Annual report
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Raiden Resources Limited ABN 68 009 161 522 Annual Report - 30 June 2026
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Raiden Resources Limited Contents 30 June 2026 1 Corporate directory 2 Directors' report 3 Auditor's independence declaration 25 Consolidated statement of profit or loss and other comprehensive income 26 Consolidated statement of financial position 27 Consolidated statement of changes in equity 28 Consolidated statement of cash flows 29 Notes to the consolidated financial statements 30 Consolidated entity disclosure statement 47 Directors' declaration 48 Independent auditor's report to the members of Raiden Resources Limited 49 General information The financial statements cover Raiden Resources Limited as a consolidated entity consisting of Raiden Resources Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Raiden Resources Limited's functional and presentation currency. Raiden Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Registered Address: Suite 7, 63 Shepperton Rd Victoria Park WA 6100 A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 25 September 2026.
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Raiden Resources Limited Corporate directory 30 June 2026 2 Directors Mr Dusko Ljubojevic - Managing Director Mr Michael Davy - Non-Executive Chairman Ms Kyla Garic - Non-Executive Director Company secretary Ms Kyla Garic Registered office Suite 7, 63 Shepperton Rd Victoria Park WA 6100 Share registry Automic Pty Ltd Level 2, 267 St Georges Terrace Perth WA 6000 Auditor RSM Australia Partners Level 32, Exchange Tower, 2 The Esplanade Perth WA 6000 Stock exchange listing Raiden Resources Limited shares are listed on the Australian Securities Exchange (ASX code: RDN / DAX code: YM4) Website www.raidenresources.com.au
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Raiden Resources Limited Directors' report 30 June 2026 3 Your Directors present their report together with the financial statements of Raiden Resources Limited (“the Company” or “RDN”) and its subsidiaries (“the Group” or "consolidated entity") for the financial year ended 30 June 2026. Directors The names and the particulars of the Directors who held office during or since the end of the year and until the date of this report are disclosed below. The Directors were in office for this entire period unless otherwise stated. Name Position Appointed Mr Dusko Ljubojevic Managing Director 20 February 2018 Mr Michael Davy Non-Executive Chairman 29 June 2017 Ms Kyla Garic Non-Executive Director 1 April 2023 Company secretary Ms Kyla Garic held the position of Company Secretary at the end of the financial year. Qualification B Com, MAcc, CA, FGIA, FGIS Experience Ms Garic was appointed as Company Secretary on 27 June 2017. Ms Garic is a Chartered Accountant and Director of Onyx Corporate. Onyx Corporate a company specialising in company secretarial, corporate governance and financial reporting. Principal activities During the year, the principal activities of the consolidated entity was mineral exploration. The Company holds rights to projects in the Western Australia, Eastern Europe and Brazil. Review of operations i. Financial review The consolidated loss for the year amounted to $10,632,265 (30 June 2025: loss of $6,975,344) and the consolidated entity held total of $11,982,352 in cash and cash equivalents and term deposits ($937,352 in cash and cash and cash equivalents and $11,045,0 00 in term deposits). ii. Operations review During the year ended 30 June 2026, the following activities occurred: Exploration Activities in Brazil Crixás Gold Tailings Project On 20 November 2025,1 Raiden announced that it had secured the right to acquire an 85% commercial interest in the Crixás Gold Tailings Project (“Crixás”) in Brazil. The Project is located ~5kms from the town of Crixás and ~450 kms north-west of Brasília, the capital of Brazil (Figure 1). The Project encompasses an area of 28.79 hectares and lies within an established mining district. The regional setting is characterised by Archean and Proterozoic greenstone belts which have supported extensive historical gold production.
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Raiden Resources Limited Directors' report 30 June 2026 4 Figure 1: Project Location Map The tailings at the Project are the result of intense artisanal mining (“garimpeiro” mining) which took place from the 1980s through to approximately 2007, where an estimated 10,000-12,000 miners converged on an area known as the “Lavra”. Upwards of 380 shafts descending up to 100 meters were developed. Hammer mills were used to crush the ore into coarse sands to extract the gold. This processing methodology is considered to be highly inefficient by today’s standards. Existing on-site infrastructure includes workshops and offices (Figure 2) with road access and access to water and nearby grid power. Figure 2: Example of existing infrastructure and road access.
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Raiden Resources Limited Directors' report 30 June 2026 5 Given the presence of existing on -site infrastructure, access to water and nearby grid power, and historical work indicating significant volumes of unrecovered gold-bearing material, Raiden considers the Crixás Project to have potential to support a near- term, low-CAPEX production scenario.A During and following the Reporting Period’s end, Raiden’s focus is to finalise the remaining administrative, regulatory and project preparation workstreams to support project advancement and ultimately a Final Investment Decision (FID) for potential development.A On 15 April 2026, Raiden advised that its due diligence of the Project had advanced. Further, the Company noted that documentation and supporting technical studies relating to the ongoing environmental licensing process had been submitted and were under review by the competent state authority. A number of other administrative and operational workstreams also advanced to support the rapid evaluation and development of the Project subject to transaction completion. Following re-issue of Environmental licence and its approval by the Mining Authority, Raiden’s near -term objectives at Crixás: • Execute an initial drilling program to deliver a JORC MRE, • Fast-track metallurgical evaluation to define the preferred processing route, with a focus on simple gravity and potentially flotation routes, and Progression to a Final Investment Decision (FID) based on both of the above. On 15 June 2026, Raiden advised that engagement with SEMAD, the competent state environmental authority, had remained ongoing as part of the environmental permit re -issue process. The outstanding item under SEMAD requests related to the preparation of a water management plan. Raiden advised that the relevant work had been completed and the final report has been prepared, which was expected to be submitted to SEMAD in the coming days. Following the end of the Reporting Period, on 22 July 2026, Raiden advised that SEMAD had requested an additional Environmental Impact Statement (EIS) report relating to the proposed water management plan. A Cautionary Statement The Crixás Tailings Gold Project does not currently contain any Mineral Resource or Ore Reserve estimates reported in accordance with the JORC Code (2012). References to historical mining, sampling, production and tailings characteristics are based on hist orical and vendor -supplied information, including a technical report completed in 2010 by GéoExpl’Au International, which was not prepared in accordance with the JORC Code and has not been independently verified by Raiden. These data are considered conceptual and should not be relied upon as indications of grade, tonnage or economic viability. Any reference to the potential for gold resources, production, capital -efficiency and other geological or commercial information is conceptual in nature and remains s ubject to further work. Further work includes and is not limited to confirmatory drilling and sampling, metallurgical testwork, resource estimation, engineering studies and the receipt of all required regulatory approvals.
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Raiden Resources Limited Directors' report 30 June 2026 6 Exploration Activities in Europe Vuzel Gold Project During the Reporting Period, Raiden advanced exploration work at the Vuzel Gold Project in south -eastern Bulgaria. The type of geology and setting at Vuzel is similar to that of the epithermal low sulphidation Ada Tepe deposit, which was mined by Dundee Precious Metals only 30km south-east of Vuzel (Figure 3) (TSX: DPM). Vuzel is located <20km from Gorubso-Kardzhali A.D. (a Bulgarian Mining company) gold processing facility2, whom is also a 30% partner of TSX-V Velocity Minerals whose Bulgarian portfolio, including the Rozino deposit (573Koz@0.8g/t Au) was recently subject of a US$59M 3 acquisition by Türker Mining, a subsidiary of the Turkish conglomerate Türkerler Holding. Figure 3 - Location of Vuzel project in Southern Bulgaria in relation to other operating and historical mine and prospects. On 1 July 2025,4 Raiden announced that assay results from a further 4 holes have been received from the Phase 2 drilling program, with all holes drilled and reported continuing to intersect near surface gold mineralisation. Significant gold intersections from the 4 holes included (Figure 4): • VZ2525: 13.6m @ 0.58g/t from 19.4m o Including 5.0m @ 1.30g/t Au from 21.0m • VZ2526: 5.1m @ 0.76g/t Au from 20.9m • VZ2527: 17.3m @ 0.93g/t Au from 43.0m o Including 1.6m @ 7.69g/t Au from 58.7m • VZ2528: 10.0m @ 1.03g/t Au from 15.5m And 11.0m @ 0.98g/t Au from 30.5m Drill hole VZ2527 intersected a high-grade feeder structure, with 1.6m @ 7.69g/t Au at 58.7m within an interpreted epithermal feeder structure previously identified.5 The results achieved continued to suggest that Vuzel may host a substantial near-surface gold system, characterised by both widespread mineralisation and potentially multiple high -grade feeder zones.
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Raiden Resources Limited Directors' report 30 June 2026 7 Figure 4: Long section indicating the interpreted breccia zone, which is interpreted to be an epithermal feeder structure and a potential pathway for mineralised fluids.6 On 14 August 2025, 7 Raiden provided an update on its exploration activities at Vuzel, including progress on permitting for the nearby silver anomaly and the processing of Induced Polarisation (“IP”) survey results. Raiden advised that it had applied for access permits, with the plan to drill test the previously identified Silver Anomaly at the Vuzel Exploration Permit (Figure 5). Figure 5: Vuzel Exploration permit, structures, exploration targets, including the nearby Skarn Ag Anomaly and drilling (as of 1st July 2025).8 Further, Raiden advised that it had completed a 10 line-km IP survey across the Vuzel Project area. Following the processing of the survey, the results were expected to provide a clearer understanding of the structural trends and potential feeder zones along the target area.
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Raiden Resources Limited Directors' report 30 June 2026 8 On 22 September 2025,9 Raiden announced that the IP survey had defined multiple untested structural trends at the Vuzel Project. Further, the IP survey has also defined new chargeability and resistivity anomalies which were consistent with Raiden’s posit ive drilling results to date. The anomalies delineated new exploration target areas (Figure 6) and significantly expanded the footprint for further evaluation of gold and silver mineralisation. Further, initial interpretations indicated the potential for multiple north & north-west trending gold vectors/trends, which correlate with interpreted potential feeder structures (Figure 7), soil geochemistry anomalies and positive drill results. Figure 6: Vuzel Exploration project depicting the potential drilling targets as defined on the basis of the IP program and supporting data. Figure 7 - IP cross section line 5, with interpreted geological units; structures, mineralisation as defined through drilling and suppor ting surface anomalism.
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Raiden Resources Limited Directors' report 30 June 2026 9 On 11 May 2026,10 Raiden announced that soil sampling and geological mapping had defined a multi-kilometre arsenic in soil trend across the southern and western areas at Vuzel, extending the exploration potential well beyond the currently drilled central zone. The new arsenic-in-soil anomalism is closely associated with similar gold anomalism, where positive drill results within the central part of the Project that have been achieved to date. The defined arsenic anomalies are: • Significantly more intense than the arsenic anomalism associated with currently defined gold mineralisation. • Associated with interpreted new thrust faults and structural features, which are considered prospective for potential vertical feeder zones (Figure 8). Figure 8: Map of Vuzel project area and anomalies defined to date. Note 1 – Central project area defined by historical artisanal mining, closely correlated gold in soil anomalies and positive drill results is characterised by arsenic in soil anomalism (20 – 100ppm). Note 2 – Historical silver anomaly, which is defined by an Ag-in-soil anomaly, where historical drilling and outcrop sampling has confirmed high-grade silver mineralisation, is also associated with an arsenic in soil anomaly (100 – 300 ppm). Note 3 – a significant arsenic in soil anomaly extending over an approximate 1-kilometre strike, which remains untested for gold mineralisation to date (>300ppm). In addition, Raiden provided an update on its permitting procedures over the historically defined silver anomalies at the Vuz el project. The initial permitting strategy comprised a number of proposed drill pad locations situated on municipality -owned land parcels. These initial applications were declined, as the relevant land parcels are currently subject to temporary third party lease arrangements for alternative land-use purposes. In response, Raiden re-initiated the permitting process over alternative, suitable land parcels that are not presently under lease and fall under management of the Bulgarian Forestry Department. Raiden anticipates updating the market on the status of these permit applications in due course. *Note: The arsenic-in-soil results are based on field portable XRF analysis and should be considered indicative geochemical results suitable for early-stage anomaly definition and target generation. No new gold or silver assay results are reported. Follow-up work, including additional geochemical sampling and/or laboratory analysis where appropriate, is planned to assess whether the newly defined arsenic anomalies are associated with gold mineralisation.
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Raiden Resources Limited Directors' report 30 June 2026 10 Exploration Activities in Western Australia Mt Sholl During the Reporting Period, several significant corporate developments relating to the Mt Sholl Ni -Cu-PGE (“Mt Sholl”) project transpired. Mt Sholl is a significant, outcropping Ni-Cu-PGE sulphide deposit with potential for open-pit mining. located in the Pilbara region, just 22 km from the support city of Karratha. The project’s proximity to Karratha, associated infrastructure, and the near surface, high grade mineralisation are all considered positive factors supporting the development potential of the Project. The Mt Sholl Project hosts a significant JORC mineral resource of 40Mt @ 0.45% Ni_Eq (or 1.17% Cu_Eq (at 0.15% Ni_Eq cut-off), with a high-grade component of 5.8Mt @ 0.94% Ni_Eq / 2.48% Cu_Eq (at 0.70% Ni_Eq cut -off). 11 Figure 9: Mt Sholl Ni-Cu-PGE Project. On 3 July 2025, Raiden advised that it had received an Intent to Withdraw Notice First Quantum Minerals in relation to the Memorandum of Understanding (“MOU”), which granted First Quantum Minerals optional rights12 to the Mt Sholl Project. As a result of the withdrawal, Raiden moved to 100% ownership and assumed operational control of the Project. As part of the withdrawal, Raiden advised that it would receive a further A$135,000 in cash to account for the 534m shortfall in drilling meters from First Quantum Mineral’s 3,000m commitment (Stage 1), totaling A$385,000 in cash received by Raiden as part of the MOU. Further, Raiden advised it would receive the benefit & ownership of all work completed by First Quantum Minerals under the MOU. This work included: • ~2,466m of drilling • Field mapping and soil sampling programs, • Heritage surveys, • Multiple geophysical surveys, • Engineering evaluation studies, and, • The discovery of the Keel prospect, which had extended the area of known mineralisation outside of the Mineral Resource Estimate.13,14 • Circa A$2m was spent on the project by First Quantum Minerals on the project.
