RAIDEN RESOURCES LIMITED — Investor Presentation 2024

Jan 21, 2024

IP SURVEY COMPLETED AND INFILL SOIL SAMPLING PROGRAMS COMMENCE AT MT SHOLL PROJECT

Highlights

• Infill soil sampling program has commenced at Mt Sholl Lithium Project (E47/3181)
• Previous soil sampling program defined several distinct lithiumin-soil trends at Mt Sholl Lithium Project1
  • o Soil geochemistry delineated a Lithium-in-soil trend with 3.5km strike length, with peak value of 298ppm Li2O, extending across the north-central part of the tenement, and
  • o A Lithium-in-soil trend with 2.5km strike length, with peak value of 404ppm Li2O, defined in the south-eastern part of the permit
• Infill soil sampling will also follow up on Ni-Cu soil anomalies on Mt Sholl (E47/3181) on behalf of First Quantum Minerals Ltd2
  • o Two separate Nickel-in-soil trends, both with coherent 1.2km strike lengths defined, with peak value of 1,770ppm Ni in the west-central part of the tenement
• First Quantum IP survey completed over the B2 Ni-Cu-PGE deposit as part of their due diligence program, results still pending, with next planning steps underway
• Raiden has recently secured 100% of LCT & Ni-Cu-PGE Mineral Rights at Mt Sholl3
• Raiden working closely with the Traditional Owners, through the Ngarluma Aboriginal Corporation, to schedule heritage surveys across the Andover South and North project areas

ASX CODE: RDN DAX CODE: YM4

BOARD & MANAGEMENT

Non-Executive Chairman Mr Michael Davy

Managing Director Mr Dusko Ljubojevic

Non-Executive Director Mr Dale Ginn

Non-Executive Director & Company Secretary Ms Kyla Garic

Chief Operating Officer Mr Warrick Clent

ASSET PORTFOLIO

SERBIA Cu & Au

BULGARIA Cu, Au & Ag

AUSTRALIA Li, Au, Cu, Ni & PGE

Raiden Resources Limited (ASX: RDN DAX: YM4) ("Raiden" or "the Company") is pleased to update shareholders on the current work programs underway on the Company's Mt Sholl and Andover Projects.

Based on the positive results from the recently completed lithium-caesium-tantalum ("LCT") soil sampling program over the Mt Sholl North (E47/3181) tenement, reported in December 20231 , the Company has now commenced an infill soil sampling program to define the potential lithium mineralisation more closely in this area.

Mr Dusko Ljubojevic, Managing Director of Raiden commented: "Management is pleased that we have maintained our operational momentum throughout the December period, with ongoing work by First Quantum on the Ni-Cu project, which itself has defined new prospects for follow up. In parallel the Company has implemented a new infill program to further refine the lithium anomalies on the Mt Sholl lithium trend. While this work is ongoing, our key objective remains the completion of the heritage surveys across the Andover project area as soon as possible. Management have continuously engaged with all stakeholders on an ongoing basis and we hope with the completion of the holiday period that the surveys will be achieved in the near term."

As with the maiden program the objective of this program is to assist in defining the most prospective areas of the project for potential drill testing, as well as provide insight into the potential zoning of the mineralised system. While a significant part of Mt Sholl project geology is outcropping, certain parts of the project area are obscured by transported cover making soil sampling an integral exploration tool for the area.

Figure 1: Mt Sholl Project with the proposed infill soil sampling overlain by the lithium results of Raiden's 2023 soil sampling program1

A total of 823 samples are planned to be collected during the current program, which will bring the sampling density to 100m x 50m in the areas of interest, as defined in the 2023 soil sampling program (see Figure 1).

As part of the current program, the sampling crew will also be collecting samples on behalf of First Quantum across zones of Ni-Cu soil anomalism on E47/3181.

