RAIDEN RESOURCES LIMITED — Investor Presentation 2019

Nov 17, 2019

RAIDEN DELINEATES NEW EPITHERMAL GOLD PROSPECT ON KALABAK PROJECT

HIGHLIGHTS

• Raiden defines a new epithermal gold prospect on the Kalabak license in Bulgaria;
• Prospect sits on trend of the "Popsko Ore Field";
• Belopoltsi prospect defined by three distinct gold in soil anomalies ranging 10 to 400 ppb gold and 2 to 56 ppm silver;
• Rock samples of quartz vein and breccia yielded anomalous concentrations up to 2.2 g/t Au; and
• Rock textures and low temperature chalcedony veins indicate that mineralisation formed in the low sulphidation environment.

Raiden Resources Limited (ASX: RDN) ("Raiden" or "the Company") is pleased to report on the results from a geochemical soil survey and a mapping exercise, which was recently completed over the Belopoltsi prospect, located on the eastern portion of the Kalabak project area in southern Bulgaria (Figure 1).

Dusko Ljubojevic, Managing Director of Raiden commented:

"Belopoltsi gold prospect is a new discovery and provides Raiden with another exciting gold target, in an ever-growing list of quality prospects on the Kalabak project. The work done to date indicates that the prospect is most likely defined by low sulphidation goldsilver mineralisation, which may be an extension of the mineralisation defined at the Popsko ore field. The Company plans to undertake further work on the project, which will likely consist of trenching to determine the exact nature and widths of the mineralised system."

QUICK STATS

ASX Code: RDN Shares on Issue: 431.4 million Market Cap: $3.02 million Cash: $1.39m (at 30 September '19)

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

Stara Planina - Serbia (JV with local entity – path to 100% - 46km2 )

Donje Nevlje - Serbia (100% – 74km2 )

Majdanpek West - Serbia (Rio JV - 100% - 76km2 )

Zupa - Serbia (100% Raiden – 85km2 )

Pirot - Serbia (Executing Application – 16km2 )

Bor – Serbia (Partially granted/ pending application - 100% - ~28km2 )

Vuzel - Bulgaria (JV with local entity – path to 100% ~26.5 km2 )

Kalabak - Bulgaria (JV with local entity – path to 75% ~191 km2)

Zlatusha - Bulgaria (JV with local entity – path to 75% ~195 km2)

Significant further ground holding currently under review.

Belopoltsi Prospect

The Belopoltsi prospect is interpreted to be the westerly extension of the Popsko Gold and Poly-Metallic Ore Field, which is located to the immediate east of the Kalabak license. This ore field, which is presently the subject of exploration by Toronto-listed Dundee Precious Metals (TSX: DPM), was historically explored by the state. Exploration work included trenching, drilling, as well as, development of exploration adits by Bulgarian State agencies.

The Popsko area is charactarised by the intersection of regional north-north-east and east-west trending fault zones and by the emplacement of Tertiary rhyolite intrusions into the metamorphic basement.

Figure 1: Location of the Belopoltsi prospect in the eastern part of the Kalabak permit (191 km2 ) in southern Bulgaria. Mines and mineral deposits2 in the vicinity of the permit area are also shown. Geologically, the prospect occurs in schists, amphibolite and rhyolites

2https://www.velocityminerals.com/site/assets/files/5199/vlc\_website\_july\_25\_2019.pdf https://www.miningdataonline.com/reports/annual/Krumovgrad\_Project\_TR\_2014.pdf

After initial mapping and rock sampling indicated the presence of prospective structures, Raiden completed a soil survey on a 100 metre by 25 metre grid spacing (528 samples) over the target area. The prospect was defined by outcropping gold bearing quartz veins, which are emplaced within the metamorphic basement and brecciated zones on the contacts of the rhylolite bodies (Figure 2).

Figure 2: Hydrothermally and tectonically brecciated rhyolite from the Belopoltsi prospect

The strike and width of the quartz veins is unknown at this time, however the geochemical results defined anomalies, which extend up to five hundred metres along strike, while the thickness of the veins is infered to be between one and three metres wide. The width of the geochemical anomalies suggests the presence of multiple (possibly parallel), vein systems, which would provide an attractive drill target. Outcropping quartz veins commonly display "latice bladed" textures (Figure 3). This texture is typical of late replacement of carbonate by silica and is indicative of a low temperature, low sulphidation epithermal depositional environment.

