Ronin Resources Limited provides the following update on its 100% owned Vetas Project. The Company retains a local presence alongside its selected drilling contractor. Ronin remains committed to initiating 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.

As previously announced, in the intervening period priority is being given to the preparation and submission of a mine plan (PTO) and the accompanying environmental license application (PMA) modelled on a near-term, low capex mining operation. To further complement this body of work, Ronin has engaged external consultants to support additional seismic review and interpretation aimed at improving stratigraphic and structural definition. Following completion, this will be integrated into the Company's proprietary 3D Minex geological model.

This additional work will and the resulting enhancements to the Company's proprietary 3D Minex geological will assist with drill hole planning and the design of a near-term, low capex mining operation. Reinterpretation of historical data utilizing modern technology, in conjunction with advancing long lead-time permits will ensure the Vetas Project is positioned for swift exploration and development, if and when circumstances warrant. Concurrently, the Company continues to review and assess complementary new business opportunities capable of driving enhanced shareholder returns.

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 arget 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.

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.