The zones identified for further sampling are separated from the lithium-in-soil anomalies, and the current extent of the main anomaly is 1.2km x 0.4km, in an east-west trend, within the central northern part of the tenement. Further zones of interest are located along the western part of the tenement within a coherent zone trending northwest-southeast extending for 1.2km, and with a maximum width of 0.3km. These zones can be seen in further detail in Figure 2 below.

Figure 2: Mt Sholl Project with the nickel results of Raiden's 2023 soil sampling program

As previously announced, the initial 2023 soil sampling program defined several distinct geochemical trends. A +30ppm lithium soil trend in the central western part of the permit area extends along a 3.5km east-west trending corridor, with peak values of 138.5ppm lithium (298ppm Li2O). The strike of the trend aligns with GreenTech Metals Ltd4 (ASX:GRE) released lithium-in-soil anomalies, positive rock sampling, and their recently announced intersection of pegmatites in drilling (Figure 3). The highest values are in the western part of the project area.

A >50ppm lithium soil anomaly in the southern part of the license extends over a 2.5km strike extent, with a peak value of 187.5ppm lithium (404ppm Li2O). This trend does not seem to be associated with any of the known anomalies/trends in the district and is a new target area which the Company will evaluate through the upcoming programs.

Figure 3: Mt Sholl Project with the results of Raiden's lithium soil sampling program1 , in relation to GreenTech Metals Ltd's Osbourne JV results4

Induced Polarisation (IP) survey

During December 2023 First Quantum completed an IP survey over the northern extent of the Mt Sholl B2 Ni-Cu-PGE deposit. The aim of this IP survey was to trial the method over the known mineralisation to define the potential response within the disseminated style of mineralisation. If the orientation survey produces sufficiently strong/coherent anomalies, further use the IP survey method may be utilised to evaluate a greater area across the entire intrusion. Results of the survey have not yet been finalised.

First Quantum are currently reviewing the results of the IP survey, and once the review has been completed will be planning additional work over the Mt Sholl Ni-Cu-PGE deposits, and which may include a ground electromagnetic (EM) survey.

Andover Project Update

The Company continues to engage proactively with the Traditional Owners, through the Ngarluma Aboriginal Corporation, to schedule heritage surveys across the Andover South

and North project areas, with the clear aim of ensuring the Traditional Owners knowledge of the area is used to avoid areas of cultural significance.

Raiden remains committed to conducting these heritage surveys as soon as possible and once the timing of these surveys has been finalised the Company will inform shareholders.

Figure 4: Raiden's Mt Sholl lithium project in relation to Raiden's Pilbara portfolio of projects, infrastructure and key discoveries in the district

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

ASX Announcements referenced to directly in this release

ASX:RDN 5 December 2023 Multiple lithium soil anomalies defined at Mt Sholl project ASX:RDN 13 December 2023 Raiden enters strategic partnership with FQM at Mt Sholl ASX:RDN 12 December 2023 Raiden secures 100% of LCT & Ni-Cu-PGE Mineral Rights ASX:GRE 29 November 2023 Maiden diamond Hole completed Osborne Joint Venture

Competent Person's Statement and Previously Reported Information

The information in this announcement that relates to exploration results is based on and fairly represents information and supporting documentation, and has been reviewed and approved by Mr Warrick Clent, a competent person who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Warrick Clent is employed by Raiden Resources Limited. Mr Warrick Clent 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 Warrick Clent 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.

The information in the referenced announcement 1, 2 and 3 footnoted above that relate to Exploration Results has previously been released to the ASX. The Company confirms that 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.

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 forwardlooking 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 forwardlooking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company's prospects, properties and business strategy. Investors are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and the Company does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

About Raiden Resources

Raiden Resources Limited (ASX:RDN / DAX:YM4) is a dual listed lithium, base metal—gold exploration Company focused on the Andover North-South, Mt Sholl and Arrow lithium projects. The Company also holds the rights to the advanced Mt Sholl nickel-copper-cobalt-PGE and the Arrow gold projects in the Pilbara region of Western Australia. In addition, the Company holds the rights to multiple projects in the emerging and prolific Western Tethyan metallogenic belt in Eastern Europe, where it has established a significant exploration footprint in Serbia and Bulgaria.