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Raiden Resources Limited Directors' report 30 June 2026 11 On 9 June 2026, Raiden announce that it had entered into a binding Option and Sale and Purchase Agreement (“Option Agreement”) with Forgent PLC (“Forgent”) (LSE: FORG.L) in respect of the potential sale of an 80% interest in the Mt Sholl Project. Under the Option Agreement, Forgent has been granted the right to acquire an 80% interest in the Project within a five -month period, subject to satisfaction of customary conditions including regulatory approvals. The proposed transaction delivers the following benefits to Raiden: • Strengthens the Company’s financial position by an additional net A$1 million cash payment on exercise of the Option by Forgent, • Reduces holding and management costs associated with non -core assets, • Retains exposure to Mt Sholl underlying commodities (nickel, copper, PGEs) via: o A 20% free-carried interest through A$4 million of expenditure; and o Equity exposure to Forgent through share consideration, with Raiden to receive A$40,000 of Forgent shares at 0.015 pence per share, as well as an additional net A$900,000 of Forgent shares on exercise of the Option (based on 10-day VWAP at exercise), and • Enables continued focus on priority assets including the Crixás Gold Tailings Project and new acquisition opportunities. To facilitate the transaction with Forgent, Raiden advised that it had also entered into a Deed of Variation to amend the Heads of Agreement with Welcome Exploration Pty Ltd (“Welcome”), the previous owner of Mt Sholl. Under the variation, Welcome has agreed to waive certain rights, including: • A$5 million payment linked to a decision to mine, and • 20% free-carried gold interest. In consideration, Welcome will receive A$200k in Forgent shares and A$100k in cash (representing a portion of Raiden’s consideration from the transaction). Welcome’s consideration will become payable by Raiden only upon exercise of the option and receipt o f the consideration from Forgent. If the option is not exercised by Forgent, the variation deed will lapse and no consideration will be payable to Welcome. The transaction is consistent with Raiden’s strategy of pursuing joint ventures, divestments and sales across its non-core assets to reduce holding and management costs, lower project expenditure requirements and supplement the Company’s strong cash position. Corporate activities As disclosed in the Company’s strategy update, Raiden continues to evaluate divestment and joint venture proposals on the non- core assets held within its portfolio, which have the prospect of further enhancing the Company’s robust cash reserves, as well as decreasing funding requirements and management time. During and following the reporting period, Raiden continued to focus on new potential acquisitions. As previously announced, Raiden notes that the Crixás Gold Tailings Project is not intended to be the Company’s sole or final acquisition. Proposed acquisitions continue to be assessed for value accretion on a per-share-basis, with careful consideration of funding mix, potential dilution and associated risks. ASX Announcements referenced in this report 1 Refer to ASX release, “Significant Gold Tailings Reprocessing Opportunity Secured”, 20 November 2025 2 https://velocityminerals.com/projects/overview/ 3 TSXV: VLC 28 February 2025 Velocity Enters into Definitive Agreement to Sell All Bulgarian Assets 4 Refer to ASX release, “High-Grade Feeder Zone intersected at Vuzel Gold Project, 1 July 2025 5 Refer to ASX release, “Potential epithermal feeder zone intersected at Vuzel”, 19 June 2025 6 Refer to ASX release, “High-Grade Feeder Zone Intersected at Vuzel Gold Project”, 1 July 2025 7 Refer to ASX release, “Silver Anomaly Permit Progressing & IP Data Processing at Vuzel”, 14 August 2025 8 Refer to ASX release, “High-Grade Feeder Zone Intersected at Vuzel Gold Project”, 1 July 2025 9 Refer to ASX release, “Vuzel IP Survey Generates Multiple Untested Gold & Silver Targets”, 22 September 2025 10 Refer to ASX release, “New Multi-Kilometre Tends Expands Vuzel Gold Potential”, 11 May 2026 11 Refer to ASX release, “Maiden Mineral Resource Estimate & JORC Exploration Target” 3 April 2023 12 Refer to ASX release, “Raiden Enters Into A Memorandum of Understanding Over Mt Sholl Ni-Cu-PGE Project”, 13 December 2023 13 Refer to ASX release, “New Discovery and Extensions to Ni-Cu Mineralisation at Mt Sholl”, 27 February 2025 14 Refer to ASX release, “Maiden Mineral Resource Estimate & JORC Exploration Target” 3 April 2023
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Raiden Resources Limited Directors' report 30 June 2026 12 v. Business Risks The Board seeks to ensure that the process of risk identification, assessment and management is embedded in all aspects of the Group’s operations, and it monitors whether the level of compliance and governance within the Group is appropriate, with a particular focus on the risk culture and risk reporting. There are a number of material risks to which the Group is exposed, and the key material business risks are, in summary: Future capital requirements The Company has no operating revenue and is unlikely to generate any operating revenue unless and until the Company’s projects are successfully explored, evaluated, developed and production commences. The future capital requirements of the Company will depend on many factors including its business development activities. In order to successfully evaluate and develop the projects and for production to commence, the Company will require further financing in the future. Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the then market price or may involve restrictive covenants which limit the Company's operations and business strategy. Debt financing, if available, may involve restrictions on financing and operating activities. Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obta in additional financing as needed, it may be required to reduce the scope of its activities and this could have a material adverse effect on the Company's activities including resulting in the tenements being subject to forfeiture and could affect the Company's ability to continue as a going concern. Operations risks The operations of the Company may be affected by various factors, including: (i) failure to locate or identify mineral deposits; (ii) failure to achieve economic grades in exploration and forecast modelled grades, quantities and recoveries during mining; (iii) operational and technical difficulties encountered in mining; (iv) insufficient or unreliable infrastructure (such as power, water and transport); (v) difficulties in commissioning and operating plant and equipment; (vi) mechanical failure or plant breakdown; (vii) unanticipated metallurgical problems which may affect extraction costs; (viii) adverse weather conditions; and (ix) community and non -governmental organisation activities hindering operations. In the event that any of these potential risks eventuate, the Company's operational and financial performance may be adversely affected. Government regulation and political risk in the mining industry The Company’s operating activities are subject to laws and regulations governing expropriation of property, health and worker safety, employment standards, waste disposal, protection of the environment, mine development, land and water use, prospecting, mineral production, exports, taxes, labour standards, occupational health standards, toxic wastes, the protection of endangered and protected species and other matters. While the Company believes that its local and foreign incorporated subsidiaries are in substantial compliance with all materi al current laws and regulations affecting its activities, future changes in applicable laws, regulations, agreements or changes in their enforcement or regulatory interpretation could result in changes in legal requirements or in the terms of existing permits an d agreements applicable to the Group or its properties, which could have a material adverse impact on the Company's current operations or planned development projects. Failure to comply strictly with applicable laws, regulations and local practices relating to mineral right application and tenure, could result in loss, reduction or expropriation of entitlements, or the imposition of additional local or foreign parties as joint venture partners with carried or other interests. The occurrence of these various factors and uncertainties cannot be accurately predicted and could have an adverse effect on the Company's operations or profitability.
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Raiden Resources Limited Directors' report 30 June 2026 13 Where required, obtaining necessary permits and licenses can be a complex, time consuming process and the Company cannot be sure whether any necessary permits will be obtainable on acceptable terms, in a timely manner or at all. The costs and delays associated with obtaining necessary permits and complying with these permits and applicable laws and regulations could stop or materially delay or restrict the Group from proceeding with any future exploration or development of its properties. Any failure to comply with applicable laws and regulations or permits, even if inadvertent, could result in interruption or closure of exploration, development or mining operations or material fines, penalties or other liabilities. Tenure, access and grant of applications The Group's operations are subject to receiving and maintaining licenses and permits from appropriate governmental authorities. Prior to any development on any of its properties, the Group’s must receive licenses/permits from appropriate governmental authorities. There is no certainty that the Group will continue to hold all licenses/permits necessary to develop or continue operating at any particular property. Tenements are subject to the applicable mining acts and regulations in Western Australia, Serbia and Bulgaria. The Company is required to comply with land access laws, water rights acts, and environmental, and cultural laws among others. Compliance with these requirements appear manageable with consultation with the respective parties and government officials however, there is a risk that for an unforeseen reason, the Company may not be granted the required licence or permits to carry out the proposed works, which could lead to unforeseen delays or changes to proposed work programs, thus having the ability to materially impact upon the Company's operations and financial circumstances. Under mining law within the various jurisdictions that the Company operates within, an exploration licence can be revoked upon the occurrence of specified events that are not remedied within prescribed periods. Such events include but are not limited to not conducting exploration activities in accordance with the approved programme, conducting exploration activities outside of the permit area, failing to submit annual reports, failing to undertake adequate rehabilitation works and failing to comply with occupational health and safety laws. Drilling and exploration programs There are operational risks associated with the Group's drilling and exploration programs. The Group’s exploration programs may be affected by a range of factors, including (but not limited to): geological and ground access conditions; unanticipated operational and technical difficulties encountered in sampling and drilling activities; adverse weather conditions, environmental accidents, and unexpected shortages or increases in the costs of consumables, spare parts, and labour; mechanical failure of operating plant and equipment; prevention of access by reason of political or civil unrest, outbreak of hostilities, outbreak of disease or inabi lity to obtain regulatory consents or approvals; terms imposed by government on development of mining projects including conditions such as equity participation, royalty rates and taxes; and risks of default or non-performance by third parties providing essential services. Exploration success Mineral exploration and project development are high risk undertakings. There can be no assurance that further exploration on the Group's projects will result in the discovery of an economic ore deposit. Even if an apparently viable deposit is identif ied, there is no guarantee that it can be economically exploited. Until the Group is able to realise value from its mineral projects, it is likely to incur ongoing operating losses. Environmental and cultural The operations of the Group are subject to laws and regulations concerning the environment. As with most exploration projects and mining operations, the Group's activities are expected to have an impact on the environment, particularly if advanced exploration or mine development proceeds. The Group intention to conduct its activities to the highest standard of environmental obligation, including compliance with all environmental laws and regulations.
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Raiden Resources Limited Directors' report 30 June 2026 14 Mining operations have inherent risks and liabilities associated with safety and damage to the environment and the disposal o f waste products occurring as a result of mineral exploration and production. The occurrence of any such safety or environmental incident could delay production or increase production costs. Events, such as unpredictable rainfall or bushfires may impact on the Company's ongoing compliance with environmental legislation, regulations and licences. Significant liabilities could be imposed on the Company for damages, clean -up costs or penalties in the event of certain discharges into the environment, environmental damage caused by previous operations or noncompliance with environmental laws or regulations. The disposal of mining and process waste and mine water discharge are under constant legislative scrutiny and regulation. There is a risk that environmental laws and regulations become more onerous making the Company's operations more expensive. Approvals are required for land clearing and for ground disturbing activities. Delays in obtaining such approvals can result in the delay to anticipated exploration programmes or mining activities. Metallurgy Metal and/or mineral recoveries are dependent upon the metallurgical process, and by its nature contain elements of significant risk such as: (i) identifying a metallurgical process through test work to produce a saleable metal and/or concentrate; (ii) developing an economic process route to produce a metal and/or concentrate; and (iii) changes in mineralogy in the ore deposit can result in inconsistent metal recovery, affecting the economic viability of the project. Insurance risk There are significant exploration and operating risks associated with exploring for minerals, including adverse weather conditions, environmental risks and fire, all of which can result in injury to persons as well as damage to or destruction of the extraction plant, equipment, production facilities and other property. In addition, the Company's subsidiaries will be subject to liability for environmental risks such as pollution and abuse of the environment. The Company intends to insure its operations in accordance with industry practice. However, in certain circumstances, such insurance may not be of a nature or level to provide adequate insurance cover. The occurrence of an event that is not covered or fully covered by insurance could have a material adverse effect on the business, financial condition and results of the Company effected. In addition, in the future some or all of the Company's insurance coverage may become unavailable or prohibitively expensive. Commodity price volatility and exchange rate risk The Company's ability to proceed with the development of its mineral projects and benefit from any future mining operations will depend on market factors, some of which may be beyond its control. Consequently, any future earnings are likely to be closely related to the price of copper and gold commodities and the terms of any off-take agreements that the Company enters into. The world market for minerals is subject to many variables and may fluctuate markedly. These variables include world demand for gold that may be mined commercially in the future from the Company's project areas, forward selling by producers and production cost levels in major mineral -producing regions. Minerals prices are also affected by macroeconomic factors such as general global economic conditions and expectations regarding inflation and interest rates. These factors may have an adverse effect on the Company's exploration, development and production activities, as well as on its ability to fund those activities. Metals are principally sold throughout the world in US dollars. The Company's cost base will be payable in various currencies. As a result, any significant and/or sustained fluctuations in the exchange rate between the Serbian Dinar, Bulgarian Lev and the US dollar could have a materially adverse effect on the Company's operations, financial position (including revenue and profitability) and performance. The Company may undertake measures, where deemed necessary by the Board, to mitigate such risks.
