RAIDEN RESOURCES LIMITED — Capital/Financing Update 2022

Nov 3, 2022

4 November 2022

PRO-RATA NON-RENOUNCEABLE ENTITLEMENT ISSUE OF LOYALTY OPTIONS

Dear Shareholder,

On 26 October 2022 Raiden Resources Limited (ACN 009 161 522) ( Company ) lodged a prospectus with ASIC ( Prospectus ) for a pro-rata non-renounceable entitlement issue of one (1) option ( Loyalty Option ) for every five (5) fully paid ordinary shares ( Shares ) held, at an issue price of $0.001 each per Loyalty Option ( Loyalty Offer ), to raise up to approximately $326,488 (before costs). The Loyalty Offer is fully underwritten by CPS Capital Group Pty Ltd.

The purpose of the Loyalty Offer is to recognise the support and loyalty the Company has received from its shareholders to date. The Loyalty Offer will also provide the Company with a potential source of additional capital if the Loyalty Options are exercised. In addition, the Loyalty Offer will raise up to $326,488 (before costs). The funds raised from the Loyalty Offer will be aggregated with existing cash reserves to be used for a drilling program and other geological expenditure on the Mt Sholl Project, general working capital and towards the costs of the Loyalty Offer.

Loyalty Options issued under the Loyalty Offer will be exercisable at $0.015 and expiring on 30 November 2024. In the event the Company can satisfy the ASX requirements for quotation of a new class of securities, the Company will seek quotation of the Loyalty Options. Shares issued upon the exercise of the Loyalty Options will rank equally with all Shares already on issue.

The Prospectus also contains two separate offers (collectively, the Additional Offers ). The first offer is an offer of 86,000,000 Options to the Placement Participants on the basis of one (1) free-attaching Option ( Placement Options ) for every 2.5 Shares subscribed for and issued under the August Placement as announced to the ASX Platform on 2 August 2022. The second offer is an offer of 69,000,000 Options ( Lead Manager Options ) to the Lead Managers (or their nominees) as consideration for the services provided in relation to the August Placement.

The primary purpose of the Additional Offers is to remove the need for any additional disclosure document to be issued upon the sale of any options issued under the Additional Offers or any Shares that are issued upon exercise of any Options that are issued under the Additional Offers.

Following completion of the Loyalty Offer and Additional Offers (assuming all Loyalty Options, Placement Options and Lead Manager Options offered under the Prospectus are issued and ignoring the effects of rounding of fractional entitlements, no existing Options are exercised prior to the Record Date), the Company will have issued approximately 481,488,426 Options resulting in the total number of Options on issue being approximately 531,488,426.

INELIGIBLE SHAREHOLDERS

The Loyalty Offer is being made to all shareholders of the Company named on its register of members on 1 November 2022 ( Record Date ), whose registered address is in Australia or New Zealand ( Eligible Shareholders ).

As you are a shareholder of the Company who has a registered address outside Australia and New Zealand ( Ineligible Shareholder ) you will not be eligible to participate in the Loyalty Offer and you will not be sent a copy of the Prospectus or a personalised Entitlement and Acceptance Form. This decision

P 08 6158 9990 F 08 6268 4926 7/63 Shepperton Road, Victoria Park WA Australia 6100

RAIDENRESOURCES.COM.AU

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has been made pursuant to Listing Rule 7.7 of the ASX Listing Rules after taking into consideration the costs of complying with legal and regulatory requirements in jurisdictions outside of Australia and New Zealand compared with the small number of Ineligible Shareholders and the number and value of Loyalty Options to which they would otherwise be entitled.

If you have any queries concerning the Loyalty Offer, please contact your financial adviser or the Company’s Share Registry on +61 2 9698 5414 or email the Company Secretary at kyla@raidenresources.com.au

Yours sincerely

KYLA GARIC Company Secretary RAIDEN RESOURCES LIMITED