RONIN RESOURCES LTD — Capital/Financing Update 2024

Nov 3, 2024

ASX Announcement 4 November 2024

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

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Ronin Resources Applies for Gold-Silver Project in San Juan, Argentina (Updated)

Board of Directors:

Joseph van den Elsen (Chairman)

Nicholas Young (Non-Executive Director)

Marnus Bothma (Non-Executive Director)

Ronin Resources Limited (ASX: RON) (‘the Company’ or ‘Ronin’) provides the attached updated ASX Announcement following the Company’s announcement of 1 November 2024 titled, ‘Ronin Applies for Gold-Silver Project in San Juan, Argentina’ ( Updated Announcement ). The attached Updated Announcement includes the JORC tables and a competent person’s statement.

• Ends –

Company Secretary: Justin Mouchacca

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

Securities on Issue:

36,825,010 ordinary shares 200,000 Performance Rights

Share Price – $0.145 (31 October 2024)

Market capitalisation – $5.3M (at $0.145)

Cash at Bank – 30 September 2024 $3.1M

About Ronin Resources Ltd

Ronin Resources Limited (ASX: RON) is an ASX listed company focused on the evaluation and assessment of the Vetas and the Hornby Lake Lithium Projects located in Colombia and Ontario Bay, Canada respectively and both 100% owned by Ronin. The Company also seeks to evaluate and assess complementary new business opportunities capable of delivering shareholder returns.

For more information, please contact:

Justin Mouchacca Company Secretary +61 3 8630 3321

About Ronin Resources

The Company was admitted to the Official List (ASX code: RON) in December 2021 and focused on the assessment and evaluation of its 100% owned Vetas and Hornby Lake lithium project (located in Colombia and Canada, respectively) and continues to seek to identify, assess and potentially acquire other complementary new business opportunities capable of delivering shareholder returns.

ASX Announcement 4 November 2024

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ACN 625 330 878

Registered Office:

Level 21, 459 Collins Street Melbourne VIC 3000

Ronin Resources Applies for Gold-Silver Project in San Juan, Argentina

Contact:

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

Board of Directors: Joseph van den Elsen (Chairman)

Nicholas Young (Non-Executive Director)

Marnus Bothma (Non-Executive Director)

Company Secretary: Justin Mouchacca

• Since IPO, the Company has actively sought to acquire new projects capable of enhancing the portfolio

• Following extensive in-country due diligence, Ronin has submitted exploration applications over ~23,000 ha (230 km[2] ) considered prospective for Au-Ag mineralisation in the San Juan Province, Argentina

• The San Juan Province hosts the globally significant Veladero goldsilver deposit (mined by Barrick/Shandong Gold), and multiple giant copper-gold porphyry deposits inc. Filo del Sol (currently subject to a C$4.1B takeover from BHP and Lundin Mining)

• The Company’s Chairman will draw upon his experience and professional network in San Juan to oversee preliminary exploration work

Securities on Issue:

36,825,010 ordinary shares 200,000 Performance Rights

Share Price – $0.145 (31 October 2024)

Market capitalisation – $5.3M (at $0.145)

Cash at Bank – 30 September 2024 $3.1M

About Ronin Resources Ltd

Ronin Resources Limited (ASX: RON) is an ASX listed company focused on the evaluation and assessment of the Vetas and the Hornby Lake Lithium Projects located in Colombia and Ontario Bay, Canada respectively and both 100% owned by Ronin. The Company also seeks to evaluate and assess complementary new business opportunities capable of delivering shareholder returns.

Ronin Resources Ltd ( ASX: RON ) ( Ronin or the Company ) is pleased to advise that it has submitted mineral exploration applications over 23,637 hectares (236.37 km[2] ) considered prospective for gold-silver mineralisation in the San Juan Province of Argentina. The La Punilla Gold-Silver Project is accessible from the San Juan town of Rodeo, via the same road intended to access BHP and Lundin Mining’s Filo de Sol and Josemaría projects.

For a nominal cost, these mineral exploration applications provide the Company a strategic platform in a hotbed of mineral exploration and corporate activity.

Ronin Chairman Joseph van den Elsen commented:

“The La Punilla Gold-Silver Project provides Ronin an entry into the San Juan hotbed of corporate and exploration activity. The Company’s Board has real working experience in San Juan and will draw upon its professional networks to oversee its evaluation and assessment. The Company remains committed to its strategy of generating shareholder value through development of its existing assets and acquiring new business development opportunities to further complement the portfolio”.

