RINCON RESOURCES LIMITED — Capital/Financing Update 2022

Apr 3, 2022

Announcement Summary

Entity name

RINCON RESOURCES LIMITED

Date of this announcement

Monday April 04, 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	OPTIONS EXPIRING 30-MAR-2025 EX $0.20	2,500,000	30/03/2022

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

4/4/2022

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

Other

Please specify

Issue of 2,500,000 unquoted options expiring 30 March 2025 with an exercise price of $0.20.

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	OPTIONS EXPIRING 30-MAR-2025 EX $0.20
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
30/3/2022
Yes
listing rule 6.1?Yes	Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
issued.	Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being
Options Details

+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.20000000	30/3/2025

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

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 proposed issue of the securities was disclosed via the Appendix 3B dated 29 March 2022.

Other securities included in that Appendix 3B but not issued are 2,500,000 options with an exercise price of $0.20 expiring 36 months from the date of issue, which vest should the Company raise a total of at least $2,000,000 of additional capital at a price of more than $0.20 per Share by 28 August 2022.

Issue details

Number of +securities

2,500,000

Were the +securities issued for a cash consideration?

No

Equity Securities

Please describe the consideration being provided for the +securities

Investor relations services

Purpose of the issue

To pay for services rendered

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	42,278,546
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
RCRAJ : PERFORMANCE RIGHTS CLASS A	350,000
RCRAK : PERFORMANCE RIGHTS CLASS B	700,000
RCRAL : PERFORMANCE RIGHTS CLASS C	950,000
RCRAM : PERFORMANCE RIGHTS CLASS D	700,000
New class - code to be confirmed : OPTIONS EXPIRING 30-MAR-2025 EX $0.20	2,500,000

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

15/11/2021

Equity Securities