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RAIDEN RESOURCES LIMITED Investor Presentation 2023

May 8, 2023

65675_rns_2023-05-08_71095db6-5a56-4bdd-afb5-e7238ace8475.pdf

Investor Presentation

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RAIDEN RESOURCES INVESTOR PRESENTATION

MAY 2023

ASX:RDN DAX:YM4

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Disclaimer

CAUTIONARY AND FORWARD-LOOKING STATEMENTS

This presentation does not constitute investment advice. This presentation has been prepared by Raiden Resources Limited (“the Company” or ASX:RDN) to provide summary information about the Company and its activities as at the date of this presentation (May 2023), Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. The presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

The Company confirms that it is not aware of any information or data that materially affects the information included in this presentation, and that all material assumptions and technical parameters underpinning the announcements on which this presentation relies continue to apply. The information contained in this presentation is a professional opinion only and is given in good faith.

Certain information in this presentation has been derived from third parties and though Raiden Resources has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Raiden Resources.

Any forward-looking statements included in this presentation involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, Raiden Resources. In particular, these statements speak only to the date of this presentation, they assume the success of Raiden Resources' strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which these assumptions are based. Recipients of this presentation are cautioned not to place undue reliance on such forward-looking statements.

Raiden Resources makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any errors or omissions which may become apparent after this presentation is released.

To the extent permitted by law, Raiden Resources and its officers, employees, related bodies corporate and agents disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Raiden Resources and/or any of its agents) for any loss or damage suffered by a recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts in A$ unless stated otherwise.

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ASX Announcements referenced in this presentation

1 ASX:RDN announcement 13 April 2023 Sale of Majdanpek West project for $300k and royalty

2 ASX:RDN announcement 03 April 2023 Maiden Mineral Resource Estimate & JORC Exploration Target

3 ASX:RDN announcement 20 March 2023 Historical Gold Drilling Defines Potential at Mt Sholl

4 ASX:RDN announcement 24 Jan 2023 Sale of up to 75% in Zlatusha project through earn in and C$1m

5 ASX:RDN announcement 25 August 2022 Raiden to Divest Non-Core tenement at Myrnas Hill

6 ASX:RDN announcement 6 July 2022 Gold Discovery at Raiden’s Vuzel Project in Bulgaria

7 ASX:RDN announcement 22 April 2020 Historical Data and Field Observations from BG1 Project in Bulgaria

8 ASX:ARV 7 May 2019 Nickel and Copper Resources at Ruth Well

9 ASX:ARV 21 Dec 2018 Shallow Nickel-Copper Resource Defined at Radio Hill

10 ASX:AZS 8 Feb 2023 28% Uplift in Mineral Resources at Andover Nickel Project

11 Fox Resources October 2010 Heap Leach Project development Study

12 Fox Resources August 2007 SHOLL B2 OPEN PIT STAGE 1 FEASIBILITY STUDY

13 Titan Resources N.L. 29 July 1999 Sholl B1 Disseminated Ni-Cu Deposit Resource Report 4850 North 24910N

Competent Person Statement, Previously Reported Information and Cautionary Statement

The information from ASX announcements referenced (footnotes 1 to 7) in this presentation that relates to Exploration Results at the Company projects have been previously released on the ASX. The Company confirms it is not aware of any information or data that materially affects the information included in the market announcements and that all material assumptions and technical parameters underpinning the announcements continue to apply. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements referred to above.

Mineral Resources

The Company confirms it is not aware of any new information or data that materially affects the information included in the 3 April 2023 (Maiden Mineral Resource Estimate & JORC Exploration Target) Raiden Resource estimate and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed when referring to its resource announcement made on 3 April 2023. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Cautionary Statement LR 5.16.5

The potential quantity and grade of this exploration target included in 3 April 2023 release is conceptual in nature, there is currently insufficient exploration completed to support a mineral resource of this size and it is uncertain whether continued exploration will result in the estimation of a JORC resource. The Exploration Target has been prepared in accordance with the JORC Code (2012).

Corporate Overview & Structure

CAPITAL STRUCTURE
(Undiluted)
MARKET CAP ~$5.56M
at A$0.003 (05/05/2023)
SHARES ON ISSUE ~1,854M
TOP HOLDERS
Top 20 ~47%
Top 50 ~67%
Top 100 ~80%

SUBSTANTIAL HOLDERS Pacton Gold Inc ~11% Kitara Investments ~6%

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----- Start of picture text -----

Substantial
Holders
~17%
All Other
Shareholders Directors
~52% ~2%
Top 20 (Excl.
Substantial
Holders and
Directors)
~29%
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Share price at record lows ahead of significant milestones & defined intrinsic value

  • ➢ Maiden JORC mineral resource & large JORC Exploration target defined over Mt Sholl (Exposure to Nickel, Copper & Palladium)

  • ➢ Multiple transactions over non-core assets (cash, stock & discovery upside)

  • ➢ Further transactions over non-core assets in Australia & Europe under negotiation

  • ➢ Advancement of shallow gold discovery in Bulgaria (Vuzel project)

  • ➢ Historical BG1 Cu-Au porphyry deposit grant anticipated in ‘23

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RAIDEN RESOURCES INVESTOR PRESENTATION

3

Board & Management

MICHAEL DAVY - Non-Executive Chairman

Australian business executive with extensive experience in the Australian oil, gas and resources sectors. Mr Davy is also a NonExecutive Director of ASX listed Vanadium Resources Ltd, Haranga Resources Ltd and Arcadia Minerals Ltd.