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Raiden Resources Limited Directors' report 30 June 2026 15 Significant changes in the state of affairs There were no significant changes in the state of affairs of the consolidated entity during the financial year. Matters subsequent to the end of the financial year Subsequent to balance date the Company implemented an unmarketable parcel sale facility to assist shareholders holding parcels of shares valued at less than A$500 and to reduce the administrative costs associated with maintaining a large number of smal l shareholdings. As at 21 July 2026, the facility applied to shareholders holding 166,666 shares or fewer, representing 175,376,100 shares held by 2,974 minority shareholders. Under the facility, a broker will sell the eligible shares on behalf of participating shareholders, with sale proceeds remitted to those shareholders. The unmarketable parcel sale facility closed on 4 September 2026 with sale of shares pending. No other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect th e consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future fi nancial years. Dividends There were no dividends paid, recommended or declared during the current or previous financial year (30 June 2025: Nil) . Likely developments and expected results of operations The Consolidated entity anticipates maintaining the present level of exploration activities; however, these activities may potentially increase or decrease in scope and scale, dependent on ongoing exploration results. At this time future exploration results cannot be reasonably estimated or predicted. Information on likely developments in the operations of the consolidated entity and the expected results of operations have not been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the consolidated entity. Annual Mineral Resource Statement as at 30 June 2026 In accordance with ASX Listing Rule 5.21, Raiden Resources reports its Mineral Resources at least annually. The date of reporting is 30 June each year, to coincide with the Company’s end of financial year end and closing. If there are any material changes to its Mineral Resources over the course of the year, the Company is required to publish these changes promptly Mineral Resources The Company’s maiden Mineral Resource for the Mt Sholl Ni-Cu-Co-PGE Project was previously reported on 3 April 2023. The Mt Sholl Mineral Resource is currently the Company’s only reportable Mineral Resource and there were no material changes to the previously reported statement The Mineral Resource has been classified in the Indicated and Inferred categories, in accordance with the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). A range of criteria has been considered in determining this classification including geological continuity, data quality, drill hole spacing, modelling technique, estimation properties including search strategy, number of informing data and average distance of data from blocks. The total Mineral Resource Estimate is shown in Table 1. Table 1: Mt Sholl Mineral Resource as at 30 June 2026 (rounded to nearest 0.1Mt; 0.1kt; 0.01%; 0.01g/t)
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Raiden Resources Limited Directors' report 30 June 2026 16 Governance Arrangements and Internal Controls Raiden has ensured that the Mineral Resource quoted is subject to good governance arrangements and internal controls. The Mineral Resource reported has been generated by a consultant external to the Company who is experienced in best practice modelling and estimation methods. The competent person has also undertaken reviews of the quality and suitability of the underlying information used to generate the resource estimation. In addition, Raiden’ management carry out regular reviews and audits of internal processes and of the external contractor that has been engaged by the Company. Competent Person's Statement Mineral Resource The Company confirms it is not aware of any new information or data that materially affects the information included in the 3 April 2023 (Maiden Mineral Resource Estimate and JORC Exploration Target) and that information that relates to the Mt Sholl Mineral Resource estimate and all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed from previously reported information. 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. Compliance Statement The information in this report that relates to Exploration Results, including Mineral Resources and Exploration Targets has previously been released to the ASX. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that, and all material assumptions and technical parameters underpinning the previously reported information 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 as referenced in this report.
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Raiden Resources Limited Directors' report 30 June 2026 17 Schedule of Tenements Tenement reference and location Location Nature Status Interest BG1 (Bulgaria) – Permit No.527 Bulgaria Direct Pending 100% Mt Sholl (E47/4309) Western Australia Direct Granted 100%* Mt Sholl (E47/3468) Western Australia Direct Granted 100%* Mt Sholl (P47/2024) Western Australia Direct Granted 100%* Mt Sholl (E47/3181) Western Australia Direct Granted 100%* Mt Sholl (E47/3339) Western Australia Direct Granted 100%* Mt Sholl (P47/1762) (b) Western Australia Direct Granted 100%* Mt Sholl (P47/1787) Western Australia Direct Granted 100%* Mt Sholl (P47/1788) Western Australia Direct Granted 100%* Mt Sholl (P47/1789) Western Australia Direct Granted 100%* Mt Sholl (P47/1790) Western Australia Direct Granted 100%* Mt Sholl (P47/1791) Western Australia Direct Granted 100%* Mt Sholl (P47/1792) Western Australia Direct Granted 100%* Mt Sholl (P47/1793) Western Australia Direct Granted 100%* Mt Sholl (P47/1794) Western Australia Direct Granted 100%* Mt Sholl (P47/1795) Western Australia Direct Granted 100%* Arrow (E47/3476) Western Australia Direct Granted 100%** Andover (P47/2028) Western Australia Direct Granted 80% Andover (E47/3849) Western Australia Direct Granted 80% Andover (E47/4601) Western Australia Direct Granted 80% Andover (E47/4602) Western Australia Direct Granted 80% Andover (EL47/4063) Western Australia Direct Granted 80% Andover (E47/4603) Western Australia Direct Pending 100% Beneficial percentage interests held in farm-in or farm-out agreements: Tenement reference and location Location Nature Status Interest Vuzel(a) (Bulgaria) – Licence No. 522 Bulgaria Joint Venture Granted 75% (a)The Company has an agreement to earn-in up to 90% position within the project. At the end of the year the Company held 75% interest in Vuzel Minerals EOOD, which holds the Vuzel licence. (b)The Company holds 100% in tenement P47/1762 which is being converted into M47/1651, application pending. * 20% interest transfer subject is subject to OSR stamping to finalise the transfer ** The license was relinquished post financial year end
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Raiden Resources Limited Directors' report 30 June 2026 18 Information on directors and company secretary Name: Dusko Ljubojevic Title: Managing Director Qualifications: B. Science - Geology (Honours) Experience and expertise: Mr Ljubojevic is a geologist and resource industry entrepreneur with over 20 years of industry experience, which has spanned throughout Africa, Asia, North America and Europe. Mr Ljubojevic has previously worked with several ASX listed companies throughout Africa; consulted to clients throughout the resource industry spectrum, ranging from private development companies in Asia and Africa, publicly listed junior and mid -tier exploration companies, global ‘majors’, such as Barrick Gold and private equity fund s. Mr Ljubojevic has broad experience within the resource sector, which includes not only exploration and mining technical aspects, but also has experience in corporate structuring, negotiations and business development. Other current directorships: Nil Former directorships (last 3 years): Nil Special responsibilities: Nil Interests in shares: 59,798,152 Ordinary Shares Name: Michael Davy Title: Non-Executive Chairman Qualifications: BCom (Acc) Experience and expertise: Mr Davy is an Australian executive and Accountant with over 20 years’ experience across a range of industries. His last major role was Financial Controller of Songa Offshore (listed Norwegian Oil and Gas drilling company acquired by Transocean Ltd [NYSE: RIG] in January 2018), where Mr Davy managed the finance function and team for the Australian operations. Prior to that Mr Davy had worked in London for other large organisations in the finance department. During the past five years Mr Davy has held directo rships in several ASX listed companies. Other current directorships: Arcadia Minerals Limited (appointed 6 October 2020) Vanadium Resources Limited (appointed 1 December 2019) Haranga Resources Limited (appointed 11 April 2022) Magnum Mining and Exploration Limited (appointed 15 July 2025) Former directorships (last 3 years): Nil Special responsibilities: Nil Interests in shares: 41,850,750 Ordinary Shares Name: Kyla Garic Title: Non-Executive Director Company Secretary Qualifications: B Com, MAcc, CA, FGIA, FGIS Experience and expertise: Ms Garic is a Chartered Accountant and Director of Onyx Corporate, a company specialising in company secretarial, corporate governance and financial reporting. Ms Garic was appointed as Company Secretary on 27 June 2017. Other current directorships: Nil Former directorships (last 3 years): Nil Interests in shares: 15,146,106 Ordinary shares 'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all other types of entities, unless otherwise stated. 'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and ex cludes directorships of all other types of entities, unless otherwise stated.
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Raiden Resources Limited Directors' report 30 June 2026 19 Meetings of directors The number of meetings of the company's Board of Directors ('the Board') held during the year ended 30 June 2026, and the number of meetings attended by each director were: Number attended Number eligible to attend Mr Dusko Ljubojevic 3 3 Mr Michael Davy 2 3 Ms Kyla Garic 3 3 The Board works closely together on Company related matters and have formalised relevant matters via 7 Circular Resolutions during the year. Remuneration report (audited) The remuneration report details the key management personnel (KMP) remuneration arrangements for the consolidated entity, in accordance with the requirements of the Corporations Act 2001, as amended (the Act) and its Regulations. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including all Directors. The remuneration report is set out under the following sections: ● Executive remuneration arrangements ● Details of remuneration ● Share-based compensation ● Additional disclosures relating to key management personnel Details of the nature and amount of each element of the remuneration of each of the KMP of the consolidated entity for the year ended 30 June 2026 are set out in the following tables: Name Position Appointed Resigned Mr Dusko Ljubojevic Managing Director 20 February 2018 - Mr Michael Davy Non-Executive Chairman 29 June 2017 - Ms Kyla Garic Non-Executive Director/ Company Secretary 1 April 2023/ 27 January 2017 - Mr Sean Halpin Chief Operating Officer 9 September 2024 31 March 2026 Introduction Key Management Personnel (KMP) has authority and responsibility for planning, directing and controlling the major activities of the Group. KMP comprise the directors of the Company and identified key management personnel. Compensation levels for KMP are competitively set to attract and retain appropriately qualified and experienced directors and executives. The Board may seek independent advice on the appropriateness of compensation packages, given trends in comparable companies both locally and internationally and the objectives of the Group’s compensation strategy. Executive remuneration arrangements The compensation structures are designed to attract suitably qualified candidates, reward the achievement of strategic objectives, and achieve the broader outcome of creation of value for shareholders. Compensation packages may include a mix of fixed compensation, equity-based compensation, as well as employer contributions to superannuation funds. Shares, options and other equity instruments may only be issued subject to approval by shareholders in a general meeting. During the financial year the Company had two executives appointed, being Mr Dusko Ljubojevic as the Managing Director and Mr Sean Halpin as the Chief Operating Officer. Following resignation of Mr Halpin and as at the date of this report the Company has one executive appointed. The terms of the Executive Employment Agreements with Raiden Resources Limited are summarised in the following table.
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Raiden Resources Limited Directors' report 30 June 2026 20 Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of these agreements are as follows: Name: Mr Dusko Ljubojevic Title: Managing Director Agreement commenced: 20 February 2018 Term of agreement: The agreement has no fixed terms with termination requiring three months’ written notice to the Company or the Company providing four months’ notice to Mr Ljubojevic. Details: Executive salary of $265,000 per annum (inclusive of superannuation). Name: Mr Sean Halpin Title: Chief Operating Officer Agreement commenced: 9 September 2024 until 31 March 2026 (resignation date) Terms of agreement: The agreement has no set term and may be terminated with four weeks written notice by Mr Halpin or the Company and there are no termination benefits payable under the agreement. Details: Executive Salary of $220,000 per annum (exclusive of superannuation). Non-Executive Director fee arrangements The Board policy is to remunerate Non -Executive Directors at a level to comparable Companies for time, commitment, and responsibilities. Directors’ fees cover all main Board activities and membership of any committee. The Board has no established retirement or redundancy schemes in relation to Non -executive Directors. The Non-Executive Directors have or may be provided with options that are meant to incentivise the Non-Executive Directors. The board determines payments to the Non-Executive Directors and reviews their remuneration annually based on market practice, duties, and accountability. Independent external advice will be sought when required. The maximum aggregate amount of fees that can be paid to Non -Executive Directors is presently limited to an aggregate of AU$225,000 per annum and any change is subject to approval by shareholders at the General Meeting. Fees for Non -Executive Directors are not linked to the performance of the Company. However, to align Directors’ interests with shareholder interests, the Directors are encouraged to hold shares in the Company. Fees for the Non-Executive Directors for the financial year were $132,000 (2025: $168,000) and cover main Board activities only. Non-Executive Directors may receive additional remuneration for other services provided to the Group. The key terms of the Non- Executive Director service agreements existing at reporting date are as follows: Name: Mr Michael Davy Title: Non-Executive Chairman Agreement commenced: 29 June 2017 Term of agreement: The agreement has no set term of termination, Mr Davy can resign or be removed as a director by way of resolution at any point. There are no termination benefits payable under the agreement. Details: Non-Executive fee of $84,000 per annum. Reimbursement of reasonable business expenses incurred in ordinary course of the businesses in accordance with Group’s remuneration policies. Name: Ms Kyla Garic Title: Non-Executive Director Agreement commenced: 31 March 2023 Term of agreement: The agreement has no set term of termination, Ms Garic can resign or be removed as a director by way of resolution at any point. There are no termination benefits payable under the agreement. Details: Non-Executive fee of $48,000 per annum. Reimbursement of reasonable business expenses incurred in ordinary course of the businesses in accordance with Group's remuneration policies. Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
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Raiden Resources Limited Directors' report 30 June 2026 21 Details of remuneration The Key Management Personnel of Raiden Resources Limited includes the Directors and Chief Operating Officer of the Company. Other than is set out below there are no other Key Management Personnel at 30 June 2026. Amounts of remuneration Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables. Short-term benefits Post- employment benefits Long-term benefits Share-based payments Cash salary Cash Non- Super- Long service Equity- and fees bonus monetary annuation leave settled Total 2026 $ $ $ $ $ $ $ Directors: D Ljubojevic 264,996 - - - - - 264,996 M Davy 84,000 - - - - - 84,000 K Garic 48,000 - - - - - 48,000 Other KMP S Halpin (1) 170,641 - - 19,800 - - 190,441 567,637 - - 19,800 - - 587,437 (1) Represents remuneration from 1 July 2025 to 31 March 2026 (resignation date). Short-term benefits Post- employment benefits Long-term benefits Share-based payments Cash salary Cash Non- Super- Long service Equity- and fees bonus monetary annuation leave settled Total 2025 $ $ $ $ $ $ $ Directors: D Ljubojevic 264,996 - - - - - 264,996 M Davy 84,000 - - - - - 84,000 D Ginn 36,000 - - - - - 36,000 K Garic 48,000 - - - - - 48,000 Other KMP S Halpin (1) 178,444 - - 20,521 - - 198,965 W Clent (2) 46,416 - - 4,025 - - 50,441 657,856 - - 24,546 - - 682,402 (1) Represents remuneration from 9 September 2024 to 30 June 2025 (2) Represents remuneration from 1 July 2024 to 31 August 2024 There was no performance based remuneration payable in financial year ended 30 June 2026 (30 June 2025: Nil) Share-based compensation Issue of shares There were no shares issued to directors and other key management personnel as part of compensation during the year ended 30 June 2026 (30 June 2025: $Nil).
