Raiden Options Large Copper Project in Zambias Domes Region
Released
Released
Announcement PDF
ASX RELEASE | 11 November 2026
P 08 6158 9990
Suite 7, 63 Shepperton Road, Victoria Park, WA 6100
ABN 68 009 161 522
Page 1 of 25
RAIDEN OPTIONS LARGE COPPER
OPPORTUNITY IN ZAMBIA’S
COPPER DOMES REGION
HIGHLIGHTS
• Raiden has entered into a Binding Option and Earn-In Agreement with
Lobito Resources Limited for the Zambia Copper Domes Project.
• Raiden has the option to earn up to an 80% interest in the project.
• The project comprises a single 507 km² exploration licence in North-
Western Province, Zambia, located in the Zambia Copper Domes
Region of the Central African Copperbelt.
• The Zambia Copper Domes Region is a major sediment-hosted
copper district. The Sentinel, Kansanshi and Lumwana mines
together produced approximately 58.5% of Zambia copper in 2025.1
• The licence hosts approximately 22 km of interpreted Lower Roan
(Mine Series) sub-crop. The Lower Roan is copper host in the Central
African Copperbelt, hosting about 80% of the copper produced in the
region. No drilling is recorded on the licence in the available historical
data.2
• The licence borders First Quantum Minerals’ (FQM) Trident licences
and lies approximately 31 km from FQM’s Sentinel copper mine,
which produced ~189,000 tonnes of copper in 2025 (approximately
0.8% of global mined copper).1,3,4.
Barrick’s Lumwana copper mine,
which is being expanded, lies about 40 km from the licence.3,5
• Listed explorers with projects in the region include Prospect Resources (ASX: PSC), Midnight Sun
Mining (TSXV: MMA), Tertiary Minerals (AIM: TYM) and Arc Minerals (LSE: ARCM).6,7,8,9
• Raiden considers the Project offers a unique opportunity to pursue a potential copper
discovery within a world-class copper province, with exploration success having the
potential to generate substantial shareholder value.
• The staged earn-in structure and modest initial cash commitment support Raiden’s ongoing
strategy of pursuing transactions that align vendor and Raiden’s shareholders’ interests, limiting
dilution while allowing Raiden to deploy capital into value generative opportunities.
• Raiden continues to assess further opportunities across the copper and gold sectors, with a
focus on potential value creation on a per-share basis against funding, dilution and risk
considerations.
QUICK STATS
ASX Code: RDN
DAX Code: YM4
BOARD &
MANAGEMENT
Non-Executive
Chairman
Mr Michael Davy
Managing Director
Mr Dusko Ljubojevic
Non-Executive Director
& Company Secretary
Ms Kyla Garic
ASSET PORTFOLIO
AUSTRALIA
Li, Au, Cu, Ni & PGE
BULGARIA
Cu, Au & Ag
BRAZIL
Au
ASX RELEASE | 11 November 2026
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• Engage directly with us by commenting on our latest announcements via InvestorHub. You
can view and comment on this announcement here.
Raiden Resources Limited (ASX: RDN) (“Raiden” or “the Company”) is pleased to report that
it has entered into a Binding Option and Earn-In Agreement (“Agreement”) with Lobito Resources
Limited regarding a large exploration project, the Zambia Copper Domes Project (the "Project”), in
the Zambia Copper Domes Region of the Central African Copperbelt.
Schedule 1 outlines the key material terms of the Agreement.
Mr Dusko Ljubojevic, Managing Director of Raiden commented:
“We are incredibly pleased to have secured this exclusive option over the Zambia Copper Domes
Project, which offers substantial exploration potential within a world-class copper province. The
combination of project scale, prospective geological setting and limited historical exploration makes
this a compelling opportunity for Raiden and its shareholders. No drilling is recorded in the available
historical data, leaving considerable scope for us to systematically test the Project’s interpreted copper
potential, including across 22km strike of Lower Roan sub-crop.
The Agreement provides a staged pathway for Raiden to earn up to an 80% interest through defined
exploration and development milestones, with the vendors retaining exposure to the Project’s success.
