Ronin Resources Limited provided the update on its 100% owned Vetas Coal Project. The company has further increased the footprint of its 100% owned Vetas Coal Project through submission of an additional 3 new mining contract applications (Propuesta de Contrato de Concesi=n) with the Colombian National Mining Agency (ANM) covering a total area of 5,319 h.a. The project's tenure now comprises a mining contract and 5 mining contract applications covering a total area of 10,627 h.a. 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. Planned Exploration Work The Company's December 2021 Prospectus detailed a Use of Funds on the Vetas Project across community & social programs, reinterpretation of existing seismic data, surface mapping, drilling, geochemistry, land taxes, concept mining and environmental assessment. Given the present challenges, the Company has deferred the mapping, drilling and geochemistry programs and prioritized the reinterpretation of existing seismic data, concept mining and environmental assessment.

This reprioritization has resulted in the expansion of the Vetas Project footprint by ~6,900 h.a, through the submission of 4 additional mining contract applications. The project's tenure now comprises a mining contract and 5 mining contract applications covering a total area of 10,627 h.a. Ronin retains a local presence alongside its selected drilling contractor and will initiate 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, when circumstances allow.