RINCON RESOURCES LIMITED — Capital/Financing Update 2022

Nov 22, 2022

Re-release - Significant Outcropping Mineralisation Observed at Pokali, West Arunta

Rincon Resources Limited (Rincon or the Company) (ASX: RCR) advises that the announcement titled "Significant Outcropping Mineralisation Observed at Pokali, West Arunta" dated 23 November 2022 is re-released to include additional information relating to Table 1. There are no other changes to the announcement.

This ASX Announcement has been approved for release by the Board of Directors.

----ENDS----

Authorised by the Board of Rincon Resources Limited

For more information visit www.rinconresources.com.au or contact:

Company:

Gary Harvey Managing Director Rincon Resources Limited +61 (08) 6243 4089

David Lenigas Executive Chairman U.K.: M: +44 (0) 7881 825378 Australia: M: +61(0) 405504512 Monaco: M: +33 (0) 678633030

Significant Outcropping Mineralisation Observed at Pokali, West Arunta

Highlights:

• Pokali Prospect - Multiple outcropping copper-oxide (malachite) mineralised zones observed over structural corridor at least 2.5km long and 50m wide
• Malachite-hematite-magnetite alteration consistent with Iron-Oxide Copper Gold ("IOCG") style systems such as Olympic Dam
• Rock-chip samples were collected across the outcropping Pokali Hill for IOCG and rare-earth element (REE) analysis; Results expected within 3-4 weeks
• Recent airborne electro-magnetic survey expected to generate additional REE and IOCG targets

Rincon's Managing Director, Gary Harvey commented:

"The abundance of outcropping malachite enriched quartz veining, together with alteration consisting of silica, magnetite, malachite, gossans and brecciation, observed over a strike length no less than 2.5km confirms that Pokali is potentially a very significant, untapped IOCG-style coppergold system.

"This is a great result for our first on-ground activity at our Kiwirrkurra IOCG Project, following our recent permitting approvals.

"We are eagerly awaiting the results of our recent AEM survey (refer to ASX Release dated 26 October 2022) which we anticipate will help generate new IOCG and potential REE targets like those discovered by WA1 to our north-west. We also have identified new targets with visible and extensive copper mineralisation over a significant area, still to fully assess in the new year. There are also several discreet gravity/magnetic anomalies to the northeast and southwest of Pokali that we're still yet to investigate for REE potential.

"I also welcome the involvement of highly regarded consultant Dr Carl Brauhart from Model Earth, who brings a wealth of experience in exploration geochemistry analysis and mapping, to help us unravel the potential Kiwirrkurra has to offer".

Rincon Resources Limited (Rincon or the Company) is pleased to advise it has recently completed preliminary site reconnaissance rock-chip sampling at its 100% owned Kiwirrkurra IOCG Project, located in the West Arunta Region of Western Australia.

Fifty-six (56) rock-chip samples were collected last week from various locations over the outcropping Pokali IOCG Prospect area (locally known as Pokali Hill) (refer to Figure 1). All rock-chip samples have been sent to the laboratory for precious metals and multi-element analysis including for niobium ("Nb") and rare-earth elements ("REE"). Preliminary results are expected within 3-4 weeks

of the lab receiving the samples.

Circumstances due to timing and weather however meant that only two (2) days of site reconnaissance was possible last week and only the outcropping Pokali Hill could be traversed and sampled on this occasion. We anticipate that other outcropping areas earmarked for sampling will be assessed in early 2023.

At Pokali Hill however, significant zones of malachite (oxidised copper) bearing quartz veins, quartzsulphide veining, and pervasive alteration comprising silica, malachite, magnetite, gossan, and silica-hematite breccia were observed (refer to Figures 2-5). They lie within a structural corridor extending over at least 2.5km and 50m wide, demonstrating the potential for a significant IOCGstyle copper-gold mineral system at Pokali.

Figure 1 – Rock-chip location map, Pokali Prospect, overlying grey-scale total magnetic intensity image.

Figure 2 – Malachite (copper oxide) enriched & brecciated quartz veining from Pokali East area (KWRK001).

