Rincon Resources Uncovers Major Depth Target at Telfer South

Rincon Resources Uncovers Major Depth Target at Telfer South, Setting Stage for 2026 Drill Campaign

Rincon Resources Limited (ASX: RCR) has announced significant results from a newly completed MobileMT geophysical survey across its 100%-owned Telfer South–Hasties Project in Western Australia's Eastern Pilbara region. The survey, covering approximately 89 line-kilometres of airborne data, has identified a previously unrecognised, high-resistivity body positioned more than 200 metres below surface, located directly along strike of the known Hasties Gold-Copper zone. Significantly, this depth target has never been tested by drilling.

The identification of this deep resistive target, alongside multiple additional zones of interest across the project, materially enhances the exploration outlook at Telfer South and provides a compelling framework for an upcoming RC drilling programme. Details of the Rincon Resources Telfer South depth target drilling plans are expected to be announced in the coming weeks.

A New Dimension Opens Up at Hasties

The Hasties Gold-Copper zone has served as the focal point of Rincon's exploration activities at Telfer South, hosting a Mineral Resource Estimate (MRE) of 870,000 tonnes at 0.96 g/t Au for 26,800 oz gold and 2,286 tonnes of copper (at a 0.3 g/t Au cut-off). The zone extends over 1.1 kilometres of strike and is located just 10 kilometres south of the Telfer Gold Mine, one of Australia's most significant gold-copper producing operations.

Historical exploration at Hasties has been predominantly confined to near-surface and shallower drilling intervals. The MobileMT survey fundamentally changes this approach by imaging the subsurface geology to depths approaching 1 kilometre, effectively opening an entirely new vertical dimension for the project.

"The MobileMT geophysical survey has added a new dimension to our Hasties Gold-Copper project, located just 10 km south of the Telfer Mine in the East Pilbara, providing timely data for our planned RC drilling program. The targets identified by the survey align well with the Hasties Zone, which now extends for over 1.1 km."

— Michael Griffiths, Technical Director, Rincon Resources

Survey Results: Four Distinct Zones of Interest

The MobileMT survey, conducted by Expert Geophysics Surveys Inc., has identified four distinct targets across the project. Each target displays different geological characteristics and warrants varying levels of follow-up investigation.

The resistivity readings from the deep target — 7,500 and 1,200 ohm.m — are particularly noteworthy. These elevated values indicate the presence of resistive rock units that, within the context of the Hasties geological setting, are interpreted as host rocks and possibly concealed intrusive material.

Known mineralisation at Hasties has developed along a pronounced resistivity gradient, providing geological support for the depth target as a potential extension of the mineralised system.

Understanding MobileMT Technology: Critical Context for Exploration

What is MobileMT?

MobileMT (Mobile Magnetotellurics) represents a helicopter-borne, passive-source electromagnetic (EM) geophysical method. Rather than transmitting an active signal into the ground, it measures naturally occurring electromagnetic fields generated by solar and atmospheric activity across a frequency range of 25 to 20,000 Hz. The system uses differences in how these fields respond at depth to map the electrical resistivity of subsurface rocks.

Why Does It Matter for Gold-Copper Exploration?

Different rock types and mineralisation styles exhibit distinct electrical resistivity signatures. Furthermore, understanding these signatures is central to directing exploration activity effectively:

• High resistivity typically indicates fresh, unaltered host rock or intrusive material — potentially the same rock types that host the Hasties mineralisation.
• Low resistivity or conductive zones can indicate sulphide minerals, alteration zones, and fluid pathways — all commonly associated with gold-copper deposits.

At Hasties, mineralisation is known to develop along a resistivity gradient — the boundary between resistive and conductive domains. The MobileMT survey has now imaged this gradient to depths exceeding 200 metres, revealing that the mineralised system continues well below the current drilling footprint.

How Does This Reduce Exploration Risk?

High-quality geophysical surveys of this type reduce exploration risk by directing drillholes to the most geologically compelling targets. Rather than drilling on speculation, the Rincon Resources Telfer South depth target drilling plans can now be developed with a high-resolution 3D resistivity model as guidance, improving the probability of intersecting meaningful mineralisation at depth.

Technical Glossary

• Resistivity: A measure of how strongly a material resists electrical current. Higher values indicate more resistive rock.
• Ohm.m: The unit of electrical resistivity measurement.
• MRE (Mineral Resource Estimate): A formal estimate of the quantity and grade of mineralisation, classified under the JORC Code.
• RC Drilling: Reverse Circulation drilling — a common, cost-effective method used in early to mid-stage exploration.
• Induced Polarisation (IP): A complementary ground-based geophysical technique that measures chargeability of rocks, often used to detect sulphide mineralisation.

Existing Resource Foundation Provides Investment Context

Before evaluating the new geophysical targets, it is important to establish the existing resource base at Telfer South. The Hasties MRE, announced in February 2025, provides a meaningful resource foundation across multiple cut-off grades.

