Raiden Resources Advances Brazil Crixás Gold Tailings Project Toward FID

Raiden Resources Advances Brazil Gold Tailings Project While Maintaining a War Chest of $12.33 Million

Raiden Resources Limited (ASX: RDN | DAX: YM4) has released its Q1 2026 quarterly activities report for the period ended 31 March 2026, providing investors with a detailed update on the Company's flagship Crixás Gold Tailings Project in Brazil. The Raiden Resources Brazil Crixás Gold Tailings Project update also covers ongoing European exploration at the Vuzel Gold Project in Bulgaria, and a robust corporate cash position that continues to underpin a disciplined acquisition strategy.

The quarter was defined by meaningful operational progress at Crixás — from environmental licensing submissions through to the identification of key operational suppliers and the formulation of a clear, capital-light pathway toward a Final Investment Decision (FID). With the environmental licence re-issued post-quarter and verified by the Brazilian Mining Authority, the project is now positioned to move into its next phase of technical work.

The Crixás Gold Tailings Project: A Capital-Light Opportunity in a Strong Gold Market

What Is the Project and Why Does It Matter?

The Crixás Gold Tailings Project is located approximately 5 kilometres from the town of Crixás and ~450 kilometres north-west of Brasília, Brazil. The project encompasses 28.79 hectares and comprises a large, valley-fill gold tailings deposit — the accumulated waste material from decades of intensive artisanal mining in the region.

Artisanal miners historically relied on rudimentary technology, including simple stamp mill crushing and manual concentration, which resulted in poor recovery rates. This is significant: the gold left behind in the tailings is potentially recoverable using modern processing techniques.

Limited technical verification carried out by Raiden — in the form of panning across several locations on the project site — identified visible fine gold in all samples tested, supporting the theory that a portion of free, fine-grained gold may remain unrecovered in the primary tailings deposit.

Important Note: The Crixás project does not currently contain any Mineral Resource or Ore Reserve estimate reported in accordance with the JORC Code (2012). References to historical data are conceptual in nature and subject to further confirmatory work, including drilling, sampling, metallurgical testwork, and receipt of all required regulatory approvals. Visual estimates of mineral abundance should not be considered a substitute for laboratory analyses.

Raiden secured the right to acquire an 85% commercial interest in the project. Furthermore, management has stated its belief that the transaction meets the Company's core acquisition criteria: demonstrably value accretive to shareholders on a per-share basis, taking into account dilution, funding structure, capital intensity, and associated risks.

What Progress Was Made During and After the Quarter?

The Raiden Resources Brazil Crixás Gold Tailings Project update revealed that Raiden and its vendor partners were active across multiple workstreams during the March quarter and in the weeks following its close:

1. Due diligence on the project continued to advance, with completion expected in the near term.
2. Environmental licensing documentation and supporting technical studies were submitted to the competent state authority and remain under review.
3. Local operating company establishment is underway, with necessary support teams identified and an operating agreement with the vendor anticipated to be executed under this entity.
4. Key operational suppliers identified, including drilling contractors, technical teams, topography survey providers, and local laboratories for metallurgical evaluation — all of whom have indicated availability to commence work following environmental licence reissue and verification.
5. Processing plant evaluation remains ongoing, with Raiden's objective being to secure a preferred processing route following metallurgical testwork.
6. FID work programme formulated, including a planned ~1,000m drilling programme designed to deliver a JORC-compliant Mineral Resource Estimate (MRE).
7. Work programme cost estimate to reach FID has been determined to be less than A$1 million (preliminary, subject to change).

Post-quarter, the environmental licence was re-issued and approved by the Brazilian Mining Authority — a notable milestone that clears the path for the planned technical programmes to commence.

The Road to Final Investment Decision

The near-term objectives at Crixás are clearly defined and structured around two parallel workstreams:

The estimated cost to reach FID is less than A$1 million, making this a notably capital-light pathway relative to greenfield development projects. However, Raiden has been explicit that this cost estimate is preliminary and subject to change.