La Punilla Gold-Silver Project

Regional Setting

The high cordillera region of the San Juan Province, Argentina has significant mineral endowment, hosting numerous globally significant porphyry copper-gold-molybdenum deposits, such as Filo del Sol, Altar, Pachón, Los Azules, and the Veladero epithermal Au-Ag deposit. In the Precordillera region, gold rich skarn deposits (Gualcamayo) have also been discovered, as well as Au-Ag veins (Casposo), both of which have been developed into significant mining operations ( refer Figure 1 ).

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Figure 1: Significant mineral occurrences in San Juan, Argentina ( Refer 1 – Referenced Projects )

Definition of areas of interest – Prospective for gold

Mineral tenure in San Juan territory is tightly held, particularly in the high cordillera mountain area along the Cu-Mo-Au Miocene belt.

A preliminary analysis of Google Earth satellite imagery was carried out across areas available for application. Areas with visible changes in colour, which may reflect a change in rock type or alteration of the rock, were then filtered by areas with known favourable geological environments, proximal to mineral endowments currently in production, or with evidence of historical artisan mining.

Areas of continuing interest were then cross-referenced against regional geophysical, geological and geochemical data published by SEGEMAR (Argentine Geological and Mining Service), to further validate possible anomalous zones. Publicly available technical reports on known proximal mineral occurrences were also referenced.

Park and protected biodiversity areas were excluded as areas of interest.

Selection of areas of interest

Northern end of the La Punilla Mountain Range (Iglesia, San Juan, Argentina)

Based on the area of interest definition above and further analysis of the publicly available geological, geochemical, mineral occurrence and geophysical data, three available areas, totalling 23,637 hectares were identified. These areas are considered by the Company to have the potential to host precious metals mineralisation (Au/Ag), based on a geological model of Miocene intrusives with associated hydrothermal alteration. Regionally, magnetic anomalies coincident with prospective lithologies have been found to be vectors for mineralisation, both of which are present on the properties under application.

Figures 1 and 2 identify the three areas over which the Company has submitted mineral exploration applications.

1. Referenced Projects

Veladero Gold Mine – Barrick / Shandong Gold Joint Venture

Refer https://www.barrick.com/English/operations/veladero/default.aspx

Alturas – Refer Barrick Annual Report 2023 at 155

https://s25.q4cdn.com/322814910/files/doc_financial/annual_reports/2023/Barrick_Annual_Report_2023.pdf Pascua – Refer Barrick Annual Report 2023 at 155 https://s25.q4cdn.com/322814910/files/doc_financial/annual_reports/2023/Barrick_Annual_Report_2023.pdf Lama - Refer Barrick Annual Report 2023 at 155 https://s25.q4cdn.com/322814910/files/doc_financial/annual_reports/2023/Barrick_Annual_Report_2023.pdf Hualilan – Challenger Exploration Limited - Refer https://challengergold.com/projects/argentina/hualilan project/

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Figure 2: Access - La Punilla Gold-Silver Project - San Juan Province, Argentina

Next Steps

The Company expects the applications to be granted within three months.

In the intervening period, low-cost follow-up desktop and field mapping will be completed, to allow the Company to conduct a preliminary assessment of the La Punilla Project’s technical merits to aid planning of more detailed exploration works. These low-cost activities will be funded from the Company’s Working Capital reserves.

The Company will also continue to review other opportunities in the San Juan Province and elsewhere.

Vetas Project, Colombia

The Vetas Project’s tenure consists of a Mining Contract (Contrato de Concesion) and Mining Contract Applications (Propuesta de Contrato de Concesion). The Company has submitted to the Colombian National Mining Agency (ANM) an environmental license application (PMA) and an accompanying mine plan application (PTO) modelled on a near-term, low capex mining operation at the Vetas Project.

Despite ongoing contact with authorities and local stakeholders, the Company remains unable to initiate a drilling campaign. In recognition of the ongoing socio-political instability which has prevented the Company for commencing a drilling campaign, the National Mining Agency (ANM) has considered the Company’s request and as announced on 23 October 2023 ( Vetas Project Update ) retrospectively suspended the contractual obligations of the Vetas Project for the period ending August 2023. This suspension has the primary effect of suspending the land tax and reporting obligations of the Vetas Project for the relevant period.

Ronin remains committed to initiating a maiden diamond drilling campaign at the Vetas Project, when circumstances allow (the timeframe for which is currently unclear).

