RAIDEN RESOURCES LIMITED — Investor Presentation 2020

May 4, 2020

GROUND MAGNETIC SURVEY AT "SBOR" PROSPECT DEFINES A LARGE ANOMALY BELOW THE OUTCROPPING COPPER-GOLD MINERALISATION

HIGHLIGHTS

• Raiden completes reinterpretation of the magnetic survey and the historical gravity data from the Kalabak project;
• A large magnetic anomaly has been defined on the target area;
• The magnetic anomaly underlies a copper-goldmolybdenum geochemical anomaly and alteration zones;
• Survey provides further indication of a potentially large gold-copper system which has not been drill tested so far and;
• Raiden advancing drill access permitting and expects to commence drill testing as soon as practical

Raiden Resources Limited (ASX: RDN) ("Raiden" or "the Company") is pleased to report on the results of the reinterpretation of the 2019 ground magnetic survey and historical gravity data from the Kalabak project in Bulgaria.

Dusko Ljubojevic, Managing Director of Raiden commented:

"The methodical exploration approach on the Kalabak property has yielded a high value drill target, where we have multiple data sets correlating with our field observations and providing us with a high value drill target. This data set continues to support our view that a significant mineralised system remains untested at Sbor. The Company is in the process of completing access permits and plans to drill test the target as soon as practical. "

QUICK STATS

ASX Code: RDN Shares on Issue: 431.4 million Market Cap: $2.16 million

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% ~191 km2)

Significant further ground holding currently under review.

Page 1 of 22

Sbor magnetic survey

A ground magnetic survey was conducted over the key geochemical anomalies and associated zones of alteration. The survey area covered 14 km2 , consisting of 30 lines spaced at 200 metres apart and 15 lines spaced at 100 metres apart. The survey has delineated several anomalies of magnetic highs and magnetic lows.

The most prominent magnetic anomalies are associated with the Sbor alteration zones and geochemical anomalies. To gain a better understanding of the potential depth to the magnetic body, the Company's consultant subjected the data to inversion modelling, using the industry standard 3D UBC inversion code. This is a numerical algorithm which models the geophysical data into a potential rock volume that may be responsible for the observed magnetic measurements at surface. This code was developed by the University of British Columbia Canada and is one of several inversion algorithms used in the industry. In the case of Sbor the association of a magnetic body underneath the observed surface geochemistry and alteration, is supportive of a deeper porphyry related alteration zone responsible for forming mineralisation in the area. An alteration zone or a porphyry intrusion with a magnetic response are considered key targets for drill testing.

The Cu-Mo-Au-Te geochemical anomalies, outcropping mineralisation and veining observed at the Sbor prospect are spatially associated with the M4 weak magnetic high shown in Figure 1. The Company interprets the inverted magnetic susceptibility high at M4, as a potential NW trending porphyry associated alteration zone.

Figure 1 - Reduced to pole (RTP) magnetic map over the Sbor prospects

Figure 2 - 3D UBC magnetic susceptibility inversion models over the Sbor prospect depicting the size and vertical extent of the M4 magnetic high, which is interpreted as a potential porphyry related (potassic) alteration zone. The magnetic anomaly at Sbor coincides with the outcropping mineralisation and a well defined Copper-Gold-Molybdenum soil anomaly

Based on the inverted magnetic data the M4 magnetic high target has a vertical extent of over 700 metres from the surface and a significant lateral extent at depth. The magnetic survey data suggests that the anomaly is significantly larger than the overlying geochemical anomaly. This is in line with the expectation that many future discoveries in the Western Tethyan are likely to be buried with little to no surface expressions.

The Company is excited by these results, which provide additional information to guide future drilling activities. The Company will consider executing an IP survey over Sbor to further refine the drill target, prior to commencement of drilling activities. Drilling is pending finalising access permits and the lifting of the current, COVID-19 related travel restrictions.

Figure 3 - location of Sbor prospect on the Kalabak license

Regional porphyry potential

The Kalabak project is located within the Tertiary belt. The majority of exploration within this belt has been focused on Pb-Zn mineralisation by previous state-owned enterprises. Recent exploration has revealed that the belt is prospective for porphyry mineralisation, with numerous porphyry deposits being discovered in Tertiary belts within Serbia, Greece and Macedonia. As the figure below indicates (Figure 4), porphyry mineralisation has been discovered within the Tertiary Dinaride-Aegen segments in all the neighbouring countries, except for Bulgaria. The Company believes this is a function of lack of exploration, rather than geologic potential.

The Kalabak project is situated within a similar setting and displays many complimentary geological features as those associated with other porphyry deposits in the region.

Figure 4 - Kalabak project location within the Dinaride-Aegean region (Tertiary porphyry/epithermal belt), in the Western Balkans and porphyry deposits/prospects. The Company postulates that exploration focus on porphyry and epithermal mineralisation in the neighbouring countries is the main reason for the discrepancy in porphyry deposit distribution throughout the belt

About the Kalabak Project

Corporate

As noted above, the Company announced on 15th July 2019 that it has signed an Option agreement with QX Metals ("QX") over the Kalabak project in Bulgaria. QX, a TSX-V listed Company that 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 15th July 2019 ASX announcement.

