RONIN RESOURCES LTD — Interim / Quarterly Report 2022

Jan 30, 2023

ASX Announcement 31 January 2023

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ACN 625 330 878

Registered Office:

Level 21, 459 Collins Street Melbourne VIC 3000

December 2022 Quarterly Activities Report and Appendix 5B

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 – $0.155 (30 January 2023)

Market capitalisation – $4.9M (at $0.155)

Cash at Bank – 31 December 2022 $3.87M

• During the December 2022 quarter Ronin detailed the increase in the footprint of the Vetas Project through the lodgement of new mining contract applications adjacent to Ronin’s pre-existing tenure (refer to ASX announcement 16 October 2022).

• Subsequently, on 19 October 2022 Ronin detailed the further expansion in the Vetas Project footprint.

• On 16 December 2022, the Company advised that it was finalising the mine plan (PTO) and accompanying environmental license application (PMA) modelled on a near-term, low capex mining operation at the Vetas Project.

• On 16 December 2022, the Company also took the opportunity to reaffirm its commitment to a maiden diamond drilling campaign, designed to validate the presence, continuity and correlation of coal seams, and allow the sampling of all seams at depth, when circumstances allow and retains a local presence alongside its selected drilling contractor.

• Concurrent with the advancement of the flagship Vetas Project, the company has also been advancing the Santa Rosa mining license applications and will shortly commencing field mapping and soil sampling.

• The Company continues to actively evaluate and assess complementary new business development opportunities.

• As at 31 December 2022 Ronin Resources held cash reserves of $3.87m.

About Ronin Resources Ltd

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.

Ronin Resources Ltd ( ASX: RON ) ( Ronin or the Company ) provides the following report and attached Appendix 5B to its shareholders for the quarter ending 31 December 2022.

Vetas Project – Maiden drill campaign

As advised on 3 May 2022, the Company mobilised to site alongside its selected drilling contractor, to finalise preparations for its maiden diamond drilling campaign designed to validate the presence, continuity and correlation of coal seams and allow the sampling of all seams at depth.

The Colombian Presidential elections (29 May 2022) slowed this process, as did the run-off election required (19 June 2022) and the subsequent election of Colombia’s first leftist President.

Despite having operated under a community access agreement since 2019, an increase in socio-political instability post the June 2022 election forced Ronin to postpone its maiden drilling campaign. Priority has instead been given to the preparation and submission of a mine plan (PTO) and the accompanying environmental license application (PMA) in order to expedite development once access to the project is reestablished. As previously announced on the ASX on 3 May 2022, these studies and plans will be modelled on a near-term, low capex mining operation.

The Company remains hopeful that it will be able to commence its maiden drill program in the near term and will keep the market informed of its status.

Vetas Project – Mine Plan (PTO) and Environmental License application. (PMA)

The Company has expanded the engagement of Serviminas SAS, a Medellin based mining services provider with over 40 years’ experience, beyond the maiden drilling program to also include the design and preparation of a near-term, low capex mine plan (PTO).

Concurrently, the Company has engaged Monteria based Ecosuelos SAS, a specialist environmental consultant to the mining industry, to complete the accompanying environmental license application (PMA) to support the nearterm, low capex mine plan.

Advancing long lead-time permits will ensure the Vetas Project is positioned for swift development, if and when circumstances warrant.

The Company anticipates submitting its Mine Plan (PTO) within the coming fortnight and doing so will allow finalization of the Environmental License application shortly thereafter.

Santa Rosa Project

The Company’s second project is the Santa Rosa project, a portfolio of mining license applications prospective for gold and copper mineralisation. The areas subject of the applications are located in the foothills of the Serrania de San Lucas, in the Municipality of Santa Rosa Sur, Bolivar Department, Colombia. The town of Santa Rosa del Sur is the largest regional centre in a prolific artisan mining district.

In parallel with the advancement of its flagship Vetas Project, the Company has also been advancing the Santa Rosa mining license applications and will shortly commence the Phase 1b work program contemplated in its prospectus, comprised of mapping and geochemical sampling.

Business Development

As contemplated in the IPO Prospectus, the Company continues to actively seek to identify and review potential new business development opportunities capable of enhancing the portfolio and driving shareholder returns.

To date, the Company has reviewed a number of opportunities across lithium, copper, gold, and coal and will keep the market informed as its business development efforts progress.

Additional Information

The Company continues to progress work on the Vetas Project but notes that on a pro-rata basis, its expenditure has been less than budgeted in the 24-month use of funds table detailed in section 5.8 of its Prospectus dated 29 October 2021 due to the following factors:

• Expenditure being weighted towards the 2[nd] year of activities;

• Delays (as detailed in the 26 July Exploration Update – Vetas Project) initiating on ground activities; and

• Changes to the sequence of planned activities, relative to section 5.8 of the 29 October 2021 Prospectus and as detailed in the 26 July Exploration Update – Vetas Project .

The table below compares the Company’s actual expenditure against the 2 Year Use of Funds table contained in the Company’s Prospectus dated 29 October 2021:

Use of funds as contained in the Prospectus	2 Year Use of Funds as contained in the Prospectus	Actual amount spent to date
Exploration expenditure at Vetas Project	$2,500,000	$259,540
Exploration expenditure at Santa Rosa Project	$436,100	$4,000
Expenses of the Offer	$445,000	$501,000
Working Capital	$1,118,900	$230,800
Administration costs	$750,000	$424,800
Total	$5,250,000	$1,420,140

Appendix 5B related party payments

Payments during the December 2022 quarter to related parties amounted to $48K which related to Director remuneration for the December 2022 quarter.

Interests in Mining Tenements

Below is a summary of the mining tenements held by the Company at the end of the quarter:

Mining Tenement	Location	Beneficial Percentage held	Interest acquired/farm-in or disposed/farm-out during thequarter
FI3-152 Mining Title (Vetas Project) *	Colombia	100%	-
Mining License Application 507079 (Vetas Project)	Colombia	100%	100%
Mining License Application 507086 (Vetas Project)	Colombia	100%	100%
Mining License Application 507085 (Vetas Project)	Colombia	100%	100%

Mining License Application 507084 (Vetas Project)	Colombia	100%	100%
Mining Licence Application 501358 (Santa Rosa 1)	Colombia	100%	-
Mining Licence Application 501360 (Santa Rosa 2)	Colombia	100%
Mining Licence Application 501372 (Santa Rosa 3)	Colombia	100%

• Subject to transfer from the original vendors.

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 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.

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.

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

RONIN RESOURCES LIMITED ABN Quarter ended (“current quarter”) 30 625 330 878 31 December 2022

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other	- (8) - - (48) (50) - 8 - - - -	- (277) - - (76) (107) - 13 - - - -
1.9 Net cash from / (used in) operating activities	(98)	(447)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - - - - -	- - - - - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	-	-
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	- - - - - - - - -
	-	-
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	3,970 (98) - -	4,319 (447) - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	3,872	3,872
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	3,872 - - -	3,970 - - -
	3,872	3,970
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 48 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		48
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
	N/A
8.	Estimated cash available for future operating activities		$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (98) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (98) Cash and cash equivalents at quarter end (item 4.6) 3,872 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 3,872 Estimated quarters of funding available (item 8.6 divided by item 8.3) 39.51 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?		(98) - (98) 3,872 -
			3,872
			39.51
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 January 2023

Authorised by: The Board of Directors

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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