RAIDEN RESOURCES LIMITED — Regulatory Filings 2021

Jul 29, 2021

16 TARGETS DEFINED AT MAJDANPEK ADJACENT TO MAJDANPEK OPEN PIT MINE

HIGHLIGHTS

• 16 targets defined on the 100% Raiden owned Majdanpek West project in Serbia
• Targets were generated on the basis of a reinterpretation of detailed VTEM and aeromagnetic survey carried out in 2019
• Targets include possible porphyry, epithermal and skarn targets
• License is located immediately to the west of the Majdanpek Copper mining lease operated by Zijin Mining-RTB Bor, one of the largest operating mines in Serbia. To the south the permit is bounded by the permits hosting Dundee Precious Metals's Timok gold deposit and to the immediate south east of the permit Zijin-RTB are mining an Au-Cu-Pb-Zn deposit at Coka Marin
• None of the targets have been drill tested to date
• Field verification of targets commencing imminently

Raiden Resources Limited (ASX: RDN) ("Raiden" or "the Company") is pleased to report on the target generation work undertaken on the Majdanpek West project in Serbia.

Mr Dusko Ljubojevic, Managing Director of Raiden commented: "The Majdanpek West project is situated in one of the most prolific mining districts in the Western Tethyan. The Timok hosts some of the largest copper-gold mines in Europe, which has made Serbia one of the top producers of Copper in Europe. As a result of the application of modern exploration technologies and methodologies, the district has yielded some exciting tier one copper-gold discoveries like Cukaru Peki, which is now QUICK STATS ASX Code: RDN DAX Code: YM4

BOARD & MANAGEMENT

Non- Executive Chairman Mr Michael Davy

Managing Director Mr Dusko Ljubojevic

Non-Executive Directors Mr Martin Pawlitschek

Non-Executive Directors Mr Dale Ginn

Company Secretary Ms Kyla Garic

ASSET PORTFOLIO

SERBIA Cu, Co & Au (~269km2 ) BULGARIA Cu, Au & Ag (~409km2 )

AUSTRALIA

Au, Cu, Ni & PGE (~823km2 )

operated by Zijin Mining in collaboration with RTB Bor, a Serbian state owned mining company. The

delineation of these targets by the Company has significantly elevated the importance of this project within our European portfolio and we will prioritise the targets for drill testing."

Majdanpek West targets

The Company engaged Southern Geosciences Ltd ("SGS"), a Perth based geophysical service provider to conduct an in-depth evaluation of the Majdanpek West project data. The data consisted of including the aeromagnetic and the VTEM surveys flown in 2019, as well as, soil sampling and mapping completed in the same period. The review included reprocessing all the available geophysical data sets and integrating them with all surface data to provide an updated geological interpretation and areas considered prospective for mineralisation. As a result, 16 targets were defined.

Figure 1 – targets defined in the southern portion of the Majdanpek West project area

Figure 2 – magnetic anomalies in the northern portion of the Majdanpek West project area

About Majdanpek West Project

The Majdanpek West and Majdanpek Pojas exploration licenses (covering 76Km2) are located in the northern Timok Magmatic Complex, near the town of Majdanpek. The project is owned 100% by Raiden.

In 2018, a helicopter electromagnetic survey (VTEM) and an aeromagnetic survey was carried out over the Majdanpek West and Majdanpek Pojas licenses, as well as extensive mapping, soil sampling and a rock sampling survey. The VTEM technique is effective for detection of massive sulphide lenses and connected disseminated sulphide mineralisation. Sulphides and clay zones within structures may be associated with the porphyry copper mineralisation, alteration and associated epithermal alteration zones. Some epithermal deposits, such as Cukaru Peki near Bor, are associated with large, massive-sulphide bodies. Currently the Company is evaluating all the targets and prioritizing top tier targets.

The Majdanpek West project licenses are located adjacent to RTB Bor's Majdanpek open pit mine, which is an operating mine exploiting a large copper-gold porphyry deposit. Less than 1Km to the southwest of the project boundary RTB Bor operate an epithermal related Cu-Au-Ag-Zn massive

sulphide body of unknown size and grade (Coka Marin). Along the strike to the south, Dundee Precious Metals has defined a multi-million-ounce gold deposit. The geology of Majdanpek West has the potential to host all the above-mentioned styles of mineralisation. The exploration program on the project will be targeting similar style of porphyry, epithermal, skarn and Timok style mineralisation.

Figure 3 - Majdanpek West project area in relation to adjacent deposits and mines

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

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. 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 base metal—gold focused exploration Company focused on the emerging prolific Tethyan metallogenic belt in Eastern Europe and has established a significant exploration footprint in Serbia and Bulgaria. More recently Raiden executed a transaction to purchase a highly prospective portfolio of gold, copper, nickel and PGE projects in the Pilbara region of Western Australia. Over the last 3 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 2020, a number of which the Company plans to drill test in 2021 and through 2022.