Location, Geological Setting and Belt Potential

The Kalabak license is located in the Haskovo Province, Kardzhali district in southeast Bulgaria. Two major gold deposits are located within 10km's of the Kalabak licence. The Ada Tepe deposit, south-

west of Kalabak, was developed by Dundee and achieved commercial production in March 2019. Velocity Minerals' (TSXV-VLC) Rozino deposit, south-east of the Kalabak permit, hosts an inferred gold resource of 13 million tonnes grading 1.37 g/t gold1 , which is currently in the pre-feasibility stage. Mineralisation at both projects is hosted in sedimentary rocks of the Palaeocene/Mid-Eocene. This implies that there is potential for the mineralized Palaeocene/Mid-Eocene sediments within the Kalabak license to host similar styles of mineralisation.

The district is a well-known mining region for Pb-Zn with several active and past producing mines, such as Madjarovo, Zvezdel and Pcheloyad. While most of the historical mining and exploration activity, including the work by the Bulgarian State, focused on the Pb-Zn potential, more recent exploration for epithermal gold led to discoveries at Ada Tepe and Rozino. There has been virtually no exploration for porphyry copper mineralisation within the district. Recent exploration in similar geological provinces in Serbia, Macedonia, Greece and Turkey has resulted in the discovery of porphyry copper resources (e.g. Rudnitsa, Tulare, Ilovitsa, Halilaga, Kisladag, Kadiica, Scouries, etc.).

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

1 https://velocityminerals.com/projects/rozino-project/overview/

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. 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 focused exploration Company focused on the emerging prolific Tethyan metallogenic belt in Eastern Europe. Raiden has established a significant exploration footprint in Serbia and Bulgaria. Over the last two 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 the Directors believe that the Company is well positioned to unlock value from this exploration portfolio and deliver a significant mineral discovery.

Criteria	JORC Code Explanation	Commentary
	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, orhandheld XRF instruments, etc.). These examplesshouldnot be taken as limiting the broad meaning of sampling.	This public release reports on the results of aground magnetic survey which was executedover the Kalabak project in 2019, as well as, thereinterpreted, historical gravity survey data,which the Company purchased from theBulgarian government.
	Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.	This release does not relate to samples - anyinformation relating to sample information hasbeen referenced in prior technical releasesregarding Sbor prospect.
Sampling techniques
	Aspects of the determination of mineralisation that areMaterial to the Public Report. In cases where 'industrystandard' work has been done this would be relativelysimple (e.g. 'reverse circulation drilling was used toobtain 1 m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other cases,more explanation may be required, such as where thereis coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure of detailedinformation.	This release does not relate to samples - anyinformation relating to sample information hasbeen referenced in prior technical releasesregarding Sbor prospect.

Drilling techniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc.) anddetails (e.g. core diameter, triple or standard tube, depthof diamond tails, face-sampling bit or other type, whethercore is oriented and if so, by what method, etc.).	Not applicable as this public report does notrefer to the results ofdrilling activity.
	Method of recording and assessing core and chip samplerecoveries and 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 recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material.	As per the above.
Logging	Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, miningstudies and metallurgical studies.	As per the above

	Whether logging is qualitative or quantitative in nature.Core (or costean, channel, etc.) photography.	As per the above.
	The total length and percentage of the relevantintersections logged.	As per the above.
	If core, whether cut or sawn and whether quarter, halfor all core taken.	Not applicable as this public report does notrefer to the results of drilling activity.
	If non-core, whether riffled, tube sampled, rotary split,etc. and whether sampled wet or dry.	As per the above.
Sub-sampling techniques and samplepreparation	For all sample types, the nature, quality andappropriateness of the sample preparation technique.	Not applicable
	Quality control procedures adopted for all sub-samplingstages to maximise representivity of samples.	Not applicable
	Measures taken to ensure that the sampling isrepresentative of the in-situ material collected, including	Not applicable

	for instance results for field duplicate/second-halfsampling.
	Whether sample sizes are appropriate to the grain sizeof the material being sampled.	Not applicable
	The nature, quality and appropriateness of the assayingand laboratory procedures used and whether thetechnique is considered partial or total.	Not applicable
Quality of assay data and laboratorytests	For geophysical tools, spectrometers, handheld XRFinstruments, etc., the parameters used in determining theanalysis including instrument make and model, readingtimes, calibrations factors applied and their derivation,etc.	There was no reliance on such tools.
	Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established.	Notapplicable

	The verification of significant intersections by eitherindependent or alternative company personnel.	Not applicable
	The use of twinned holes.	Not applicable.
Verification of sampling and assaying	Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols.	The Geophysical contractor applied industrystandarddatacollection,QAQCandadjustments procedures which the CP considersappropriate for this stage of exploration.
	Discuss any adjustment to assay data.	Notapplicable
	Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in Mineral Resourceestimation.	Not applicable as this release does not reporton the estimation of a mineral resource.
Location of data points
	Specification of the grid system used.	Locations recorded during the field mappingwere recorded using a hand-held GPS.Positions were noted in the geographical andUTM (Zone 35N) coordinate systems. In bothcases the WGS84 map datum was used.