For more information, please contact:

Justin Mouchacca Company Secretary P: +61 (0)3 8630 3321

-Ends-

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

About Ronin Resources Ltd

The Company was admitted to the Official List (ASX code: RON) in December 2021 and focused on the assessment and evaluation of its 100% owned Vetas and Santa Rosa Projects, both located in Colombia. Since listing, the Company has acquired the Hornby Lake lithium project in Canada and continues to seek to identify, assess and potentially acquire other complementary new business opportunities capable of delivering shareholder returns.

Competent Person Statement

The information in this announcement that relates to exploration results within this document has been reviewed by Max Nind, a Competent Person who is a Member of the Australian Institute of Geoscientists (#3935). Mr Nind is a full-time employee of ERM. Mr Nind has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Nind consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

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.

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or	• Not Applicable – no sampling or drilling has been
	specific specialised industry standard measurement tools appropriate	undertaken on the tenure
	to the minerals under investigation, such as down hole gamma
	sondes, or handheld XRF instruments, etc). These examples should
	not be taken as limiting the broad meaning of sampling.
	• Include reference to measures taken to ensure sample representivity
	and the appropriate calibration of any measurement tools or systems
	used.
	• Aspects of the determination of mineralisation that are Material to
	the Public Report.
	• In cases where ‘industry standard’ work has been done this would be
	relatively simple (e.g. ‘reverse circulation drilling was used to obtain
	1 m samples from which 3 kg was pulverised to produce a 30 g
	charge for fire assay’). In other cases, more explanation may be
	required, such as where there is coarse gold that has inherent
	sampling problems. Unusual commodities or mineralisation types
	(e.g. submarine nodules) may warrant disclosure of detailed
	information.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air	• Not Applicable – no drilling has been undertaken
	blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple
	or standard tube, depth of diamond tails, face-sampling bit or other
	type, whether core is oriented and if so, by what method, etc).
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries	• Not Applicable – no drilling has been undertaken
	and results assessed.
	• Measures taken to maximise sample recovery and ensure
	representative nature of the samples.

Criteria	JORC Code explanation	Commentary
	• Whether a relationship exists between sample recovery and grade
	and whether sample bias may have occurred due to preferential
	loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	• Not Applicable – no drilling has been undertaken
	geotechnically logged to a level of detail to support appropriate
	Mineral Resource estimation, mining studies and metallurgical
	studies.
	• Whether logging is qualitative or quantitative in nature. Core (or
	costean, channel, etc) photography.
	• The total length and percentage of the relevant intersections logged.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	• Not Applicable – no drilling has been undertaken
techniques and	taken.
sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc and
	whether sampled wet or dry.
	• For all sample types, the nature, quality and appropriateness of the
	sample preparation technique.
	• Quality control procedures adopted for all sub-sampling stages to
	maximise representivity of samples.
	• Measures taken to ensure that the sampling is representative of the
	in-situ material collected, including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the grain size of the
	material being sampled.
Quality of assay data	• The nature, quality and appropriateness of the assaying and	• Not applicable – no assaying has been undertaken
and laboratory tests	laboratory procedures used and whether the technique is considered
	partial or total.
	• For geophysical tools, spectrometers, handheld XRF instruments, etc,
	the parameters used in determining the analysis including instrument
	make and model, reading times, calibrations factors applied and
	their derivation, etc.
	• Nature of quality controlprocedures adopted(e.g. standards, blanks,

Criteria	JORC Code explanation	Commentary
	duplicates, external laboratory checks) and whether acceptable levels
	of accuracy (ie lack of bias) and precision have been established.
Verification of	• The verification of significant intersections by either independent or	• Not applicable – no verification of data, as no sampling,
sampling and assaying	alternative company personnel.	drilling or assaying
	• The use of twinned holes.
	• Documentation of primary data, data entry procedures, data
	verification, data storage (physical and electronic) protocols.
	• Discuss any adjustment to assay data.
Location of data	• Accuracy and quality of surveys used to locate drill holes (collar and	• Not applicable – no surface samples or drilling has been
points	down-hole surveys), trenches, mine workings and other locations	undertaken on the ground
	used in Mineral Resource estimation.
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.
Data spacing and	• Data spacing for reporting of Exploration Results.	• Not Applicable - no surface samples or drilling has been
distribution	• Whether the data spacing, and distribution is sufficient to establish	undertaken on the ground
	the degree of geological and grade continuity appropriate for the
	Mineral Resource and Ore Reserve estimation procedure(s) and
	classifications applied.
	• Whether sample compositing has been applied.
Orientation of data in	• Whether the orientation of sampling achieves unbiased sampling of	• Not Applicable - no surface samples or drilling has been
relation to geological	possible structures and the extent to which this is known, considering	undertaken on the ground
structure	the deposit type.
	• If the relationship between the drilling orientation and the
	orientation of key mineralised structures is considered to have
	introduced a sampling bias, this should be assessed and reported if
	material.
Sample security	• The measures taken to ensure sample security.	• Not Applicable – no samples have been collected
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Not Applicable - no surface samples or drilling has been
		undertaken on the ground

