RONIN RESOURCES LTD — Investor Presentation 2023

Oct 2, 2023

HORNBY LAKE LITHIUM PROJECT

Disclosures & Disclaimers

Not an offer of securities

This document has been independently prepared by Ronin Resources Limited (Ronin) and is provided for informational purposes only.

This document does not constitute or contain an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in Ronin. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in any jurisdiction (in particular, the United States), or a securities recommendation. This document is not a prospectus, product disclosure statement or other offering document under Australian law or any other law, and will not be lodged with the Australian Securities and Investments Commission.

Summary Information

This document contains a summary of information about Ronin and its activities that is current as at the date of this document. The information in this document is general in nature and does not purport to be complete or to contain all the information which a prospective investor may require in evaluating a possible investment in Ronin or that would be required in a prospectus or a product disclosure statement prepared in accordance with the Corporations Act 2001 (Cth) (Corporations Act).

No Liability

The information contained in this document has been prepared in good faith by Ronin, however no guarantee representation or warranty expressed or implied is or will be made by any person (including Ronin and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this document.

To the maximum extent permitted by law, Ronin and its affiliates and their directors, officers employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom.

Statements in this document are made only as of the date of this document unless otherwise stated and the information in this document remains subject to change without notice. No responsibility or liability is assumed by Ronin or any of its affiliates for updating any information in this document or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which Ronin and any of its affiliates or advisers may become aware.

Forward Looking Statements

Certain information in this document refers to the intentions of Ronin, but these are not intended to be forecasts, forward looking statements or statements about the future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of the events in the future are subject to risk, uncertainties and other actions that may cause Ronin's actual results, performance or achievements to differ from those referred to in this document. Accordingly, Ronin and its affiliates and their directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of these events referred to in the document will actually occur as contemplated. Forward Looking Statements (Cont'd)

Statements contained in this document, including but not limited to those regarding the possible or assumed future costs, performance, dividends, returns, revenue, exchange rates, potential growth of Ronin, industry growth or other projections and any estimated company earnings are or may be forward looking statements. Forward-looking statements can generally be identified by the use of words such as 'project', 'foresee', 'plan', 'expect', 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will' or similar expressions. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of Ronin. Actual results, performance, actions and developments of Ronin may differ materially from those expressed or implied by the forward-looking statements in this document.

Such forward-looking statements speak only as of the date of this document. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, Ronin and any of its affiliates and their directors, officers, employees, agents, associates and advisers:

• Disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions;
• Do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and
• Disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

Not financial product advice

This document does not constitute financial product advice or take into account your investment objectives, taxation situation, financial situation or needs. This document consists purely of factual information and does not involve or imply a recommendation of a statement of opinion in respect of whether to buy, sell or hold a financial product.

An investment in Ronin is considered to be speculative in nature. Before making any investment decision in connection with any acquisition of securities, investors should consult their own legal, tax and/or financial advisers in relation to the information in, and action taken on the basis of, this document.

Competent Person Statement

The Exploration Results and Targets for the Vetas Coal Project contained in this presentation have been extracted from the Independent Geologist's Report 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.

The Exploration Target contained in the Independent Geologist's Report included in the Company's IPO prospectus dated 29 October 2021 is conceptual in nature, with respect to both quantity and grade, and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

The information in this presentation that relates to Lithium prospectivity outlined within this document is has been reviewed by Mr Ralph Porter, a full-time employee of ERM Australia Consultants Pty Ltd trading as CSA Global ("CSA Global"), an ERM Group company. Ralph Porter is a professional geoscientist and Member of The Australian Institute of Geoscientists (#4836) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which has been 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 Porter consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

Capital Structure

Ronin Resources	Shares
Issued &Outstanding	36,825,010
Unlisted $0.30c options	3,925,000
Performance Rights	200,000
Fully Diluted	40,950,010
Market Capitalisation @ $0.14	~$5.16m
Cash at Bank	$3.94M(30 June 2023)
Enterprise Value	~$1.22M

