RINCON RESOURCES LIMITED — Capital/Financing Update 2022

Nov 2, 2022

Announcement Summary

Entity name

RINCON RESOURCES LIMITED

Date of this announcement

Thursday November 03, 2022

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

ASX +securitycode	Security description	Total number of+securities to beissued/transferred	Issue date
New class - codeto be confirmed	OPTION EXPIRING 30-SEP-2025 EX $0.15	8,000,000	03/11/2022

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

1.1 Name of entity

RINCON RESOURCES LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ACN

Registration number

628003538

1.3 ASX issuer code RCR

1.4 The announcement is

New announcement

1.5 Date of this announcement

3/11/2022

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

Other

Please specify

Issue of Director and Lead Manager options.

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

does not have an existing ASX security code ("new class")

Equity Securities

Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX

in an Appendix 3B

New +securities

ASX +security code	+Security description
New class - code to be confirmed	OPTION EXPIRING 30-SEP-2025 EX $0.15
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
3/11/2022
Yes	Will all the +securities issued in this class rank equally in all respects from their issue date?
	Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under

listing rule 6.1?

No

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

https://www.asx.com.au/asxpdf/20220921/pdf/45fcfcqg7qmcxx.pdf

Options Details

+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.15000000	30/9/2025

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option

Other

Equity Securities

Description

RCR: ORDINARY FULLY PAID SHARES

Any other information the entity wishes to provide about the +securities the subject of this notification

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

The issue of Director and Lead Manager options are described in the Appendix 3B dated 13 September 2022 and the Notice of General Meeting dated 21 September 2022.

Issue details

Number of +securities

8,000,000

Were the +securities issued for a cash consideration?

No

Please describe the consideration being provided for the +securities

2,000,000 options as partial consideration to the lead manager of the Placement. 6,000,000 options as part of the incentive option package to Directors.

Purpose of the issue

Other

Additional Details

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities ofthe entity will comprise:(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than oneapplication for quotation/issuance currently with ASX for processing.)
4.1 Quoted +Securities (Total number of each +class of +securities quoted)
ASX +security code and description	Total number of+securities on issue
RCR : ORDINARY FULLY PAID	55,112,734
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

ASX +security code and description	Total number of+securities on issue
RCRAI : ORDINARY FULLY PAID RESTRICTED	9,058,210
RCRAU : OPTION EXPIRING 30-JUN-2025 EX $0.20	2,500,000
RCRAT : OPTION EXPIRING 30-MAR-2025 EX $0.20	2,500,000
RCRAJ : PERFORMANCE RIGHTS	6,200,000
New class - code to be confirmed : OPTION EXPIRING 30-SEP-2025 EX $0.15	8,000,000

Equity Securities

Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 28/10/2022

Equity Securities