DALE GINN – Non-Executive Director

Mr Ginn is an experienced mining executive and geologist of over 30 years based in central Canada. He is the founder of numerous exploration and mining companies, and has led and participated in a variety of gold and base metal discoveries, many of which have entered production. Previously lead the Aston Mineral’s Boomerang Ni sulphide project drill out in Canada.

WARRICK CLENT – COO

Geologist with +25 years’ technical experience in the mining industry, having worked on greenfield through to advanced exploration projects, open cut and underground mines across the commodity spectrum in multiple countries and jurisdictions including Australia, Papua New Guinea and Indonesia.

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DUSKO LJUBOJEVIC - Managing Director

Geologist with extensive global mining and exploration experience in Europe, Africa, Central Asia, Australia & North America. Previously held senior positions in junior exploration companies; mid-tier and global majors. Co-founded and listed several exploration companies, including being the co-founder of Raiden Resources.

KYLA GARIC - Company Secretary & Non-Executive Director

Qualified Chartered Accountant and Company Secretary with over 18 years experience working in the ASX markets. Ms. Garic is a director of Onyx Corporate in Australia.

BRUCE VAN BRUNT– Technical Advisor

International mining professional, +35 years experience, mining engineering and geological background, who held key management positions with a number of majors (Echo Bay Mines, Placer Dome, OceanaGold), junior miners (Amara) and development companies (MDL, Teranga). Developed and operated multiple mines in North America and across Africa.

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RAIDEN RESOURCES INVESTOR PRESENTATION

4

Mt Sholl – De-risked Ni-Cu-Co-PGE Sulphide Project

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  • ∼

  • Technically de-risked through 80,000m of historical drilling & confirmed through further 4,200m drill campaign in 2022

  • Currently the largest & only open pit resource in district (23.4Mt @ 0.6% Ni_Eq or 1.54% Cu_Eq @ 0.35% Ni_Eq cut-off) OR

40.4Mt @ 0.45% Ni_Eq or 1.17% Cu_Eq @ 0.15% Ni_Eq cut-off[2,14]

  • Further JORC Exploration Target of 80-150Mt @ grade range of 0.45 - 0.75% Ni_Eq or 1.15% - 1.95% Cu_Eq[2]

  • Only 6% of the potential contact zone / target unit volume has been drilled to date

  • Tier 1 mining jurisdiction in a district with well developed infrastructure , including proximal power, road access & a port facility 40km from deposit[9,10]

  • Access agreements and heritage surveys completed allowing for aggressive drill campaign immediately

  • Significant new targets defined (EM/VTEM/Magnetic) on project & permitted for drilling – high likelihood for resource growth & Exploration Target realisation in near term

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RAIDEN RESOURCES INVESTOR PRESENTATION

5

Mt Sholl – Maiden JORC Resource

Classification Tonnes
Mt		 Ni
%		 Cu
%		 Co
ppm		 3E1
g/t		 Ni Metal
kt		 Cu Metal
kt		 3E
(Pd, Pt, Au)
oz
Open Pit
Indicated 10.5 0.39 0.45 134 0.32 41.0 47.3 108,031
Inferred 9.8 0.29 0.32 78 0.32 28.4 31.3 100,715
Total 20.3 0.34 0.39 107 0.32 69.34 78.6 208,745
Underground
Inferred 3.1 0.48 0.47 57 0.25 14.9 14.6 24,898
  • Total Resource 23.4Mt @ 0.6% Ni_Eq or 1.54% Cu_Eq (at 0.35% Ni_Eq cut-off), OR

40Mt @ 0.45% Ni_Eq or 1.17% Cu_Eq (at 0.15% Ni_Eq cut-off)

High-grade resource of 5.8Mt @ 0.94% Ni_Eq / 2.48% Cu_Eq (at 0.70% Ni_Eq cut-off)[2]

Potential for grade improvements through further drilling:

Indicated (40m drill spacing) vs Inferred (100m drill spacing) category grade comparison

  • 26% increase in Nickel grade in Indicated category

  • 29% increase in Copper grade in Indicated category

  • 42% increase in Cobalt grade in Indicated category

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∼ B1 test mining pit ( 10 x 15m drill spacing) = 128Kt @ 0.55% Ni; 0.9% Cu; 0.6g/t Pd

(1.0% Ni_Eq or 2.47% Cu_Eq)[13]

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  • Only 40% of prospective strike drill tested to date (potential near surface mineralisation defined and remains undrilled)

  • Depth extents to be defined / closed off (all deposits open at depth)

RAIDEN RESOURCES INVESTOR PRESENTATION

6

Mt Sholl – JORC Exploration Target

➢ JORC Exploration target*:

80 – 150Mt @ a grade range of 0.45 – 0.75% Ni_Eq or 1.15 – 1.95% Cu_Eq)[2]

  • ➢ Exploration target is based on geological extensions of target units to depth and along strike; magnetic, VTEM and EM anomalies defined over the project area

  • ➢ Mineralisation is hosted within a 40-50m wide contact zone between the underlying basalts and overlying gabbro-dolerite & pyroxenites. The contacts are interpreted to dip at a shallow (15-20 degree) angle

  • ➢ Majority of the prospective > 11km strike has not been drill tested

  • ➢ Magnetic and VTEM surveys indicate “look-alike” anomalism along almost entire 10km strike -

  • length strong potential for further near surface mineralisation

  • ➢ Mineralisation has been intercepted up to 600 metres down dip & remains open to depth – potential for a very large target area (+1.5km dip extents) & potential for definition of significant further mineralisation

  • ➢ Majority of current drilling is within upper 100 metres

➢ Only ∼ 6% of modelled potential contact zone drilled to date

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*The potential quantity and grade of this exploration target is conceptual in nature, there is currently insufficient exploration completed to support a mineral resource of this size and it is uncertain whether continued exploration will result in the estimation of a JORC resource. The Exploration Target has been prepared in accordance with the JORC Code (2012).