Furthermore, initial work programs in the Pilbara are demonstrating the potential of the recently acquired portfolio and will lead to near term drilling. The Directors believe that the Company is well positioned to unlock value from this exploration portfolio and deliver a significant mineral discovery.

Table 1: JORC Code, 2012 Edition. Section 1.

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (eg cutchannels, random chips, or specificspecialised industry standardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, or handheldXRF instruments, etc). These examplesshould not be taken as limiting the broadmeaning of sampling.•Include reference to measures taken toensure sample representivity and theappropriate calibration of anymeasurement tools or systems used.•Aspects of the determination ofmineralisation that are Material to thePublic Report.•In cases where 'industry standard' workhas been done this would be relativelysimple (eg 'reverse circulation drilling wasused to obtain 1 m samples from which 3kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types (egsubmarine nodules) may warrantdisclosure of detailed information.	•The survey was flown using two EurocopterAerospatiale (Astar) 350 B3 helicopters•Data was acquired at 200m line spacings inan east west direction, at a height of 60mabove the ground for the EM sensor and70m above the ground for the magneticsensor. A total of 486 line kilometres ofdata was collected.•The electromagnetic system was aGeotech Time Domain EM (VTEM™plus)full receiver-waveform streamed datarecorded system•The VTEM™ Receiver and transmitter coilswere in concentric-coplanar and Z-directionoriented configuration•A Terra TRA 3000/TRI 40 radar altimeterwas used to record terrain clearance•The navigation system used was aGeotech PC104 based navigation systemutilizing a NovAtel's WAAS (Wide AreaAugmentation System) enabled GPSreceiver
Drillingtechniques	•Drill type (eg core, reverse circulation,open-hole hammer, rotary air blast, auger,Bangka, sonic, etc) and details (eg corediameter, triple or standard tube, depth ofdiamond tails, face-sampling bit or othertype, whether core is oriented and if so, bywhat method, etc).	•Not applicable.
Drill samplerecovery	•Method of recording and assessing coreand chip sample recoveries and resultsassessed.•Measures taken to maximise samplerecovery and ensure representative natureof the samples.•Whether a relationship exists betweensample recovery and grade and whethersample bias may have occurred due topreferential loss/gain of fine/coarsematerial.	•Not applicable.
Logging	•Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriateMineral Resource estimation, miningstudies and metallurgical studies.•Whether logging is qualitative orquantitative in nature. Core (or costean,	•Not applicable.

Criteria	JORC Code explanation	Commentary
	channel, etc) photography.•The total length and percentage of therelevant intersections logged.
Sub-samplingtechniquesand samplepreparation	•If core, whether cut or sawn and whetherquarter, half or all core taken.•If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wetor dry.•For all sample types, the nature, qualityand appropriateness of the samplepreparation technique.•Quality control procedures adopted for allsub-sampling stages to maximiserepresentivity of samples.•Measures taken to ensure that thesampling is representative of the in situmaterial collected, including for instanceresults for field duplicate/second-halfsampling.•Whether sample sizes are appropriate tothe grain size of the material beingsampled.	•Not applicable.
Quality ofassay dataandlaboratorytests	•The nature, quality and appropriateness ofthe assaying and laboratory proceduresused and whether the technique isconsidered partial or total.•For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument make andmodel, reading times, calibrations factorsapplied and their derivation, etc.•Nature of quality control proceduresadopted (eg standards, blanks, duplicates,external laboratory checks) and whetheracceptable levels of accuracy (ie lack ofbias) and precision have been established.	•Not applicable.
Verification ofsampling andassaying	•The verification of significant intersectionsby either independent or alternativecompany personnel.•The use of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.•Discuss any adjustment to assay data.	•Data are stored on an online system, whichis confidential with controlled access.
Location ofdata points	•Accuracy and quality of surveys used tolocate drill holes (collar and down-holesurveys), trenches, mine workings andother locations used in Mineral Resourceestimation.•Specification of the grid system used.•Quality and adequacy of topographiccontrol.	•Navigation was controlled by an integratedDGPS receiver.•Co-ordinates used UTM WGS84, Zone 34North.