Figure 3 – Malachite enriched quartz vein (left, KWRK023), brecciated vein with malachite (centre, KWRK023) & hematite alteration in quartz vein (right, KWRK024), located at Pokali South area.

Figure 4 – Silica-hematite altered rock (left. KWRK028) & laminated silica-hematite-magnetite altered quartz vein/chert (right, KWRK039) located east of the new 'Jewel' target.

Figure 5 – Massive silica-hematite breccia located at the new 'Jewel' target (left, KWRK050; centre, KWRK045a; right, KWRK050).

Geochemistry

The Company has engaged highly regarded consultant Dr Carl Brauhart to conduct a thorough review of legacy and forthcoming geochemical data as well as to complete detailed geological and structural mapping of the Pokali area.

Dr Carl Brauhart has recently started consulting with Model Earth through his own consultancy, Camp Oven Exploration. He has more than thirty years' experience in the mining industry focussed on exploration. After doing a PhD mapping regional alteration at the Panorama VMS District in the Pilbara, Carl has mapped a wide variety of mineral systems including orogenic Au, sediment-hosted Pb-Zn, intrusion-related Au, porphyry Cu and komatiite-hosted Ni-Cu-PGE. Alongside these field investigations, Carl has developed strong skills in exploration and ore deposit geochemistry including leading the OSNACA Research Project at the University of Western Australia and presenting the Exploration Geochemistry Workshop at CSA Global.

SampleID	Easting	Northing	Location	Description	Min.	Est %
KWRK001	433467	7462484	Pokali East	Ma, QV +/- minor hem. Qz-chl schist.	Ma	~1-2
KWRK002	433486	7462530	Pokali East	Fe, boudinage QV with hem aftersulphides. Qz-chl schist.	NIL	0
KWRK003	433473	7462712	Pokali East	Fe, boudinage QV with hem aftersulphides. Qz-chl schist.	NIL	0
KWRK004	433466	7462715	Pokali East	Fe, boudinage QV with hem aftersulphides. Qz-chl schist.	NIL	0
KWRK005	433452	7462712	Pokali East	Fe, boudinage QV with hem aftersulphides. Qz-chl schist.	NIL	0
KWRK006	433444	7462707	Pokali East	Chl alt'd QV with goethite staining. Grittyand striated.	NIL	0
KWRK006a	433450	7462717	Pokali East	Silica/Chl altered basalt.	NIL	0

Table 1: Rock-chip sample locations and abbreviated field descriptions.