Basalt basement

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Ultramafic mineralised contact/host

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RAIDEN RESOURCES INVESTOR PRESENTATION

7

Mt Sholl - B2 Deposit

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Cross-section B2 pit and mineralisation – view to the north

B2 pits and mineralisation – view to the west

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RAIDEN RESOURCES INVESTOR PRESENTATION

8

Mt Sholl – B1 Deposit

Long-section B1 pit and mineralisation – view to the northwest

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Oblique view of B1 pit and mineralisation – view to the south

Open at depth

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RAIDEN RESOURCES INVESTOR PRESENTATION

9

Mt Sholl – A1 & Kudos Deposits

Kudos pit and mineralisation – view to the south

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Open at depth
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A1 pit and mineralisation – view to the southeast

Open at depth

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10

RAIDEN RESOURCES INVESTOR PRESENTATION

Mt Sholl – Mineralisation Styles & Metallurgical Characteristics

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22B2DD003 (40.2-42.0 metres – NQ core 47.6mm diameter) 1.8m @ 2.32% Ni_Eq Strongly mineralised dolerite with disseminated angular blebs of fine-grained pyrrhotite and pentlandite with minor chalcopyrite

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22B2DD006 (86.7-87.0m interval – NQ core 47.6mm diameter) 0.3m @ 2.98% Ni_Eq Strongly mineralised serpentinised ultramafic rock (pyroxenite) with fine-grained massive pyrrhotite with coarse minerals of pentlandite.

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22B2DD005 (38-45.05m – HQ core 61.1mm diameter) incl. 2.0m @ 3.14% Ni_Eq from 41.5m Strongly mineralised dolerite with coarse disseminated angular blebs of fine-grained pyrrhotite, chalcopyrite and pentlandite.

  • Mineralisation hosted within gabbro/dolerite & pyroxenite – MET studies commencing in the near term – aiming for standard flotation concentration

  • Plan to undertake an ore-sorting study to potentially upgrade ROM grades

  • Oxidation not effecting mineralisation

  • Historical bio-leaching studies at Radio Hill indicate >90% Ni recoveries & >75% Cu recoveries[11]

  • B2 deposit feasibility study suggests similar characteristics to Radio Hill deposit ore[12]

  • PGEs not considered in historical work - historical drilling under sampled for PGEs

11

RAIDEN RESOURCES INVESTOR PRESENTATION

Mt Sholl – Near-term targets & resource extensions

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  • Mineralisation outcropping and along a well-defined contact - only 4km of >10km contact drill tested to date

  • Existing resource open along strike, laterally and to depth (shallow drilling required to test extents).

  • Shallow drilling defined anomalies and permitted for testing outside of current resource

  • Magnetic and VTEM anomalies ( Green blocks - bottom left image) define multiple & likely shallow targets along prospective geology

  • EM targets define potential massive sulphide mineralisation at B2 and A1 deposits over >1km strikes

  • Mineralisation intercepted up to 300-400m from surface & up to 600m down dip – depth extensions of mineralisation remain unanswered

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12

RAIDEN RESOURCES INVESTOR PRESENTATION

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Mt Sholl – Near-term targets & resource extensions

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2022 drilling campaign – B2 cross sections (Cu_Eq grades)

  • Deposit is defined by limited number of drill holes

  • Mineralisation remains open laterally in both directions

  • Raiden 2022 twin drilling results are on average higher grade in relation to historical results

Shallow drilling required to test lateral and dip extents of mineralization, with a relatively simple path to resource growth.

13

RAIDEN RESOURCES INVESTOR PRESENTATION

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Mt Sholl – Near-term targets & resource extensions

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B1 Deposit long section (Cu_Eq grades)

A1 Deposit long section (Cu_Eq grades)

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14

RAIDEN RESOURCES INVESTOR PRESENTATION

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Mt Sholl – Near-term targets & resource extensions

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  • 2022 drilling campaign – B2 long section (Northern extent, Cu_Eq grades)

  • Northern extent of B2 deposit defined by high grade and wide intercepts at shallow depths

  • Historical feasibility study[12] for a starter open pit indicated positive results

  • Development mothballed with the closure of the Radio Hill mine & declining Ni prices

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15

RAIDEN RESOURCES INVESTOR PRESENTATION

Mt Sholl – Infrastructure scenario set for development

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  • Road access through the Mt Sholl property allowing for effective drill rig positioning with minimal disturbance

  • Multiple power sources as close as 3 km from the property

  • 22km south of the Karratha mining -

  • support city all exploration and drilling –

  • managed from Karratha no need for support infrastructure

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  • –

  • Port of Dampier located within 40km short haul for concentrate to port & direct access to Asian markets

  • Aboriginal access agreements in place & heritage survey for planned drilling areas completed