Figure 3: Rock samples from the Belopoltsi prospect displaying typical "lattice bladed" textures. This texture is typical of late replacement of carbonate by silica and indicative of a low temperature, low sulphidation epithermal depositional environment

The results of the soil sampling program deliniated three north-south trending zones of anomalous gold concentrations, ranging from 10 to 400 ppb (Figure 4). The strike of the zones range from 300 metres to 500 metres, while the width of the zones is up to 250 metres.

Figure 4: Results of the geochemical soil sampling survey for the elements gold (bottom), lead (top left) and silver (top right). The survey delineated three, north-south trending zones of anomalous gold concentrations, ranging from 10 ppb to 400 ppb

A limited rock sampling program (12 samples) was carried out in parallel with the mapping program, focussed on outcrops of the prospective quartz veins and on the brecciated contacts between the rhyolite intrusions and their metamorphic host rocks. Three of the 12 sampled outcrops yielded anomalous gold concentrations ranging from 0.1 g/t to 2.2 g/t.

The geology and mineralisation at the Belopoltsi prospect compares favourably with the style and nature of mineralisation found in the Popsko polymetallic field, where gold-silver and poly-metallic base metal mineralization is associated with low temperature quartz veins and linear vein swarms. East of the Kalabak permit boundary, where extensive exploration has been conducted in the past, the length of the known vein swarms ranges from 100 metres to 1600 metres and the thickness of the quartz veins ranges from 0.6 metres to several metres.

On the basis of the field observations and available data sets, the Company considers the Belopoltsi prospect to represent a low sulpidation gold system.

The follow up work will include further soil sampling to define the extent of the anomalies, which remain open along strike; further mapping of the anomalous areas and trenching, which will hopefully allow the team to define the exact nature and size of the mineralised veins and alteration system.

About the Kalabak Project

Corporate

The Company announced on 15 July 2019 that it has signed an Option agreement with QX over the Kalabak project in Bulgaria. QX, a TSX-V listed Company, is the 100% holder of the Kalabak license, through its 100% owned Bulgarian entity, Zelenrok EOOD. The agreement provides Raiden with an opportunity to earn up to 75% in the Kalabak project. Key terms of the agreement are set out in the Company's 15 July 2019 ASX announcement.

Location, Geological Setting and Belt Potential

The Kalabak license is located in the Haskovo Province (Kardzhali District) in southeast Bulgaria (Figures 1 and 6). Two major gold deposits are located within 10km of the Kalabak licence. The Ada Tepe deposit, southwest of Kalabak, was developed by Dundee and achieved commercial production in March 2019. Velocity Minerals' (TSXV-VLC) Rozino deposit, southeast of the Kalabak permit, hosts an inferred gold resource of 13 million tonnes grading 1.37 g/t gold1 and is currently in the prefeasibility stage. Mineralization at both projects is hosted in sedimentary rocks of the Palaeocene/Mid-Eocene and which run in a north-south trend through the full extent of the Kalabak license. Raiden's programs are designed to cost-effectively define targets of similar styles of mineralisation.

Figure 5: Locations of the Company's projects in the Tethyan orogenic belts and relative to known porphyry and epithermal gold and copper deposits

Figure 6: The location of the Kalabak permit and the Belopoltsi prospect in southern Bulgaria

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 is 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. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do 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) is an ASX listed copper—gold exploration company focused on the emerging prolific Tethyan metallogenic belt in eastern Europe (Serbia and Bulgaria). The Company has signed an Earn-In and Joint Venture Agreement with Rio Tinto in respect to two licenses (Majdanpek West and Majdanpek Pojas), whereby Rio Tinto can earn a 75% project-level position in the properties, via a staged exploration commitment totalling USD$31.5 million in three stages at Rio Tinto's election.