Team

Joseph van den ElsenExecutive Chairman	(BA, LLB, Grad Dip Environment, Energy & Resources Law, Grad Dip Mineral Exploration Geoscience and Master of Science(Mineral Economics) (in progress)Joseph is a dual Australian/Colombian citizen who founded Ronin Resources in 2017. Joseph currently serves as the ManagingDirector of Canadian listed Pampa Metals and has held a number ofexecutive and non-executive positions with listed andunlisted mineral exploration and development companies including Ookami Ltd (OOK.ASX), MHM Metals (VYS.ASX), AscotResources (AZQ:ASX), OAR Resources Ltd (OAR.ASX) and Arcadia Minerals Ltd (AM7.ASX). Previous experience also includesserving as an Associate Director with UBS and holding a comparable position with Goldman Sachs JBWere.
Marnus BothmaNon-Executive Director	Mr Bothma is a qualified geologist and company executive who is experienced in early exploration of mining assets throughto production, having conducted numerous technical programs in Australia, Canada and Korea. Mr Bothma was the foundingdirector and CEO of Peak Iron Mines, a privately owned iron ore mining company with operations in South Australia exportingthrough Whyalla. Mr Bothma also founded and (until mid 2022) was the Managing Director of Northern Iron Pty Ltd, whichacquired and operates the Warrego tailings rehabilitation project in the Northern Territory. Mr Bothma has also served asnon-executive director on the board of ASX listed company Chase Mining Ltd (ASX:CLM).
Matthew KeenNon-Executive Director	(B. Eng. (Hons))Matt has over 20 years of broad-based commercial experience across the engineering, finance and corporate sectors and iscurrently employed as the Chief Investment Officer of Fitzpatrick Group, sharing responsibility for the day to day running ofitsinvestment portfolio. Previously, Matt was the General Manager –Corporate Development of Whitehaven Coal, Managing Directorof MHM Metals (MHM:ASX) and held positions with Tinkler Group, a private Coal Corporate Development Group, and UBS.
Justin MouchaccaCompany Secretary andFinancial Controller	(CA, FGIA)Mr Mouchacca 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.He graduated from RMIT University in 2008 with a Bachelor of Business majoring in Accounting. Mr Mouchacca completed theChartered Accountants Program in 2011 and has been appointed Company Secretary and Financial Officer for a number ofentities listed on the ASX and unlisted public companies. He is also a Fellow of the Governance Institute of Australia.

Project Locations

Ontario, CA Canada

Hornby Lake Project Greenstone hosted lithium targets

Colombia South America

Vetas Coal Project

Large high-grade, shallow thermal coal deposit

Hornby Lake Greenstone

Project Overview

• 123 km2 exploration package, located within the Red Lake mining district of Ontario, Canada. The Hornby Lake Greenstone property has seen limited exploration with historical work targeting shear zone hosted base metal deposits .
• The OBM tenure covers the northerly trending Hornby Lake Greenstone which is located approximately 15km west of the North Spirit Greenstone Belt which hosts the Frontier Metals (TSXV:FL, mcap $600m) PAK project.
• The PAK project hosts a resource of 41.9MT @ 1.54% Li2O and the company has recently announced additional drill results including: 322m @ 1.6 % Li2O
• Within the Hornby Lake Project historical exploration identified a number of pegmatite dykes, however no assays have been completed for lithium
• Over 11km of linear features interpreted to be pegmatite dykes identified on the property from satellite imagery and 45 of these selected for immediate ground truthing and assessment of their lithium potential

Bear Head Lake Fault Zone

Regional Geology

• The mineralization at Frontier's PAK and Spark deposits is hosted within the Bear Head Lake Fault Zone (BHLFZ) which is a NW trending shear zone controlling the emplacement of fertile source granites
• Emplacement of the PAK and Spark pegmatites occurred close to the contact of the archean metavolcanic and metasedimentary sequences
• A secondary E-W trending metasedimentary and 2-Mica granite sequence extends towards the Hornby Lake project area which is terminated by granite and tonalite intrusives
• Historically exploration has been focused on the BHLFZ which includes detailed mapping and high-resolution geophysics
• Spodumene in the BHLFZ is hosted within coarse grained pegmatites as well as mineralization within abundant aplite dykes

Hornby Lake Project

Major Prospectivity Elements

A review of the Hornby Lake Project identified four general prospectivity elements, indicative of potential for lithium mineralization. These include:

• ✓ Potential fertile granites: The project area is host to at least two 2 -mica granite occurrences as outlined in historical exploration reports and an additional granite which may be part of the same suite.
• ✓ Pegmatites: At least five pegmatites have been identified in historical geological mapping.
• ✓ Greenstone host rock: The exploration targets are hosted within Archean greenstone lithologies predominantly mafic and ultramafic metavolcanic and metasedimentary rocks.
• ✓ Metamorphic grade: The majority of the rocks within the project area fall within the upper greenschist metamorphic facies.