Understanding JORC-Compliant Mineral Resource Estimates: A Key Concept for Investors

What Is a JORC MRE?

A Mineral Resource Estimate (MRE) prepared in accordance with the JORC Code (Joint Ore Reserves Committee, 2012) is the internationally recognised Australian standard for reporting mineral resources. It provides a transparent, consistent, and standardised estimate of the quantity and grade of mineralisation within a defined area, prepared by a qualified Competent Person.

Why Does It Matter for Raiden Investors?

At present, the Crixás project operates on the basis of historical data and conceptual assessments — the project does not yet have a JORC-compliant resource. The completion of the planned ~1,000m drilling programme is specifically designed to change that. In addition, a JORC MRE would:

• Provide a credible, independently verifiable estimate of gold contained within the tailings
• Enable Raiden to progress engineering studies, economic assessments, and financing conversations
• Represent a critical de-risking milestone on the pathway to FID and potential production

Understanding Gold Tailings Reprocessing

Gold tailings reprocessing involves extracting valuable minerals from waste material left behind by previous mining operations. In many historical mining operations, particularly those using basic equipment and techniques, significant amounts of gold remained unrecovered in the tailings deposits.

Modern processing technologies often achieve much higher recovery rates than historical methods. This means tailings deposits can potentially become economically viable mining opportunities under current commodity prices and with contemporary extraction methods.

Vuzel Gold Project, Bulgaria: Disciplined Capital Allocation With a Growing Silver Dimension

Raiden's Bulgarian asset, the Vuzel Gold Project, remains an active part of the portfolio. Whilst the company is taking a disciplined approach to capital deployment here — with a view to maximising value through a potential transaction — several developments merit attention.

The Gold Story at Vuzel

Results from the completed Phase 1 and Phase 2 drilling programmes have been compelling, with all but one hole drilled to date intersecting near-surface gold mineralisation over approximately 2km of strike length. The best result to date includes drill hole VZ2527, which returned 1.6m at 7.69 g/t Au at 58.7m depth, confirming the presence of at least one high-grade feeder structure.

Raiden believes multiple such structures could potentially exist across the broader project area. The remaining 550m of the expanded Phase 2 4,000m drilling programme remains paused, pending approval to drill the Silver Skarn Anomaly and finalisation of drill targets incorporating IP survey results.

The Skarn Silver Anomaly: An Emerging Growth Target

In the context of recent strength in the silver price, Raiden has highlighted the Skarn Silver Anomaly as an increasingly attractive growth target at Vuzel. Key data points on this target include:

• A coherent 500m x 300m silver-in-soil footprint with a classic pathfinder suite (Pb-Zn-Cu-As-Sb-Ba)
• Historical rock-chip/channel sampling returning 83m at 43.8 g/t Ag
• A historical diamond hole (KKDD015) intersecting 9m at 63.7 g/t Ag from 0 metres depth, suggesting continuity along a shallow-dipping contact

Permitting activities at the Skarn Silver Anomaly are underway. It remains unclear at this stage whether the silver mineralisation represents a separate hydrothermal event from the nearby gold targets.

Regional Context

Raiden has noted that significant regional transaction activity — including the buyout of a Bulgarian portfolio for US$59 million — continues to reinforce the strategic value of the Vuzel Project in the context of a potential transaction. This is management's view of the regional market; no specific transaction for Raiden's Vuzel asset is confirmed or implied.

Financial Position: A Well-Funded Explorer With Significant Runway

Raiden's financial position is one of the company's notable strengths and a key differentiator in the junior resources sector.

Key Financial Metrics — March Quarter 2026

The quarterly cash burn rate of approximately $241,000 from operating activities reflects a lean and capital-disciplined operation. With $12.33 million in cash, the Company has estimated approximately 51 quarters of funding available at the current run rate — providing meaningful financial security as the Crixás project advances toward FID.

It is also important to note that the estimated work programme to reach FID at Crixás is targeted at less than A$1 million — a figure that sits well within Raiden's existing cash position without requiring additional equity raisings.