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Image credits clockwise from top left: Australian Mining, Business News, unknown, ABC Pilbara

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16

RAIDEN RESOURCES INVESTOR PRESENTATION

Mt Sholl – Gold Potential

  • Historical drilling points to a separate high-grade gold mineralisation event on the project area

  • Mineralisation is defined through historical drilling , mapping, soil and rock sampling

  • Mineralisation appears to be associated with NW-SE trending structures which are mapped out over multiple Kilometre strikes throughout the project area

  • Potential for extensive strike extension throughout the license area over multiple structures

  • Presents potential to increase the precious content of the mineral resource and add value to the project

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17

RAIDEN RESOURCES INVESTOR PRESENTATION

Path to Value Generation at Mt Sholl

1 – Commencement of Metallurgical Studies

  • ➢ Focus on defining optimal path for flotation of concentrates

  • ➢ Evaluate ore-sorting technologies. Analogous deposits show potential for

  • significant grade increases

  • ➢ Determine path & viability to generate premium battery grade products

2 – Refining near-surface drilling targets

  • ➢ Evaluation of historical geophysics to determine next steps for target definition

  • ➢ Ground EM to refine drill targets

3 – Resource extension & shallow target drilling

  • ➢ Initial targeting of shallow targets along strike & direct extensions of resources (defined EM targets)

  • 4 – Definition of Scoping Study to evaluate economic viability & parameters

  • 5 – Commencement of baseline studies & drilling for DFS completion &

testing of deeper potential

  • ➢ Aim to increase average grades through infill drilling on a tighter grid &

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  • ➢ Expand the current resource off the back of exploration drilling

  • ➢ Determine extents of depth extensions (potential for a major discovery)

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18

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Comparable Value Proposition & Path to Value Generation

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42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
RAIDEN RESOURCESINVESTOR PRESENTATION
See Appendix for information regarding the source, date, and formulas used to calculate the above information.
Median ~US$126/t
Median ~US$221/t
EV (US$):
5.5m
15m
13m
30m
58m
221m
37m
75m
219m
Stage:
Resource
Resource
Resource
Resource
Resource
Study
Study
Study
Production
Country
Australia
Canada
Australia
Australia
Australia
Brazil
Australia
Australia
Australia
Ni_Eq
ktonnes
131kt
179kt
104kt
134kt
82kt
166kt
998kt
306kt
211kt
Open Pit /
Underground
OP/UG
OP
UG
UG
Not Specified
OP
UG
UG/OP
UG
Resource
Study Phase
Production
Advancing to studies
Resource
Growth		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies		 42
84
126
224
702
219
221
236
816
Raiden
Resources
Palladium One
Duketon
Mining
Cannon
Resources
Azure Minerals Widgie Nickel
Centaurus
Metals
Poseidon
Nickel
Panoramic
Resources
EV/Ni_Eq Resources
(US$/t)
Median ~US$126/t
Median ~US$221/t
Resource
Study Phase
Production
Advancing to studies
224 219 221 236
126
84
42
Raiden
Resources
5.5m 15m
13m
30m
58m
221m
37m
75m
219m
Resource
Resource
Resource
Resource
Study
Study
Study
Production
Canada
Australia
Australia
Australia
Brazil
Australia
Australia
Australia
179kt
104kt
134kt
82kt
166kt
998kt
306kt
211kt
OP
UG
UG
Not Specified
OP
UG
UG/OP
UG
Resource
Australia
131kt
OP/UG

19

Arrow Project (100% RDN) – Geological analogue to ASX:DEG Hemi Deposit

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Arrow – Hemi Comparison

  • ✓ 35km Along Strike Of Hemi Deposit

  • ✓ Hosted within Malina formation

  • ✓ Associated with Wohler shear

  • ✓ Defined by multi-kilometre (Au-As-Sb) geochemical anomalies

  • ✓ Altered metasediments and associated Indee quartz diorite intrusions

  • ✓ Near-term drill targets

  • ✓ Strategic project in emerging Tier 1 gold camp

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RAIDEN RESOURCES INVESTOR PRESENTATION

20

Vuzel Project (Bulgaria) – Epithermal Gold Discovery

OVERVIEW[6]

  • Epithermal gold discovery defined by drilling & channel sampling. Raiden has option to buy out 100% of the project for A$400k (26.5km[2] ) or earn into 90% by defining a JORC resource

  • Significant potential for a near surface high-grade gold system. Geochemistry, trenching, rock sampling & 1[st] pass drilling completed.

  • All 11 drill holes intersected significant near-surface gold mineralisation, with peak values up to 5.27 g/t Au . Results indicate potential extensions of the substantial gold zone along strike. Follow-up drill program to define extents of the mineralisation are in the planning stage

Significant drill intersections include:

Historic channel sampling results include:

  • 17m @ 1.13g/t Au from 1m in VZ2206, incl.

  • 45m @ 1.48 g/t Au and 63m @ 2.55 g/t Au , which includes

  • 4.3m @ 2.19g/t Au and 1.2m @ 5.27g/t Au

  • 33m @ 3.42 g/t Au and 3m @ 15.46 (Line 1)

  • 10m @ 1.18g/t Au from 7.7m in VZ2201 , incl.

  • 24m @ 2.79 g/t Au , which includes 6m @ 9.31 g/t Au (Trench 5)

  • 3.9m @ 2.38g/t Au

  • 66m @ 1 g/t Au (Trench 13)

  • 8.8m @ 1.20g/t Au from 22.6m in VZ2209 , incl.