SampleID	Easting	Northing	Location	Description	Min.	Est %
KWRK007	433435	7462739	Pokali East	Fe stained, laminated QV, minor hem,vuggy.	NIL	0
KWRK008	433363	7462789	Pokali East	Ma, QV, go-hem pitting. Qz-bt-chl schist.	Ma	<1
KWRK009	433296	7462846	Pokali East	Qz-bt-chl schist with Mn coating.	NIL	0
KWRK010	433305	7462936	Pokali East	Fe, boudinage QV in qz-bt-chl schist.	NIL	0
KWRK011	433310	7462775	Pokali East	Fe, QV along flat, west dipping fault.	NIL	0
KWRK012	433346	7462678	Pokali East	Qz-bt-chl schist.	NIL	0
KWRK013	433344	7462648	Pokali East	Fe, QV, qz-bt-chl schist.	NIL	0
KWRK014	433381	7462566	Pokali East	Siliceous qz-bt schist/amphibolite.	NIL	0
KWRK015	433460	7462686	Pokali East	Silica-chl alt'd thin planar QV.	NIL	0
KWRK016	430965	7463774	Pokali East	Silica-hem, QV.	NIL	0
KWRK017	430954	7463808	Pokali North	Fe, QV, Hem-Mn pitting. FV host rock.	NIL	0
KWRK018	430933	7463831	Pokali North	Fe, QV, Hem-Mn pitting. <1% diss pyrite. FVhost rock.	Py	<1
KWRK019	430916	7463848	Pokali North	Fe, QV, Hem-Mn pitting. Mt. FV host rock.	NIL	0
KWRK020	430880	7463882	Pokali North	Fe, QV, qz-bt-chl schist.	NIL	0
KWRK021	432925	7462154	Pokali North	Siliceous, amygdaloidal basalt pillow (?)within FV.	NIL	0
KWRK022	432934	7462157	Pokali South	FV with hexagonal pits (after magnetite?).	NIL	0
KWRK023	432941	7462167	Pokali South	Ma, QV, hem. Qz-chl schist/sheared FV wallrock.	Ma	~1
KWRK024	432976	7462203	Pokali South	Siliceous hem-lim stained QV with traceMa, vuggy.	Ma	<1
KWRK025	432988	7462315	Pokali South	Fe, QV, qz-bt-chl schist.	NIL	0
KWRK026	432945	7462337	Pokali South	Fe, QV, qz-bt-chl schist.	NIL	0
KWRK027	432940	7462340	Pokali South	Magnetite-hem rock w/ peacock stainingafter sulphides.	Ma	<1
KWRK028	432929	7462346	Pokali South	Si-hem, QV, similar to kwrk027. Tr Ma.	Ma	<1
KWRK029	432817	7462381	Pokali South	FV schist, minor hem staining.	NIL	0
KWRK030	432784	7462380	Pokali South	Fe, QV, Chl-bt schist. Weakly magnetic.	NIL	0
KWRK031	432782	7462231	Pokali South	Chl-bt schist, hem staining.	NIL	0
KWRK032	432406	7462311	Pokali South	Gneissic rock with qz-bt-mt alt'n.	NIL	0
KWRK033	432419	7462322	Pokali South	Ma, QV, hem. Qz-chl schist/sheared FV.Minor magnetite.	Ma	<1
KWRK034	432463	7462369	Pokali South	Gneissic rock with qz-bt-mt.	NIL	0
KWRK035	432627	7462454	Pokali South	Fe, crackly QV.	NIL	0
KWRK036	432639	7462463	Pokali South	Fe, QV boudin, Qz-chl-bt schist.	NIL	0
KWRK037	432658	7462485	Pokali South	Fe, QV boudin, Qz-chl-bt schist.	NIL	0
KWRK038	432591	7462524	Pokali South	Gneissic - laminated rock, chert, qz-chl-bt,sugary QV	NIL	0
KWRK039	432527	7462543	Pokali South	Gneissic - laminated rock, chert, qz-chl-bt,sugary QV	NIL	0
KWRK040	432421	7462584	Pokali South	Qz-chl-bt schist, siliceous, hem staining, Ma,<1% Py	Py	<1
KWRK041	432413	7462580	Pokali South	Siliceous amphibolite, wk magnetite.	NIL	0
KWRK042	432323	7462415	Pokali South	Crenulated qz-bt-chl schist.	NIL	0
KWRK043	432155	7462367	Pokali South	QV in qz-bt-chl schist. Ma staining, <1% disspy.	Py	<1
KWRK044	431412	7462865	Pokali South	QV, minor mn staining.	NIL	0
KWRK045a	431494	7462883	Jewel	Qz-mt-hem rock + QV. FW to 50m wide SZ.en'echelon.	NIL	0
KWRK045b	431494	7462892	Jewel	Qz-mt-hem rock + QV. CNTR of 50m wideSZ. en'echelon.	NIL	0

SampleID	Easting	Northing	Location	Description	Min.	Est %
KWRK045c	431502	7462899	Jewel	Qz-mt-hem rock + QV. HW to 50m wide SZ.en'echelon.	NIL	0
KWRK046	431409	7462953	Jewel	Fe, QV, ~100m west along SZ fromkwrk045a-c.	NIL	0
KWRK047	431348	7462994	Jewel	Fe, QV, ~100m west along SZ from kwrk046.	NIL	0
KWRK048	431233	7463042	Jewel	Fe, QV, ~100m west along SZ from kwrk047.	NIL	0
KWRK049	431201	7463049	Jewel	BX, QV, hem-gossan.	NIL	0
KWRK050	431198	7463049	Jewel	BX, QV, gossan, possibly after SIF or SHDshale(?), Wk mt.	NIL	0
KWRK051	431175	7463069	Jewel	BX, hem, QV, gossan.	NIL	0
KWRK052	431152	7463033	Jewel	BX, QV, gossan, possibly after SIF or SHDshale(?), Wk mt.	NIL	0
KWRK053	430995	7463218	Jewel	SHD FV, mn staining.	NIL	0

NB: Easting/Northing are measured in metres on the GDA94/MGA Zone 52 co-ordinate system.