The Directors believe the Company is well positioned to unlock value from this exploration portfolio and deliver a significant mineral discovery.

Tenement	Holder	Grant Date	Expiry	Area	RDN Equity%	Comment
E47/3468		12/09/2017	11/09/2022	1Bl	100%
E47/4309		24/07/2020	23/07/2025	2Bl	100%
E47/3339		14/09/2016	13/09/2026	1Bl	100%
P47/1762	Pilbara	01/09/2016	31/08/2024	139 Ha.	100%
P47/1787	Gold	24/01/2017	23/01/2025	188 Ha.	100%
P47/1788	Corporation	24/01/2017	23/01/2025	200 Ha.	100%	Covered
P47/1789	Pty Ltd	24/01/2017	23/01/2025	148 Ha.	100%	by NAC
P47/1790	(Raiden	30/11/2018	29/11/2022	197 Ha.	100%	Heritage
P47/1791	Resources	02/08/2018	01/08/2022	177 Ha.	100%	Agreement
P47/1792	Ltd.'s 100%	02/08/2018	01/08/2022	193 Ha.	100%
P47/1793	owned	30/11/2018	29/11/2022	197 Ha.	100%
P47/1794	subsidiary)	30/11/2018	29/11/2022	157 Ha.	100%
P47/1795		30/11/2018	29/11/2022	146 Ha.	100%
E47/3181		13/08/2015	12/08/2025	5Bl	100%
P47/2024		08/12/2023	07/12/2023	5 Ha.	100%

Appendix Table 1: Tenement Schedule

JORC Code, 2012 Edition. Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (egcut channels, random chips, or specificspecialised industry standard measurement tools appropriate to the mineralsunder investigation, such as down hole gamma sondes, or handheld XRFinstruments, etc). These examples should not be taken as limiting the broadmeaning of sampling.•Include reference to measures taken to ensure sample representivity and theappropriate calibration of any measurement tools or systems used.•Aspects of the determination of mineralisation that are Material to the PublicReport.•In cases where 'industry standard' work has been done this would be relativelysimple (eg 'reverse circulation drilling was used to obtain 1 m samples fromwhich 3 kg was pulverised to produce a 30 g charge for fire assay'). In othercases more explanationmay be required, such as where there is coarse goldthat has inherent sampling problems. Unusual commodities or mineralisationtypes (eg submarine nodules) may warrant disclosure of detailed information.	•Soil samples was collected at 50m intervalsalong north-south lines spaced 400m apartfrom a consistent depth of 15-20cm withapproximately 200g collected and placed intoindividually labelled paper Geochem packets.•Samples were dispatched to ALS GlobalLaboratories in Perth for analysis.
Drillingtechniques	•Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,auger, Bangka, sonic, etc) and details (eg core diameter, triple or standardtube, depth of diamond tails, face-sampling bit or other type, whether core isoriented and if so, bywhat method, etc).	•In relation to this announcement no drilling byRaiden has been conducted as yet and noassays are being reported
Drill samplerecovery	•Method of recording and assessing core and chip sample recoveries andresults assessed.•Measures taken to maximise sample recovery and ensure representative natureof the samples.•Whether a relationship exists between sample recovery and grade and whethersample bias may have occurred due to preferential loss/gain of fine/coarsematerial.	•In relation to this announcement no drillsampling by Raiden has been conducted as yetand no assays are being reported
Logging	•Whether core and chip samples have been geologically and geotechnicallylogged to a level of detail to support appropriate Mineral Resource estimation,	•In relation to this announcement no drilling byRaiden has been conducted as yet.