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Raiden Resources Limited Directors' report 30 June 2026 22 Issue of Options There were no options over ordinary shares granted to or vested by directors and other key management personnel as part of compensation during the year ended 30 June 2026 (30 June 2025: Nil). Issue of Performance rights There were no performance rights issued to directors and key management personnel as part of compensation during the year ended 30 June 2026 (30 June 2025: Nil). Additional information The earnings of the consolidated entity for the five years to 30 June 2026 are summarised below: 2026 2025 2024 2023 2022 $ $ $ $ $ Other income 646,154 694,718 359,872 506,812 7,927 Loss before income tax (10,632,265) (6,975,344) (3,662,424) (5,695,299) (4,785,771) The factors that are considered to affect total shareholders return ('TSR') are summarised below: 2026 2025 2024 2023 2022 $ $ $ $ $ Share price at financial year end ($) 0.003 0.004 0.031 0.01 0.007 Basic loss per share (cents per share) (0.30) (0.21) (0.14) (0.35) (0.36) Additional disclosures relating to key management personnel KMP Ordinary Shareholdings The number of shares in the company held during the financial year by each director and other members of key management personnel of the consolidated entity, including their personally related parties, is set out below: Balance at Received Balance at the start of as part of Disposals/ the end of the year remuneration Additions (i) other the year Ordinary shares D Ljubojevic 52,970,617 - 6,827,535 - 59,798,152 M Davy 35,023,215 - 6,827,535 - 41,850,750 K Garic 6,318,571 - 8,827,534 - 15,146,105 S Halpin - - - - - 94,312,403 - 22,482,604 - 116,795,007 (i) Relates to acquisition of shares through off-market trade. KMP Performance Shareholdings There were no performance shares in the company held during the financial year by directors and other members of key management personnel. KMP Performance Rights Holdings There were no performance rights in the company held during the financial year by directors and other members of key management personnel. KMP Options Holdings There were no options in the company held during the financial year by directors and other members of key management personnel. Loans to Key Management Personnel and their related parties There were no loans to Key Management Personnel and their related parties during the financial year (30 June 2025: Nil).
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Raiden Resources Limited Directors' report 30 June 2026 23 Other transaction and balances with KMP and their related parties The Group acquired services from entities that are controlled by members of the Group’s KMP. Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. Total Expenses Total Expenses Receivable (Payable) Balance Receivable (Payable) Balance Entity Nature of transaction Key Management Personnel 2026 $ 2025 $ 2026 $ 2025 $ Onyx Corporate Pty Ltd Company secretarial and accounting fees Kyla Garic 140,760 160,772 (12,903) (12,903) Onyx Corporate Pty Ltd, a company of which Ms Kyla Garic is a director provided company secretarial and accounting services to the Company. The value of these services, totalled to $140,760 (30 June 2025: $160,772). There were no other related party transactions during the year. Use of remuneration consultants During the financial year ended 30 June 2026, the consolidated entity did not engage remuneration consultants to review its existing remuneration policies. Voting of shareholders at last year's annual general meeting At the AGM held on 20 November 2025, 72.31% of votes received supported the adoption of the remuneration report for the year ended 30 June 2025. The Remuneration Report received more than 25% of votes cast against the resolution and, consequently, the Company received a first strike under the Corporations Act 2001. Following the AGM, the Board considered feedback received from shareholders and reviewed the Company's remuneration framework. After careful consideration, the Board determined that the existing framework remains appropriate and continues to support the Company's strategic objectives and align the interests of executives and shareholders. Accordingly, no material changes were considered necessary. The Board will continue to engage with shareholders and consider feedback as part of its ongoing review of remuneration arrangements. This concludes the remuneration report, which has been audited.
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Raiden Resources Limited Directors' report 30 June 2026 24 Shares under option or performance rights There were no unissued ordinary shares of Raiden Resources Limited under option outstanding at the date of this report. Shares issued on the exercise of options or performance rights There were no ordinary shares of Raiden Resources Limited issued on the exercise of options or performance rights during the year ended 30 June 2026 and up to the date of this report. Indemnity and insurance of officers Indemnification The Company indemnifies each of its Directors, Officers and Company Secretary. The Company indemnifies each Director or officer to the maximum extent permitted by the Corporations Act 2001 from liability to third parties, except where the liability arises out of conduct involving lack of good faith, and in defending legal and administrative proceedings and applications for such proceedings. Insurance premium During the financial year the Company paid insurance premiums to insure Directors and Officers against certain liabilities arising out of their conduct while acting as an officer of the Group. Under the terms and conditions of the insurance contract, the nature of the liabilities insured against, and the premium paid cannot be disclosed. Proceedings on behalf of the company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or part of those proceedings. Non-audit services During the year RSM Australia Partners, the Company’s auditor did not provide any services other than statutory audit. Details of their remuneration can be found in note 5 Auditor’s Remuneration. Rounding The Company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the “rounding off” of amounts in th e financial statements. Amounts in the financial statements have been rounded off in accordance with the instrument to the nearest dollar. Auditor's independence declaration A copy of the auditor’s independence declaration as required under section 207C of the Corporations Act is set out immediately after this director's report. Auditor RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001. This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Michael Davy Non-Executive Chairman 25 September 2026
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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 www.rsm.com.au AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the audit of the financial report of Raiden Resources Limited for the year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (i) The auditor independence requirements of the Corporations Act 2001 in relation to the audit; and (ii) Any applicable code of professional conduct in relation to the audit. RSM AUSTRALIA Perth, WA MATTHEW BEEVERS Dated: 25 September 2026 Partner
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Raiden Resources Limited Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2026 Note 30 June 2026 30 June 2025 $ $ The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 26 Other income 646,154 694,718 Accounting and other professional fees (289,435) (222,103) Administrative costs (119,800) (133,434) Corporate expenses (380,728) (471,858) Depreciation and amortisation (18,129) (11,256) Exploration and evaluation expenditure (1,508,765) (4,965,268) Legal fees (46,725) (20,826) Marketing and investor relations (56,500) (151,776) Impairment of assets 9 (8,858,337) (1,693,541) Loss before income tax expense (10,632,265) (6,975,344) Income tax expense 3 - - Loss after income tax expense for the year (10,632,265) (6,975,344) Other comprehensive income Items that will not be reclassified subsequently to profit or loss Exchange differences on translating foreign operations 14 (117,995) 1,141 Other comprehensive income for the year, net of tax (117,995) 1,141 Total comprehensive income for the year (10,750,260) (6,974,203) Loss for the year is attributable to: Non-controlling interest (184,530) (184,506) Owners of Raiden Resources Limited (10,447,735) (6,790,838) (10,632,265) (6,975,344) Total comprehensive income for the year is attributable to: Non-controlling interest (184,530) (184,506) Owners of Raiden Resources Limited (10,565,730) (6,789,697) (10,750,260) (6,974,203) Cents Cents Basic earnings per share 6 (0.30) (0.21) Diluted earnings per share 6 (0.30) (0.21)
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Raiden Resources Limited Consolidated statement of financial position As at 30 June 2026 Note 30 June 2026 30 June 2025 $ $ The above consolidated statement of financial position should be read in conjunction with the accompanying notes 27 Assets Current assets Cash and cash equivalents - Excludes cash on Term Deposit (Refer Note 10) 7 937,352 2,797,156 Trade and other receivables 8 256,256 427,229 Term deposits 10 11,045,000 11,245,000 Financial assets fair value through profit and loss 11 408,805 268,698 Other current assets 53,722 46,677 Total current assets 12,701,135 14,784,760 Non-current assets Plant and equipment 27,476 41,166 Intangibles 20,339 27,407 Exploration and evaluation expenditure 9 5,195,128 14,053,465 Total non-current assets 5,242,943 14,122,038 Total assets 17,944,078 28,906,798 Liabilities Current liabilities Trade and other payables 12 145,943 346,838 Employee benefits - 11,565 Total current liabilities 145,943 358,403 Total liabilities 145,943 358,403 Net assets 17,798,135 28,548,395 Equity Issued capital 13 53,034,549 53,034,549 Reserves 14 4,814,521 4,932,516 Accumulated losses (39,573,908) (29,126,173) Equity attributable to the owners of Raiden Resources Limited 18,275,162 28,840,892 Non-controlling interest (477,027) (292,497) Total equity 17,798,135 28,548,395
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Raiden Resources Limited Consolidated statement of changes in equity For the year ended 30 June 2026 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 28 Issued capital Share-based payments reserves Option reserve Foreign currency reserves Accumulate d losses Non- controlling interest Total equity $ $ $ $ $ $ $ Balance at 1 July 2024 38,328,754 1,541,647 3,134,688 57,808 (22,335,335) (107,991) 20,619,571 Loss after income tax expense for the year - - - - (6,790,838) (184,506) (6,975,344) Other comprehensive income for the year, net of tax - - - 1,141 - - 1,141 Total comprehensive income for the year - - - 1,141 (6,790,838) (184,506) (6,974,203) Transactions with owners in their capacity as owners: Issue of shares 14,705,795 - - - - - 14,705,795 Share based payments - - 197,232 - - - 197,232 Balance at 30 June 2025 53,034,549 1,541,647 3,331,920 58,949 (29,126,173) (292,497) 28,548,395 Issued capital Share-based payments reserves Option reserve Foreign currency reserves Accumulate d losses Non- controlling interest Total equity $ $ $ $ $ $ $ Balance at 1 July 2025 53,034,549 1,541,647 3,331,920 58,949 (29,126,173) (292,497) 28,548,395 Loss after income tax expense for the year - - - - (10,447,735) (184,530) (10,632,265) Other comprehensive income for the year, net of tax - - - (117,995) - - (117,995) Total comprehensive income for the year - - - (117,995) (10,447,735) (184,530) (10,750,260) Transactions with owners in their capacity as owners: Issue of shares, net of costs note 13 - - - - - - - Balance at 30 June 2026 53,034,549 1,541,647 3,331,920 (59,046) (39,573,908) (477,027) 17,798,135
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Raiden Resources Limited Consolidated statement of cash flows For the year ended 30 June 2026 Note 30 June 2026 30 June 2025 $ $ The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 29 Cash flows from operating activities Payments to suppliers and employees (804,960) (1,073,573) Payments for exploration and evaluation activity (1,641,666) (5,350,386) Joint venture exploration advances expended - (6,824) Interest received 549,716 324,275 Interest and other finance costs paid (1,763) (1,703) Net cash used in operating activities 24 (1,898,673) (6,108,211) Cash flows from investing activities Term deposits 10 200,000 (11,245,000) Payments for financial assets – Fair value through profit and loss (150,000) - Payments for exploration licence and acquisition - (439,951) Net cash from/(used in) investing activities 50,000 (11,684,951) Cash flows from financing activities Proceeds from issue of share - 9,347,869 Proceeds from issue of options and performance rights - 5,555,159 Net cash from financing activities - 14,903,028 Net decrease in cash and cash equivalents (1,848,673) (2,890,134) Cash and cash equivalents at the beginning of the financial year 2,797,156 5,710,321 Effects of exchange rate changes on cash and cash equivalents (11,131) (23,031) Cash and cash equivalents at the end of the financial year* 7 937,352 2,797,156 * Excludes cash held in term deposits refer to Note 10
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 30 Note 1. Material accounting policy information The accounting policies that are material to the consolidated entity are set out either in the respective notes or below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Basis of preparation These general -purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB'). Historical cost convention The financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial instruments. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas involving a hig her degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2. Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in note 19. Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Raiden Resources Limited ('company' or 'parent entity') as at 30 June 2026 and the results of all subsidiaries for the year then ended. Raiden Resourc es Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'. Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the d ate on which control is transferred to the consolidated entity. They are de -consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive income, statement of financial position and statement of changes in equity of the consolidated entity. Losses incurred by the consolidated entity are attributed to the non -controlling interest in full, even if that results in a deficit balance.