DESCRIPTIVE ABBREVIATIONS: alt'd = altered, alt'n = alteration, bt = biotite, BX = breccia, chl = chlorite, Ma = malachite (copper-oxide), diss = disseminated, Fe = ferruginous, FV = Felsic Volcanic, go = goethite, hem = hematite, hem = hematite, lim = limonite, mn = manganese, mt = magnetite, py = pyrite, QV = quartz vein, qz = quartz, SHD = sheared, SIF = sedimentary iron formation, SZ = shear zone, tr = trace (<1%), wk(ly) = weak(ly)

Min = Sulphide mineral, Py = Pyrite, Ma = Malachite (oxidised copper)

Est % = Visual percentage estimate of sulphide mineral*

* In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.

----ENDS----

Authorised by the Board of Rincon Resources Limited

For more information visit www.rinconresources.com.au or contact:

Company:

Gary Harvey Managing Director Rincon Resources Limited +61 (08) 6243 4089

David Lenigas Executive Chairman U.K.: M: +44 (0) 7881 825378 Australia: M: +61(0) 405504512 Monaco: M: +33 (0) 678633030

About Rincon

Rincon Resources Limited has a 100% interest in three highly prospective copper and gold projects in Western Australia: South Telfer, Laverton and Kiwirrkurra. Each project has been subject to historical exploration which has identified major mineralised systems which Rincon intends on exploring in order to delineate copper and gold resources.

Kiwirrkurra IOCG Project location plan, West Arunta Region, WA.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Gary Harvey who is a Member of The Australian Institute Geoscientists and is Managing Director of the Company. Mr Harvey has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Harvey consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

Future Performance

This announcement may contain certain forward-looking statements and opinion. Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this announcement, nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Rincon.

Appendix 1

JORC Code, 2012 Edition

Table 1 Report – Kiwirrkurra IOCG Project, Pokali Prospect Rock-chip Sampling

SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down-hole gamma sondes, orhandheld XRF instruments, etc.). These examples shouldnot be taken as limiting the broad meaning of sampling.	Rincon completed selective rock-chip sampling over outcropping areas atthe Pokali Prospect. Structural trends, areas of known mineralisationbased on historic geochemistry and drilling results, and untested areasbased on geochemical anomalism and geophysics, were targeted.Between 0.5kg and 1.5kg of rock-chip sample was collected from each
	Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.	location.The sample process is considered appropriate for rock-chip sampling
	Aspects of the determination of mineralisation that areMaterial to the Public Report. In cases where 'industrystandard' work has been done this would be relativelysimple (e.g. 'reverse circulation drilling was used toobtain 1 m samples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other casesmore explanation may be required, such as where thereis coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure of detailedinformation.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc.) anddetails (e.g. core diameter, triple or standard tube, depthof diamond tails, face-sampling bit or other type,whether core is oriented and if so, by what method, etc.).	No drilling was undertaken
Drill sample recovery	Method of recording and assessing core and chip samplerecoveries and results assessed.	No drilling was undertaken
	Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.	No drilling was undertaken
	Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material.	No drilling was undertaken
Logging	Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, mining studiesand metallurgical studies.	Rock-chip samples were described and presented in Table 1 in the contextof this report.
	Whether logging is qualitative or quantitative in nature.Core (or costean, channel, etc.) photography.
	The total length and percentage of the relevantintersections logged.
Sub-samplingtechniques and	If core, whether cut or sawn and whether quarter, half orall core taken.	No drilling was undertaken
sample preparation	If non-core, whether riffled, tube sampled, rotary split,