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	• Ronin Resources Limited has applied for 3 mineral exploration
tenement and	agreements or material issues with third parties such as joint	licenses
land tenure	ventures, partnerships, overriding royalties, native title interests,	• No royalties exist over the property
status	historical sites, wilderness or national park and environmental	• Claim numbers areN°1124-628-2024; N°1124-629-2024 and
	settings.	N°1124-630-2024.
	• The security of the tenure held at the time of reporting along with
	any known impediments to obtaining a licence to operate in the area.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	The analysis relied upon Aster satellite imagery, the SEGEMAR (Argentine
done by other		Geological and Mining Service) publicly available database and publicly
parties		available information on the following projects: Veladero Gold Mine –
		Barrick / Shandong Gold Joint Venture
		Refer
		https://www.barrick.com/English/operations/veladero/default.aspx
		Alturas –Refer Barrick Annual Report 2023 at 155
		https://s25.q4cdn.com/322814910/files/doc_financial/annual_reports/
		2023/Barrick_Annual_Report_2023.pdf
		Pascua –Refer Barrick Annual Report 2023 at 155
		https://s25.q4cdn.com/322814910/files/doc_financial/annual_reports/
		2023/Barrick_Annual_Report_2023.pdf
		Lama -Refer Barrick Annual Report 2023 at 155
		https://s25.q4cdn.com/322814910/files/doc_financial/annual_reports/
		2023/Barrick_Annual_Report_2023.pdf
		Hualilan – Challenger Exploration Limited
		Refer https://challengergold.com/projects/argentina/hualilan-project/
Geology	• Deposit type, geological setting and style of mineralisation.	• The target of exploration is epithermal vein style gold and silver
		mineralisation in the San Juan Province of Argentina. At this early
		stage of exploration, the target is related to Miocene intrusives with
		associated hydrothermal alteration.

Criteria	JORC Code explanation	Commentary
Drill hole	• A summary of all information material to the understanding of the	• Not Applicable – no drilling has been undertaken on the tenure
Information	exploration results including a tabulation of the following
	information for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should clearly
	explain why this is the case.
Data	• In reporting Exploration Results, weighting averaging techniques,	• Not Applicable – no historical exploration data to report
aggregation	maximum and/or minimum grade truncations (e.g. cutting of high
methods	grades) and cut-off grades are usually Material and should be stated.
	• Where aggregate intercepts incorporate short lengths of high-grade
	results and longer lengths of low-grade results, the procedure used
	for such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
Relationship	• These relationships are particularly important in the reporting of	• Not Applicable - no historical exploration data to report
between	Exploration Results.
mineralisatio	• If the geometry of the mineralisation with respect to the drill hole
n widths and	angle is known, its nature should be reported.
intercept	• If it is not known and only the down hole lengths are reported, there
lengths	should be a clear statement to this effect (e.g. ‘down hole length,
	_true width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	• The location of the targeted areas is provided in the body of the
	intercepts should be includedfor any significant discovery being

Criteria	JORC Code explanation	Commentary
	reported These should include, but not be limited to a plan view of	report
	drill hole collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not	• All available exploration results are reported
reporting	practicable, representative reporting of both low and high grades
	and/or widths should be practiced to avoid misleading reporting of
	Exploration Results.
Other	• Other exploration data, if meaningful and material, should be	• Data pertinent to this report is provided in the body of the report
substantive	reported including (but not limited to): geological observations;
exploration	geophysical survey results; geochemical survey results; bulk samples
data	– size and method of treatment; metallurgical test results; bulk
	density, groundwater, geotechnical and rock characteristics;
	potential deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (e.g. tests for lateral	• Proposed exploration work is provided in the body of the report and
	extensions or depth extensions or large-scale step-out drilling).	is subject to the granting of the 3 applications.
	• Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling
	areas, provided this information is not commercially sensitive.