  • 99m @ 2.48 g/t Au , which includes

  • 1.3m @ 3.52g/t Au

  • 12m @ 11.78 g/t Au (Trench 51)

  • 8.5m @ 1.10g/t Au from 7.5m in VZ2203, incl.

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•
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  • 48m @ 4.96 g/t Au , which includes

  • 2.2m @ 2.66g/t Au

  • 24m @ 7.78 g/t Au and 6m @ 20.99 g/t Au (Trench 52)

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21

RAIDEN RESOURCES INVESTOR PRESENTATION

BG1 Project (Bulgaria) – Drilled Porphyry Deposit

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OVERVIEW[7]

  • 100% Raiden – (19km[2] ). Cu-Au porphyry deposit defined by historical drilling ( historical resource defied through 28 drill holes ). No exploration since the early 1970’s . No modern application of geochemistry or geophysics

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  • Outcropping alteration suggests erosional level sitting above potassic zone

  • Located in a mining district with excellent infrastructure (30km from operating mines and sole smelter in Bulgaria)

  • Historic drilling intercepts include:

  • 150m @ 0.3% Cu (from 28m) including 90m @ 0.36% Cu

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  • 135m @ 0.2 % Cu (from 18m)

  • 2.5m @ 15.4 g/t Au (from 289m) - Epithermal component?

  • 25.8 @ 0.48 g/t Au (from 226m)

  • 40m @ 1.6 g/t Au (from 257)

Unique opportunity

  • Potentially a major porphyry-epithermal system in a key mining centre which has not been evaluated with modern exploration techniques or tools.

  • Historical drilling indicates mineralisation is unconstrained and open on strike/depth

RAIDEN RESOURCES INVESTOR PRESENTATION

22

Value Generation & Upside from Non-Core Assets

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  • ✓ August 2022 – Sale of 100% Myrnas Hill project (Aus) to ASX: AS2 in a stock/cash transaction ( A$220k realised value)[5]

  • ✓ January 2023 - Option/Earn in over 75% of Zlatusha project (Bulgaria) to TSX-V: VLC for C$1m in cash and VLC stock staged payments. Velocity Minerals to drill 40,000 metres of drilling and publish a PEA for 75%. Raiden has ability to co-finance 25%, sell its interest or dilute to a 1% NSR[4]

  • ✓ April 2023 – Sale of Majdanpek West project (Serbia) to Konstantin Resources Ltd for A$15,000 cash; ongoing monthly project maintenance payments & A$300,000 in stock on completion of condition IPO. Raiden to retain up to a 1% NSR[1]

ONGOING NEGOTIATIONS & UPSIDE POTENTIAL

  • Arrow project (Aus) - Negotiations ongoing with multiple parties regarding potential transactions

  • Yandicoogina/Boodalyerrie/Pyramid (Aus) - ongoing discussions with multiple parties regarding sale / partnership over assets

  • Donje Nevlje project (Serbia) - ongoing discussions with external parties regarding sale / partnership over asset

  • Kalabak project (Bulgaria) - ongoing discussions with external parties regarding sale / partnership over asset

  • Vuzel epithermal gold project (Bulgaria) – Plans to evaluate next steps after near-surface discovery

  • BG1 porphyry project (Bulgaria) – Possible near term drill test off the back of historical drilling success. Potential for a large porphyry discovery

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RAIDEN RESOURCES INVESTOR PRESENTATION

23

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Key Investment Highlights

  • ➢ Open pit Ni-Cu-PGE sulphide project in a Tier-1 jurisdiction with excellent infrastructure

  • ➢ High likelihood of grade & tonnage increase with further drilling

  • ➢ Targets permitted for drilling - Aboriginal access agreement in place and heritage survey over key targets completed. Potential for aggressive campaign in the near term

  • ➢ Project has strategic potential - a significant JORC Exploration Target (80-150Mt)

  • ➢ Potential Tier-1 discovery exposure through non-core assets & partnerships in Australia and Europe

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24
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Image: Mt Sholl B1 Trail Mining Pit

RAIDEN RESOURCES INVESTOR PRESENTATION

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DUSKO LJUBOJEVIC (Managing Director) E: [email protected]