Subject to completion of due diligence, we intend to carry out a systematic exploration programme
focused on delineating high-impact drill targets for testing.
Raiden is continuing to apply transaction discipline as we assess further copper and gold opportunities,
pursuing projects capable of delivering shareholder value to Raiden on terms that balance discovery
potential, funding requirements and risk. Management are also evaluating opportunities for further
divestments in relation to the non-core portfolio of projects, in order to decrease holdings project costs
and management time, while strengthening our balance sheet and providing project level upside to
shareholders. At the same time, we are progressing the permitting on the Crixas gold tailings project,
which the Company believes may have the potential to generate near term production. I look forward
to updating shareholders on the Project’s progress in due course.”
ZAMBIA COPPER DOMES PROJECT
Regional Setting
The Project is located in the heart of the Central African Copperbelt (CACB), one of the world’s
largest copper-producing regions. The CACB produced approximately 4.1 Mt of copper in 2025,
equivalent to approximately 18% of global mined copper production (Table 1 and Figure 1).1,4
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Table 1: Copper production of the Central African Copperbelt by district, 2025.
District
Copper production, 2025
(Mt per year)
Share of global production
(%)
DRC Copperbelt 3.2 14
Zambia Copper Domes Region (Sentinel, Kansanshi and
Lumwana)
0.52 2.3
Zambian Copperbelt (estimate) 0.37 1.6
Total: Central African Copperbelt 4.1 18
Figure 1: Project location and the three copper producing districts in the Central African Copperbelt.
Table 1 and Figure 1. Map: Lobito Resources. Sources: USGS Mineral Commodity Summaries 2026 (world mined copper about 23
Mt; DRC); Zambia Ministry of Mines and Minerals Development (January 2026; Zambia 890,346 t); First Quantum (15 January 2026;
Sentinel 189 kt, Kansanshi 181 kt); Barrick (Lumwana about 151 kt). The Zambian Copperbelt figure is estimated as Zambia’s national
total less the Domes Region mines. Shares are of world mined copper; figures are rounded. District boundaries are illustrative; exact
locations are for illustrative purposes only.
Copper Mining Activity around the Project and in the Domes Region
The Zambia Copper Domes Region hosts three of Zambia’s largest copper mines, which include First
Quantum’s Sentinel and Kansanshi mines and Barrick’s Lumwana mine. Together, these three mines
ASX RELEASE | 11 November 2026
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produced approximately 521,000 t of copper in 2025, representing ~2.3% of global copper
production and ~58.5% of Zambia’s total copper production (Figure 2 and Table 2).1,4
All three mines lie between 31 km and 85 km from the license boundary (Table 2).3
Table 2: Producing copper mines around the Project and in the Domes Region
Mine Operator Commodity 2025 production (kt)
Distance from licence
boundary (km)
Sentinel First Quantum Copper 189 31
Lumwana Barrick Copper ~151 40
Kansanshi First Quantum Copper, gold 181 85
Total copper ~521 –
Figure 2: Producing copper mines around the Zambia Copper Domes Project and in the Domes Region.
Figure 2 and Table 2. Map: Lobito Resources. Sources: First Quantum, 2025 production release (15 January 2026); Barrick (Lumwana,
about 151 kt; Super Pit expansion); Zambia Ministry of Mines and Minerals Development (January 2026). Distances measured from
the licence boundary. Exact locations are for illustrative purposes only.
Mineral Exploration Activity around the Copper Domes Project
The area around the Project is under active exploration. Most notably, in its 2025 Zambia Tour
presentation, First Quantum identified sulphide copper within a 30–50 km of radius of its Sentinel
processing plant as a brownfields exploration focus, as part of its plan to extend the life of its Trident
mines.10
Nine selected copper prospects and deposits lie within 50 km of the license. Five are First
Quantum targets, including Intrepid, about 2 km from the license boundary, and four are on
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Prospect Resources’ Mumbezhi licences. Other explorers nearby include Tertiary Minerals (Mukai,
with First Quantum, and Mupala) and Arc Minerals (Kabompo West), while Midnight Sun Mining is
exploring the Kazhiba and Dumbwa deposits further east (Figure 3 and Table 3).3,6,7,8,9,10
Figure 3: Selected published copper targets and projects around the Zambia Copper Domes Project.
