RINCON RESOURCES LIMITED — Capital/Financing Update 2023

Jun 4, 2023

5 June 2023

SHARE PURCHASE PLAN

Rincon Resources Limited ( Rincon or the Company ) is pleased to offer a Share Purchase Plan ( SPP ) to raise up to $1,117,473 at an issue price of $0.055 per share

The SPP will enable eligible RCR shareholders as at the record date of 5:00pm (AWST) on 2 June 2023 with a registered address in Australia or New Zealand to have the opportunity to apply for up to $30,000 worth of fully paid ordinary shares in the Company. The applications under the SPP are free of any brokerage, commission and transaction costs, and the issue price represents a 1.82% discount to the volume weighted average market price of Shares over the last five days on which sales of Shares were recorded on ASX immediately prior to the SPP being announced.

Proceeds from the SPP will be utilised for:

• Heritage Clearance Surveys;

• RC and Diamond Drilling Programs;

• Ground Geophysics Surveys;

• Mapping and Geochemical Sampling Programs, and

• Working Capital

Should less than the maximum funds be raised, the Company will prioritise the funds raised on drilling and geophysics programs. The Board will consider if further funding is necessary to complete the proposed drilling and geophysics programs should less than the maximum funds be raised.

The Company's Directors intend to subscribe for Shares under the SPP for a combined total of $80,000.

The terms and conditions of the SPP will be detailed in an SPP Offer Booklet to be dispatched to Eligible Shareholders and released to the ASX, presently scheduled for 8 June 2023.

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Key dates:

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----- Start of picture text ----- Event DateRecord Date (5pm AWST) 2 June 2023Announcement of SPP 5 June 2023Lodge SPP cleansing notice with ASX 8 June 2023Offer Document and Application Form madeavailable to Eligible ShareholdersSPP opening date 8 June 2023SPP closing date (5pm AWST) 7 July 2023Announcement of results 14 July 2023Issue of New Shares (Before 12pm Sydney time) 14 July 2023Commencement of trading of New Shares 15 July 2023----- End of picture text -----

These above dates are indicative only. The Company may vary the dates and times of the Offer by lodging a revised notice with ASX. New Shares issued under the SPP will be issued as soon as practicable after the SPP closing date. Application for quotation on ASX of the New Shares will be made immediately following the issue of those Shares.

---ENDS----

Authorised by the Board of Rincon Resources Limited

For more information:

Company:

Gary Harvey Managing Director

Rincon Resources Limited +61 (8) 6243 4089

David Lenigas Executive Chairman

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

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