RINCON RESOURCES LIMITED — Capital/Financing Update 2022

Oct 18, 2022

IOCG Project Gets Ministerial Entry Permit And Successful EIS Application

Highlights

• Successful application for Exploration Incentive Scheme ("EIS") grant of up to $150,000 to co-fund diamond drilling at the Kiwirrkurra Iron Oxide Copper Gold ("IOCG") Project.
• New grant awarded under Round 26 of the WA Government EIS Scheme. Replaces previous grant awarded under Round 24.
• New grant to co-fund 2 deep diamond holes at Pokali Prospect.
• Historical drilling at Pokali previously intersected widespread IOCG-style copper mineralisation including1 :
  • o PKC024 – 62m @ 0.39% Cu from 152m (incl. 14m @ 1.0% Cu from 168m);
  • o PKC027 – 42m @ 0.33% Cu from 196m (incl. 4m @ 1.36% Cu from 222m);
  • o PKC023 – 32m @ 0.46% Cu from 74m (incl. 6m @ 1.36% Cu from 100m);
  • o PKC007 – 46m @ 0.37% Cu from 24m;
  • o PKC021 – 44m @ 0.30% Cu from 66m;
  • o PKC008 – 18m @ 0.52% Cu from 76m; and
  • o PKC022 – 16m @ 0.45% Cu from 188m.
• Entry Permit issued by the Minister for Aboriginal Affairs allows Rincon to enter Ngaanyatjarra Central Australia Reserve for the purpose of conducting activities on the Kiwirrkurra Project tenements.

Rincon's Managing Director, Gary Harvey commented:

"The Pokali Prospect is an exciting IOCG target. We're really looking forward to testing the deep targets we have identified below the historical shallow copper mineralisation.

"We previously received a co-funding grant from the WA Government under Round 24 in 2021 for diamond drilling but were unable to utilise the grant due to the delay in receiving permits to access our ground. We duly re-applied for another grant under Round 26 and were successful, this time there is no blockage now that we have our entry permit. The only thing remaining is a Consent to Mine endorsement from DMIRS and we can start turning the drill bit."

Rincon Resources Limited (Rincon or the Company) is pleased to advise that it has been successful in an application for a grant of up to $150,000 for diamond drilling at its 100% owned Kiwirrkurra IOCG Project ("Kiwirrkurra") under Round 26 of the WA Government's Exploration Incentive Scheme

1 For full results refer to Rincon's Prospectus dated 3 November 2020 (available to view on the Company's website)

("EIS Grant"). The EIS Grant will go towards co-funding two deep diamond drill holes to test highpriority targets at the Pokali Prospect where historical drilling intersected significant copper mineralisation over an area spanning approximately 5km long by 2.5 km wide (Refer ASX: RCR Announcement dated 15 October 2021).

The recent EIS Grant under Round 26 comes after the Company withdrew from a previously successful EIS Grant under Round 24(Refer to ASX: RCR Announcement dated 4 November 2021).

Due to delays in receiving a Ministerial Entry Permit, which would permit the Company to access Ngaanyatjarra Central Australia Reserve for the purpose of conducting activities on the Kiwirrkurra Project tenements, the Company was unable to utilise the EIS Grant under Round 24 and therefore decided to re-apply under Round 26, which was successful.

The Company wishes to acknowledge the Western Australian government and the Department of Mines, Industry Regulation and Safety ("DMIRS") for their continued investment in exploration.

In addition to receiving the latest EIS Grant, the Company has also received a Ministerial Entry Permit ("MEP") from the Minister of Aboriginal Affairs. The MEP now paves the way for the Company to enter Ngaanyatjarra Central Australia Reserve for the purpose of conducting permitted activities on its granted tenements.

The Company is now awaiting a Consent to Mine endorsement on its tenements from the DMIRS prior to conducting on ground exploration activities. It is anticipated the Consent to Mine endorsement will be received in a matter of weeks.

----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.