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Table 3: Selected published copper targets and exploration projects near the licence.
Target or project Company
Distance from licence
boundary (km)
Intrepid (target) First Quantum 2
Bream (target) First Quantum 8
Dambo (target) First Quantum 18
Tirosa (target) First Quantum 20
Defiance (target) First Quantum 36
West Mwombezhi (target) Prospect Resources 30
Kabikupa (target) Prospect Resources 40
Nyungu (target) Prospect Resources 43
Kamafamba (target) Prospect Resources 47
Mukai (project) Tertiary Minerals (with First Quantum)
Next to Trident, ~7 km N of
Enterprise
Mupala (project) Tertiary Minerals 31
Kabompo West (project) Arc Minerals 48
Kazhiba and Dumbwa (projects) Midnight Sun Mining 79–97*
Total within 50 km 9 copper targets; 4 exploration projects –
Figure 3 and Table 3. Map: Lobito Resources. Sources: First Quantum, 2025 Zambia Tour presentation (September 2025), slide 28
(target positions read from First Quantum’s map, ±1–2 km); Tertiary Minerals (April 2025); Arc Minerals; Prospect Resources; Midnight
Sun Mining. * Approximate position. Exact locations are for illustrative purposes only.
Geology and the Lower Roan Copper Target
Geological setting. The license lies in the Domes Region of the Lufilian Arc, between two major
basin-controlling lineaments: one to the south-west passes through First Quantum’s Sentinel
deposit, and one to the south-east passes through the Kansanshi and Lumwana deposits. These
deep crustal structures are thought to have controlled the formation of the region’s copper
deposits.2
What the Lower Roan is. The copper deposits of the Central African Copperbelt are hosted in the
Katanga Supergroup, a 4–10 km thick sequence of sedimentary rocks laid down between about 880
and 530 million years ago in rift basins on older basement rocks. The Lower Roan, known to miners
as the Mine Series, is the lowest part of this sequence. It starts with conglomerates and sandstones
and is followed by the “Ore Shale”: carbonaceous and dolomitic siltstones and shales deposited
when the sea first flooded the rift basins. In the Zambian Copperbelt, the Ore Shale hosts the bulk
of the ore at the major mines, including Konkola, Nkana, Chambishi and Luanshya.2
Why the Lower Roan matters. When the basin was later compressed during the Lufilian Orogeny,
hot, saline, metal-bearing brines circulated through the sediments along the deep faults. Where
these brines met rocks rich in organic carbon and pyrite, the copper came out of solution and was
deposited. The Lower Roan is the most important host sequence for sediment-hosted copper
deposits in the Central African Copperbelt.2
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Figure 4: The Lower Roan (Mine Series) around the Kabompo and Mwombezhi Domes, and the core
target in the license.
Figure 4. Map: Lobito Resources. Sources: Geological Survey Department of Zambia, 1:100,000 geological maps (sheets 1125 SW
and 1225 NE) and Report No. 83 (1998); Williams and Nisbet (2017), Journal of African Earth Sciences 129; core target after Bonel
(2026). Outlines simplified; illustrative only.
