405	50			18-22 m; 4 m @ 2.3 g/t Au
	Callina		Eastern				300	60
YRC-5	Resources	1988		615869	7674261	45			14-16 m; 2 m @ 0.2 g/t Au

* quoted as downhole lengths; the explorers stated that holes were oriented roughly perpendicular to the lode but the true width is not known intercepts are calculated as weighted averages with no internal waste

Historic drill hole assays – Table 2

Hole	From	To	Au ppm	As ppm	Resplit Au ppm*	Resplit AuR ppm
UT01	0	1	0.03	8
UT01	1	2	0.07	10
UT01	2	3	0.01	3
UT01	3	4	<0.01	7
UT01	4	5	0.02	2
UT01	5	6	0.02	<1
UT01	6	7	0.01	5
UT01	7	8	0.01	5
UT01	8	9	0.01	3
UT01	9	10	0.01	5
UT01	10	11	0.01	4
UT01	11	12	0.01	8
UT01	12	13	0.01	6
UT01	13	14	0.01	4
UT01	14	15	0.01	2
UT01	15	16	<0.01	4
UT01	16	17	0.01	2
UT01	17	18	0.01	<1
UT01	18	19	0.01	<1
UT01	19	20	0.01	<1
UT01	20	21	0.01	4
UT01	21	22	0.01	<1
UT01	22	23	0.01	5
UT01	23	24	0.01	<1
UT01	24	25	0.01	2
UT01	25	26	0.01	9
UT01	26	27	0.01	<1
UT01	27	28	0.01	6
UT01	28	29	0.01	3
UT01	29	30	0.01	<1
UT01	30	31	0.01	7
UT01	31	32	0.2	7
UT01	32	33	9.8	4
UT01	33	34	0.18	<1
UT01	34	35	0.19	4
UT01	35	36	0.03	<1
UT01	36	37	0.07	5
UT01	37	38	0.01	3
UT01	38	39	0.17	5
UT01	39	40	0.02	4
UT01	40	41	0.28	5

Hole	From	To	Au ppm		As ppm	Resplit Au ppm*	Resplit AuR ppm
UT01	41	42		0.05	<1
UT01	42	43		0.01	4
UT01	43	44	<0.01		4
UT01	44	45	<0.01		2
UT01	45	46		0.04	5
UT01	46	47		0.01	6
UT01	47	48		0.02	2
UT02	0	1		0.01	3
UT02	1	2		0.01	5
UT02	2	3	<0.01		6
UT02	3	4	<0.01		2
UT02	4	5	<0.01		<1
UT02	5	6		0.01	8
UT02	6	7	<0.01		5
UT02	7	8	<0.01		8
UT02	8	9	<0.01		8
UT02	9	10	<0.01		3
UT02	10	11		0.02	8
UT02	11	12		0.01	9
UT02	12	13	<0.01		8
UT02	13	14	<0.01		4
UT02	14	15	<0.01		5
UT02	15	16	<0.01		<1
UT02	16	17	<0.01		12
UT02	17	18	<0.01		2
UT02	18	19	<0.01		4
UT02	19	20	<0.01		<1
UT02	20	21	<0.01		3
UT02	21	22	<0.01		2
UT02	22	23	<0.01		<1
UT02	23	24	<0.01		<1
UT02	24	25	<0.01		4
UT02	25	26	<0.01		<1
UT02	26	27	<0.01		4
UT02	27	28		0.02	2
UT02	28	29		0.01	5
UT02	29	30		0.02	3
UT02	30	31		0.01	3
UT02	31	32	<0.01		<1
UT02	32	33	<0.01		3
UT02	33	34	<0.01		2
UT02	34	35	<0.01		4
UT02	35	36	<0.01		<1
UT02	36	37	<0.01		2