A: Suite 7, 63 Shepperton Road, Victoria Park, WA AUS 6100

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Peer Comparison Table

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Company
Code
Project
Stage
EV (US$m)
EV/NiEq t (US$)
Resource
Category
Resource tonnes
NiEq Grade (%)
Information Source		 Company
Code
Project
Stage
EV (US$m)
EV/NiEq t (US$)
Resource
Category
Resource tonnes
NiEq Grade (%)
Information Source		 Company
Code
Project
Stage
EV (US$m)
EV/NiEq t (US$)
Resource
Category
Resource tonnes
NiEq Grade (%)
Information Source		 Company
Code
Project
Stage
EV (US$m)
EV/NiEq t (US$)
Resource
Category
Resource tonnes
NiEq Grade (%)
Information Source		 Company
Code
Project
Stage
EV (US$m)
EV/NiEq t (US$)
Resource
Category
Resource tonnes
NiEq Grade (%)
Information Source		 Company
Code
Project
Stage
EV (US$m)
EV/NiEq t (US$)
Resource
Category
Resource tonnes
NiEq Grade (%)
Information Source		 Company
Code
Project
Stage
EV (US$m)
EV/NiEq t (US$)
Resource
Category
Resource tonnes
NiEq Grade (%)
Information Source		 Company
Code
Project
Stage
EV (US$m)
EV/NiEq t (US$)
Resource
Category
Resource tonnes
NiEq Grade (%)
Information Source		 Company
Code
Project
Stage
EV (US$m)
EV/NiEq t (US$)
Resource
Category
Resource tonnes
NiEq Grade (%)
Information Source		 Company
Code
Project
Stage
EV (US$m)
EV/NiEq t (US$)
Resource
Category
Resource tonnes
NiEq Grade (%)
Information Source		 Company
Code
Project
Stage
EV (US$m)
EV/NiEq t (US$)
Resource
Category
Resource tonnes
NiEq Grade (%)
Information Source
Raiden Resources ASX:RDN Mt Sholl Resource 5.5 42 Indicated &
Inferred		 23.4 0.56% ASX Announcement 03/04/2023
43-101 Technical Report dated 25/04/2022
https://palladiumoneinc.com/news/2022
Indicated &
Inferred
87.9
0.20%
Palladium One
TSXV:PDM
LK Project
Resource
15
84
Duketon Mining ASX:DKM Rosie Nickel Deposit/C2 Resource 13.1 126 Indicated &
Inferred		 8.5 1.23% ASX Announcement 10/03/2022
Cannon Resources
ASX:CNR
Fisher East
Resource
30
224
Indicated &
Inferred
7.5
1.79%		 ASX Announcement 15/08/2022
Azure Minerals ASX:AZS Andover Resource 57.7 702 Indicated &
Inferred		 6 1.37% ASX Announcement 08/02/2023
Widgie Nickel
ASX:WIN
Mt Edwards (includes
WIN resources)
Resource
36.5
219
Indicated &
Inferred
10.7
1.56%		 ASX Announcement 21/11/2022
Centaurus Metals ASX:CSM Jaguar Resource 220.7 221 Measured,
Indicated &
Inferred		 108 0.92% ASX Announcement 10/11/2022
Poseidon Nickel
ASX:POS
Lake Johnston/Mt
Windarra/Silver
Swan/Black Swan
Resource/Reserve
74.5
236
Reserves &
Resources
37.05
0.85%		 ASX Announcement 21/11/2022
Panoramic Resources ASX:PAN Savannah Production 218.8 816 Measured,
Indicated &
Inferred		 13.9 1.92% ASX Announcement 29/09/2022

NOTES: Equivalent metal calculated on in-situ basis and using US$10.40/lb, Cu price of $US4.00/lb, and Co price of US$15.50/lb as at 14/03/3023 0.67 = AUD:USD price as at 14/03/2023 0.73 = CAD:USD price as at 14/03/2023

Source: Yahoo! Finance; CommSec share price as at 14/03/2023 where EV not calculated then Market Cap at 14/03/2023 used Figures shown may vary slightly from the published numbers due to rounding.

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Nickel Equivalent Formula (simplified to match disparate data sources): NiEq = (Ni + CuCuKV + CoCoKV)

Recovery assumptions used:

Nickel recovery = 71% Copper recovery = 90% Cobalt recovery = 36% Nickel KV calculations:

CuKV = (cu_price * 22.04622 * cu_rec)/(ni_price * 22.04622 * ni_rec) CoKV = (co_price /31.1035/14.58co_rec)/(ni_price22.04622* ni_rec)