The Lower Roan in the license: published mapping. Lobito’s interpretation of official 1:100,000
mapping by the Geological Survey Department of Zambia shows the Lower Roan sub-cropping
along the western side of the license, where it onlaps the basement rocks of the Kabompo Dome,
the classic Copperbelt setting. The Survey’s report on the area identifies these basal Katanga rocks
(the Kitingulu Formation) as the Lower Roan Group and correlates them with the arenaceous Lower
Roan of the Copperbelt, and its records list a copper occurrence (No. 524, Kabompo) within the
licence.11
A peer-reviewed interpretation of airborne magnetic, radiometric and electromagnetic
data over the Kabompo and Mwombezhi Domes (Williams and Nisbet, 2017) independently traces
the Lower Roan around the margin of the Kabompo Dome and into the license, and describes the
Lower Roan clastic sediments as economically important (Figure 4).12
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The Lower Roan in the license: Lobito’s technical assessment. Based on available information,
including Zambian Geological Surveys interpretations, the Lower Roan in the west of the license as
extensive and poorly explored, in the classic Zambian Copperbelt setting for significant copper
mineralisation. It is estimated that the sub-crop covers about 30 km² and extends for about 22 km
of strike (Table 4). A linear magnetic anomaly coincides with the Lower Roan–basement contact,
and historical airborne electromagnetic data show two conductors within the Lower Roan that follow
its layering (Prospectivity Area 1, Figure 5). As the Lower Roan dips away from the basement
domes,11
it is interpreted that it probably extends eastwards beneath the Upper Roan rocks and
potentially underlies further areas, which are currently undefined at depth. Furthermore, it is
postulated that folding may have pushed the Lower Roan unit close to surface in anticlines (Figure
4), but further exploration and targeting work will be required to substantiate this view. The license
has historically been lightly explored, and no drilling is recorded on it. Historical regional stream
sediment sampling over the Lower Roan returned background copper values, which may reflect
regolith masking any surface signal. At this time, the Company does not have detailed information
relating to this stream sediment sampling program and is not relaying on it. On the basis of the
available information, the Company believes that the copper potential of the license is high and
warrants systematic testing.2
Figure 5: Prospectivity areas in the license, on historical airborne electromagnetic data.
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Table 4: The Lower Roan (Mine Series) in the licence: key points.
Item Detail
Share of Central African Copperbelt
copper hosted by the Lower Roan
Approximately 80%
Lower Roan sub-crop in the licence Approximately 30 km², along the western side of the licence
Strike length within the licence Approximately 22 km
Setting
Lower Roan interpreted to onlap the basement of the
Kabompo Dome: which is the classic Copperbelt setting
Geophysics
Linear magnetic anomaly defined along the contact; two
airborne EM conductors defined within the Lower Roan
(Prospectivity Area 1)
Extent at depth
Potentially underlies a significant portion of the license
beneath the Upper Roan; depth, but the extent is unknown
currently
Exploration to date
Historically lightly explored; no drilling recorded; historical
stream sediments show background copper
Figure 5 and Table 4. Source: adapted from the Lobito Resources technical report (Dr K. Bonel, February 2026), Figure 19, on
historical airborne EM data (Anglo American SPECTREM survey, 1999); cropped to the licence (red), with the area outside the
licence faded. Prospectivity areas are interpretations and have not been tested.
Cautionary statement: nearby mines, deposits and exploration targets are referred to for regional
context only. Their presence does not imply that the Project hosts, or will host, mineralisation of similar
grade, size or economic potential. No Mineral Resource or Ore Reserve has been estimated for the
Project, and no exploration results are reported in this announcement. The geological information on
the licence is historical. It comes from Geological Survey Department of Zambia mapping and mineral
occurrence records, historical airborne magnetic and electromagnetic surveys, and historical stream
sediment and soil data, compiled by Lobito Resources’ consulting geologist, and it has not yet been
verified by the Company.2
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Access, Transportation and the Lobito Corridor
The Project is in the North-Western Province, Zambia, on the border with the Democratic Republic
of Congo. It is easily accessible by road, as the main Solwezi–Mwinilunga road crosses the license,
and it is close to the national power grid, which supplies First Quantum’s Sentinel mine, about 31
km away, and extends west to Mwinilunga. The proposed Zambia–Lobito rail line, part of the Lobito
Corridor linking the Copperbelt to the Atlantic port of Lobito in Angola, is planned along the
Solwezi–Mwinilunga road. The railway remains under development. (Figure 6 and Table 5).13
Figure 6: The Lobito Corridor: the existing Lobito Atlantic Railway and the planned Zambia–Lobito line, shown
along the Solwezi–Mwinilunga road, which crosses the licence.
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Table 5: The Lobito Corridor.