Raiden also retains a 100% interest in the Bor and Pirot project applications, the Donje Nevlje project; the Zupa property and the Tilva Njagra project, which the Company considers prospective for epithermal and porphyry style copper, gold and base metal mineralisation. The Company has also executed a Joint Venture Agreement with a local vendor in relation to the Stara Planina project, which hosts two large anomalies, which the Company plans to continue exploring throughout 2019. The Company has more recently signed three significant transactions in Bulgaria, including the Vuzel project (epithermal gold); Kalabak project (epithermal and porphyry potential) and Zlatusha project (porphyry and epithermal potential). With the recent acquisitions, the Company has become one of the largest ground holders in the Western Tethyan belt and the Directors believe that the Company is well positioned to unlock value from this exploration portfolio.

Criteria	JORC Code Explanation	Commentary
	Nature and quality of sampling (e.g. cut channels, random chips, orspecificspecialisedindustrystandardmeasurementtoolsappropriate to the minerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc.). These examplesshould not be taken as limiting the broad meaning of sampling.	This public release reports on the results of a soilsampling and limited surface rock sampling program.528soil samples were taken on 100 metre by 25 metregrid. In addition,12 rock samples were taken fromoutcrop.
Sampling techniques	Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools orsystems used.	The samples were collected with the objective ofdefining the source of mineralisation only. The objectiveof the program was not to gather representative sampleswithin the entire projectarea. The results from theprogram are not being used in any mineral resourcestatement and are only used by the Company as a guideto direct further exploration efforts.
	Aspects of the determination of mineralisation that are Material tothe Public Report. In cases where 'industry standard' work has beendone this would be relatively simple (e.g. 'reverse circulation drillingwas used to obtain 1 m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other cases, moreexplanation may be required, such as where there is coarse gold thathas inherent sampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules) may warrantdisclosure of detailed information.	Soil sampling: 1.0 kg to 1.5 kg of soil wastaken from thetop of the B-horizon, usually from the 15 cm to 20 cmdepth interval. No screeningof soils was carried out inthe field.Rock: Samples were float or chiselled from outcrop.

Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotaryair blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter,triple or standard tube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, by what method, etc.).	Not applicable as this public report does not refer to theresults of drilling activity.
	Method of recording and assessing core and chip sample recoveriesand results assessed.	As per the above.
Drill sample recovery	Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.	As per the above.
	Whether a relationship exists between sample recovery and gradeand whether sample bias may have occurred due to preferentialloss/gain of fine/coarse material.	As per the above.
	Whether core and chip samples have been geologically andgeotechnicallylogged to a level of detail to support appropriateMineral Resource estimation, mining studies and metallurgicalstudies.	As per the above
Logging	Whether logging is qualitative or quantitative in nature. Core (orcostean, channel, etc.) photography.	As per the above.

	The total length and percentage of the relevant intersectionslogged.	As per the above.
	If core, whether cut or sawn and whether quarter, half or all coretaken.	Not applicable as this public report does not refer to theresults of drilling activity.
	If non-core, whether riffled, tube sampled, rotary split, etc. andwhether sampled wet or dry.	As per the above.
	For all sample types, the nature, quality and appropriateness of thesample preparation technique.	ALS's Prep-41 protocol was followed:Dry at<60°C/140°F, sieve sample to -180 micron (80 mesh).Retain both fractions.This protocol is in line withgenerally accepted industry standards.
Sub-sampling techniques and sample
preparation	Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.	No quality control was adopted to control therepresentivity ofthe sample preparation. The protocolfollowed is a standard protocol for the preparation of soiland rock samples.
	Measures taken to ensure that the sampling is representative ofthe in-situ material collected, including for instance results for fieldduplicate/second-half sampling.	A field duplicate was collected for every 20thsoil sample.Variance between duplicates was generally smaller than20 % for all elements except gold.Variance of goldbetween duplicates often exceeded 20 %,probablyindicating that gold is presentin the soil in the form ofrelatively coarse particles.

