RINCON RESOURCES LIMITED — Capital/Financing Update 2023

Jan 9, 2023

10 January 2023

New Acquisition Expands Laverton Footprint

Laverton Gold Project

Acquisition

• Rincon has entered into an agreement to acquire 100% of six (6) new granted exploration tenements (“Tenements”) in the heart of the Tier 1 Laverton Gold District

• Tenements are strategically located adjacent to Rincon’s existing landholding’s

• Laverton Project footprint to expand from 49km[2] to 81km[2] , an increase of 65%

• New Tenements adjacent to existing gold mines at Beasely Creek, Lancefield and Gladiator

• Project prospectivity and potential increased with the addition of several new target areas along known gold mineralised trends

• All tenements located within 25km of several gold milling facilities including Granny Smith, Barnicoat and Mt Morgans

Rincon Resources Limited ( Rincon or the Company ) is pleased to announce that it has entered into an agreement to acquire 100% interest in six (6) new granted exploration tenements (“Tenements”) at its Laverton Gold Project, Laverton District, WA (refer to Figure 1).

The Tenements, to be acquired from private company Mining Equities Pty Ltd and businessman Mr Peter Gianni, and are strategically located in the heart of the Tier 1 Laverton Gold District and lie adjacent to and abutting Rincon’s existing tenements.

Rincon is delighted to have entered into an agreement to secure 100% interest in the Tenements and now looks forward to exploring same as part of its gold exploration strategy.

Gary Harvey, Rincon’s Managing Director, commented:

“The acquisition of the new tenements was an opportunity to strengthen our gold portfolio at Laverton by increasing our footprint over prospective geology within the Tier 1 Laverton Gold District. We are delighted to have extended our coverage of a known high-grade gold trend that historically produced 88t @ 25.64g/t Au[1] in 1901 at Sunny Hill which extends through Area 1 and into E38/3063, E38/3201 and E38/3202. This gold trend has had very little exploration and is our highest priority target.

“Laverton is producing a lot of gold from operations that surround us at Granny Smith, Wallaby, Sunrise Dam, to name a few. There is still excellent potential for new gold discoveries in areas

1 Source: Department of Mines, Industry and Resources Safety, Minedex database.

ASX Announcement 10 January 2023

surrounding these operations”.

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Figure 1: Laverton Gold Project showing location of New Tenements (Blue outline).

Acquisition Terms

Rincon to acquire 100% of the Tenements (E38/3063, E38/3064, E38/3201, E38/3202, E38/3382 and E38/3535) for the following consideration:

• Cash Consideration of $25,000 to Mr Peter Gianni for 100% interest in E38/3382;

• $125,000 worth of Rincon shares to Mining Equities Pty Ltd for 100% interest in E38/3063, E38/3064, E38/3201, E38/3202, and E38/3535, calculated by reference to the 20-day VWAP of Rincon shares ending on the day immediately prior to the Completion Date; and

• A 1.0% Net Smelter Return Royalty in favour of Mining Equities Pty Ltd.

The vendors, Mining Equities Pty Ltd and Mr Peter Gianni are not related parties of the Company or its officers.

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ASX Announcement 10 January 2023

Completion of the acquisition is conditional upon the satisfaction of waiver of the Condition Precedent, being Rincon and Mining Equities entering certain Deeds of Assignment and Assumption in respect of existing Access Agreements applying to E38/3201 and E38/3202; and E38/3535.

Next Steps

The Company will issue the Consideration Shares from its existing Listing Rule 7.1 placement capacity at Completion.

The Company will immediately commence an in-depth review and interpretation of all publicly available datasets including satellite and geophysics data ahead of prioritising targets for future drill programs.

----ENDS----

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

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 (Au-Cu), Laverton (Au) and Kiwirrkurra (IOCG). Each project area has been subject to historical exploration which has identified major mineralised systems which Rincon is exploring in order to delineate copper, gold and Nb-REE resources.

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ASX Announcement 10 January 2023

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Figure 2: Laverton Gold Project showing highlighted gold trends (light blue structures highlighted yellow) within the enlarged project area.

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.

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