Item Detail
Existing railway
Lobito–Luau, with onward rail access to Kolwezi and
connections to the wider regional network.14
Planned Zambia–Lobito line Chingola–Luacano; proposed railway under development.13
Transit time to the Atlantic
AFC expects approximately seven days between the Copperbelt
and Lobito following development.13
US DFC financing for the Lobito
Atlantic Railway
Loan of up to US$553 million for the existing Angola railway
and mineral port; financial close announced December 2025.15
European Union and member states
Mobilising more than €2 billion across the wider Lobito
Corridor initiative.16
Figure 6 and Table 5. Map: Lobito Resources. Routes after the Lobito Corridor Investment Promotion Authority
(January 2024); the planned line is indicative. Sources: European Commission; Financial Afrik; The Asset. Exact locations
are for illustrative purposes only.
PLANNED ACTIVITIES
Over the following months, the Company plans to undertake detailed due diligence on Lobito
Resources Limited and the license. Management will also evaluate the potential for undertaking
targeting activities during the due diligence exercise, which may involve geochemical soil sampling,
geophysical surveys, mapping and outcrop sampling.
TRANSACTION TERMS
The Company has entered into a Binding Option and Earn-In Agreement with Lobito Resources
Limited (Lobito), under which Raiden may earn up to an 80% interest in the Zambia Copper Domes
Project. The key terms are outlined in Schedule 1 below. Schedule 1 is not exhaustive and the
Agreement contains other terms Raiden considers customary for transactions of this nature.
This ASX announcement has been authorised for release by the Board of Raiden Resources
Limited.
We value your feedback and questions.
Engage directly with us by commenting on our latest announcements via InvestorHub.
You can view and comment on this announcement here.
FOR FURTHER INFORMATION PLEASE CONTACT
DUSKO LJUBOJEVIC
Managing Director
RAIDEN RESOURCES LIMITED
info@raidenresources.com.au
www.raidenresources.com.au
ASX RELEASE | 11 November 2026
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Schedule 1: Key Material Terms
Item Key Material Terms
Parties Raiden Resources Limited (Raiden) and Lobito Resources Limited (Lobito).
Project and ac-
quisition struc-
ture
Raiden may earn up to an 80% interest in the Zambia Copper Domes Project
through shares in Lobito or an agreed Zambian special purpose vehicle
holding the Project. The Project comprises Large-Scale Exploration Licence
28312-HQ-LEL, covering approximately 507 km² in North-Western Province,
Zambia, and associated technical information. Lobito currently holds 100%
of the licence.
Mineral rights
The earn-in covers all metals and metallic minerals and associated by-prod-
ucts. Gemstones and industrial minerals are excluded and will be ring-
fenced for Lobito’s existing shareholders before Raiden earns its initial 51%
interest.
Exclusive option
Raiden has an exclusive three-month option from execution to undertake
due diligence and elect to proceed with the earn-in. Raiden may extend the
option by one additional month.
Option fees
An initial fee of US$50,000, together with the first monthly option fee of
US$15,000, is payable within seven days of execution. Further US$15,000
monthly option fees are payable during the option period. The discretionary
one-month extension requires an additional US$15,000 extension fee, as
well as the monthly option fee for that month.
Exercise and de-
ferred consider-
ation
On exercise, Raiden pays US$150,000 less the monthly option fees already
paid, followed by US$150,000 twelve months after exercise. The initial op-
tion fee and extension fee are not credited against these payments. If the
option is exercised, scheduled cash consideration totals US$350,000, or
US$365,000 if the discretionary extension is used, excluding management
fees, exploration, studies, other project costs and applicable taxes and du-
ties.
Management
fee
From option exercise, Raiden and Lobito will enter into a country manage-
ment agreement, which will be in place up to the point where Raiden earns
into a 51% interest in the project.
Regulatory ap-
provals
Lobito must seek the required Zambian Minerals Regulation Commission
approval for Raiden’s acquisition of control and any required licence con-
sent. These are not conditions to exercising the option, but exploration un-
der the earn-in cannot commence until the option has been exercised and
the approvals obtained. Required land-access consents and environmental
approvals must also be obtained for the relevant fieldwork and drilling. If
the Commission’s decision remains outstanding at option expiry, other than
because of Raiden’s delay, the option is extended without further option
fees until 15 business days after the decision, subject to a maximum exten-
sion of 60 days.