Payments to related parties during the quarter totalled $121,000, comprising Managing Director and Non-Executive Director fees ($86,000) and accounting and company secretarial fees ($35,000).

Looking Ahead: Near-Term Catalysts and Milestones

With the environmental licence at Crixás now re-issued and verified, Raiden is positioned to transition from preparation to active technical work. The Raiden Resources Brazil Crixás Gold Tailings Project update indicates several near-term milestones investors should monitor closely.

Crixás Gold Tailings Project (Brazil)

• Completion of due diligence and transaction close
• Commencement and completion of the ~1,000m drilling programme
• Delivery of a JORC-compliant Mineral Resource Estimate
• Completion of fast-track metallurgical evaluation (gravity and/or flotation)
• Progression to Final Investment Decision (FID)

Vuzel Gold Project (Bulgaria)

• Receipt of drill permitting approval for the Silver Skarn Anomaly
• Finalisation of drill targets incorporating IP survey results
• Resumption of the remaining 550m of Phase 2 drilling
• Ongoing evaluation of divestment or joint venture proposals

Corporate

• Ongoing assessment of additional acquisition opportunities consistent with the Company's per-share value accretion framework
• Evaluation of divestment and joint venture proposals across the Australian and European portfolios to supplement cash and reduce holding costs

Investment Thesis: Why Raiden Deserves Attention

Raiden's current investment case rests on several distinct pillars that, in combination, present a differentiated proposition in the junior resources space.

1. A Capital-Light Entry Point Into Brazilian Gold

The Crixás Gold Tailings Project offers an unusually low-capital pathway to a potential production scenario. With a work programme to FID estimated at less than A$1 million, the financial risk associated with the evaluation phase is modest relative to the potential upside of defining a JORC resource from a historically productive gold mining area.

2. Exceptional Financial Runway

A cash balance of $12.33 million against a quarterly burn rate of approximately $241,000 provides approximately 51 quarters — or roughly 12.5 years — of funding runway at the current operating rate. This effectively eliminates near-term dilution risk from operational expenditure and positions the Company to be selective in its acquisition and transaction activity.

3. Multiple Value Realisation Pathways

Raiden is not a single-asset story. The Vuzel Gold Project in Bulgaria offers optionality through either continued drill-driven value creation or a potential transaction, with regional comparable deals having been executed at significant scale. The Australian portfolio (Western Australia) offers additional divestment or joint venture upside.

4. Clear and Measurable Near-Term Milestones

The pathway from the current stage to FID at Crixás is well-defined and achievable within the Company's existing financial resources. Investors, therefore, have a clear set of milestones against which to measure progress — a transparency that distinguishes Raiden from many of its junior peers.

5. Dual-Listed With Broad Market Access

Listed on both the ASX (RDN) and the DAX (YM4), Raiden benefits from exposure to two distinct investor markets, potentially broadening liquidity and institutional awareness.

Why Investors Should Keep Watching Raiden Resources

Raiden enters the second half of FY2026 in a position of financial strength and operational momentum. The re-issuance of the Crixás environmental licence post-quarter removes a key near-term dependency, and the clear articulation of a sub-A$1 million work programme to FID provides investors with a tangible, low-cost pathway to the next major value-creating milestone.

The Company has been consistent in applying a rigorous, per-share value accretion framework to its acquisition activity, and has stated that Crixás is not intended to be its sole acquisition target. The combination of a compelling near-term project, substantial cash reserves, and ongoing corporate development activity makes Raiden a company worth following closely.

"The progress across our portfolio this quarter positions us well for the next phase of value creation. The Raiden Resources Brazil Crixás Gold Tailings Project update demonstrates our ability to advance projects through systematic technical work whilst maintaining strong financial discipline." — Managing Director

The quarterly report confirms that Raiden maintains a strong foundation for pursuing its dual strategy of advancing the Crixás opportunity whilst exploring additional value-accretive acquisitions. With environmental permitting now in place and a clear technical pathway mapped out, the coming quarters should provide investors with concrete progress updates on this capital-light Brazilian gold opportunity.

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