Hole	From	To	Au ppm		As ppm		Resplit Au ppm*	Resplit AuR ppm
UT02	37	38	<0.01			3
UT02	38	39		0.09	<1
UT02	39	40	<0.01			4
UT02	40	41	<0.01			3
UT02	41	42	<0.01		<1
UT02	42	43	<0.01		<1
UT02	43	44	<0.01		<1
UT02	44	45		0.01		4
UT02	45	46		0.01		10
UT02	46	47	<0.01		<1
UT02	47	48	<0.01		<1
UT03	0	1		0.02		12
UT03	1	2		0.01		10
UT03	2	3	<0.01			12
UT03	3	4	<0.01			6
UT03	4	5		0.01		9
UT03	5	6	<0.01			10
UT03	6	7	<0.01			10
UT03	7	8	<0.01			12
UT03	8	9	<0.01			5
UT03	9	10	<0.01			9
UT03	10	11	<0.01			6
UT03	11	12		0.01		7
UT03	12	13	<0.01			4
UT03	13	14	<0.01			9
UT03	14	15	<0.01		<1
UT03	15	16	<0.01			7
UT03	16	17	<0.01			2
UT03	17	18	<0.01			3
UT03	18	19	<0.01			2
UT03	19	20	<0.01		<1
UT03	20	21		0.01	<1
UT03	21	22	<0.01			3
UT03	22	23	<0.01			2
UT03	23	24	<0.01		<1
UT03	24	25	<0.01		<1
UT03	25	26	<0.01		<1
UT03	26	27		0.02		7
UT03	27	28		0.01		6
UT03	28	29		0.51		5
UT03	29	30		0.11		8
UT03	30	31		0.11		6
UT03	31	32		0.03		10
UT03	32	33		0.02	<1

Hole	From	To	Au ppm	As ppm	Resplit Au ppm*	Resplit AuR ppm
UT03	33	34	0.01	5
UT03	34	35	0.01	3
UT03	35	36	0.06	6
UT03	36	37	0.01	5
UT03	37	38	0.01	3
UT03	38	39	0.01	6
UT03	39	40	<0.01	8
UT03	40	41	0.01	6
UT03	41	42	no sample
UT04	0	1	7.4	2
UT04	1	2	0.02	4
UT04	2	3	0.02	4
UT04	3	4	0.05	<1
UT04	4	5	0.02	5
UT04	5	6	0.02	9
UT04	6	7	0.01	12
UT04	7	8	0.01	5
UT04	8	9	0.01	7
UT04	9	10	0.01	<1
UT04	10	11	0.01	4
UT04	11	12	0.01	5
UT04	12	13	<0.01	3
UT04	13	14	0.01	2
UT04	14	15	<0.01	6
UT04	15	16	<0.01	2
UT04	16	17	0.01	<1
UT04	17	18	<0.01	<1
UT04	18	19	0.01	7
UT04	19	20	0.01	5
UT04	20	21	<0.01	<1
UT04	21	22	0.01	2
UT04	22	23	0.01	5
UT04	23	24	<0.01	2
UT04	24	25	<0.01	12
UT04	25	26	<0.01	4
UT04	26	27	0.01	<1
UT04	27	28	<0.01	7
UT04	28	29	0.02	<1
UT04	29	30	<0.01	4
UT04	30	31	<0.01	<1
UT04	31	32	<0.01	2
UT04	32	33	0.01	3
UT04	33	34	<0.01	5
UT04	34	35	<0.01	<1

