Highlights

• Li₂O mineralised pegmatite intercepts in Target Areas 1 and 2 at the Andover South project.
• Drilling at Mt Sholl extended mineralisation at the B1 deposit and identified a new target, Keel.
• The Arrow gold project received assay results from an aircore drilling campaign fully funded by Raiden’s JV partner, which showed slightly elevated gold-arsenic values in the south.
• Phase 2 drilling is underway at the Vuzel Gold project, which is aimed at building on the results of the 2022 maiden drilling campaign.
• Raiden closed the quarter with ~A$15 million in cash, focusing on disciplined capital deployment and cost optimisation.

Raiden Resources (ASX:RDN, DAX:YM4), a dual-listed exploration company, made significant progress during the March 2025 quarter by advancing key exploration projects. Notable highlights include lithium intercepts at Andover South, new mineralisation at Mt Sholl’s Keel target, gold anomalies at Arrow, and Phase 2 drilling commencing at the Vuzel Gold Project.

Lithium intercepts reported at Andover Project

During the quarter, Raiden received final assay results from its maiden diamond drilling program completed in December 2024. The program identified two distinct pegmatite systems: a northwest-trending system in Target Areas 6 and 7, and an east-west trending system across target Areas 1 to 4. Drill core observations and magnetic data indicate that mineralisation in target Areas 1 and 2 may lie on the periphery of a potentially larger, untested system to the south of the current drilling.

New Keel Discovery Expands Potential at Mt Sholl Project

The company received assay results from First Quantum Minerals’ drilling program at the Mt Sholl project, where 10 reverse circulation holes were completed in December 2024. Results confirmed Cu-Ni-PGE mineralisation down-dip and beyond the current resource at the B1 deposit, indicating the potential for further extensions. Additionally, a new zone of mineralisation, the Keel target, was discovered in a previously untested area of the Mt Sholl intrusion.

Gold Anomalies Identified at Arrow South

During the quarter, Raiden received assay results from the aircore drilling campaign on the Arrow Gold project, with work fully funded and completed by joint venture partner Mallina Co Pty Ltd in December 2024. The program revealed slightly elevated gold and arsenic values in the southern section of the drilled area, particularly around hole 24MALAC079, which returned 26.5ppb Au and 196.7ppm As, associated with felsic intrusive and ultramafic rocks. Lower values were recorded in the central and northern areas. Due to the wide spacing of the drillholes, further work may be warranted to define potential follow-up RC drill targets.

Phase 2 Drilling Begins at Vuzel Gold Project

During the March quarter, the Vuzel Gold project advanced with the commencement of a second-phase drilling campaign. This Phase 2 diamond drilling program builds on the results of the 2022 maiden campaign, which intersected gold mineralisation in all 11 drill holes. The current program includes an initial 2,000m of drilling focused on shallow targets, aiming to enhance the company’s geological understanding of the mineralised system and support future exploration planning across the project area.

Cash Position and Strategic Capital Allocation

At the end of the quarter, Raiden held ~A$15 million in cash (unaudited), excluding shares from divestments. Raiden remains focused on cost optimisation and reducing corporate overheads. The board is focused on deploying capital strictly into projects that offer:

• Enable immediate deployment of funds into drilling activities
• Provide strong near-term value potential

In parallel, Raiden is pursuing further divestments and joint venture opportunities for non-core projects to strengthen its balance sheet and reduce holding costs.

The share price of RDN was AUD 0.0050 at the time of writing on 15 April 2025.