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 31 Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non- controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Foreign currency translation The financial statements are presented in Australian dollars, which is Raiden Resources Limited's functional and presentation currency. Foreign currency transactions Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation a t financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign operations The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity. The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of. Interest Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Other revenue Other revenue is recognised when it is received or when the right to receive payment is established. Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non -current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non -current. A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no right at the end of the reporting period to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current. Investments and other financial assets Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the in itial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at eithe r amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mism atch is being avoided.
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 32 Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off. Financial assets at amortised cost A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the fin ancial asset represent contractual cash flows that are solely payments of principal and interest. Financial assets at fair value through profit or loss Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as financi al assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where they are acquired for the purpose of selling in the short -term with an intention of making a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are recognised in profit or loss. Impairment of financial assets The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the consolidated entity's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance is recognised in other comprehensive income with a corresponding expense through profit or loss. In all other cases, the loss allowance reduces the asset's carrying value with a corresponding expense through profit or loss. Impairment of non-financial assets Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less costs of disposal and value -in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit. Goods and Services Tax ('GST') and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the e xpense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial posit ion. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 Note 1. Material accounting policy information (continued) 33 New Accounting Standards and Interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2026. The consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations. Note 2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Exploration and evaluation costs Certain exploration and evaluation costs have been capitalised on the basis that the Group will commence commercial production in the future, from which time the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly related to these activities and allocating overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected to be recovered either through successful development or sale of the relevant mining interest. Factors that could impact the future commercial production at the mine include the level of reserves and resources, future technology changes, which could impact the cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised costs are determined not to be recoverable in the future, they will be written off in the period in which this determination is made. Note 3. Income tax The financial statements for the year ended 30 June 2026 comprise the results of the Group. The legal parent is incorporated and domiciled in Australia where the applicable tax rate is 30%. Two of the Group’s subsidiaries are incorporated in the Republic of Serbia where the applicable tax rate is 15%. Two subsidiaries are incorporated in Bulgaria where the applicable tax rate is 10%. 30 June 2026 30 June2025 $ $ (a) Income tax expense Current tax - - Deferred tax - - Aggregate income tax expense - - Numerical reconciliation of income tax expense and tax at the statutory rate Loss before income tax expense (10,632,265) (6,975,344) Tax at the statutory tax rate of 30% (3,189,680) (2,092,603) Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Non-deductible expenditure 2,642,015 452,039 Adjustments for differences in tax rates 158,035 152,999 Benefits from tax loss not brought to account 389,630 1,487,565 Income tax expense - -
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 Note 3. Income tax (continued) 34 2026 2025 $ $ Tax losses not recognised Unused tax losses for which no deferred tax asset has been recognised 17,788,488 16,821,295 Potential tax benefit @ 30% 5,336,546 5,046,389 The Group has the following tax losses arising in entities in Australia, Republic of Serbia and Republic of Bulgaria that are available indefinitely to be offset against the future taxable profits of the Group. Tax loss carried forward Australia 16,981,827 16,047,323 Republic of Serbia 65,942 35,905 Republic of Bulgaria 740,719 738,067 17,788,488 16,821,295 Unrecognised deferred tax asset Australia 5,252,583 4,967,196 Republic of Serbia 74,072 73,807 Republic of Bulgaria 9,891 5,386 5,336,546 5,046,389 Accounting policy for income tax The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: ● When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or ● When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that fut ure taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carr ying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable author ity on either the same taxable entity or different taxable entities which intend to settle simultaneously.
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 35 Note 4. Key management personnel Refer to the Remuneration Report contained in the Directors' Report for details of the remuneration paid or payable to each member of the Group's key management personnel (KMP) for the year ended 30 June 2026. The total remuneration paid to KMP during the year are as follows: 30 June 2026 30 June 2025 $ $ Short-term employee benefits 567,637 657,856 Post-employment benefits 19,800 24,546 587,437 682,402 Loans to Key Management Personnel To the best of the Directors' knowledge, they are not aware of any loans to Key Management Personnel during the financial year. Other KMP Transactions For other KMP transactions refer to note 18. Note 5. Remuneration of auditors Remuneration of the auditor of the Group for: 30 June 2026 30 June 2025 $ $ Audit services - RSM Australia Partners Audit or review of the financial statements - Australia 49,500 47,000 Note 6. Loss per share 30 June 2026 30 June 2025 $ $ Loss after income tax (10,632,265) (6,975,344) Non-controlling interest 184,530 184,506 Loss after income tax attributable to the owners of Raiden Resources Limited (10,447,735) (6,790,838) Number Number Weighted average number of ordinary shares used in calculating basic loss per share 3,450,891,442 3,206,618,263 Cents Cents Basic earnings per share (0.30) (0.21) Accounting policy for earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of Raiden Resources Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 36 Note 7. Cash and cash equivalents - Excludes cash on Term Deposit (Refer Note 10) 30 June 2026 30 June 2025 $ $ Cash at bank 937,352 2,797,156 Accounting policy for cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short -term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Note 8. Trade and other receivables 30 June 2026 30 June 2025 CURRENT $ $ Other receivables (a) 256,256 427,229 Total other receivables 256,256 427,229 (a) Other receivables are non -interest bearing and have payment terms between 30 and 60 days. Due to the nature of the receivables the Group has recognised expected credit losses of nil for the year ended 30 June 2026 (2025: nil). Accounting policy for trade and other receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective inte rest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days. The consolidated entity has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue. Other receivables are recognised at amortised cost, less any allowance for expected credit losses. Note 9. Exploration and evaluation expenditure 30 June 2026 30 June 2025 $ $ (a) Non-current Exploration expenditure capitalised: Exploration and evaluation cost 5,195,128 14,053,465 Net carrying value 5,195,128 14,053,465 (b) Movement in carrying amount Carrying amount at the beginning of year 14,053,465 15,457,055 Addition of exploration and evaluation at cost - 289,951 Impairment of exploration and evaluation (8,858,337) (1,693,541) Carrying amount at the end of year 5,195,128 14,053,465 The carrying amount of the Group’s exploration and evaluation assets are reviewed at each reporting date to determine whether there is indication of impairment or impairment reversal. Where an indication of impairment exists, a formal estimate of the recoverable amount is made.
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 Note 9. Exploration and evaluation expenditure (continued) 37 Accounting policy for exploration and evaluation expenditure The Group accounts for exploration and evaluation activities by using successful efforts method of accounting. Under this method, only those costs that lead directly to the discovery, acquisition, or development of specific discrete mineral reserves are capitalised. Costs that are known to fail to meet this criterion (at the time of occurrence) are generally charged to the statement of profit or loss and other comprehensive income as an expense in the period they are incurred. Accounting for exploration and evaluation expenditure is assessed separately for each area of interest. Each area of interest is an individual geological area which is considered to constitute a favourable environment for the presence of a mineral deposit or has been proved to contain such deposit. Exploration and evaluation costs are written off in the year they are incurred, apart from exploration licence and acquisition costs. Licence costs paid in connection with a right to explore in an existing exploration area are capitalised and reviewed at each reporting period to confirm that there is no indication that the carrying amount exceeds the recoverable amount. This review includes the following: • Confirming that exploration activities are still under way or firmly planned; or • It has been determined; or • Work is under way to determine that the discovery is economically viable based on a range of technical consideration and sufficient progress is being made on establishing development plans and timing. Acquisition costs are carried forward where a right to explore in the area of interest is current and are expected to be recouped through sale or successful development of the area of interest. Where an area of interest is abandoned or the Board decide that there no future activity is planned or the licence has been relinquished or has expired, the carrying value of the licence an d acquisition costs are written off in the financial period the decision is made through statement of profit or loss and other comprehensive income. Note 10. Term deposits 30 June 2026 30 June 2025 $ $ Term deposits 11,045,000 11,245,000 The above balance relates to a number of term deposits due to mature above 3 months from inception date with interest rates between 4.4% and 5.05% term deposits are on a rolling basis with a 3 to 12 month term. Note 11. Financial assets fair value through profit and loss 30 June 2026 30 June 2025 $ $ Financial assets fair value through profit and loss 408,805 268,698 Refer to note 17 for further information on fair value measurement.
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 38 Note 12. Trade and other payables 30 June 2026 30 June 2025 $ $ Trade payables 58,820 300,848 Other payables 87,123 45,990 145,943 346,838 Due to short term nature of these payables, their carrying value is assumed to approximate their fair value. Accounting policy for trade and other payables These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. Note 13. Issued capital 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Shares Shares $ $ (a) Issued capital 3,450,891,442 3,450,891,442 53,034,549 53,034,549 (b) Movements in ordinary share capital of the Company during the period was as follows: Details Date Shares $ Opening Balance 1 July 2024 2,713,462,477 38,328,754 Issue of shares under Placement 18 October 2024 312,500,000 10,000,000 Issue of shares on exercise of Options Various 366,678,965 5,500,409 Issue of shares on exercise of Performance Rights Various 58,250,000 54,750 Less: capital raising costs - (849,364) Closing Balance 30 June 2025 3,450,891,442 53,034,549 Opening Balance 01 July 2025 3,450,891,442 53,034,549 Closing Balance 30 June 2026 3,450,891,442 53,034,549 Ordinary shares Ordinary shareholders are entitled to participate in dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on the shares held. Every ordinary shareholder present at a meeting in person or by proxy is entitled to one vote on a show of hands or by poll. Shares have no par value. Capital Management Due to the nature of the Group’s activities, the Group does not have ready access to credit facilities, with the primary sour ce of funding being equity raisings. Therefore, the focus of the Group’s capital risk management is the current working capital position against the requirements of the Group to meet research and development programs and corporate overheads. The Group’s strategy is to ensure appropriate liquidity is maintained to meet anticipated operating requirements, with a view to initiati ng appropriate capital raisings as required. Any surplus funds are invested with major financial institutions - refer to the Note 10 Term Deposits. Accounting policy for issued capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 39 Note 14. Reserves (a) Reserve 30 June 2026 30 June 2025 $ $ Options reserve 3,331,920 3,331,920 Performance rights reserve 1,541,647 1,541,647 Foreign currency reserve (59,046) 58,949 Total reserves 4,814,521 4,932,516 (b) Option Reserve No $ Opening balance at 1 July 2024 424,267,630 3,134,688 Exercise of Options (366,678,965) - Issue of Broker Options 20,000,000 197,232 Lapsed options (57,588,665) - Balance at 30 June 2025 20,000,000 3,331,920 Opening balance at 1 July 2025 20,000,000 3,331,920 Lapsed options (20,000,000) - Balance at 30 June 2026 - 3,331,920 (c) Performance Rights Reserve No $ Opening balance at 1 July 2024 01/07/2024 78,000,000 1,541,647 Conversion of Performance Rights 04/07/2024 (3,500,000) - Conversion of Performance Rights 06/09/2024 (45,000,000) - Conversion of Performance Rights 18/09/2024 (9,750,000) - Lapse of Performance Rights 06/10/2024 (18,250,000) - Balance at 30 June 2025 1,500,000 1,541,647 Opening balance at 1 July 2025 01/07/2025 1,500,000 1,541,647 Lapse of Performance Rights 30/11/2025 (1,500,000) - Balance at 30 June 2026 - 1,541,647 (d) Foreign currency reserve Opening balance at 1 July 2024 57,808 Difference arising on translation 1,141 Balance at 30 June 2025 58,949 Opening balance at 1 July 2025 58,949 Difference arising on translation (117,995) Balance at 30 June 2026 (59,046)
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 Note 14. Reserves (continued) 40 (e) Non-controlling interest $ Opening balance at 1 July 2024 (107,991) Movement (184,506) Balance at 30 June 2025 (292,497) Opening balance at 1 July 2025 (292,497) Movement (184,530) Balance at 30 June 2026 (477,027) Accounting Policy for reserves Foreign currency reserve The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations . Share-based payments reserve The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services. Note 15. Operating segments Segment Information Identification of reportable operating segments The Group has identified one operating segment based on the internal reports that are reviewed and used by the Board of Directors (the chief operating decision makers) in assessing performance and in determining the allocation of resources. The Group’s sole operating segment is consistent with the presentation of these consolidated financial statements. Accounting policy for operating segments Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. Note 16. Financial instruments Financial risk management policies The Group’s financial instruments consist mainly of deposits with banks, other debtors and accounts payable. The main purpose of non-derivative financial instruments is to raise finance for Group’s operations. Specific Financial Risk Exposures and Management The main risk the Group is exposed to through its financial instruments are market risk (including fair value and interest rate risk) and cash flow interest rate risk, credit risk and liquidity risk. (a) Interest rate risk From time to time the Group has significant interest -bearing assets, but they are as a result of the timing of equity raising and capital expenditure rather than a reliance on interest income. The interest rate risk arises on the rise and fall of interest rates. The Group’s income and operating cash flows are not expected to be materially exposed to changes in market interest rates in the future and the exposure to interest rates is limited to the cash and cash equivalents balances. The Group’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on classes of financial assets and financial liabilities, is below:
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 Note 16. Financial instruments (continued) 41 Floating & fixed interest rate Non-interest bearing 30 June 2026 Floating & fixed interest rate Non-interest bearing 30 June 2025 $ $ $ $ $ $ Financial assets - Within one year Cash and cash equivalents* 937,352 - 937,352 2,797,156 - 2,797,156 Term deposits * 11,045,000 - 11,045,000 11,245,000 - 11,245,000 Total financial assets 11,982,352 - 11,982,352 14,042,156 - 14,042,156 Financial liabilities - Within one year Trade and other Payables - (145,943) (145,943) - (346,838) (346,838) Net financial assets 11,982,352 (145,943) 11,836,409 14,042,156 (346,838) 13,695,318 * Term deposits are at fixed interest rates for the term of the deposit, cash and cash equivalents are at floating interest r ate. Sensitivity Analysis The following table illustrates sensitivities to the Group’s exposures to changes in interest rates. The table indicates the impact on how profit and equity values reported at reporting date would have been affected by changes in the relevant risk variable that management considers to be reasonably possible. These sensitivities assume that the movement in a particular variable is independent of other variables. Movement in Profit ($) Movement in Equity ($) 30 June 2026 +/-1% in interest rates 18,632 18,632 30 June 2025 +/-1% in interest rates 98,762 98,762 (b) Credit risk The maximum exposure to credit risk is limited to the carrying amount, net of any provisions for impairment of those assets, as disclosed in the Statement of Financial Position and notes to the financial statements. Credit risk related to balances with banks and other financial institutions is managed by the Group in accordance with approved Board policy. Such policy requires that surplus funds are only invested with counterparties with a Standard and Poor’s rating of at least AA-. The following table provides information regarding the credit risk relating to cash and money market securities based on Standard and Poor’s counterparty credit ratings. Note 30 June 2026 30 June 2025 Cash and cash equivalents ($) - AA Rated note 7 937,352 2,797,156 Term deposit ($) – AA Rated note 10 11,045,000 11,245,000 (c) Liquidity risk Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeti ng its obligations related to financial liabilities. The Group’s approach to managing liquidity is to ensure, as far as possible, t hat it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurri ng unacceptable losses or risking damage to the Group’s reputation. The Group manages liquidity risk by maintaining adequate reserves by routinely monitoring forecast and actual cash flows. The Group has no access to credit standby facilities or arrangements for further funding or borrowings in place. The financial liabilities of the Group are confined to trade and other payables as disclosed in the Statement of Financial Position. All trade and othe r payables are non-interest bearing and due within 12 months of the reporting date.