Stage 1 — 51%
interest
Raiden may earn an initial 51% interest by funding and completing 6,500
metres of reverse circulation and/or diamond drilling within 24 months of
option exercise, subject to the extension and drilling carry-forward provi-
sions below. Air core and RAB drilling do not qualify.
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Stage 2 — 65%
interest
Subject to satisfying the Stage 1 reporting requirements, Raiden may elect
to proceed within 120 days of its Stage 1 acquisition notice. It may earn a
further 14% interest, increasing its interest to 65%, by funding and complet-
ing a further 7,000 metres of reverse circulation and/or diamond drilling, for
13,500 metres in total, within 24 months of that notice.
Stage 3 — 75%
interest
Raiden may earn a further 10% interest, increasing its interest to 75%, by
funding and announcing a positive Pre-Feasibility Study on ASX within 24
months of its Stage 2 acquisition notice. Raiden may extend this period by
12 months by written notice.
Stage 4 — 80%
interest
Following Stage 3, Raiden may earn a further 5% interest, increasing its in-
terest to 80%, by announcing a decision to mine on ASX. No fixed deadline
is specified for this stage.
Earn-in exten-
sions and drill-
ing carry-for-
ward
The Stage 1–3 periods are extended for qualifying delays beyond Raiden’s
reasonable control. If at least 3,000 metres have been drilled by the end of
Stage 1, the agreement provides for deferred completion of the remaining
drilling. Alternatively, with Lobito’s written agreement following a technical
committee recommendation that Stage 1 objectives have been achieved,
Raiden may earn its 51% interest and carry the outstanding metres into
Stage 2. The combined drilling requirement remains 13,500 metres.
Joint venture
and sole fund-
ing
An incorporated joint venture commences when Raiden earns its initial 51%
interest, with Raiden nominating the initial manager. Raiden funds project
activities and free-carries the other owners until a decision to mine is an-
nounced, including if Raiden ceases earning further interests before reach-
ing 80%. Specified joint venture matters require joint approval.
Withdrawal
Subject to the Stage 1 flexibility provisions, if Raiden does not achieve or
elects not to proceed with Stage 1, either party may terminate on at least
three months’ written notice, with Raiden retaining no project interest and
delivering the project data to Lobito. Raiden may withdraw from subsequent
earn-in stages on at least 30 days’ written notice, retaining its earned inter-
est subject to the continuing joint venture and funding provisions.
Funding after a
decision to
mine
Following announcement of a decision to mine, shareholders contribute to
joint venture expenditure in proportion to their interests or dilute. By mutual
agreement, Raiden may fund the other shareholders’ contribution through a
loan at a commercial interest rate repayable from their operating profits, or
in exchange for a further 10% interest, but not both.
Dilution, royalty
and carried-in-
terest election
An interest diluted below 10% converts to a 1.5% net smelter return royalty.
The non-diluting shareholder may purchase 0.5 percentage points of that
royalty for US$2.5 million, reducing it to 1%. Before conversion, Lobito’s
shareholders may instead elect to retain a 10% carried interest. Raiden then
funds their further equity contributions, recoverable with commercial inter-
est only from their share of dividends, without further dilution below 10%.
ASX RELEASE | 11 November 2026
Page 14 of 25
Option-fee re-
payment
If Raiden does not exercise because of a material title defect, community is-
sues arising during the option period that permanently prevent project ac-
cess, or refusal of the specified regulatory approval or consent, the initial
and monthly option fees are refundable within 30 days. Otherwise, recovery
is subject to the agreement’s conditional provisions: at Lobito’s election, re-
payment from net proceeds of a qualifying third-party transaction or invest-
ment within five years, subject to delivery of data and a closure report, or
through Lobito shares at independently determined fair market value. The
fees are not a debt, and no repayment is required if no qualifying transac-
tion or investment occurs within five years. These provisions exclude the ex-
tension fee.