Hole	From	To	Au ppm		As ppm	Resplit Au ppm*	Resplit AuR ppm
UT04	35	36	<0.01		6
UT04	36	37	<0.01		6
UT04	37	38	<0.01		<1
UT04	38	39	<0.01		3
UT04	39	40		0.01	<1
UT04	40	41	<0.01		6
UT04	41	42	<0.01		7
BW01	0	1	<0.01		7
BW01	1	2	<0.01		4
BW01	2	3		0.01	4
BW01	3	4	<0.01		<1
BW01	4	5	<0.01		<1
BW01	5	6		0.01	5
BW01	6	7		0.01	5
BW01	7	8		0.01	5
BW01	8	9	<0.01		3
BW01	9	10	<0.01		6
BW01	10	11	<0.01		2
BW01	11	12	<0.01		9
BW01	12	13	<0.01		4
BW01	13	14	<0.01		3
BW01	14	15	<0.01		4
BW01	15	16	<0.01		2
BW01	16	17	<0.01		6
BW01	17	18		0.01	<1
BW01	18	19	<0.01		5
BW01	19	20	<0.01		4
BW01	20	21	<0.01		3
BW01	21	22	<0.01		9
BW01	22	23	<0.01		6
BW01	23	24	<0.01		9
BW01	24	25	<0.01		5
BW01	25	26	<0.01		<1
BW01	26	27		0.02	9
BW01	27	28		0.96	9
BW01	28	29		0.01	8
BW01	29	30		0.02	<1
BW01	30	31		0.05	<1
BW01	31	32		0.05	5
BW01	32	33		0.01	9
BW01	33	34	<0.01		16
BW01	34	35	<0.01		14
BW01	35	36	<0.01		9
SH01	0	1		0.01	12

Hole	From	To	Au ppm		As ppm	Resplit Au ppm*	Resplit AuR ppm
SH01	1	2		0.01	14
SH01	2	3		0.01	<1
SH01	3	4	<0.01		7
SH01	4	5		0.01	<1
SH01	5	6	<0.01		<1
SH01	6	7		0.01	6
SH01	7	8	<0.01		7
SH01	8	9		0.01	7
SH01	9	10		0.01	7
SH01	10	11	<0.01		4
SH01	11	12		0.01	4
SH01	12	13	<0.01		<1
SH01	13	14		0.01	3
SH01	14	15		0.01	2
SH01	15	16		0.01	7
SH01	16	17		0.01	<1
SH01	17	18		0.01	<1
SH01	18	19		0.01	2
SH01	19	20	<0.01		4
SH01	20	21	<0.01		<1
SH01	21	22	<0.01		2
SH01	22	23	<0.01		<1
SH01	23	24		0.01	5
SH01	24	25	<0.01		<1
SH01	25	26	<0.01		<1
SH01	26	27	<0.01		5
SH01	27	28	<0.01		<1
SH01	28	29	<0.01		4
SH01	29	30		0.01	3
SH01	30	31		0.03	6
SH01	31	32		0.01	8
SH01	32	33	<0.01		4
SH01	33	34		0.01	3
SH01	34	35	<0.01		3
SH01	35	36		0.01	3
SH01	36	37		0.01	10
SH01	37	38		0.01	2
SH01	38	39	<0.01		3
SH01	39	40		0.01	14
SH01	40	41		0.01	14
SH01	41	42		0.01	12
SH01	42	43		21.7	7
SH01	43	44		1.05	7
SH01	44	45		0.16	<1

Hole	From	To	Au ppm	As ppm	Resplit Au ppm*	Resplit AuR ppm
SH01	45	46	0.03	5
SH01	46	47	0.09	2
SH01	47	48	0.01	<1
SH02	0	1	0.01	44
SH02	1	2	<0.01	4
SH02	2	3	<0.01	9
SH02	3	4	<0.01	7
SH02	4	5	<0.01	6
SH02	5	6	<0.01	3
SH02	6	7	<0.01	5
SH02	7	8	<0.01	9
SH02	8	9	<0.01	4
SH02	9	10	<0.01	7
SH02	10	11	<0.01	7
SH02	11	12	0.01	3
SH02	12	13	<0.01	6
SH02	13	14	<0.01	<1
SH02	14	15	<0.01	5
SH02	15	16	<0.01	4
SH02	16	17	<0.01	6
SH02	17	18	<0.01	2
SH02	18	19	<0.01	5
SH02	19	20	0.01	2
SH02	20	21	<0.01	4
SH02	21	22	<0.01	3
SH02	22	23	0.01	5
SH02	23	24	0.01	<1
SH02	24	25	0.01	2
SH02	25	26	<0.01	3
SH02	26	27	<0.01	7
SH02	27	28	<0.01	5
SH02	28	29	<0.01	8
SH02	29	30	0.01	<1
SH02	30	31	0.01	2
SH02	31	32	<0.01	4
SH02	32	33	<0.01	<1
SH02	33	34	<0.01	<1
SH02	34	35	<0.01	<1
SH02	35	36	<0.01	5
SH02	36	37	<0.01	3
SH02	37	38	0.01	4
SH02	38	39	0.01	2
SH02	39	40	0.01	5
SH02	40	41	0.01	5