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 Note 16. Financial instruments (continued) 42 30 June 2026 Interest rate Less than 6 months 6-12 months 1-2 years 2-5 years Over 5 years Total contractual cash flows Carrying amount assets / (liabilities) % $ $ $ $ $ $ $ Financial liabilities at amortised cost Trade and other payables - (145,943) - - - - (145,943) (145,943) 30 June 2025 Interest rate Less than 6 months 6-12 months 1-2 years 2-5 years Over 5 years Total contractual cash flows Carrying amount assets / (liabilities) % $ $ $ $ $ $ $ Financial liabilities at amortised cost Trade and other payables - (346,838) - - - - (346,838) (346,838) (d) Net fair value of financial instruments Fair value estimation Due to the short-term nature of the receivables and payables the carrying value approximates fair value. (e) Financial arrangements The Group had no other financial arrangements in place at 30 June 2026 (2025: Nil) based on the information available to the current board. (f) Currency risk The currency risk is the risk that the value of financial instruments will fluctuate due to change in foreign exchange rates. Currency risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Group’s functional currency. The Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the Australian Dollar (AUD), the Group’s functional currency. The Group’s policy is not to enter into any currency hedging transactions. Note 17. Fair value measurement Accounting policy for fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non -financial assets, the fair value measurement is based on its highest and best u se. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. The Groups investments at fair value through profit and loss are level 1 investments.
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 43 Note 18. Related party transactions Subsidiaries Interests in subsidiaries are set out in note 20. (a) Key management personnel Disclosures relating to key management personnel are set out in note 4 and the remuneration report included in the directors' report. (b) Other transactions and balance with KMP and their related parties The Group acquired services from entities that are controlled by members of the Group’s KMP. Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. Entity Nature of transactions Key Management Personnel Total Expenses Receivable/ (Payable) Balance Receivable/ (Payable) Balance 30 June 2026 30 June 2025 30 June 2026 30 June 2025 $ $ $ $ Onyx Corporate Pty Ltd Company secretarial and accounting fees Kyla Garic 140,760 160,772 (12,903) (12,903) Onyx Corporate Pty Ltd, a company of which Ms Kyla Garic is a director provided company secretarial and accounting services to the Company. The value of these services, totalled to $140,760 (30 June 2025: $160,772). There were no other related party transactions during the year. Note 19. Parent entity information The following information has been extracted from the books and records of the legal parent Raiden Resources Limited and has been prepared in accordance with Australian Accounting Standards and the accounting policies as outlined in note 1. (a) Financial position of Raiden Resources Limited 30 June 2026 30 June 2025 $ $ Assets Current assets 12,471,817 14,622,637 Non-Current assets 6,184,089 13,821,941 Total assets 18,655,906 28,444,578 Liabilities Current liabilities (914,585) (975,516) Total liabilities (914,585) (975,516) Net assets 17,741,321 27,469,062 Shareholders Equity Issued capital 71,203,783 71,203,783 Reserves 4,873,567 4,873,567 Accumulated losses (58,336,029) (48,608,288) Shareholders Equity 17,741,321 27,469,06 2
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 Note 19. Parent entity information (continued) 44 (b) Financial Performance of Raiden Resources Limited 30 June 2026 30 June 2025 $ $ Loss for the year (9,727,739) (6,753,769) Total comprehensive loss (9,727,739) (6,753,769) (c) Guarantees entered into by Raiden Resources Limited for the debts of its subsidiaries There are no known guarantees entered into by Raiden Resources Limited for the debts of its subsidiaries as at 30 June 2026 (2025: Nil). (d) Contingent liabilities of Raiden Resources Limited There were no known contingent liabilities as at 30 June 2026 (2025: Nil). (e) Commitments by Raiden Resources Limited There were no known commitments as at 30 June 2026 (2025: Nil). (f) Significant accounting policies Raiden Resources Limited accounting policies do not differ from the Group as disclosed in notes to the financial statements. Note 20. Controlled entities consolidated The subsidiaries listed below have share capital consisting solely of ordinary shares held directly by the Company. The proportion of ownership interests held equals the voting rights held by the Company. Each subsidiary’s principal place of business is also its country of incorporation. The subsidiaries management accounts used in the preparation of these financial statements have also been prepared as at the same reporting date as the Group’s financial statements. Principal place of business / Ownership interest Controlled entities Country of incorporation 30 June 2026 30 June 2025 % % Timok Resources Pty Ltd Australia 100% 100% Pilbara Gold Corporation Pty Ltd Australia 100% 100% Stratus Nominees Pty Ltd Australia 100% - Skarnore Resources d.o.o., Belgrade Republic of Serbia 100% 100% Kingstown Resources d.o.o, Belgrade Republic of Serbia 100% 100% Western Tethyan EOOD Republic of Bulgaria 100% 100% Zelenrok EOOD Republic of Bulgaria 100% 100% Crixas Recursos Minerais LTDA Federative Republic of Brazil 100% - The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary with non-controlling interests in accordance with the accounting policy described in note 1: Name Principal place of business / Country Principal activities Parent Ownership interest Parent Ownership interest Non- controlling ownership interest Non- controlling ownership interest of incorporation 2026 2025 2026 2025 % % % % Vuzel Minerals EOOD Republic of Bulgaria Exploration 75% 75% 25% 25%
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 45 Note 21. Commitments 30 June 2026 30 June 2025 $ $ Exploration expenditure commitments Within one year 179,093 317,024 Longer than one year and not longer than five years 231,269 312,552 410,362 629,576 Note 22. Contingent liabilities The Group has no known contingent liabilities as at 30 June 2026 (2025: Nil). Note 23. Events subsequent to reporting date Subsequent to balance date the Company implemented an unmarketable parcel sale facility to assist shareholders holding parcels of shares valued at less than A$500 and to reduce the administrative costs associated with maintaining a large number of smal l shareholdings. As at 21 July 2026, the facility applied to shareholders holding 166,666 shares or fewer, representing 175,376,100 shares held by 2,974 minority shareholders. Under the facility, a broker will sell the eligible shares on behalf of participating shareholders, with sale proceeds remitted to those shareholders. The unmarketable parcel sale facility closed on 4 September 2026 with sale of shares pending. No other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future fi nancial years. Note 24. Cash flow information Reconciliation of loss after income tax to net cash used in operating activities 30 June 2026 30 June 2025 $ $ Loss after income tax expense for the year (10,632,265) (6,975,344) Adjustments for: Depreciation and amortisation 18,129 11,256 Impairment of non-current assets 8,858,336 1,693,541 Foreign exchange loss (14,087) 44,829 Change in operating assets and liabilities: Decrease/ (increase) in trade and other receivables 170,970 (321,167) Decrease/ (increase) in prepayments 7,043 2,574 (Decrease) increase in payables (295,235) (558,301) Decrease/ (increase) in advances from joint venture partners - (6,824) (Decrease)/ increase in other provisions (11,564) 1,225 Net cash used in operating activities (1,898,673) (6,108,211) Credit Standby Facilities The Group does not have any credit standby facilities.
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Raiden Resources Limited Notes to the consolidated financial statements 30 June 2026 Note 24. Cash flow information (continued) 46 Non-Cash investing and financing activities The non-cash investing and financing activities included the issue of shares and options disclosed in note 13.
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Raiden Resources Limited Consolidated entity disclosure statement As at 30 June 2026 47 Place formed / Ownership interest Entity name Entity type Country of incorporation % Tax residency Timok Resources Pty Ltd Proprietary Limited Australia 100.00% Australia Pilbara Gold Corporation Pty Ltd Proprietary Limited Australia 100.00% Australia Stratus Nominees Pty Ltd Proprietary Limited Australia 100.00% Australia Skarnore Resources d.o.o., Belgrade Limited Liability Republic of Serbia 100.00% Republic of Serbia Kingstown Resources d.o.o, Belgrade Limited Liability Republic of Serbia 100.00% Republic of Serbia Western Tethyan EOOD Limited Liability Republic of Bulgaria 100.00% Republic of Bulgaria Zelenrok EOOD Limited Liability Republic of Bulgaria 100.00% Republic of Bulgaria Vuzel Minerals EOOD Limited Liability Republic of Bulgaria 75.00% Republic of Bulgaria Crixas Recursos Minerais LTDA Limited Liability Federative Republic of Brazil 100.00% Federative Republic of Brazil
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Raiden Resources Limited Directors' declaration 30 June 2026 48 In the directors' opinion: ● the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; ● the attached financial statements and notes comply with IFRS Accounting Standards as issued by the International Accounting Standards Board as described in note 1 to the financial statements; ● the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 30 June 2026 and of its performance for the financial year ended on that date; ● there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable; and ● the information disclosed in the attached consolidated entity disclosure statement is true and correct. The directors have been given the declarations required by section 295A of the Corporations Act 2001. Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Michael Davy Non-Executive Chairman 25 September 2026
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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 www.rsm.com.au INDEPENDENT AUDITOR’S REPORT To the Members of Raiden Resources Limited REPORT ON THE AUDIT OF THE FINANCIAL REPORT Opinion We have audited the financial report of Raiden Resources Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors' declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: (i) Giving a true and fair view of the Group's financial position as at 30 June 202 6 and of its financial performance for the year then ended; and (ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to our audit of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key Audit Matter How our audit addressed this matter Exploration and Evaluation Expenditure Refer to Note 9 in the financial statements The Group has capitalised exploration and evaluation expenditure with a carrying value of $5,195,128 as at 30 June 2026. We considered this to be a key audit matter due to the significant management judgments involved in assessing the carrying value of the asset, including: • Determining whether the expenditure can be associated with finding specific mineral resources, and the basis on which that expenditure is allocated to an area of interest; • Determining whether exploration activities have progressed to the stage at which the existence of an economically recoverable mineral reserve may be assessed; and • Assessing whether any indicators of impairment are present, and if so, the judgments applied to determine and quantify any impairment loss. Our audit procedures included: • Assessing the Group’s accounting policy for compliance with Australian Accounting Standards; • Assessing whether the Group’s right to tenure of each relevant area of interest is current; • Agreeing, on a sample basis, additions of capitalised exploration and evaluation expenditure to supporting documentation, including assessing whether amounts are capital in nature and relate to the relevant area of interest; • Assessing and evaluating management’s assessment of whether indicators of impairment existed at the reporting date; • Assessing and evaluating management’s assessment of impairment loss recognised for the year ended 30 June 2026; • Assessing management’s determination that exploration and evaluation activities have not yet reached a stage where the existence or otherwise of economically recoverable reserves may be reasonably determined; • Enquiring with management and assessing budgets and other supporting documentation to corroborate that active and significant operations in, or relation to, each relevant area of interest will be continued in the future; and • Assessing the disclosures in the financial report. Other Information The directors are responsible for the other information. The other information comprises the information included in the Group's annual report for the year ended 30 June 2026 but does not include the financial report and the auditor's report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of: a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and b. the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and for such internal control as the directors determine is necessary to enable the preparation of: i. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ii. the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the d irectors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor's Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at : https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf. This description forms part of our auditor's report.
