Rincon Resources Limited (ASX:RCR) shares jumped 22.22% to AUD 0.022 during the afternoon session on 11 May 2026 after the company announced the results of a recently completed MobileMT airborne magnetotelluric geophysical survey across its 100%-owned Telfer South Project in Western Australia's East Pilbara, located approximately 10 km south of the Telfer Gold-Copper Mine. The survey covered the entire Telfer South project area and comprised approximately 89 line-kilometres flown by Expert Geophysics Surveys Inc. It has identified a major resistive geophysical target sitting more than 200 m below the surface and trending along the same strike as the existing Hasties Zone, which extends for over 1.1 km and hosts the Hasties Main and Hasties South-East gold-copper deposits.

The new resistive target — with reported resistivity values in the 1,200–7,500 ohm.m range — remains undrilled. A separate resistive zone has been identified at the recently defined Padion prospect approximately 4 km from the Hasties Zone, coincident with newly identified surface geochemistry anomalies. The MobileMT data also interpret a near-surface resistive unit beneath the Hasties Central prospect, which is reported to coincide with recently disclosed historical high-grade gold-copper rock-chip samples grading up to 37 g/t Au and 21% Cu. Rincon plans to undertake further geophysics — a close-spaced magnetic survey and an expansion of Induced Polarisation (IP) coverage — and an RC drilling programme later in 2026, with drill plans expected to be announced in the coming weeks.

What was announced

The announcement reports the interpretation of a recently completed MobileMT (mobile magnetotelluric) airborne geophysical survey flown by Expert Geophysics Surveys Inc. over the Telfer South Project. The survey covered the entire project area, including the 1.1 km Hasties Gold-Copper zone, and acquired approximately 89 line-kilometres of data. MobileMT data measure variations in the electrical resistivity of the subsurface and are particularly useful for identifying lithological contrasts, alteration zones and structural pathways at depths of several hundred metres. The Company describes survey objectives that include detecting discrete conductive and resistive features that may represent sulphide accumulations, alteration zones or fluid pathways at depth; mapping major structural and lithological boundaries controlling mineralisation across the Hasties Gold-Copper Zone; identifying new targets not previously recognised; and refining and prioritising drill targets at Hasties and adjacent prospects ahead of planned drilling.

The principal interpretive outcome is a large resistive target identified more than 200 m below the surface that trends along the same strike as the Hasties Zone trend, which already hosts the Hasties Main and Hasties South-East gold-copper deposits. Resistivity readings of 7,500 ohm.m and 1,200 ohm.m are cited for the target. The target is reported to remain undrilled. A second interpretive outcome is that the resistive unit appears to breach the surface at the Hasties Central prospect, which hosts the recently disclosed (26 February 2026) historical high-grade rock-chip samples grading up to 37 g/t Au and 21% Cu. The coincidence of a resistive feature with elevated surface geochemistry is considered by Rincon to support a geological link between the surface anomaly and a deeper concealed body.

A third outcome is the identification of a separate resistive zone at the recently defined Padion prospect, approximately 4 km from the Hasties Zone (note: the Highlights section of the original announcement describes Padion as ~4 km north-west of the Hasties zone, while the Key Survey Findings section describes it as ~4 km north-east of the Hasties Zone; readers should refer to Figure 2 in the original document to confirm the precise relative location). Two additional, smaller resistive zones have also been identified and are slated for ground assessment in the coming weeks. The next steps include further interrogation of the MobileMT data, additional geophysics — specifically a close-spaced magnetic survey and an expansion of IP coverage to encompass the entire Telfer South–Hasties project — and a 2026 RC drilling programme that is expected to be announced in the coming weeks.

Key facts and figures

The MobileMT survey covered approximately 89 line-kilometres across the Telfer South Project. The principal newly identified resistive target sits more than 200 m below surface, with resistivity values reported between approximately 1,200 ohm.m and 7,500 ohm.m. The Hasties Zone itself is now described as extending over 1.1 km. Historical rock-chip samples referenced from the 26 February 2026 announcement returned grades up to 37 g/t gold and 21% copper at the Hasties Central prospect. The current MobileMT interpretation is consistent with the surface rock-chip samples sitting above a near-surface resistive unit that is interpreted to breach surface at Hasties Central.

The Telfer South Project is held 100% by Rincon Resources at the tenement level, with a multi-stage, multi-year farm-in and joint-venture agreement with Greatland Resources (ASX: GGP; AIM: GGP) covering 200.8 km² of Rincon-owned exploration tenements (announced 18 December 2025). The Hasties area within the Telfer South–Hasties Project covers roughly 15 km² with several parallel structures across geology known to host significant gold and copper mineralisation regionally. The Company also confirms an existing Mineral Resource Estimate (MRE) for Hasties, announced on 25 February 2025, which is expected to form part of a future revision following further work — although all relevant information and data required to revise the MRE is not yet available. The competent person for this announcement is Mr Michael Griffiths (FAusIMM), a Director of Rincon.