Hole	From	To	Au ppm	As ppm	Resplit Au ppm*	Resplit AuR ppm
SH02	41	42	<0.01	8
SH02	42	43	<0.01	6
SH02	43	44	0.01	14
SH02	44	45	0.01	5
SH02	45	46	0.13	7
SH02	46	47	0.16	9
SH02	47	48	0.04	4
YRC-2	12	14	3.8
YRC-2	12	13			0.86
YRC-2	13	14			1.87
YRC-3	8	10	1.4
YRC-3	10	12	0.36
YRC-3	8	9			0.012
YRC-3	9	10			4.9
YRC-3	10	11			0.104
YRC-3	11	12			1.67
YRC-4	18	20	2.75
YRC-4	20	22	1.9
YRC-4	18	19			0.053
YRC-4	19	20			10.3	10.6
YRC-4	20	21			0.141
YRC-4	21	22			0.051
YRC-5	12	14	X
YRC-5	14	16	0.19
YRC-5	12	13			0.422
YRC-5	13	14			0.234
YRC-5	14	15			0.01
YRC-5	15	16			0.005

* sampling methods and analytical procedures for re-splits not provided by Callina Resources

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) 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, a number of which the Company plans to drill test. 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.

Table 1: JORC Code, 2012 Edition. Section 1.

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (eg cutchannels, random chips, or specificspecialised industry standardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, or handheldXRF instruments, etc). These examplesshould not be taken as limiting the broadmeaning of sampling.•Include reference to measures taken toensure sample representivity and theappropriate calibration of anymeasurement tools or systems used.•Aspects of the determination ofmineralisation that are Material to thePublic Report.•In cases where 'industry standard' workhas been done this would be relativelysimple (eg 'reverse circulation drilling wasused to obtain 1 m samples from which 3kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types (egsubmarine nodules) may warrantdisclosure of detailed information.	•A reverse circulation drill rig was employedto obtain 1 meter samples of drill chipsusing practices that were industry standardin the 1980s.•Growth Resources: analytical sampleswere split on site to roughly 2 kg andsubmitted to a commercial laboratory forassay.•Callina Resources: analytical samples weresplit on site to roughly 1 kg, composited tocreate 2 kg samples over 2 m intervals andsubmitted to a commercial laboratory forassay.
Drillingtechniques	•Drill type (eg core, reverse circulation,open-hole hammer, rotary air blast, auger,Bangka, sonic, etc) and details (eg corediameter, triple or standard tube, depth ofdiamond tails, face-sampling bit or othertype, whether core is oriented and if so, bywhat method, etc).	•Reverse circulation percussion.•It is not known whether or not a facesampling hammer was used.
Drill samplerecovery	•Method of recording and assessing coreand chip sample recoveries and resultsassessed.•Measures taken to maximise samplerecovery and ensure representative natureof the samples.•Whether a relationship exists betweensample recovery and grade and whethersample bias may have occurred due topreferential loss/gain of fine/coarsematerial.	•It is not known how or whether samplerecovery was monitored.
Logging	•Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriateMineral Resource estimation, miningstudies and metallurgical studies.•Whether logging is qualitative orquantitative in nature. Core (or costean,	•Some, but not all, chip samples weregeologically logged.•The data will not be used for MineralResource estimation.