	Whether sample sizes are appropriate to the grain size of thematerial being sampled.	The protocol that was followed when samples weretaken in the field and when samples were prepared in thelaboratory, as described above, is widely used and in linewith best industry standards.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying andlaboratory procedures used and whether the technique isconsidered partial or total.	Samples were submitted to ALS Romania. Preparation ofsamples in the laboratory has been described above.Gold was determined by aqua regia extraction with ICPMS finish. Four acid digestion with ICP-MS finish wasused to analyse for 61 additional trace elements. Bothmethods are considered to report on the total elementalconcentration, even though certain silicates, barite, rareearth oxides, columbite-tantalite, and titanium, tin andtungsten minerals may not be fully digested. The electedanalytical and assay techniques and QA/QC protocols areappropriate and adequate for the purposes ofexploration evaluation.
	For geophysical tools, spectrometers, handheld XRF instruments,etc., the parameters used in determining the analysis includinginstrument make and model, reading times, calibrations factorsapplied and their derivation, etc.	There wasno reliance on such tools.
	Nature of quality control procedures adopted (e.g. standards,blanks, duplicates, external laboratory checks) and whetheracceptable levels of accuracy (i.e. lack of bias) and precision havebeen established.	5 % blanks, 5 % field duplicates and 5 % certifiedreference materials were inserted into the samplingsequence. The ALS laboratory in Romania adhered toindustry standard insertion and reporting of laboratoryduplicates, blanks and standards.The results for the

JORC Code, 2012 Edition Table 1. This table applies to the Kalabak exploration permit in southern Bulgaria.

Section 1: Sampling Techniques and Data

		reference materials indicated acceptable levels ofaccuracy. The results for the blanks indicated a lack ofcross contamination between samples. The variancebetween duplicates has been discussed above.
	The verification of significant intersections by either independent oralternative company personnel.	The Company has not conducted any independentverifications of the samplesreported in this release, noris it aware of any other independent verifications.
	The use of twinned holes.	Not applicable.
Verification of sampling and assaying	Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.	The primary geochemical data in the form of Excelspreadsheets and the primary laboratory certificates inPDF format are stored on the server of Raiden.
	Discuss any adjustment to assay data.	There was no adjustment of assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locationsused in Mineral Resource estimation.	Not applicable as this release does not report on theestimation of a mineral resource.

JORC Code, 2012 Edition Table 1. This table applies to the Kalabak exploration permit in southern Bulgaria.

Section 1: Sampling Techniques and Data

	Specification of the grid system used.	Locations recorded during the field mapping wererecorded using a hand-held GPS. Positions were notedin the geographical and UTM (Zone 35N) coordinatesystems. In both cases the WGS84 map datum wasused. Topographic accuracy is estimated to be within 5-10 meters.
	Quality and adequacy of topographic control.	Not considered relevant, as the release does not referto any resources statement.
	Data spacing for reporting of Exploration Results.	The sampling grid followed for the soil samplingprogram and the locations of the rock samples areshown in Figure 4 and have been discussed above.
Data spacing and distribution	Whether the data spacing and distribution is sufficient to establishthe degree of geological and grade continuity appropriate for theMineral Resource and Ore Reserve estimation procedure(s) andclassifications applied.	Not applicable as this release does not report on theestimation of a mineral resource.
	Whether sample compositing has been applied.	Not applicable.
	Whether the orientation of sampling achieves unbiased samplingof possible structures and the extent to which this is known,considering the deposit type.	Not applicable as the surface sampling referred toherein is point data and therefore does not have anorientation.
Orientation of data in relation to geologicalstructure
	If the relationship between the drilling orientation and theorientation of key mineralised structures is considered to have	As per the above.

The measures taken to ensure sample security.Sample submission forms were completed by Raiden'sproject geologists andconfirmed by a designatedcourier service company (Econt Express of Krumovgrad).Sample securityOn receipt by ALS in Romania the samples werechecked, weighed and logged into the laboratory'ssample monitoring system.
The results of any audits or reviews of sampling techniques andTo date no audits havebeen undertaken.Audits or reviewsdata.

Criteria	JORC Code Explanation	Commentary
	Type, reference name/number, location and ownershipincluding agreements or material issues with third partiessuch as joint ventures, partnerships, overriding royalties,native title interests, historical sites, wilderness or nationalpark and environmental settings.	Raiden Resources has an interest in the 191 km2 Kalabak projectunder an earn-in and option agreement with the holder of theKalabak project, QX Metals. Under the Agreement Raiden has aright to earn in up to 75%interest in the KalabakLicence, bycompleting a NI-43-101 compliant Pre-Feasibility study.
		The Kalabak project area includes fiveprotected areaswith respectto Article 5 of the Protected Areas Act, and large portions of theprojectfall within a "special area of conservation"under theEuropean Ecological Network NATURA2000 (Law on BiologicalDiversity).The Company does not expect these protectedzones toimpact on the Company's exploration activities.
Mineral tenement and land tenure status		Under the Bulgarian Law forMineral Resources, on expiration of theinitial three-year term of the permit, the holder of the explorationpermit is entitled to apply for arenewal of the exploration licensefor a further 2-year period atthe Bulgarian Ministry of Energy("Ministry"). For the renewal application to be considered theapplicant has to:
		•Demonstrate that work program for the previous periodhas been completed;•Submit the application for the renewal of the licence to theMinistry 30 days before the expiration of theinitial3-yearperiod. With the request for the renewal, the applicant isrequired to submit a final report on all exploration results;and•Submit an exploration program for the next 2-yearperiod.
		To date Raiden resources has not earned into the license.

