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Investor Presentaiton

RINCON IPO CAPITAL RAISE & PRO FORMA Pro Forma Rincon Capital Structure on IPO Minimum Maximum Current Rincon Major Shareholders Vendor & promotor consideration¹ m 17.25 17.25 Board & Management Shares to be issued on conversion of the convertible loans m 2.86 2.86 Gunsynd Plc Shares to be issued pursuant to the IPO² 3 25.00 30.00 On Site Laboratory Services / Garry Goyne Shares to be issued to the Lead Managers³ m 1.88 2.09 Others (including existing option holders post-exercise) % 35.64 27.56 9.17 24.12 Shares on issue m 46.99 52.19 Shareholding Post IPO A$5M A$6M Proposed IPO share price A$ 0.20 0.20 Existing¹ Market capitalisation (at A$0.20 IPO price) A$M 9.40 10.44 IPO participants do do % 36.27 32.72 % 53.21 57.81 Cash (before costs of offer) A$M 5.72 6.72 Convertible Loan conversion do % 6.08 5.47 Debt A$M Nil nil Lead Managers do % 4.44 4.00 Enterprise Value A$M 3.68 3.72 ¹Rincon share consolidation 4.5 for 1 to 13.6 million plus exercise of all existing options ¹Rincon share consolidation 4.5 for 1 to 13.6 million plus exercise of all existing options 2 Rincon proposing to raise A$5M via the Issue of 25 million shares @ A$0.20 per share, oversubscription capacity of A$1M allowing for another 5 million shares 3Shares to be issued to Lead Managers on completion of the IPO Rincon Resources Ltd - November 2020 Investor Presentation 7 R
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