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REPORT ON THE REMUNERATION REPORT Opinion on the Remuneration Report We have audited the Remuneration Report included within the directors' report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Raiden Resources Limited, for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. RSM AUSTRALIA Perth, WA MATTHEW BEEVERS Dated: 25 September 2026 Partner
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Raiden Resources Limited Corporate Governance Statement 53 Introduction Raiden Resources Limited (Company) has established a corporate governance framework, the key features of which are set out in this statement. In establishing its corporate governance framework, the Company refers to the recommended corporate governance practices for ASX listed entities set out in the ASX Corporate Governance Council Principles and Recommendations (4th Edition) (Principles and Recommendations). During the period 1 July 2025 to 30 June 2026 (Reporting Period), the Company's governance framework was consistent with reference to the 4th edition of the Principles and Recommendations. This Corporate Governance Statement discloses the extent to which the Company followed the recommendations set out in the Pri nciples and Recommendations (Recommendations) for the Reporting Period. The Recommendations are not mandatory, however, the Recommendations not followed have been identified and reasons have been provided for not following them along with what (if any) alternative governance practices the Company adopted in lieu of the recommendation. The information in the statement is current at 25 September 2026 and was approved by a resolution of the Board on the 25 September 2026. Corporate governance policies and procedures The Company has adopted the following suite of corporate governance policies and procedures (together, the Corporate Governance Policies): • Statement of Values • Board Charter • Corporate Code of Conduct • Audit and Risk Committee Charter • Remuneration Committee Charter • Nomination Committee Charter • Performance evaluation Policy • Continuous Disclosure Policy • Risk Management Policy • Trading Policy • Diversity Policy • Shareholder Communications Strategy • Whistleblower Protection Policy • Anti-Bribery and Anti-Corruption Policy • Annexure A – Definition of independence • Annexure B - Procedure for the selection, appointment and rotation of external auditor The Company’s Corporate Governance Policies are available on the Company’s website at https://raidenresources.com.au/corporate- governance/
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Raiden Resources Limited Corporate Governance Statement 54 Recommendations Comply Explanation Principle 1: Lay solid foundations for management and oversight Recommendation 1.1 A listed entity should have and disclose a charter which: (a) sets out the respective roles and responsibilities of the board, the chair and management; and (b) includes a description of those matters expressly reserved to the board and those delegated to management. Yes The Company has established the respective roles and responsibilities of its Board and management, and those matters expressly reserved to the Board and those delegated to management, and has documented this in its Board Charter, which is disclosed on the Company’s website. Recommendation 1.2 A listed entity should: (a) undertake appropriate checks before appointing a person, or putting forward to security holders a candidate for election, as a director; and (b) provide security holders with all material information relevant to a decision on whether or not to elect or re-elect a director. Yes (a) The Board undertakes appropriate checks before appointing a person, these checks were undertaken for all Directors during the Reporting Period or putting forward to shareholders a candidate for election as a director and provides shareholders with all mate rial information in its possession relevant to a decision on whether to elect or re- elect a director. The checks that are undertaken are set out in the Nomination Committee Charter. (b) The Company provided all material information to Shareholders in relation to: - the re -election of Director Kyla Garic at the annual general meeting on 20 November 2025. Recommendation 1.3 A listed entity should have a written agreement with each director and senior executive setting out the terms of their appointment. Yes The Nomination Committee Charter outlines the requirement to have a written agreement with each Director and senior executive of the Company which sets out the terms of that Director’s or senior executive’s appointment. The Company has a written agreement with each of its Directors, including its Executive Directors. The material terms of any employment, service or consultancy agreement the Company, or any of its child entities, has entered into with its Chief Executive Officer (or equivalent), any of its directors, and any other person or entity who is related party of the Chief Executive Officer or any of its directors has been disclosed in accordance with ASX Listing Rule 3.16.4 (taking into consideration the exclusions from disclosure outlined in that rule). Recommendation 1.4 The company secretary of a listed entity should be accountable directly to the board, through the chair, on all matters to do with the proper functioning of the board. Yes The Company Secretary was during the reporting period accountable directly to the Board, through the Chair, on all matters to do with the proper functioning of the Board. Recommendation 1.5 A listed entity should: (a) have and disclose a diversity policy; (b) through its board or committee of the board set measurable objectives for achieving gender diversity in the composition of the board, senior executives and workforce generally; and (c) disclose in relation to each reporting period: (i) the measurable objectives set for that period to achieve gender diversity; (ii) the entity’s progress towards achieving those objectives; and No The Company has a Diversity Policy, which is disclosed on the Company's website. The Diversity Policy does not include requirements for the Board to set measurable objectives for achieving gender diversity and to assess annually both the objectives and the Company’s progress in achieving them. The Board has not set measurable objectives for achieving gender diversity. Given the Company’s stage of development and the number of employees, the Board considers it is not practical to set measurable objectives for achieving gender diversity at this time.
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Raiden Resources Limited Corporate Governance Statement 55 Recommendations Comply Explanation (iii) either: (A) the respective proportions of men and women on the board, in senior executive positions and across the whole workforce (including how the entity has defined “senior executive” for these purposes); or (B) if the entity is a “relevant employer” under the Workplace Gender Equality Act, the entity’s most recent “Gender Equality Indicators”, as defined in and published under the Workplace Gender Equality Act. The respective proportions of men and women on the Board, in senior executive positions and across the whole organisations are set out in the following table. Senior executives for these purposes mean those persons who report directly to the chief executi ve officer (or equivalent): Male Female Total Board of Raiden 2 1 3 Senior executives - - - Total 2 1 3 Recommendation 1.6 A listed entity should: (a) have and disclose a process for periodically evaluating the performance of the board, its committees and individual directors; and (b) disclose in relation to each reporting period, whether a performance evaluation was undertaken in the reporting period in accordance with that process during or in respect of that period. Yes (a) The Company’s Nomination Committee (or, in its absence, the Board) is responsible for evaluating the performance of the Board, its committees and individual Directors on an annual basis. It may do so with the aid of an independent advisor. The process for this is set out in the Company’s Corporate Governance Plan which is available on the Company’s website. (b) The Company’s Corporate Governance Plan requires the Board to disclose whether or not performance evaluations were conducted during the relevant reporting period. The Company intends to complete performance evaluations in respect of the Board, its committees (if any) and individual Directors for each financial year in accordance with the above process. Performance evaluation of the Board or individual Directors were completed during the reporting period. Recommendation 1.7 A listed entity should: (a) have and disclose a process for evaluating the performance of its senior executives at least once every reporting period; and (b) disclose for each reporting period whether a performance evaluation has been undertaken in accordance with that process during or in respect of that period. Yes The Company had two full time senior executive, Mr Dusko Ljubojevic, Mr Sean Halpin until 30 March 2026. An executive review was completed for Mr Ljubojevic and Mr Sean Halpin during the Reporting Period.
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Raiden Resources Limited Corporate Governance Statement 56 Recommendations Comply Explanation Principle 2: Structure the board to add value Recommendation 2.1 The board of a listed entity should: (a) have a nomination committee which: (i) has at least three members, a majority of whom are independent directors; and (ii) is chaired by an independent director, and disclose: (iii) the charter of the committee; (iv) the members of the committee; and (v) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have a nomination committee, disclose that fact and the processes it employs to address board succession issues and to ensure that the board has the appropriate balance of skills, experience, independence and knowledge of the entity to enabl e it to discharge its duties and responsibilities effectively. Yes (a) The Company did not have a separate Nomination Committee. The Company’s Nomination Committee Charter provides for the creation of a Nomination Committee (if it is considered it will benefit the Company), with at least three members, a majority of whom are independent Directors, and which must be chaired by an independent Director. (b) The Company does not have a Nomination Committee as the Board considers the Company will not currently benefit from its establishment. In accordance with the Company’s Board Charter, the Board carries out the duties that would ordinarily be carried out by the Nomination Committee under the Nomination Committee Charter, including the following processes to address succession issues and to ensure the Board has the appropriate balance of skills, experience, independence and knowledge of the entity to enable it to discharge its duties and responsibilities effectively: (i) devoting time at least annually to discuss Board succession matters and updating the Company’s Board skills matrix; and (ii) all Board members being involved in the Company’s nomination process to the maximum extent permitted under the Corporations Act and ASX Listing Rules Details of director attendance at meetings of the full Board, during the reporting period, are set out in a table in the Directors’ Report in the Company’s 2026 Annual Report. Recommendation 2.2 A listed entity should have and disclose a board skill matrix setting out the mix of skills and diversity that the board currently has or is looking to achieve in its membership. Yes Under the Nomination Committee Charter (in the Company’s Corporate Governance Plan), the Nomination Committee (or, in its absence, the Board) is required to prepare a Board skill matrix setting out the mix of skills and diversity that the Board currently has (or is looking to achieve) and to review this at least annually against the Company’s Board skills matrix to ensure the appropriate mix of skills and expertise is present to facilitate successful strategic direction. The Board has identified the appropriate mix of skills and diversity required of its members to operate efficiently and effectively. The Company’s Board Skills Matrix can be found at Appendix 1.
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Raiden Resources Limited Corporate Governance Statement 57 Recommendations Comply Explanation Recommendation 2.3 A listed entity should disclose: (a) the names of the directors considered by the board to be independent directors; (b) if a director has an interest, position, association or relationship of the type described in Box 2.3 of the ASX Corporate Governance Principles and Recommendation (4th Edition), but the board is of the opinion that it does not compromise the independence of the director, the nature of the interest, position, association or relationship in question and an explanation of why the board is of that opinion; and (c) the length of service of each director Yes The board considered the independence of Directors with regards to factors set out in Box 2.3 of the ASX Principle and Recommendations. During the Reporting Period the Company had one independent director Mr Michael Davy. Names of Directors during the Reporting Period and their length of service up to the date of this statement, or their resignation date is noted below: Name Length of Service Mr Michael Davy Non-Exec Chairman 9 years, 3 months1 Mr Dusko Ljubojevic Managing Director 8 years, 7months2 Ms Kyla Garic Non-Executive Director 3 years, 6 months4 Recommendation 2.4 A majority of the board of a listed entity should be independent directors. No The Company’s Board Charter requires that, where practical, the majority of the Board should be independent. The Board recognises the importance of the appropriate balance between independent and non -independent representation on the Board. However, the Board considered that a Board weighted towards industry and technical experience is appropriate at the stage of the Company’s development. As the Company's operations progress, the Board will review the composition of the Board, including independence of its Directors. Recommendation 2.5 The chair of the board of a listed entity should be an independent director and, in particular, should not be the same person as the CEO of the entity. Yes The Board Charter provides that, where practical, the Chair of the Board should be an independent Director and should not be the CEO/Managing Director. The Non-executive Chair of the Board is Mr Michael Davy. Mr Davy is considered to be an independent Director and he is not the CEO/Managing Director. Recommendation 2.6 A listed entity should have a program for inducting new directors and providing appropriate professional development opportunities for continuing directors to develop and maintain the skills and knowledge needed to perform their role as a director effectively. Yes In accordance with the Company’s Board Charter, the Nominations Committee (or, in its absence, the Board) is responsible for the approval and review of induction and continuing professional development programs and procedures for Directors to ensure that t hey can effectively discharge their responsibilities. The Company Secretary is responsible for facilitating inductions and professional development. 1 At the date of this statement 2 At the date of this statement
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Raiden Resources Limited Corporate Governance Statement 58 Recommendations Comply Explanation Principle 3: Instil a culture of acting lawfully, ethically and responsibly Recommendation 3.1 (a) A listed entity should articulate and disclose its values. Yes Raiden’s mission is to drive shareholder value by making world- class discoveries, through ethical and safe exploration. Core Values are as follows: - Integrity - Respect - Care - Responsibility - Invested - Trust The Company’s Statement of Values are disclosed with the published Corporate Governance Plan on the Company’s website. Recommendation 3.2 A listed entity should: (a) have a code of conduct for its directors, senior executives and employees; and (b) ensure that the board or a committee of the Board is informed of any material breaches of that code Yes The Company’s Corporate Code of Conduct applies to the Company’s Directors, senior executives and employees. The Company’s Corporate Code of Conduct (which forms part of the Company’s Corporate Governance Plan) is available on the Company’s website. Recommendation 3.3 A listed entity should: (a) have and disclose a whistleblower policy; and (b) ensure that the board or a committee of the Board is informed of any material incidents reported under that policy. Yes The Company’s Whistleblower Policy (which forms part of the Company’s Corporate Governance Plan) is available on the Company’s website. Recommendation 3.4 A listed entity should: (a) have and disclose an anti -bribery and corruption policy; and (b) ensure that the board or a committee of the Board is informed of any material breaches reported under that policy. Yes The Company’s Anti-bribery and Corruption Policy (which forms part of the Company’s Corporate Governance Plan) is available on the Company’s website.
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Raiden Resources Limited Corporate Governance Statement 59 Recommendations Comply Explanation Principle 4: Safeguard integrity in financial reporting Recommendation 4.1 The board of a listed entity should: (a) have an audit committee which: (i) has at least three members, all of whom are non-executive directors and a majority of whom are independent directors; and (ii) is chaired by an independent director, who is not the chair of the board, and disclose: (iii) the charter of the committee; (iv) the relevant qualifications and experience of the members of the committee; and (v) in relation to each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have an audit committee, disclose that fact and the processes it employs that independently verify and safeguard the integrity of its financial reporting, including the processes for the appointment and removal of the external auditor and the rotation of the audit engagement partner. Yes The Company did not have an Audit and Risk Committee. Given the current size and composition of the Board, the Board believes that there would be no efficiencies gained by establishing a separate Audit and Risk Committee. Accordingly, the Board performs the role of the Audit and Risk Committee. Although the Board does not have a separate Audit and Risk Committee, it had adopted an Audit and Risk Committee Charter, which is disclosed on the Company’s website. During the Reporting Period, items that are usually required to be discussed by an Audit and Risk Committee are marked as separate agenda items at Board meetings when required, and when the Board convened to address matters as the Audit and Risk Committee it carried out the functions which are delegated to it in the Company’s Audit and Risk Committee Charter. The Board deals with any conflicts of interest that occur when it performs the functions of an Audit and Risk, Committee by ensuring that any Director with a conflicting interest is not party to the relevant discussions. The Company has an established Procedure for the Selection, Appointment and Rotation of its External Auditor, which is an annexure to the Corporate Governance Plan. Details of director attendance at meetings of the full Board, during the reporting period, are set out in a table in the Directors’ Report of the Company 2026 Annual Report. Recommendation 4.2 The board of a listed entity should, before it approves the entity’s financial statements for a financial period, receive from its CEO and CFO a declaration that, in their opinion, the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and inter nal control which is operating effectively. Yes During the Reporting Period, The Board received a signed declaration from the CFO and CEO in accordance with Recommendation 4.2 and Section 295A of the Corporations Act 2001 prior to the approval of the Company’s financial statements. Recommendation 4.3 A listed entity should disclose its process to verify the integrity of any periodic corporate report it releases to the market that is not audited or reviewed by an external auditor. Yes The Company is committed to providing clear, concise and accurate reports so investors can make informed decisions. The Company ensure that all periodic corporate reports (quarterly cash flow reports) are subject to robust preparation and review from management and full board sign off prior to lodgement with ASX. A declaration is then provided by the CFO and CEO to the Board noting compliance with section 286 of the Corporations Act 2001, the appropriate accounting standards and with listing Rule 19.11A.
