Raiden Resources Limited reported on early visual results of the maiden 5,000m ReverseCirculation (RC) drill program at Arrow project in the Pilbara region ofWestern Australia and recommencement of drilling . The Arrow North Project is located approximately 35 km to the south-east, and along strike from DeGrey Mining's Hemi 6.8Moz gold deposit, where small volume and linearIndee Suite intrusions are intimately associated with gold mineralisation. The gold at Hemi is locatedin and around these bodies within northeast-southwest striking shear zones adjacent to a larger IndeeSuite stock.

Targeting at Arrow has been based on identifying the intrusions, host structures andproducts of hydrothermal alteration within a similar geological environment to the Hemi deposit.Raiden commenced with the maiden drill campaign at Arrow in December '21, where operationscontinued up to end of December and were suspended for the end of year holiday period. Drillingby Raiden at Arrow North, prior to the end of year drilling break, focused on the 3-kilometre long,multi-element geochemical (Au-As-Sb) anomaly in the central part of the project area. The anomalywas also defined by a zone of hydrothermally altered metasediments, which were coincidental withsmall volume intrusive rocks and a series of northeast-southwest striking shear zones adjacent to the larger Indee Suite Peawah Granodiorite.Geological logging of the RC drilling to date has identified prospective zones of alteration andsulphide mineralisation in several drill holes.

The most intensely altered zone intercepted so far is inhole RARC014, where a zone of intense quartz-carbonate alteration, with associated sulphide mineralisation (up to 7% pyrite visually logged), was intercepted over a downhole interval of 55metres, within dioritic intrusive rocks. Included in this interval is a zone of intense silica alteration containing up to 25% quartz material and associated pyrite mineralisation from 133m to 144m.Also in RAC014 a second zone of potential mineralisation was intersected further downhole, between210-216m, where up to 15% pyrite was logged visually, in a zone of silica-chlorite alteration within adiorite intrusive.Other holes of interest include RARC016 and RARC017, where zones of shearing at the contactbetween the meta-sediments and the diorite was intersected. This shearing is likely associated withthe large northeast-southwest striking shear zone modelled from Raiden's recent geophysicalinterpretation, and is associated with the Au-As-Sb soil anomaly in the central part of the project area.

Notably in both these holes, zones of up to 10% disseminated pyrite were loggedwithin the dioritic intrusive rocks below this sheared contact. A total of 23 holes for 2,656 metres have been completed to date during the current drill program with a total of 1,062 samples despatched to ALS Global's Perth lab for analysis. Results from the despatched samples are expected during the latter half of January 2022.

The focus of the RC drill program now shifts to the seven discrete targets in the northern part of the project area, where the recent high resolution aeromagnetic survey identified magnetic responses, which are indicative of small volume and linear Indee Suite intrusions in a setting analogous to Hemi. As announced previously, these targets are covered by aeolian, transported sands and the scout drilling of these targets will aim to define thegeological characteristics of the intrusives and potential mineralisation associated with them. A total of 24 holes for a planned 2,630 metres remains to be drilled during this current phase of RCdrilling at Arrow North.

On completion of the program and receipt of all results, management will complete the analysis andinterpretation of the results and will update the market.