RAIDEN RESOURCES INVESTOR PRESENTATION

26

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Drill Intercept Table

==> picture [110 x 36] intentionally omitted <==

Prospect Hole ID From
(m)		 To
(m)		 Interval
(m)
Ni %		 Cu % Co ppm Pd g/t Pt g/t Au g/t Ag g/t Ni Eq % Cu Eq % 3E g/t Prospect Hole ID From
(m)		 To
(m)		 Interval
(m)
Ni %		 Cu % Co ppm Pd g/t Pt g/t Au g/t Ag g/t Ni Eq % Cu Eq % 3E g/t
B2 22B2DD001 43 67.5 24.5 0.52 0.75 207 0.68 0.13 0.06 3.57 1.04 2.33 0.87 A1 22A1DD001 110.0 121.2 11.2 0.4 0.70 175 0.54 0.10 0.06 3.87 0.86 1.93 0.70
including 64 66 3 0.65 1.03 265 1.07 0.03 0.01 4.47 1.35 3.02 1.11 A1 22A1DD002 128.5 145.5 17.0 0.76 0.87 318 0.90 0.16 0.05 3.90 1.39 3.14 1.11
B2 22B2DD002 31.92 51.5 19.58 0.67 1.18 262 0.7 0.13 0.06 5.9 1.37 3.17 0.89 including 133.0 140.5 7.5 1.16 1.20 452 1.39 0.25 0.06 4.99 2.06 4.66 1.70
including 41.5 47.08 5.58 1.22 1.74 427 0.92 0.19 0.09 8.36 2.22 5.25 1.20 A1 22A1DD003 149.0 170.5 21.5 0.46 0.73 198 0.59 0.12 0.06 3.82 0.94 2.13 0.77
and 49 50 1 1.53 1.18 579 0.66 0.1 0.03 5.79 2.24 5.42 0.79 A1 22A1DD004 103.0 125.0 22.0 0.37 0.46 193 0.44 0.08 0.07 2.67 0.71 1.58 0.59
B2 22B2DD003 26.8 27.1 0.3 2.58 1.23 686 1.96 0.19 0.04 10 3.65 8.54 2.19 A1 22A1DD005 89.0 113.0 24.0 0.31 0.32 176 0.24 0.04 0.11 1.88 0.55 1.24 0.39
and 31 49.65 18.65 0.56 0.69 230 0.53 0.1 0.53 3.08 1.13 2.45 1.16 A1 22A1DD006 61.0 76.7 15.7 0.56 0.61 229 0.63 0.12 0.04 3.47 1.00 2.28 0.79
including 40.2 42 1.8 1.43 0.99 515 0.61 0.12 0.04 3.92 2.05 4.95 0.77 A1 22A1DD007 92.0 108.0 16.0 0.23 0.72 148 0.39 0.05 0.11 3.89 0.66 1.47 0.55
B2 22B2DD004 12 59 47 0.33 0.3 188 0.27 0.05 0.04 1.14 0.55 1.26 0.36 including 105.0 106.0 1.0 0.59 1.96 303 1.02 0.14 0.73 10.60 1.85 4.00 1.89
including 24.63 25.6 0.97 1.36 0.67 788 0.45 0.03 0.01 2.18 1.82 4.41 0.49 A1 22A1DD008 31.0 42.0 11.0 0.49 1.03 264 0.68 0.11 0.12 5.39 1.14 2.55 0.91
B2 22B2DD005 32.7 54.19 21.49 0.74 1.08 272 0.84 0.17 0.1 5.41 1.45 3.30 1.11 B1 22B1DD001 54.0 82.0 28.0 0.5 0.78 210 0.56 0.12 0.07 4.17 1.00 2.28 0.75
including 39 47 8 1.09 1.51 376 1.07 0.22 0.14 7.04 2.05 4.73 1.43 including 73.0 77.0 4.0 1.46 1.30 526 0.79 0.20 0.16 5.89 2.29 5.43 1.15
and 41.5 43.5 2 1.55 1.83 517 1.12 0.26 0.11 8.8 2.66 6.27 1.49 B1 22B1DD002 67.0 88.0 21.0 0.65 0.92 273 0.66 0.13 0.05 4.13 1.23 2.84 0.84
B2 22B2DD006 54 78 24 0.37 0.32 210 0.27 0.05 0.03 1.58 0.60 1.39 0.35 including 81.0 82.0 1.0 1.68 2.22 613 1.18 0.25 0.09 9.10 2.96 7.02 1.52
and 85 90 5 0.63 0.78 302 0.38 0.06 0.06 2.93 1.08 2.57 0.50 B1 22B1DD003 89.0 108.0 19.0 0.51 0.79 211 0.65 0.13 0.05 4.21 1.03 2.34 0.83
including 88.4 88.8 0.4 1.14 2.59 544 1.52 0.08 0.02 10.7 2.60 6.02 1.62 including 101.0 101.5 0.5 0.95 2.71 343 0.79 0.16 0.07 11.70 2.29 5.48 1.02
B2 22B2DD007 36 55.57 19.57 0.75 0.83 288 0.72 0.14 0.08 4.32 1.32 3.04 0.94 B1 22B1DD004 108.0 124.0 16.0 0.48 0.51 210 0.46 0.09 0.06 2.19 0.84 1.92 0.61
including 42 46.4 4.4 1.17 1.11 395 0.96 0.2 0.08 5.73 1.93 4.49 1.24 B1 22B1DD005 102.0 126.7 24.7 0.31 0.36 160 0.30 0.05 0.05 2.24 0.56 1.28 0.40
and 52.35 53.25 0.9 3.51 1.46 1200 1.74 0.2 0.1 6.24 4.68 11.20 2.04 B1 22B1DD006 84.0 107.7 23.7 0.3 0.33 164 0.31 0.06 0.04 1.70 0.54 1.22 0.41
B2 22B2DD008 105.4 125 19.6 0.63 0.91 246 0.77 0.17 0.21 4.7 1.28 2.85 1.15 B1 22B1DD007 55.0 83.5 28.5 0.34 0.30 190 0.26 0.05 0.05 1.62 0.56 1.29 0.36
including 118 119.2 1.2 0.99 1.93 356 1.62 0.85 0.18 9.83 2.36 5.13 2.65 B1 22B1DD008 Hole drilled for metallurgical test work sample - no assays
B2 22B2DD009 20 38 18 0.32 0.26 171 0.26 0.05 0.03 1.58 0.52 1.19 0.34 B1 22B1DD009 62.0 68.03 6.03 0.26 0.40 127 0.36 0.06 0.14 2.20 0.56 1.23 0.56