Criteria	JORC Code explanation	Commentary
	channel, etc) photography.•The total length and percentage of therelevant intersections logged.
Sub-samplingtechniquesand samplepreparation	•If core, whether cut or sawn and whetherquarter, half or all core taken.•If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wetor dry.•For all sample types, the nature, qualityand appropriateness of the samplepreparation technique.•Quality control procedures adopted for allsub-sampling stages to maximiserepresentivity of samples.•Measures taken to ensure that thesampling is representative of the in situmaterial collected, including for instanceresults for field duplicate/second-halfsampling.•Whether sample sizes are appropriate tothe grain size of the material beingsampled.	•Methods for splitting the drill samples (andthen compositing in the case of CallinaResources) on site and relevant qualitycontrol procedures are unknown. Duplicatesplits were not collected or analysed.•Commercial laboratories followed standardprocedures for sample preparation toproduce sub-samples for fire assay.
Quality ofassay dataandlaboratorytests	•The nature, quality and appropriateness ofthe assaying and laboratory proceduresused and whether the technique isconsidered partial or total.•For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument make andmodel, reading times, calibrations factorsapplied and their derivation, etc.•Nature of quality control proceduresadopted (eg standards, blanks, duplicates,external laboratory checks) and whetheracceptable levels of accuracy (ie lack ofbias) and precision have been established.	•Laboratory procedures and assaying areconsidered appropriate for the type ofsample.•Laboratory quality control procedures arenot available for the Growth Resourcessamples. Laboratory repeats and standardsfor the Callina Resources samples show anacceptable level of variability.
Verification ofsampling andassaying	•The verification of significant intersectionsby either independent or alternativecompany personnel.•The use of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.•Discuss any adjustment to assay data.	•Significant intercepts have been verified byRaiden personnel.•No drillholes have been twinned.•Because the data are historical, themethods of data documentation,verification and storage are unknown.•As far as Raiden is aware, no adjustmentshave been made to assay data.
Location ofdata points	•Accuracy and quality of surveys used tolocate drill holes (collar and down-holesurveys), trenches, mine workings andother locations used in Mineral Resourceestimation.•Specification of the grid system used.•Quality and adequacy of topographiccontrol.	•Drillhole locations have been digitised fromhistoric maps.•Downhole surveys were not recorded.•Co-ordinates are provided in theGeocentric Datum of Australia (GDA94).

Criteria	JORC Code explanation	Commentary
Data spacinganddistributionOrientation ofdata inrelation togeologicalstructure	•Data spacing for reporting of ExplorationResults.•Whether the data spacing and distributionis sufficient to establish the degree ofgeological and grade continuityappropriate for the Mineral Resource andOre Reserve estimation procedure(s) andclassifications applied.•Whether sample compositing has beenapplied.•Whether the orientation of samplingachieves unbiased sampling of possiblestructures and the extent to which this isknown, considering the deposit type.•If the relationship between the drillingorientation and the orientation of key	•Drillhole spacing is variable. Drill sampleswere collected at 1 m intervals.•Current reporting is for progressiveexploration results and not for MineralResource or Ore Reserve estimation.•Callina Resources created compositesamples for analysis.•Drillholes were oriented to result inapproximately perpendicular penetration ofthe projected lodes.•No known sampling bias was introducedbecause of the drill orientation.
	mineralised structures is considered tohave introduced a sampling bias, thisshould be assessed and reported ifmaterial.
Samplesecurity	•The measures taken to ensure samplesecurity.	•Sample security measures are not known.
Audits orreviews	•The results of any audits or reviews ofsampling techniques and data.	•No reviews or audits have beenundertaken.

Table 1: JORC Code, 2012 Edition. Section 2.