Hornby Lake Project

Extensive pegmatite targets

• 5 pegmatites have been mapped in the north of the claim block (labelled A – E)
• The dikes are mentioned to vary from a few cm in width to 50m and radiate either from a source near North and South Dome on the northeast or from an unspecified granite the south-west
• In addition to the mapped pegmatites in the north, 2 granite dikes in the south-east interpreted to be potential pegmatites have been identified with noted occurrences of aplite dikes that include phenocrysts of up to 1cm
• Ronin has also identified from satellite imagery another 40 potential pegmatite targets

Fieldwork Targeting

• A first pass fieldwork program has been developed to explore for lithium mineralization in consultation with CSA Global with the objective of confirming the known pegmatites and 2 mica granites and ground truthing the interpreted pegmatite targets
• A total of 45 targets have been identified including the 5 outcropping pegmatites historically mapped and recorded
• Pegmatite targets have been prioritized as follows:
  • Priority 1: Historically mapped pegmatites
  • Priority 2: High confidence linear features
  • Priority 3: Moderate confidence linear features
  • Priority 4: Low confidence linear features
• In addition to investigation and sampling of the target pegmatites a geochemical evaluation of the potential source granites will be completed

Current Infrastructure | Power and Access Upgrades

Government Funded Infrastructure Upgrades

• Government is partnering with First Nations communities to build the $2 billion dollar Watay power network with completion targeted for 2023-2024.
• Multiple studies are currently underway on the feasibility of improving current power and road infrastructure in the region.
• A fully funded engineering study is being conducted for a proposed road infrastructure upgrade that is aimed at improving the quality of winter roads and extending the access season.
• Private studies on the feasibility of all season access roads are also in progress.

Near Term Milestones

September 2023

Fieldwork commenced (Announced on ASX 11 September 2023)

November 2023

Geochemical analysis results

Q3 2023 Q4 2023 Q1 2024 Q1 2024 Phase 2 Exploration October 2023 Preliminary fieldwork report and phase 2 exploration planning

Comparable Listed Company Analysis

North Spirit Lake Regional Lithium Exploration Companies – Pre and Post Discovery

Sources:

Ronin Resources = accessed 14/9/2023 https://www.asx.com.au/markets/company/RON

Blaze Minerals, operating the north spirit lithium project located 40km east of the Hornby Lake project – accessed 14/9/2023 https://www.asx.com.au/markets/company/blz Patriot Lithium, operating the Gorman project located within the bear head lake deformation zone - accessed 14/9/2023 https://www.asx.com.au/markets/company/pat Critical Resources, operating three projects in Northwestern Ontario - accessed 14/9/2023 https://www.asx.com.au/markets/company/crr Frontier Lithium, operating the PAK lithium project located from 15km east of the Hornby lake project – accessed 14/9/2023 https://money.tmx.com/en/quote/FL. Currency converted at 0.87:1 AUD:CAD

The comparable companies have been selected due to their close proximity to the Hornby Lake lithium project and because they are at various stages of development ranging from greenfields exploration (Patriot lithium, Ronin Resources) to early discovery (Blaze Minerals) to defined resources (Critical Resources) to preliminary economic study level (Frontier Lithium).

Project Highlights

• Large high-grade, shallow thermal coal deposit;
• 100% owned by Ronin, with no contingent asset payments;
• 30 Year Mining Contract, renewable for a further 30 years;
• Mine Plan (PTO) and an accompanying environmental license application (PMA) modelled on a near-term, low capex mining operation submitted to the Colombian National Mining Agency (ANM).

Large high-grade, shallow 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.
• 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.
• The Exploration Target is conceptual in nature, with respect to both quantity and grade, and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

Depthinterval	Concession		Coalarea(km 2 )	Strikelength(km)	Total coal thickness(m)		Raw ash$%$ (ar)		Exploration Target(Mt)
(m)					minimum	maximum	minimum	maximum	minimum	maximum
< 100	Mining title	FI3-152	6	5	1	10	5	10	7	69
	Mining titleapplication	SJU-10121	11	5	1	10	5	10	12	120
		Total $\leq 100$ m
100-200	Mining title	FI3-152	$\overline{2}$	5	$\overline{1}$	10	5	10	$\overline{2}$	24
	Mining titleapplication	SJU-10121	3	5	$\mathbf{1}$	10	5	10	3	26
	Total 100 - 200 m								5 5	50
Exploration Target Total								24	239
Exploration Target Total (rounded)							20	200

Figure: Exploration Target – Vetas Coal Project. Source: Ronin IPO Prospectus 15 December 2021

Figure: Coal seam outcrops – 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	1	8.33
CAT - 54	1.07	1.2	0.408	0.456	12,364	13,810	1	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	1	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	2	8.07

Table: Vetas Project – Coal Quality. Source: Ronin Resources' IPO Prospectus

Permitting Status

• As detailed in the Permitting Update – Vetas Project announcement released on ASX on 14 February 2023, the company has submitted a Mine Plan (PTO) and an accompanying environmental license application (PMA) modelled on a near -term, low capex mining operation the Colombian National Mining Agency (ANM).
• The Vetas Project's tenure consists of a Mining Contract (Contrato de Concesión) and Mining Contract Applications (Propuesta de Contrato de Concesión). Commercial mining operations are permitted on Mining Contracts with an approved mine plan (PTO) and environmental license (PMA).

Contact Us:

info@roninresources.com

roninresources.com

| Hornby Lake Lithium Project