RONIN RESOURCES LTD — Capital/Financing Update 2022

May 2, 2022

ACN 625 330 878

Registered Office: Level 21, 459 Collins Street Melbourne VIC 3000

Contact: Phone: +61 (0)3 8630 3321 Email: admin@roninresources.com.au

Board of Directors: Joseph van den Elsen (Executive Chairman)

Matthew Keen (Non-Executive Director)

Wilson Escobar Castaneda (Non-Executive Director)

Company Secretary: Justin Mouchacca

Securities on Issue: 31,625,010 ordinary shares 3,925,000 unlisted $0.30c options 200,000 Performance Rights

Share Price – $0.20 (2 May 2022)

Market capitalisation – $6.2M (at $0.20c)

Cash at Bank – $4.48M (31 March 2022)

About Ronin Resources Limited

Ronin Resources Limited (ASX: RON) is an ASX listed company focused on the evaluation and assessment of the Vetas and Santa Rosa Projects. Both projects are located in Colombia and 100% owned by Ronin. The Company also seeks to evaluate and assess complementary new business opportunities capable of delivering shareholder returns.

ASX Announcement 3 May 2022

Exploration to commence at the Vetas Project

Ronin Resources Limited (ASX: RON) (Ronin or the Company) provides the following Exploration Update.

Exploration Update

Having successfully raised $5m through its December 2021 IPO, the Company is currently finalising preparations for its maiden diamond drilling campaign designed to validate the presence, continuity and correlation of coal seams and allow quality sampling of all seams at depth. Ronin's team is on site, a drilling contractor has been selected and mobilization is targeted following the end of the rainy season (approximately mid-June). In parallel the Company is also advancing mine development permitting and exploring near-term, low capex mine development opportunities.

Separately, the Company continues to draw upon the experience of its Directors to seek to opportunistically identify and acquire new business development opportunities.

Ronin Resources

Ronin Resources was established in 2017 for the purpose of developing the Vetas Coal Project and pursuing complementary business development opportunities.

Ronin's Executive Chairman Joseph van den Elsen (Australian Colombian dual national) and it's Non-executive Directors Wilson Escobar (Colombian Coal Geologist) and Matthew Keen (ex Whitehaven Coal) targeted Colombia due to the existence of large, world-class deposits, a positive government stance on mining, the attractiveness of the Vetas Project and their familiarity with the jurisdiction.

The Company listed on the ASX in December 2021 and remains tightly held by Directors and Management, who have invested significant time and capital.

Vetas Project

The Company's primary asset is its 100% interest in the Vetas Project, which consists of c5,000 hectares hosting a shallow, high tonnage coal deposit.

(Figures 1 & 2 – Vetas Project)

Vetas Project – Coal Quality

To date, coal quality data made available from trenching and surface samples shows high calorific value coal, in excess of the Colombian thermal export benchmark (API10), which is also low in ash and sulfur. Samples demonstrate the potential for a direct shipping coal, which would not require washing.

As sampled coal was subjected to weathering, true coal quality is potentially slightly-to-moderately better. Samples collected to date support further testing of the coal's suitability for sale in the PCI and Semi Soft Metallurgical Coal Markets. Compared to other major Colombian producers, where, as a general rule, calorific value and product quality is falling, Vetas Coal may have a market as a blending coal.

The below table (extracted from Ronin Resources' IPO Prospectus released to the ASX on 15 December 2021) highlights some of the surface coal samples collected by the Company and analysed by SGS' Cúcuta laboratory.

IDENTIFICATION	ASH (AR) %	ASH (DRY) %	SULPHUR (AR) %	SULPHUR (DRY) %	BTU/LB (AR)	BTU/LB (DRY)	FSI	MOISTURE %
CAT-41	1.16	1.34	0.371	0.428	12,035	13,887	0.5	13.34
GAB - 07 B	1.31	1.49	0.453	0.512	12,247	13,859	1.5	11.6
CAT - 42	2.05	2.36	0.366	0.421	12,019	13,847	0.5	13.2
CAT-87	5.01	5.47	0.621	0.677	12.684	13,837		8.33
CAT - 54	1.07	1.2	0.408	0.456	12,364	13,810		10.47
CAT - 84	1.26	1.43	0.525	0.596	12,144	13,786	0.5	11.91
CAT - 62	1.34	1.53	0.496	0.565	12,086	13,774	1.5	12.26
CAT - 48	1.89	2.14	0.625	0.707	12,170	13.772	0.5	11.6
$CAT - 21$	1.25	1.43	0.428	0.488	12,074	13,751		12.19
CAT - 77	1.47	1.67	0.514	0.585	12,065	13,722	$1.5,$	12.07
GAB - 13 B	5.47	5.9	3.914	4.226	12,207	13,182	2.5	7.39
CAT - 35	6.16	6.7	3.734	4.062	12,055	13,113	$\overline{2}$	8.07

(Table 1: Vetas Project – Coal Quality. Source: Ronin Resources' IPO Prospectus*)*

Vetas Project – JORC Compliant Exploration Target

The Company has compiled a database of 11 historical coal holes, 32 petroleum holes and 25 seismic lines, to complement its own surface mapping, satellite imagery and sample collection and analysis. Work conducted to date shows three geological formations that host coal within the Vetas Project. Within these formations there are at least five coal-bearing zones. The most productive coal mines in Colombia are located in the Cesar basin from analogous geological conditions and equivalent coal formations.