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Raiden Resources Limited Corporate Governance Statement 60 Recommendations Comply Explanation Principle 5: Make timely and balanced disclosure Recommendation 5.1 A listed entity should have and disclose a written policy for complying with its continuous disclosure obligations under the Listing Rules 3.1. Yes The Company has adopted a Continuous Disclosure Policy which sets out the processes the Company follows to comply with its continuous disclosure obligations under the ASX Listing Rules and other relevant legislation. The Company’s Continuous Disclosure Policy (which forms part of the Company’s Corporate Governance Plan) is available on the Company’s website. Recommendation 5.2 A listed entity should ensure that its board receives copies of all material market announcements promptly after they have been made. Yes The Board receives copies of all material market announcements promptly after they have been released on the ASX. Recommendation 5.3 A listed entity that gives a new and substantive investor or analyst presentation should release a copy of the presentation materials on the ASX Market Announcements Platform ahead of the presentation. Yes The Company announces all investor and analyst presentations on the ASX Market Announcements Platform ahead of the presentation date. Principle 6: Respect the rights of security holders Recommendation 6.1 A listed entity should provide information about itself and its governance to investors via its website. Yes Information about the Company and its governance practices are available on its website: https://raidenresources.com.au/corporate -governance/ Recommendation 6.2 A listed entity should design and implement an investor relations program to facilitate effective two -way communication with investors. Yes The Company has adopted a Shareholder Communications Strategy which aims to promote and facilitate effective two-way communication with investors. The Strategy outlines a range of ways in which information is communicated to shareholders and is available on the Company’s website as part of the Company’s Corporate Governance Plan. Recommendation 6.3 A listed entity should disclose the policies and processes it has in place to facilitate and encourage participation at meetings of security holders. Yes Shareholders are encouraged to participate at all general meetings and AGMs of the Company. Upon the despatch of any notice of meeting to Shareholders, the Notice material states that all Shareholders are encouraged to participate at the meeting. Communication to Shareholders is facilitated by the production of the annual report, half-yearly report and announcement which all are made available on the Company’s website. In addition, all shareholders are encouraged to attend and participate in the Annual General Meeting and use the opportunity to ask questions during the meeting. The external auditor also attends the AGM and is available to answer shareholder questions about the conduct of the audit and the preparation and content of the auditor’s report. Recommendation 6.4 A listed entity should ensure that all substantive resolutions at a meeting of security holders are decided by a poll rather than by a show of hands. Yes The Company ensures that all resolutions posed during shareholder meetings are decided by poll rather than a show of hands. Recommendation 6.5 A listed entity should give security holders the option to receive communications from, and send communications to, the entity and its security registry electronically. Yes The Shareholder Communication Strategy provides that security holders can register with the Company to receive email notifications when an announcement is made by the Company to the ASX, including the release of the Annual Report, half yearly reports and q uarterly reports. Links are made available to the Company’s website on which all information provided to the ASX is immediately posted.
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Raiden Resources Limited Corporate Governance Statement 61 Recommendations Comply Explanation Principle 7: Recognise and manage risk Recommendation 7.1 The board of a listed entity should: (a) have a committee or committees to oversee risk, each of which: (i) has at least three members, a majority of whom are independent directors; and (ii) is chaired by an independent director, and disclose: (iii) the charter of the committee; (iv) the members of the committee; and (v) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have a risk committee or committees that satisfy (a) above, disclose that fact and the process it employs for overseeing the entity’s risk management framework. Yes The Company did not have a separate Risk Committee. Refer to disclosure in relation to Recommendation 4.1 above. Recommendation 7.2 The board or a committee of the board should: (a) review the entity’s risk management framework with management at least annually to satisfy itself that it continues to be sound, to determine whether there have been any changes in the material business risks the entity faces and to ensure that they remain within the risk appetite set by the board; and (b) disclose in relation to each reporting period, whether such a review has taken place. Yes The Audit and Risk Committee Charter requires that the Audit and Risk Committee (or, in its absence, the Board) should, at least annually, satisfy itself that the Company’s risk management framework continues to be sound. The Board continues to review the risk profile of the Company and monitors risk throughout the reporting period. Recommendation 7.3 A listed entity should disclose: (a) if it has an internal audit function, how the function is structured and what role it performs; or (b) if it does not have an internal audit function, that fact and the processes it employs for evaluating and continually improving the effectiveness of its risk management and internal control processes. Yes The Company does not have an internal audit function. The Audit and Risk Committee Charter provides for the Audit and Risk Committee to monitor the need for an internal audit function. As set out in Recommendation 7.1, the Board is responsible for overseeing the establishment and implementation of effective risk management and internal control systems to manage the Company’s material business risks and for reviewing and monitoring the Company’s application of those systems. The Board devotes time formally at Board meetings and informally through regular communication to fulfilling the roles and responsibilities associated with overseeing risk and maintaining the entity’s risk management framework and associated internal compliance and control procedures.
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Raiden Resources Limited Corporate Governance Statement 62 Recommendations Comply Explanation Recommendation 7.4 A listed entity should disclose whether, and if so how, it has regard to economic, environmental and social sustainability risks and, if it does, how it manages or intends to manage those risks. Yes The Audit and Risk Committee Charter requires the Audit and Risk Committee (or, in its absence, the Board) to assist management determine whether the Company has any material exposure to economic, environmental and social sustainability risks and, if it does, how it manages or intends to manage those risks. The Company is currently exposed to minimal environmental and social risks due to its present size and magnitude of operations. Principle 8: Remunerate fairly and responsibly Recommendation 8.1 The board of a listed entity should: (a) have a remuneration committee which: (i) has at least three members, a majority of whom are independent directors; and (ii) is chaired by an independent director, and disclose: (iii) the charter of the committee; (iv) the members of the committee; and (v) as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have a remuneration committee, disclose that fact and the processes it employs for setting the level and composition of remuneration for directors and senior executives and ensuring that such remuneration is appropriate and not excessive. Yes The Company does not have a Remuneration Committee. The Company’s Corporate Governance Plan contains a Remuneration Committee Charter that provides for the creation of a Remuneration Committee (if it is considered it will benefit the Company), with at least three members, a majority of whom must be independent Directors, and which must be chaired by an independent Director. The Company does not have a Remuneration Committee as the Board considers the Company will not currently benefit from its establishment. In accordance with the Company’s Board Charter, the Board carries out the duties that would ordinarily be carried out by the Remuneration Committee under the Remuneration Committee Charter including the following processes to set the level and composition of remuneration for Directors and senior executives and ensuring that such remuneration is appropriate and not excessive: The Board devotes time at Board meetings to assess the level and composition of remuneration for Directors and senior executives as necessary when there are changes to Company, Director or executives’ circumstances which indicate the level and/or composition of remuneration may require amendment to achieve consistency with the revised circumstance. Recommendation 8.2 A listed entity should separately disclose its policies and practices regarding the remuneration of non-executive directors and the remuneration of executive directors and other senior executives and ensure that the different roles and responsibilities of non-executive directors compared to executive directors and other senior executives are reflected in the level and composition of their remuneration. Yes The Company’s Corporate Governance Plan requires the Board to disclose its policies and practices regarding the remuneration of Directors and senior executives. Details of the Company’s policies and practices regarding the remuneration of non -executive directors and the remuneration of executive directors and other senior executives for the Reporting Period are set out in the Company’s Remuneration Report of the Annual Report.
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Raiden Resources Limited Corporate Governance Statement 63 Recommendations Comply Explanation Recommendation 8.3 A listed entity which has an equity-based remuneration scheme should: (a) have a policy on whether participants are permitted to enter into transactions (whether through the use of derivatives or otherwise) which limit the economic risk of participating in the scheme; and (b) disclose that policy or a summary of it. Yes The Company does have an equity-based remuneration policy in place.
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Raiden Resources Limited Corporate Governance Statement 64 CORPORATE GOVERNANCE STATEMENT – APPENDIX 1 BOARD SKILLS MATRIX The Board has identified that the appropriate mix of skills and diversity required of its members to operate effectively and effi ciently is achieved by personnel having substantial skills and experience in the following Industry Skills: Health and Safety; Oper ations and Technical; Mineral Exploration and Mining Skills; Capital Management; and Commercial Negotiation Skills. The skills and experience of the Board in each of these areas is summarised as follows: In addition, directors of the Company are expected to be knowledgeable and experienced in the following areas: Legal; Account ing and finance; Information technology; Corporate governance; Risk and compliance oversight; Director duties and responsibilities; Strategic expertise; Commercial experience; and Executive management. The skills and experience of the Board in each of these areas is summarised as follows: Gaps in the collective skills of the Board are considered regularly by the full Board in its capacity as the Nomination and Remuneration Committee. 0% 25% 50% 75% 100% Commercial Negotiation Skills Capital Management Mineral exploration and Mining Skills Operations and Technical Health and Safety Percentage of Board Competent in Skill Area Skill Area INDUSTRY SKILLS 0% 25% 50% 75% 100% Strategic expertise Risk and compliance oversight Executive management Accounting and finance Legal Percentage of Board Competent in Skill Area Skill Area PROFESSIONAL DIRECTOR SKILLS
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Raiden Resources Limited Additional Shareholder Information 65 Additional information required by the ASX Listing Rules and not disclosed elsewhere in this report is set out below. The inf ormation is effective as at 11 September 2026. Ordinary Share Capital 3,450,891,442 fully paid ordinary shares are held by 2,654 individual holders. Voting Rights The voting rights attached to each class of equity security are as follows: • Ordinary Shares: Each ordinary share is entitled to vote when a poll is called, otherwise each member present at a meeting or by proxy has one vote on a show of hands. Twenty Largest Shareholders Rank Name Holding % 1 RAIDEN RESOURCES LIMITED <UNMARKETABLE SALE A/C>* 132,722,321 3.85% 2 MS ELAINE YOUNG FORTMANN 84,738,499 2.46% 3 8 EQUITY PTY LTD 83,850,000 2.43% 4 CITICORP NOMINEES PTY LIMITED 65,913,199 1.91% 5 MR NEIL JAMES WADDINGTON 65,000,000 1.88% 6 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 61,518,880 1.78% 7 DC & PC HOLDINGS PTY LTD <DC & PC NEESHAM SUPER A/C> 54,181,471 1.57% 8 SHARESIES AUSTRALIA NOMINEE PTY LIMITED 53,915,708 1.56% 9 MR CAMERON COOPER 44,468,005 1.29% 10 DAVY CORP PTY LTD <DAVY INVESTMENT A/C> 41,850,749 1.21% 11 34 SOUTH ADVISORY LIMITED 41,006,867 1.19% 12 PHILIP & JANET TURNER PTY LTD <TURNER FAMILY S/F A/C> 35,100,000 1.02% 13 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 34,124,406 0.99% 14 BENEFICO PTY LTD 31,000,000 0.90% 15 MR CONSTANDINE KOUNDOURIS 27,024,666 0.78% 16 MR PATRICK ROMAN GALICKI 25,771,000 0.75% 17 MR GREGORY BRUCE HILL 25,000,000 0.72% 18 MR GEOFFREY CRAIG BOYCE 22,770,000 0.66% 19 MISS MURIKA ULFA 22,500,000 0.65% 20 ANGKOR IMPERIAL RESOURCES PTY LTD <TURKISH BREAD S/F A/C> 21,827,535 0.63% Total top 20 974,283,306 28.23% Others 2,476,608,136 71.77% Total Ordinary Shares on Issue 3,450,891,442 100.00% * The shares were acquired under the Unmarketable Parcel Facility and are being held pending sale. Substantial Shareholders There are no substantial shareholders as at 11 September 2026. Distribution of shares A distribution schedule of the number of holders of shares is set out below. Fully Paid Ordinary Shares Range No. Holders Total Units % 1 - 1,000 14 2,427 0.00% 1,001 - 5,000 4 6,348 0.00% 5,001 - 10,000 13 105,612 0.00% 10,001 - 100,000 345 18,161,224 0.53% 100,001 and over 2,278 3,432,615,831 99.47% Total 2,654 3,450,891,442 100.00% Restricted Securities There are no unrestricted securities as at 11 September 2026.
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Raiden Resources Limited Additional Shareholder Information 66 Unmarketable Parcels There were 481 shareholders with less than marketable parcels totalling 132,350,470 shares based on the share price of $0.003 as at close of business 11 September 2026. On-market Buy Back There is currently no on-market buy-back program.