		Topographic accuracy is estimated to bewithin 5-10 meters.
	Quality and adequacy of topographic control.	Not considered relevant, as the release doesnot refer to any resources statement.
	Data spacing for reporting of Exploration Results.	The magnetic survey lines were executedon200 meter grid lines, which were then infilledon 100 meter lines over the target areas. Thehistorical gravity survey data was not done ona grid and the CP considers that samplingdensity in the target area is not sufficient.However, it should be noted that the Companyis not relying solely on these interpretations toguide the planned drilling activities.
Data spacing and distribution
	Whether the data spacing and distribution is sufficient toestablish the degree of geological and grade continuityappropriate for the Mineral Resource and Ore Reserveestimation procedure(s) and classifications applied.	Not applicable as this release does not reporton the estimation of a mineral resource.
	Whether sample compositing has been applied.	Not applicable.

	Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type.	No applicable
Orientation of data in relation togeological structure	If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	Not applicable
Sample security	The measures taken to ensure sample security.	Not applicable
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	To date no audits have been undertaken.

Criteria	JORC Code Explanation	Commentary
	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.	has an interest in the 191 km2Raiden ResourcesKalabak project under an earn-in and option agreementwith the holder of the Kalabak project, QX Metals.Under the Agreement Raiden has a right to earn in upto 75% interest in the Kalabak Licence, by completinga NI-43-101 compliant Pre-Feasibility study.
Mineral tenement and land tenurestatus		The Kalabak project area includes five protected areaswith respect to Article 5 of the Protected Areas Act, andlarge portions of the project fall within a "special areaof conservation" under the European EcologicalNetworkNATURA2000(LawonBiologicalDiversity). The Company does not expect theseprotected zones to impact on the Company'sexploration activities.
		Under the Bulgarian Law for Mineral Resources, onexpiration of the initial three-year term of the permit,theholder of the exploration permit is entitled to applyfor a renewal of the exploration license for a further 2-year period at the Bulgarian Ministry of Energy("Ministry"). For the renewal application to beconsidered the applicant has to:•Demonstrate that work program for theprevious period has been completed;•Submit the application for the renewal of thelicence to the Ministry 30 days before theexpiration of the initial 3-year period. With the

		request for the renewal, the applicant is requiredto submit a final report on all explorationresults; and•Submit an exploration program for the next 2-year period.
		To date Raiden resources has not earned into thelicense.
		More detail regarding terms of the Kalabak earn-inagreement can be found in the company's press releasedated 15 July 2019.
	The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	The Kalabak license is currentlyunder ForceMajeure, due to the Covid-19 situation, which wasdeclared by Zelerok to the Ministry. The Companyalso declared Force Majeure to QX Metals. It is up tothe Com[any and QX to declare the end of the ForceMajeure and recommence with the work. TheCompany remains confident that the situation willimprove in the short term and work will be able torecommence.
Exploration done by other parties	Acknowledgment and appraisal of explorationby other parties.	Early exploration in the Kalabak permit area by theBulgarian State Geological Agencies was solelydirected at the base metal potential of the area. This

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

Drill hole Information

Data aggregation methods

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.

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated

Assay results and magnetic survey results are presented in figures 1 and 2. Other information relating to surface sampling was detailed in the Companies release on the 22nd of November 2019.

Not applicable

	and some typical examples of suchaggregations should be shown in detail.The assumptions used for any reporting of metalequivalent valuesshould be clearly stated.
Relationship between mineralisationwidths and intercept lengths	•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 hole lengthsare reported, there should be a clear statementto this effect (e.g. 'down hole length, true widthnot known').	Not applicable as this public release does not report onthe results of drilling.
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.	Not applicable as this release does not refer to drillinginformation. However, figure 1 and 2 indicate theextent of the magnetic survey, as well as theinterpretation over Sbor target area and how this targetarea relates to the surface geochemistry anomalies.
Balanced reporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and high	The reporting in this public release pertains mainly totheSbor prospect. The QP is of the opinion that dataavailable for this prospect has been presented in a way

	grades and/or widths should be practiced toavoid misleading reporting of ExplorationResults.	that is balanced and not misleading. Further dataanalysis and interpretation may result in the definitionof new target areas.
Other substantive exploration data	Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations;geophysical survey results; geochemical surveyresults; bulk samples –size and method oftreatment; metallurgical test results;bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	•The information provided in this public release ispartially based on observations made when thecompany's technical team worked onthe Kalabakpermit area.
Further work	The nature and scale of planned further work(e.g. tests for lateral extensions or depthextensions or large-scale step-out drilling).	Raiden's exploration program for the Kalabak permitfor 2020 mayincludefurthergeophysics to optimisedrilling orientations and drill testing of the Sbor target.
	Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.