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, locationand ownership including agreements ormaterial issues with third parties such asjoint ventures, partnerships, overridingroyalties, native title interests, historicalsites, wilderness or national park andenvironmental settings.•The security of the tenure held at the timeof reporting along with any knownimpediments to obtaining a licence tooperate in the area.	•Exploration licences E45/3474 andE45/3571 and mining leases M45/115,M45/725 and M45/987 are located in theShire of East Pilbara within the Pilbararegion of Western Australia.•E45/3474, E45/3571, M45/115 andM45/987 are owned by Pacton Pilbara -Raiden Resources has purchased a 75%interest in the projects.•M45/725 is owned by Darren Michael White•Much of E45/3571 and part of E45/3474 iscovered by the Corunna Downs Pastorallease.•Part of E45/3571, most of E45/3474 and allof M45/115, M45/725 and M45/987 arecovered by unallocated Crown Land.•A small portion of E45/3571 is covered by areserve.
Explorationdone by otherparties	•Acknowledgment and appraisal ofexploration by other parties.	•A full search and compilation of historicexploration has been completed.•Work included stream sediment, soil androck sampling, geological mapping and

Criteria	JORC Code explanation	Commentary
		limited drilling.
Geology	•Deposit type, geological setting and styleof mineralisation.	•Orogenic gold.•Intercalated Paleoarchean felsic and maficschists in the Mount Edgar MyloniteComplex, a wide zone of deformation thatstraddles the Mount Edgar GranitoidComplex-Warrawoona-Kelly GreenstoneBelt contact. The Paleoarchean WillinaPluton intruded the mylonite complex, withmineralisation mobilised into, or formed in,adjacent strain shadows.
Drill holeInformation	•A summary of all information material tothe understanding of the explorationresults including a tabulation of thefollowing information for all Material drillholes:oeasting and northing of the drill holecollaroelevation or RL (Reduced Level –elevation above sea level in metres) ofthe drill hole collarodip and azimuth of the holeodown hole length and interceptiondepthohole length.•If the exclusion of this information isjustified on the basis that the information isnot Material and this exclusion does notdetract from the understanding of thereport, the Competent Person shouldclearly explain why this is the case.	•Drillhole data are tabulated in the body ofthe announcement.•RL is not provided as it was not provided byGrowth Resources or Callina Resources.The exclusion of RL is not consideredmaterial.
Dataaggregationmethods	•In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (eg cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.•Where aggregate intercepts incorporateshort lengths of high grade results andlonger lengths of low grade results, theprocedure used for such aggregationshould be stated and some typicalexamples of such aggregations should beshown in detail.•The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	•High grades have not been cut.•For intervals >1 g/t Au a 1g/t Au cut-off wasapplied; for other intervals a cut-off of 0.1g/t Au was applied.•No internal waste is included in the quotedintercepts.•Metal equivalent values are not reported.
Relationshipbetweenmineralisationwidths andinterceptlengths	•These relationships are particularlyimportant in the reporting of ExplorationResults.•If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.•If it is not known and only the down holelengths are reported, there should be a	•Intercepts are quoted as downhole lengths;the explorers stated that holes wereoriented roughly perpendicular to the lodebut the true width is not known.

Criteria	JORC Code explanation	Commentary
	clear statement to this effect (eg 'downhole length, true width not known').
Diagrams	•Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for any significantdiscovery being reported These shouldinclude, but not be limited to a plan view ofdrill hole collar locations and appropriatesectional views.	•Maps and cross sections are included in thebody of the announcement.
Balancedreporting	•Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reporting ofExploration Results.	•All results are reported.
Othersubstantiveexplorationdata	•Other exploration data, if meaningful andmaterial, should be reported including (butnot limited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples – size andmethod of treatment; metallurgical testresults; bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances.	•All relevant data are reported in thisrelease.
Further work	•The nature and scale of planned furtherwork (eg tests for lateral extensions ordepth extensions or large-scale step-outdrilling).•Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and futuredrilling areas, provided this information isnot commercially sensitive.	•Field work to fully evaluate the mineralisedareas and define drill targets is in theplanning stages.