Criteria	JORC Code explanation	Commentary
Subsamplingtechniquesand samplepreparation	mining studies and metallurgical studies.•Whether logging is qualitative or quantitative in nature. Core (or costean,channel, etc) photography.•The total length and percentage of the relevant intersections logged.•If core, whether cut or sawn and whether quarter, half or all core taken.•If non-core, whether riffled, tube sampled, rotary split, etc and whethersampled wet or dry.•For all sample types, the nature, quality and appropriateness of the samplepreparation technique.•Quality control procedures adopted for all sub-sampling stages to maximiserepresentivity of samples.•Measures taken to ensure that the sampling is representative of the in situmaterial collected, including for instance results for field duplicate/second-halfsampling.•Whether sample sizes are appropriate to the grain size of the material beingsampled.	•ALSGlobalhavefollowedstandardprocedures for sample preparation to producesub-samples for analysis•The laboratory reported the use of standardsand blanks as part of the analyses for QA/QCfor determination of mineral content.•No standards or blanks were submitted by thecompany
Quality ofassay dataandlaboratorytests	•The nature, quality and appropriateness of the assaying and laboratoryprocedures used and whether the technique is considered partial or total.•For geophysical tools, spectrometers, handheld XRF instruments, etc, theparameters used in determining the analysis including instrument make andmodel, reading times, calibrations factors applied and their derivation, etc.•Nature of quality control procedures adopted (eg standards, blanks, duplicates,external laboratory checks) and whether acceptable levels of accuracy (ie lackof bias) and precision have been established.	•Laboratory procedures and assaying areconsidered appropriate by the CP for the typeof sample.•Assaying of the soil samples was conductedby ALS Global Laboratories in Perth usingtheir ME_ICP89 & ME_MS61 analysistechnique.•The laboratory reported the use of standardsand blanks as part of the analyses for QA/QC.•No standards or blanks were submitted by thecompany but it is noted that ALS Globalinsert laboratory standards and blanks as partof their analysis.

Criteria	JORC Code explanation	Commentary
Verificationof samplingandassaying	•The verification of significant intersections by either independent or alternativecompany personnel.•The use of twinned holes.•Documentation of primary data, data entry procedures, data verification, datastorage (physical and electronic) protocols.•Discuss any adjustment to assay data.	All significant assay results have been•verified against the results reported by ALSGlobal Perth by two experienced companypersonnel.All primary data has been uploaded into the•company's data storage with standard dataentry protocols checked and verified by twoexperienced company personnel.
Location ofdata points	•Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys), trenches, mine workings and other locations used in MineralResource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	•Sample points were determined by hand heldGPS which is considered appropriate for thereconnaissance nature of the sampling.•Co-ordinates are provided in the GeocentricDatum of Australia (GDA94) Zone 50.
Dataspacing anddistribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficient to establish the degreeof geological and grade continuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) and classifications applied.•Whether sample compositing has been applied.	•Not applicable due to the reconnaissancenature of the sampling.•No attempt has been made to demonstrategeological or grade continuity betweensample points.
Orientationof data inrelation togeologicalstructure	•Whether the orientation of sampling achieves unbiased sampling of possiblestructures and the extent to which this is known, considering the deposit type.•If the relationship between the drilling orientation and the orientation of keymineralised structures is considered to have introduced a sampling bias, thisshould be assessed and reported if material.	•Not applicable as in relation to thisannouncement no drilling by Raiden has beenconducted as yet.
Samplesecurity	•The measures taken to ensure sample security.	•For the current sampling program the samplechain of custody is managed by Raiden. Allsamples were collected in the field at theprojectsiteinnumber-codedcalicobags/secure labelled polyweave sacks byRaiden's geological and field personnel. All

