Raiden Resources Advances High-Potential Mt Sholl Project Development

Raiden Regains Full Control of Mt Sholl Ni-Cu-PGE Project, Evaluates Development Pathways

Raiden Resources (ASX: RDN) has announced it will retain 100% ownership of its Mt Sholl Nickel-Copper-PGE Project following First Quantum Minerals' decision to withdraw from their Memorandum of Understanding (MOU).

First Quantum Exits, Raiden Strengthens Position

First Quantum Minerals has formally notified Raiden of its intent to withdraw from the MOU that had granted them optional rights over the Mt Sholl Project. While First Quantum determined the project didn't meet their internal scale requirements, their exit delivers significant benefits to Raiden:

• Receipt of A$385,000 in total cash payments from First Quantum
• Acquisition of ~2,466m of drilling data completed by First Quantum
• Ownership of all technical work conducted, including:
  • Field mapping and soil sampling programs
  • Heritage surveys
  • Multiple geophysical surveys
  • Engineering evaluation studies
  • Discovery of the new Keel prospect

"While it is naturally disappointing that First Quantum Minerals will not be progressing further due to the project not meeting their internal scale requirements, we are pleased to retain 100% ownership," said Dusko Ljubojevic, Managing Director of Raiden.

Mt Sholl: A Significant Ni-Cu-PGE Resource

The Raiden Resources Mt Sholl Project hosts a substantial JORC mineral resource of 40Mt @ 0.45% Ni_Eq (or 1.17% Cu_Eq) at a 0.15% Ni_Eq cut-off, with a high-grade component of 5.8Mt @ 0.94% Ni_Eq / 2.48% Cu_Eq at a 0.70% Ni_Eq cut-off.

The project features:

• Outcropping mineralisation with open-pit potential
• Proximity to Karratha and associated infrastructure
• Exploration targets that remain open for expansion
• Approximately 85,000m of historical drilling over several decades

Understanding Mineral Equivalents (Ni_Eq and Cu_Eq)

Metal equivalent calculations provide a standardised method for comparing polymetallic deposits containing different metals. For investors, these calculations enable simplified comparison between different mineral deposits.

At the Raiden Resources Mt Sholl Project, the nickel equivalent (Ni_Eq) and copper equivalent (Cu_Eq) calculations represent the total metal value for each metal summed and expressed in equivalent nickel or copper grade. This means the value of all metals present (nickel, copper, cobalt, platinum, palladium, gold, and silver) is converted into an equivalent amount of nickel or copper.

This calculation is particularly important for Mt Sholl because it's a polymetallic deposit with significant values across multiple metals. When a company reports a Ni_Eq of 0.45%, this means the combined value of all metals present equals what would be provided by 0.45% nickel alone.

For investors, higher equivalent values generally indicate more valuable mineralisation, with the high-grade component at Mt Sholl showing particularly promising potential economics.

Future Development Options

Raiden has initiated a strategic review to determine the optimal path forward for the Mt Sholl Project. The company is focusing on several key avenues:

• Evaluation of open-pit mining potential leveraging the outcropping mineralisation
• Assessment of regional development opportunities to maximise value
• Further exploration of the newly discovered Keel prospect
• Leveraging the enhanced geological understanding gained through First Quantum's work

"We continue to see strong potential for development merit in the project due to the significant, outcropping and potentially open-pitable nature of the deposit. We are now actively evaluating options for advancing Mt Sholl, including regional development opportunities," noted Mr. Ljubojevic.

Resource Breakdown

The Mt Sholl resource is divided into open pit and underground components:

Open Pit Resources (0.35% Ni_Eq cut-off):

• Indicated: 10.5Mt @ 0.39% Ni, 0.45% Cu, 134ppm Co, 0.32g/t 3E
• Inferred: 9.8Mt @ 0.29% Ni, 0.32% Cu, 78ppm Co, 0.32g/t 3E
• Total: 20.3Mt @ 0.34% Ni, 0.39% Cu, 107ppm Co, 0.32g/t 3E

Underground Resources (0.5% Ni_Eq cut-off):

• Inferred: 3.1Mt @ 0.48% Ni, 0.47% Cu, 57ppm Co, 0.25g/t 3E

This equates to 69,340 tonnes of contained nickel and 78,600 tonnes of contained copper in the open pit resource, with significant additional precious metals content.

Grade-Tonnage Relationship

The Raiden Resources Mt Sholl Project demonstrates a robust grade-tonnage relationship, allowing for potential optimisation based on market conditions and development parameters. At varying cut-off grades, the project presents different economic scenarios:

Open Pit Resources:

• At a 0.35% Ni_Eq cut-off: 20.3Mt @ 0.34% Ni, 0.39% Cu
• At a 0.50% Ni_Eq cut-off: 10.1Mt @ 0.43% Ni, 0.53% Cu
• At a 0.70% Ni_Eq cut-off: 4.5Mt @ 0.56% Ni, 0.69% Cu

Underground Resources:

• At a 0.50% Ni_Eq cut-off: 3.1Mt @ 0.48% Ni, 0.47% Cu
• At a 0.70% Ni_Eq cut-off: 1.3Mt @ 0.64% Ni, 0.57% Cu

This graduated resource profile offers flexibility for project development planning and potential staging options.

Why Investors Should Follow Raiden Resources

Raiden Resources presents a compelling investment case for several key reasons:

1. 100% ownership of a significant Ni-Cu-PGE project with established resources
2. Enhanced project value through First Quantum's work at no cost to Raiden
3. Cash boost of A$385,000 received from First Quantum
4. Open-pit potential with outcropping mineralisation, reducing development costs
5. Strategic location near Karratha with access to existing infrastructure
6. Diversified portfolios including lithium, gold, copper nickel, and PGE assets across Australia and Bulgaria

With effective operational control of Mt Sholl returning to Raiden on August 1, 2025, the company is well-positioned to advance the project according to its own strategic vision. The significant resource already defined, combined with the exploration upside identified by First Quantum's work, presents multiple pathways to value creation for shareholders.

As global demand for battery metals and critical minerals continues to strengthen, Raiden's diversified portfolio and enhanced understanding of the Mt Sholl deposit place it in a strong position to capitalise on these market dynamics.

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