Hasties Gold-Copper Mineral Resource Summary

Classification breakdown at the 0.3 g/t Au cut-off:

• Indicated: 633,000 t at 1.03 g/t Au and 0.28% Cu for 21,100 oz Au and 1,733 t Cu
• Inferred: 237,000 t at 0.75 g/t Au and 0.23% Cu for 5,700 oz Au and 553 t Cu

Rincon has indicated that exploration results from the MobileMT survey are expected to contribute to a future revision of the current MRE, though all required data is not yet available. This represents an important signal: if drilling confirms the depth extension identified by the survey, there is potential for material resource base growth.

Strategic Context: Telfer Proximity and the Greatland Joint Venture

The Telfer South Project operates within a broader strategic framework defined by two critical external factors.

How Does Proximity to the Telfer Mine Add Value?

The project is positioned 10 kilometres south of the Telfer Gold-Copper Mine in Western Australia's Eastern Pilbara. Telfer operates as a large-scale, long-running gold-copper operation, and the geological setting that hosts it extends southward into Rincon's tenure.

The Hasties mineralisation is interpreted to be associated with a significant anticline fold hinge zone, with steep-dipping structures controlling gold and fold structures controlling copper — consistent with the broader Telfer district mineralisation style.

The Greatland Resources Farm-In and Joint Venture

Rincon's exploration at Telfer South advances under a multi-stage, multi-year Farm-In and Joint Venture agreement with Greatland Resources (ASX: GGP, AIM: GGP), announced in December 2025. The joint venture covers 200.8 km² of Rincon-owned exploration tenements, providing the project with both financial backing and a credible technical partnership as it advances toward drilling.

This structure enables Rincon to retain 100% ownership of its tenements while gaining support from a well-capitalised partner to advance exploration — a meaningful de-risking element for the project.

2026 Drilling Campaign: Immediate Catalyst Development

The MobileMT survey was conducted as a data-gathering exercise designed to refine and prioritise targets ahead of a planned RC drilling programme. Rincon's Technical Director has confirmed that the Rincon Resources Telfer South depth target drilling plans will be announced in the coming weeks.

Planned Next Steps

According to the announcement, the following actions are underway:

1. Integration of MobileMT results with existing geophysical datasets to refine the geological model
2. Close-spaced magnetic survey to provide additional structural detail across the Hasties trend
3. Expansion of Induced Polarisation (IP) coverage to encompass the entire Telfer South–Hasties project
4. Ground truthing of the two smaller resistive anomalies identified during the survey
5. Ground assessment of the deep resistive body extending south of the current drill footprint
6. RC drill programme targeting the depth extension beneath the Hasties Zone and the newly identified targets along strike

The announcement of drilling plans in the near term represents the most immediate upcoming catalyst for Rincon shareholders.

Investment Case: Why Rincon Resources Warrants Attention

Rincon operates at a critical inflection point. The MobileMT survey has transformed a project that already contained a defined gold-copper resource in a world-class mining jurisdiction, and has added a potentially significant depth dimension — one that remains entirely untested by drilling.

Several factors distinguish Rincon's position at this stage of the exploration cycle:

• High-grade surface expressions: Historic rock-chip samples at Hasties Central — with grades up to 37 g/t Au and 21% Cu — are located directly above the newly identified near-surface resistive anomaly, supporting a coherent mineralisation model from surface to depth.
• Established resource with expansion potential: The existing 26,800 oz Au MRE provides a tangible benchmark, and Rincon has indicated it expects upcoming exploration results to contribute to a future resource revision.
• World-class geological address: Operating 10 km from the Telfer Mine provides immediate geological credibility and a compelling strategic context that larger companies and investors recognise.
• Joint venture partnership reduces dilution risk: The Greatland Resources Farm-In and Joint Venture provides a pathway to advance exploration without requiring Rincon to solely fund all work programmes.
• Multiple targets, not singular focus: Beyond the deep Hasties target, the Padion prospect 4 km to the north-west and the two additional anomalies provide the project with genuine portfolio depth — multiple opportunities for meaningful discovery.
• Technically driven approach: The use of JORC-compliant reporting, an independent geophysics contractor, and a Competent Person sign-off from a Fellow of the AusIMM reflects a methodical, credible exploration process.

Rincon Resources has utilised a high-resolution geophysical survey to identify a significant, undrilled depth target directly beneath one of the Eastern Pilbara's most prospective gold-copper trends — just 10 km from the Telfer Mine. With a 26,800 oz Au resource already defined at surface, a Greatland Resources joint venture in place, and the Rincon Resources Telfer South depth target drilling plans imminent, Rincon approaches a pivotal development phase. Investors following the junior gold-copper exploration sector should monitor RCR closely as drilling plans are finalised in the weeks ahead.

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