Criteria	JORC Code explanation	Commentary
		samples were delivered directly to theassociated carrier, RGR Road Haulage, byRaiden personnel before being transported tothe ALS laboratory in Perth WA for finalanalysis.
Audits orreviews	•The results of any audits or reviews of sampling techniques and data.	•No review of the sampling techniques hasbeen undertaken.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	•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.•The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	•Raiden Resources Ltd tenements are located in the City of Karratha,within the Pilbara region of Western Australia.•The tenements are held by Raiden Resources Ltd 100%.•Tenements are located on the Mt Welcome pastoral lease.Raiden is not aware of any existing impediments nor of any•potential impediments which may impact ongoing exploration anddevelopment activities at the project site.
Exploration done byother parties	•Acknowledgment and appraisal of exploration byother parties.	•A full search and compilation of historic exploration has beencompleted.Work included stream sediment, soil and rock sampling, geological•mapping, geophysical surveys, drilling, resource estimation andmining studies.
Geology	•Deposit type, geological setting and style ofmineralisation.	•Potential for lithium-caesium-tantalum bearing pegmatitemineralisation.•The project area is underlain by the Archean Pilbara Craton,

Criteria	JORC Code explanation	Commentary
		specifically the West Pilbara Superterrane (WPST) of Hickman(2016). The 3280-3070 Ma WPST comprises numeroustectonostratigraphic packages (Sholl, Regal and Karratha Terranesand the Whundo and Nickol River Basins) and igneous complexesthat have been variously affected by several tectonic events. Theeasterly to east-north easterly trending Sholl Shear Zone (SSZ) isa boundary for the regional rock packages. Metamorphic grade ishigher to the north of the SSZ, suggesting the present-day surfaceshows a slightly deeper crustal level on the north side.
Drill holeInformation	•A summary of all information material to theunderstanding of the exploration results includinga tabulation of the following information for allMaterial drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level –elevationabove sea level in metres) of the drill holecollarodip and azimuth of the holeodown hole length and interception depthohole length.•If the exclusion of this information is justified onthe basis that the information is not Material andthis exclusion does not detract from theunderstanding of the report, the CompetentPerson should clearly explain why this is the case.	•Not applicable as in relation to this announcement no drilling byRaiden has been conducted as yet.
Data aggregationmethods	•In reporting Exploration Results, weightingaveraging techniques, maximum and/or minimumgrade truncations (egcutting of high grades) and	•Not applicable as in relation to this announcement no drilling byRaiden has been conducted as yet.

Criteria	JORC Code explanation	Commentary
	cut-off grades are usually Material and should bestated.•Where aggregate intercepts incorporate shortlengths of high grade results and longer lengths oflow grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shown indetail.•The assumptions used for any reporting of metalequivalent values should be clearly stated.
Relationshipbetweenmineralisationwidths and interceptlengths	•These relationships are particularly important inthe reporting of Exploration Results.•If the geometry of the mineralisation with respectto the drill hole angle is known, its nature shouldbe reported.•If it is not known and only the down hole lengthsare reported, there should be a clear statement tothis effect (eg 'down hole length, true width notknown').	•Not applicable as in relation to this announcement no drilling byRaiden has been conducted as yet.
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 view ofdrill hole collar locations and appropriatesectional views.	Maps are included in the body of the announcement.•
Balanced reporting	•Where comprehensive reporting of all ExplorationResults is not practicable, representativereporting of both low and high grades and/orwidths should be practiced to avoid misleadingreporting of Exploration Results.	•All reported results from other companies are as they have beenreleased to the ASX and are referenced at the end of thisannouncement.•This announcement discusses the findings of recent reconnaissancesampling and associated assays.

Criteria	JORC Code explanation	Commentary
Other substantiveexploration data	•Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations; geophysicalsurvey results; geochemical survey results; bulksamples –size and method of treatment;metallurgical test results;bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	All the meaningful exploration data has been included in the body•of this announcement.
Further work	•The nature and scale of planned further work (egtests for lateral extensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting the areas ofpossible extensions, including the main geologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive.	Raiden are currently planning further field reconnaissance and•infill soil sampling programs to assess the potential for lithiumbearing pegmatites over its Mt Sholl North Project.