Raiden Secures 85% Stake in Crixás Tailings Project, Holds $12.57M Cash

Crixás Gold Tailings Project – A Low-CAPEX Opportunity

Raiden Resources Limited has taken a significant step towards near-term gold production by securing the right to acquire an 85% commercial interest in the Crixás Gold Tailings Project, located in Brazil. The project benefits from decades of artisanal mining, which left behind tailings with potentially recoverable gold due to historically poor recovery methods. Importantly, the site includes a 30 tonnes per hour processing plant owned by a third party, offering Raiden a capital-light entry point to production.

The company envisions a phased development, starting with the existing plant and aiming to scale up to a 100 tonnes per hour gravity plant, subject to positive feasibility outcomes. This scalable approach provides leverage to the current strong gold price environment, potentially enhancing returns without the need for heavy upfront capital expenditure.

Advancing Acquisition and Technical Work

Raiden is progressing due diligence and regulatory approvals to finalise the acquisition. Historical data and limited site verification have identified visible fine gold in tailings samples, supporting the conceptual potential of the project. However, the company cautions that no JORC-compliant resource or reserve estimates currently exist, and further drilling, sampling, and metallurgical testwork are required to confirm economic viability.

The mutually favourable commercial terms with the vendor and the potential for a low-CAPEX development underpin Raiden’s confidence that the acquisition will be value accretive on a per-share basis, aligning with its disciplined capital allocation strategy.

Exploration Momentum at Vuzel Gold Project

In Bulgaria, Raiden continues to advance the Vuzel Gold Project, where it holds a 75% interest with the potential to increase to 90% under an earn-in agreement. The company is working towards a maiden JORC Mineral Resource Estimate, supported by encouraging drilling results that have intersected near-surface gold mineralisation over a 2-kilometre strike length.

Additionally, Raiden is pursuing permitting and drill targeting for a silver skarn anomaly within the project area, which could complement its gold focus. Recent regional mergers and acquisitions, alongside strengthening gold and silver prices, reinforce the strategic value of Vuzel. Raiden is maintaining a pragmatic approach, balancing exploration with the potential for a transaction to maximise shareholder value.

Corporate Position and Portfolio Management

Raiden reported a robust cash balance of $12.57 million at the end of December 2025, providing a solid foundation for ongoing evaluation of copper and gold acquisitions and advancing its current portfolio. The company did not incur any mining or production expenditures during the quarter, focusing instead on exploration and strategic asset management.

Notably, Raiden has exited the Zlatusha project in Bulgaria due to significant community opposition and proximity to Sofia, the capital city. This divestment aligns with the company’s strategy to optimise its portfolio and capital allocation.

Looking ahead, Raiden remains committed to identifying value-accretive acquisitions, particularly in the copper and gold sectors, and will continue to update shareholders as progress unfolds.