Criteria	JORC Code explanation	Commentary
	etc. and whether sampled wet or dry.
	For all sample types, the nature, quality andappropriateness of the sample preparation technique.
	Quality control procedures adopted for all sub- samplingstages to maximise representivity of samples.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected, includingfor instance results for field duplicate/second-halfsampling.
	Whether sample sizes are appropriate to the grain size ofthe material being sampled.
Quality of assay dataand laboratory tests	The nature, quality and appropriateness of the assayingand laboratory procedures used and whether thetechnique is considered partial or total.	Rock-chip sample assays are pending.
	For geophysical tools, spectrometers, handheld XRFinstruments, etc., the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc.
	Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established.
Verification ofsampling and	The verification of significant intersections by eitherindependent or alternative company personnel.	No drilling was undertaken
assaying	The use of twinned holes.	Assays for rock-chip samples have not yet been received
	Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols.
	Discuss any adjustment to assay data.
Location of datapoints	Accuracy and quality of surveys used to locate drill holes(collar and down-hole surveys), trenches, mine workingsand other locations used in Mineral Resource estimation.	Rock-chip samples were located using a handheld GPS accurate to +/-1mThe grid systems used is GDA94, MGA52
	Specification of the grid system used.
	Quality and adequacy of topographic control.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	This is early-stage exploration data collection, and a regular grid has notbeen used. The sample spacing is suitable for reconnaissance programs.
	Whether the data spacing and distribution is sufficient	No drilling was undertaken
	to establish the degree of geological and gradecontinuity appropriate for the Mineral Resource and	No composite sample was undertaken
	Ore Reserve estimation procedure(s) andclassifications applied
	Whether sample compositing has been applied.
Orientation of datain relation togeological structure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering the deposittype.	No drilling was undertaken
	If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.
Sample security	The measures taken to ensure sample security.	No measures taken to ensure sample security have been documented.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	No audits or reviews of sampling techniques and data have beendocumented.

SECTION 2 REPORTING OF EXPLORATION RESULTS

(Criteria listed in the preceding section also apply to this section).

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	Type, reference name/number, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overridingroyalties, native title interests, historical sites,wilderness or national park and environmentalsettings.The security of the tenure held at the time of reportingalong with any known impediments to obtaining alicence to operate in the area.	The project area comprises 6 exploration licences which cover a total areaof approximately 220 km². Rincon Resources Ltd through its wholly ownedsubsidiary Lyza Mining Pty Ltd holds 100% of all licences.The tenements subject to this report are in good standing with theWestern Australian DMIRS
Exploration done	Acknowledgment and appraisal of exploration by other	Most of the past exploration work within the project area including
by other parties	parties.	drilling, surface sampling; geological mapping has been largely completedby Ashburton Minerals Limited. The reports are available on the WestAustralian Mines Department WAMEX open file library.The Geological Survey of Western Australia and Geoscience Australia has
		also completed regional geological and geological programs on the WestArunta Province in which the tenements are located which are available tomember of the public.
Geology	Deposit type, geological setting and style ofmineralisation.	The principal targets being targeted is IOCG, similar to the Olympic Damdeposit in South Australia.
Drillhole	A summary of all information material to the	No drilling was undertaken.
Information	understanding of the exploration results includinga tabulation of the following information for allMaterial drillholes:	See content of this report for rock-chip locations.
	easting and northing of the drillhole collar
	elevation or RL (elevation above sea level inmetres) of the drillhole collar
	dip and azimuth of the hole
	down hole length and interception depth holelength.
Data aggregationmethods	In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum gradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.	No drilling was undertaken.No data aggregation has been completed.
Relationshipbetweenmineralisation	If the geometry of the mineralisation with respectto the drillhole angle is known, its nature shouldbe reported.	No drilling was undertaken.
widths andintercept lengths	If it is not known and only the down hole lengthsare reported, there should be a clear statement tothis effect (e.g. 'down hole length, true width notknown').
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	Diagrams are supplied in the main report.
Balanced reporting	Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults.	Not applicable at this stage.
Other substantive	Other exploration data, if meaningful and material,	Refer to body of text and this appendix.
exploration data	should be reported including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples – size andmethod of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious or contaminatingsubstances.	Other ASX Announcements for Kiwirrkurra can be found here:https://www.rinconresources.com.au/asx-announcements/
Further work	The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling).	Interpretation and processing of results is ongoing, and further work mayinclude extensions to survey areas and drilling of areas of interest.