Criteria	JORC Code explanation	Commentary
Data spacinganddistribution	•Data spacing for reporting of ExplorationResults.•Whether the data spacing and distributionis sufficient to establish the degree ofgeological and grade continuityappropriate for the Mineral Resource andOre Reserve estimation procedure(s) andclassifications applied.•Whether sample compositing has beenapplied.	•Not applicable.
Orientation ofdata inrelation togeologicalstructure	•Whether the orientation of samplingachieves unbiased sampling of possiblestructures and the extent to which this isknown, considering the deposit type.•If the relationship between the drillingorientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, thisshould be assessed and reported ifmaterial.	•Flight lines were planned to cross themajority of known major structures andstratigraphy at a perpendicular angle
Samplesecurity	•The measures taken to ensure samplesecurity.	•Not applicable
Audits orreviews	•The results of any audits or reviews ofsampling techniques and data.	•No reviews or audits have beenundertaken.

Table 4: JORC Code, 2012 Edition. Section 2.

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, locationand ownership including agreements ormaterial issues with third parties such asjoint ventures, partnerships, overridingroyalties, native title interests, historicalsites, wilderness or national park andenvironmental settings.•The security of the tenure held at the timeof reporting along with any knownimpediments to obtaining a licence tooperate in the area.	The Majdanpek West project consists ofone 100 % Raiden owned license(Majdanpek Zapad) and Majdanpek Pojas,exploration license application, which total76 km2 in area. The Majdanpek WestPermit permit has been issued underSerbian laws and are regulated by theMinistry of Mining and Energy, while theMajdanpek Pojas application is in theprocess of approvals. The licenses arelocated in eastern Serbia. The Company isnot aware of any impediments which mayprevent it from exploring the property.
Explorationdone by otherparties	•Acknowledgment and appraisal ofexploration by other parties.	The Majdanpek West Project area wasprimarily explored by various Yugoslavgeological agencies from the 1960's to late70's. As far as the Company is aware theState agencies only conducted mapping onthe permit. The southern part of the projectarea was subsequently explored by AvalaResources. This work consisted surfacesampling, trenching and 5 drill holes weredrilled.

Criteria	JORC Code explanation	Commentary
Geology	•Deposit type, geological setting and styleof mineralisation.	•The Majdanpek licence comprisesvolcanics of the Timok Complexoverlying Jurassic limestones. Thissequence is in faulted contact withProterozoic Gneiss. Cretaceousandesitic sub-volcanic intrusives arelocated within the project area andlocally associated with copperoccurrences. Jurassic limestones, asalso found at the Majdanpek depositapproximately 4km from the project,occur within the project and areconsidered prospective for skarn-typemineralization. The near-by Majdanpekdeposit and mine is regionallysignificant and is geologically complex.It contains several types ofmineralization formed in multistageprocesses: dominant porphyry coppergold mineralization with molybdenite,massive sulphide, pyrite bodies, skarnmagnetite and hydrothermal Pb-Znsulphides in the form of massivemetasomatic bodies and ore veins.The company considers theMajdanpek West Project prospectivefor all of the above styles ofmineralisation.
Drill holeInformation	•A summary of all information material tothe understanding of the explorationresults including a tabulation of thefollowing information for all Material drillholes:oeasting and northing of the drill holecollaroelevation or RL (Reduced Level –elevation above sea level in metres) ofthe drill hole collarodip and azimuth of the holeodown hole length and interceptiondepthohole length.•If the exclusion of this information isjustified on the basis that the information is	•Not applicable.
	not Material and this exclusion does notdetract from the understanding of thereport, the Competent Person shouldclearly explain why this is the case.
Dataaggregationmethods	•In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (eg cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.•Where aggregate intercepts incorporateshort lengths of high grade results and	•Not applicable.

Criteria	JORC Code explanation	Commentary
	longer lengths of low grade results, theprocedure used for such aggregationshould be stated and some typicalexamples of such aggregations should beshown in detail.•The assumptions used for any reporting ofmetal equivalent values should be clearlystated.
Relationshipbetweenmineralisationwidths andinterceptlengths	•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 holelengths are reported, there should be aclear statement to this effect (eg 'downhole length, true width not known').	•Not applicable.
Diagrams	•Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for any significantdiscovery being reported These shouldinclude, but not be limited to a plan view ofdrill hole collar locations and appropriatesectional views.	•Not applicable.
Balancedreporting	•Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reporting ofExploration Results.	•Not applicable.
Othersubstantiveexplorationdata	•Other exploration data, if meaningful andmaterial, should be reported including (butnot limited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples – size andmethod of treatment; metallurgical testresults; bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances.	•All relevant data are reported in thisrelease.
Further work	•The nature and scale of planned furtherwork (eg tests for lateral extensions ordepth extensions or large-scale step-outdrilling).•Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and futuredrilling areas, provided this information isnot commercially sensitive.	•Further ground based geophysical surveys(IP / EM) will be considered after furtherconsultation with external consultants•Ground truthing, mapping and sampling ofdefined targets