Contained in Ronin Resources' IPO Prospectus released on the ASX platform on 15 December 2021, Kerry Whitby, the Company's Independent Consulting Geologist, of McElroy Bryan Geological Services has reported a JORC Compliant Exploration Target for the Vetas Project of 20 to 200 million tons, down to a maximum depth of 200 meters, with raw ash typically between 5% and 10%. Most of the exploration target is contained at less than 100m depth.

Global Thermal Coal market

A recent International Energy Agency Press release showed that coal use in power generation remains at or near all-time highs. Following reduced consumption in 2019 and 2020 and driven by a rebound in global economic activity, coal derived power generation increased approximately 9% in 2021. This increased demand supported the coal price throughout 2021, with coal indices such as the Newcastle benchmark (NEWC) trading above US$100/t throughout the second half of the year and reaching record highs. 1

The first quarter of CY 2022 has seen a continuation of strong coal prices, largely driven by concerns over potential disruptions to Ukrainian and Russian supply. In a trend that the Company expects will assist demand for Colombia coal exports, European customers are looking at alternatives to their current Russian coal supply chains.

Despite significant capital being deployed on low carbon energy generation, industry consultants forecast demand for high-ranking coal, such as that at the Vetas project, remaining out to 2050 and beyond.2

Business Development

Since listing, the Company has assessed a number of complementary new business opportunities, capable of driving shareholder returns, and will continue to actively do so.

Corporate Snapshot

Board & Management

Executive Chairman – Joseph van den Elsen

Mr Joseph van den Elsen is a dual Australian/Colombian citizen who founded Ronin Resources in 2017 and is currently the Managing Director of Ookami Ltd. Prior to founding Ronin Resources, he held executive positions with ASX Listed MHM Metals and Hampshire Mining.

Previously Joseph was an Associate Director with UBS and held a similar position with Goldman Sachs JBWere. Joseph graduated from LaTrobe University with a Bachelor of Arts and a Bachelor of Laws and later graduated from the University of Melbourne with a Graduate Diploma in Environment, Energy and Resources Law and from Curtin University with a Graduate Diploma in Mineral Exploration Geoscience. Joseph is currently studying towards a Master of Science (Mineral Economics) through Curtin University.

1 International Energy Agency. Coal power's sharp rebound is taking it to a new record in 2021, threatening net zero goals. 17 December 2021.

https://www.iea.org/news/coal-power-s-sharp-rebound-is-taking-it-to-a-new-record-in-2021-threatening-net-zero-goals.

2 The Coal Hub: The Coal Industry Portal. World Coal Market – Brief overview. 4 March 2022. https://thecoalhub.com/world-coal-market-brief-overview-23.html

Non-Executive Director – Matthew Keen

Matthew has over 20 years of broad-based commercial experience across the engineering, finance and corporate sectors and is currently employed as the Chief Investment Officer of Fitzpatrick Group, sharing responsibility for the day to day running of its investment portfolio.

Previously Matthew held roles including General Manager of Corporate Development at Whitehaven Coal, Managing Director of MHM Metals and Queen Street Capital, Wealth Advisor at UBS and General Manager of Switchgear and Instrumentation Hong Kong. During his career Matthew has been heavily involved in M&A activities both inhouse and as an external advisor as well as facilitating and setting corporate strategy for listed companies Whitehaven Coal and MHM Metals. Matthew is currently a Non-Executive Director of ASX listed Alloggio Limited.

Non-Executive Director – Wilson Escobar

Wilson Escobar is a Colombian National geologist with over 20 years' experience in mineral exploration and mine optimisation. Wilson started his career working for Cerrejon (the BHP, Anglo American and Glencore Joint Venture) in Colombia and has also worked for Vale, Anglo American and South 32 in Colombia, Brazil and South Africa. Wilson is accredited under the JORC Code for the purposes of certifying Coal Mineral Resource Estimates and Ferro-Nickel Exploration Targets.

Company Secretary and Financial Controller – Justin Mouchacca

Justin is a qualified Chartered Accountant and Fellow of the Governance Institute of Australia with over 15 years' experience in public company responsibilities including statutory, corporate governance and financial reporting requirements and has served as the Company Secretary and Financial Officer for a number of listed ASX entities.

• Ends –

This announcement has been approved for release by the Board of RON.

For more information, please contact:

Justin Mouchacca Company Secretary +61 3 8630 3321

The Company was admitted to the Official List (ASX code: RON) in December 2021 and is focused on the assessment and evaluation of the Vetas and Santa Rosa Projects. Ronin holds a 100% interest in both projects which are located in Colombia. The Company also seeks to identify, assess and potentially acquire complementary new business opportunities capable of delivering shareholder returns.

Competent Persons Statement

The Exploration Results and Targets contained in this announcement has been extracted from the Independent Geologist's Reports included in the Company's IPO Prospectus dated 29 October 2021, a copy of which was released to ASX on 15 December 2021. The Company confirms that it is not aware of any new information or data that materially affects the exploration results as contained in the Ronin Resources Ltd Prospectus dated 29 October 2021.

Forward Looking Statement

This ASX announcement may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on Ronin Resources Ltd's current expectations, estimates and assumptions about the industry in which Ronin Resources Ltd operates, and beliefs and assumptions regarding Ronin Resources Ltd.'s future performance. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "potential" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Ronin Resources Ltd. 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. Actual values, results or events may be materially different to those expressed or implied in this ASX announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Ronin Resources Ltd does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions, or circumstances on which any such forward looking statement is based.