and 43 62 19 0.38 0.45 195 0.39 0.07 0.07 2.31 0.70 1.59 0.53 B1 22B1DD010 17.0 59.0 42.0 0.33 0.31 192 0.27 0.05 0.03 1.32 0.55 1.27 0.35
including 50 51.5 1.5 0.57 0.57 303 0.46 0.1 0.08 2.1 0.97 2.23 0.64 B1 22B1DD011 17.0 49.9 32.9 0.38 0.32 187 0.35 0.06 0.04 1.63 0.63 1.43 0.45
B2 22B2DD010 43 74 31 0.28 0.23 188 0.22 0.04 0.04 1.04 0.46 1.05 0.30 including 17.84 18.20 0.36 2.04 0.30 1025 1.81 0.12 0.01 2.50 2.72 6.17 1.94
including 49 50 1 0.52 0.54 289 0.52 0.1 0.09 2.9 0.93 2.09 0.71 B1 22B1DD012 Hole drilled for metallurgical test work sample - no assays
B2 22B2DD011 47 64.3 17.3 0.67 1.46 262 1 0.19 0.16 7.72 1.58 3.56 1.35 B1 22B1DD013 56.0 75.3 19.3 0.3 0.69 156 0.46 0.08 0.09 3.75 0.74 1.64 0.63
including 47.62 48.1 0.48 0.43 3.85 182 1.31 0.73 0.88 21.2 2.63 5.69 2.92 B1 22B1DD014 Hole drilled for metallurgical test work sample - no assays
and 57.1 58 0.9 1.47 1.98 527 1.68 0.22 0.05 10.3 2.76 6.33 1.95 Nickel KV calculations:
CuKV = (cu_price * 22.04622 * cu_rec)/(ni_price * 22.04622 * ni_rec)
CoKV = (co_price /31.1035/14.58co_rec)/(ni_price22.04622 ni_rec)
Nickel price/lb = US$13.30
AgKV = (ag_price / 31.1035 * ag_rec)/(ni_price * 22.04622 * ni_rec)
Copper price/lb = US$4.20
AuKV = (au_price / 31.1035 * au_rec)/(ni_price * 22.04622 * ni_rec)
Cobalt price/lb = US$22.22
PdKV = (pd_price / 31.1035 * pd_rec)/(ni_price * 22.04622 * ni_rec)
Palladium price / oz = US$1,565
PtKV = (pt_price / 31.1035 * pt_rec)/(ni_price * 22.04622 * ni_rec)
Platinum price/oz = US$1010
Nickel Equivalent Formula
Gold price/oz = US$1,900.00
Ni_Eq = (Ni + CuCuKV + CoCoKV + AgAgKV + AuAuKV + PdPdKV + PtPtKV)
Silver price/oz = US$23.60
Copper KV Calculations
Recovery assumptions used:
NiKV = (ni_price * 22.04622 * ni_rec)/(cu_price * 22.04622 * cu_rec)
Nickel recovery = 60%
CoKV = (co_price / 453.49 * co_rec)/(cu_price * 22.04622 * cu_rec)
Copper recovery = 73%
AgKV = (ag_price / 31.1035 * ag_rec)/(cu_price * 22.04622 * cu_rec)
Cobalt recovery = 36%
AuKV = (au_price / 31.1035 * au_rec)/(cu_price * 22.04622 * cu_rec)
Silver recovery = 60%
PdKV = (pd_price / 31.1035 * pd_rec)/(cu_price * 22.04622 * cu_rec)
Price assumptions used in the calculation of Ni_Eq & Cu_Eq
grades to report the Mt Sholl cross-sections(using assumptions
used in calculating the Mt Sholl JORC (2012) MRE April 2023):*
B2 22B2DD012 109 130.5 21.5 0.47 0.81 191 0.68 0.13 0.13 4.79 1.03 2.28 0.94
including 116.5 116.8 0.3 2.41 0.83 844 0.83 0.13 0.02 5.2 3.05 7.42 0.98
B2 22B2DD013 111 118 17 0.58 0.88 231 0.82 0.17 0.13 4.68 1.21 2.68 1.12
including 116.4 119.5 3.1 1.69 2.01 568 2.17 0.44 0.18 10.37 3.18 7.12 2.79
and 109.4 109.7 0.3 2.88 0.61 1,340 2.47 0.16 0.02 4.3 3.88 8.87 2.65
B2 22B2DD014 149.0 162.0 13.0 0.68 0.84 265 0.77 0.14 0.12 4.46 1.28 2.88 1.03
including 152.0 153.0 1.0 1.91 1.17 652 1.12 0.24 0.11 6.05 2.77 6.55 1.47
and 155.5 156.0 0.5 1.68 3.01 569 1.39 0.14 0.66 15.10 3.45 8.00 2.19
B2 22B2DD015 116.5 137.5 21.0 0.5 0.79 213 0.62 0.12 0.13 4.13 1.03 2.32 0.87
including 120.8 121.2 0.4 1.96 0.81 630 0.53 0.20 0.01 5.10 2.51 6.15 0.74
B2 22B2DD016 90.0 122.0 32.0 0.42 0.44 200 0.39 0.07 0.05 2.30 0.73 1.68 0.51
including 92.8 93.3 0.5 3.81 0.36 1510 1.14 0.12 0.01 1.50 4.39 10.72 1.27
B2 22B2DD017 103.0 110.0 7.0 0.82 0.66 374 0.60 0.11 0.03 2.35 1.28 3.01 0.74
and 116.0 139.0 23.0 0.63 0.80 265 0.70 0.14 0.18 3.92 1.21 2.71 1.02
including 122.5 124.0 1.5 1.41 1.85 527 1.51 0.37 0.13 8.47 2.64 6.04 2.01
Gold recovery = 73%
PtKV = (pt_price / 31.1035 * pt_rec)/(cu_price * 22.04622 * cu_rec)
Palladium recovery = 83%
Copper Equivalent Formula
Platinum recovery = 85%
Cu_Eq = (Cu + Ni * NiKV + Co * CoKV + Ag * AgKV + Au * AuKV + Pd * PdKV + Pt * PtKV)
RAIDEN RESOURCESINVESTOR PRESENTATION 27

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