Tenure
The licence’s current term expires on 8 April 2028, with one further renewal
available to 8 April 2031, subject to the applicable renewal and area-relin-
quishment requirements.
Facilitation Fee
The Company has agreed to pay a facilitation fee for the transaction to an
unrelated party. The fee will consist of A$50,000 payment (in cash or RDN
shares, at the Company’s election), on exercise of the election and: a further
payment of A$50,000 payment (in cash or RDN shares, at the Company’s
election), on the 12-month anniversary of the exercise of the election.
ASX RELEASE | 11 November 2026
Page 15 of 25
Sources referenced in this release
1. First Quantum Minerals Ltd, ‘First Quantum Minerals Announces 2025 Preliminary Production and 2026–2028
Guidance’, 15 January 2026, pp. 2–3; Barrick Mining Corporation, Fourth Quarter and Full Year 2025
Management’s Discussion and Analysis, released 5 February 2026, p. 40; and Zambia Revenue Authority, Annual
Report 2025, p. 27.
2. Lobito Resources Limited, Exploration Strategy and Plan, Licence 28312-HQ-LEL, prepared by Dr K. Bonel,
consulting geologist, February 2026 (unpublished), compiling Geological Survey Department of Zambia
mapping and mineral occurrence records and historical airborne geophysical and geochemical data.
3. Lobito Resources Limited, spatial measurements from the Project licence boundary defined by Pegging
Certificate 1402/25 to the mapped mine and prospect locations, using the published sources cited in this
announcement.
4. U.S. Geological Survey, Mineral Commodity Summaries 2026, Copper chapter, ‘World Mine and Refinery
Production and Reserves’ table, 2025 estimated mine-production figures (DRC and world totals).
5. Barrick Mining Corporation, ‘Barrick Reports First Quarter 2026 Results’, 11 May 2026, ‘Key Growth Projects’
section (Lumwana Super Pit expansion).
6. Prospect Resources Limited, ‘Prospect’s Mumbezhi Copper Project Ownership To Increase To 90%’, ASX
announcement, 5 March 2026, including Figure 1 and the ‘About the Mumbezhi Copper Project’ section.
7. Midnight Sun Mining Corp., ‘Midnight Sun Extends Dumbwa Copper Deposit to Over 5.3 Kilometres; Remains
Open Along Strike With Drilling Ongoing’, 13 May 2026; and ‘Midnight Sun Files Technical Report for Kazhiba
Main Copper Oxide Project’, 9 March 2026.
8. Tertiary Minerals plc, ‘Operations Update, Zambia’, 5 May 2026, p. 4, ‘Mukai Project’ and ‘Mupala Project’
sections.
9. Arc Minerals Ltd, ‘Kabompo West, Zambia’, 22 September 2026, slides 11-12.
10. First Quantum Minerals Ltd, 2025 Zambia Tour presentation, 22–26 September 2025, slide 27, ‘Extending
Trident’s Mine Life’ (brownfields exploration strategy and published prospect-location map).
11. Mulela, D. and Seifert, A.V., Geology of the Mwombezhi Dome and Jiwundu Swamp areas, Geological Survey
Department of Zambia, Report No. 83, 1998, and associated 1:100,000 geological mapping and mineral
occurrence records.
12. Williams, P.R. and Nisbet, B.W. (2017), ‘Structural framework of the Lufilian Fold Belt in the Domes region of
North Western Province, Zambia from interpretation of geophysical data’, Journal of African Earth Sciences, vol.
129, pp. 542–557, doi:10.1016/j.jafrearsci.2017.01.029.
13. Africa Finance Corporation, ‘Zambia–Lobito Railway Moves Towards Financial Close as President Hichilema
Meets AFC Leadership’, 3 November 2026.
14. Lobito Atlantic Railway, ‘FAQs’, sections describing the railway’s operating network and its relationship to the
wider Lobito Corridor, 9 February 2026.
15. U.S. International Development Finance Corporation, ‘DFC Announces Investments Supporting Developmen
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