		geological mapping, soil and rock sampling and drilling. The datastemming from this exploration phase is kept at the BulgarianMinistry of Energy (National Geofund and Geology). Raiden ispresently in the process of acquiring selected parts of this data.Toronto listedQX Metals (TSX.V:QX), formerly known Black SeaCopper and Gold, explored in the Kalabak permit in2017. QX'swork program included reconnaissance soil sampling, streamsediment samplingand surface rock sampling.
Geology	Deposit type, geological setting and style ofmineralisation.	This information has been provided in the main part of this publicreport.
	A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:	Assay results and sample locationsreferred to in this public releasearepresented in Figure 4.
Drill hole Information	oeasting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation abovesea level in metres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole length.If the exclusion of this information is justified on the basisthat the information is not Material and this exclusiondoes not detract from the understanding of the report, theCompetent Person should clearly explain why this is thecase.

Data aggregation methods	•In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum gradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.•Where aggregate intercepts incorporate short lengthsof high-grade results and longer lengths of low graderesults, the procedure used for such aggregationshould be stated and some typical examples of suchaggregations should be shown in detail.The assumptions used for any reporting of metalequivalent valuesshould be clearly stated.	Any grade information reported in this release is considereduseful, qualitative information by the CP. The data is suitable forplanning of additional work that will lead to a drill decision. Thedata available is insufficient to be included in a mineral resource.No metal equivalent formulas were used in reporting of anyhistorical intercepts, or results.
Relationship between mineralisation widthsand intercept lengths	•These relationships are particularly important in thereporting of Exploration Results.•If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.If it is not known and only the down hole lengths arereported, there shouldbe a clear statement to this effect(e.g. 'down hole length, true width not known').	Not applicable as this public release does not report on the resultsof drilling.
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported.These should include,but not be limited to a plan view of drill hole collarlocations and appropriate sectional views.	Figure 4above showsthe locations and metal concentrations forthe surface samplesreferred to in this public release.
Balanced reporting	Where comprehensive reporting of all Exploration Resultsis not practicable, representative reporting of both low	The reporting in this public release covers the only the Belopoltsiprospect. The QP is of the opinion that data available for thisprospect has been presented in a way that is balanced and not

	and high grades and/or widths should be practiced toavoid misleading reporting of Exploration Results.	misleading. Further data analysis and interpretation may result inthe definition of new target areas.
Other substantive exploration data	Other exploration data, if meaningful and material, shouldbe reported including (but not limited to): geologicalobservations; geophysical survey results; geochemicalsurvey results; bulk samples –size and method oftreatment; metallurgical test results; bulk density,groundwater, geotechnical and rock characteristics;potential deleterious or contaminating substances.	•The information provided in this public release is partiallybased on observations made when the company's technicalteam visited the Kalabakpermit area.•Geologicalinformation provided in Figure4 is based onpublished geological maps: Geological Map of the Republic ofBulgaria (1:50,000), K-35-88-A,Studen kladenets,Ministry ofEnvironment and Water, Bulgarian National GeologicalSurvey.
Further work	The nature and scale of planned further work (e.g. testsfor lateral extensions or depth extensions or large-scalestep-out drilling).Diagrams clearly highlighting the areas of possibleextensions, including the main geological interpretations	Raiden's follow-upexploration programon the Belopoltsi prospectmay includefurthergeological mapping;further surface samplingto evaluate the epithermal gold and copper porphyry potential ofthe veins systems, as well as, further trenching to define the widthsand insitu grade of the vein systems
	and future drilling areas, provided this information is notcommercially sensitive.