Why the announcement matters

Exploration matters at Telfer South because the project sits 10 km south of one of Australia's most prolific gold-copper mines. The Telfer mine has produced large amounts of gold and copper over multiple decades and is widely recognised as a Tier-1 producing asset within the East Pilbara. Any junior explorer with prospective ground along regional strike from Telfer benefits both from geological analogy and from the practical attraction of being a potential satellite source for a major regional operator. The December 2025 farm-in and JV with Greatland Resources, which has built a substantial regional position around Telfer through earlier transactions, gives Rincon's exploration meaningful technical and financial backing and lowers the cost and risk to Rincon of advancing the asset toward drilling.

The current announcement matters because it transforms a known surface and shallow gold-copper anomaly into a three-dimensional geophysical target with depth extension. Three specific aspects are material: the strike alignment with the existing Hasties Zone gives the new resistive target a clear structural framework rather than an isolated geophysical anomaly; the depth of more than 200 m opens the prospect to scale that cannot be tested by surface sampling or shallow RC drilling alone; and the interpreted surface breach at Hasties Central, coinciding with high-grade rock-chip samples, provides direct geological corroboration of the geophysical signal. For a single-flagship-project junior in active joint venture with a major regional operator, that combination of depth potential, structural alignment and surface validation is the kind of input that typically defines a focused drill programme.

Strategic context

Rincon Resources is a Western Australia-focused explorer with four projects: the Telfer South Project (Pilbara), the Crackerbox Gold Project (Murchison Gold Field), the West Arunta Project and the Laverton Project. The Telfer South Project is its flagship asset, made strategically more material by the December 2025 farm-in and JV with Greatland Resources. Greatland's regional knowledge, technical capability and likely funding contribution lower the cost and risk to Rincon of advancing the asset toward drilling. Within the Hasties Trend, the Company already had two named gold-copper deposits (Hasties Main and Hasties South-East) and an existing Mineral Resource Estimate referenced from a 25 February 2025 announcement. The current MobileMT result extends the geological model by suggesting that mineralisation could continue at depth and by linking newly identified surface geochemistry at Padion to a discrete resistive feature.

Strategically, the announcement sets up the 2026 RC drilling programme as the principal value-driving event for the year. The choice of follow-up geophysics — close-spaced magnetics and expanded IP — is consistent with the design of an integrated targeting model rather than reliance on a single dataset. Sequencing further geophysics ahead of drilling is also consistent with the practical reality that high-quality MobileMT targets are best refined with complementary methods that respond to magnetic and chargeable signatures, ahead of committing to drill metres.

Market interpretation

A balanced reading should weigh three perspectives.

• Positive: the announcement gives investors a clearly defined, large, undrilled target sitting beneath an existing zone of known mineralisation. The geological logic is internally consistent, with surface geochemistry, surface geology, the existing Hasties Zone and the new geophysical signature all aligned. The Greatland JV reduces funding pressure and adds technical credibility. The Padion target adds a second drill-ready opportunity.
• Neutral: MobileMT identifies physical-property contrasts (electrical resistivity), not the presence of metal. A high-resistivity target may correspond to a silicified or sulphidic intrusive, or to unmineralised host material, depending on the local geology. Until drilling intersects the target, the geological interpretation remains an interpretation. The Company also confirms that revision of the existing Mineral Resource Estimate is not yet complete and that all required data is not yet available.
• Cautious: there is no resource or reserve attached to the new target, no economic test, no metallurgical work and no production timetable. The announcement also uses inconsistent compass directions for Padion (north-west versus north-east in different sections). Capital requirements for the follow-up geophysics and drilling are not disclosed in this announcement, and the timing and budget of the 2026 drill programme remain to be confirmed.

Risks, caveats, and missing information

Exploration risk is the principal consideration. A geophysical target is not a discovery, and resistivity highs in altered Proterozoic terranes can be produced by a range of geological features, only some of which host economic gold and copper mineralisation. Drilling could intersect barren host rock, intrusive material without economic grade, or only limited mineralisation. Execution risks include obtaining heritage and ground-access approvals, timing of the planned RC drilling programme (a 2026 plan is flagged but not budgeted in this release), and the management of the farm-in milestones with Greatland Resources.

Funding risk applies. The release does not detail the cost of the planned close-spaced magnetic survey, the IP expansion or the RC drilling programme, and does not address whether Greatland is funding all or part of the next phase of work. Other risks include Commodity-price exposure to gold and copper, counter-party risk on the Greatland farm-in, dilution risk if Equity capital is raised to fund work programmes beyond the JV's scope, and the inherent risk of operating as an early-stage explorer with limited Revenue and a multi-project workload. Missing information includes the geological interpretation of the resistive feature in lithological terms (intrusive, alteration zone, or sulphide accumulation), the full three-dimensional extent of the target, expected drill hole numbers and depths, expected timing of assay results, and a fully revised Mineral Resource Estimate. The internal inconsistency in compass direction for Padion is a minor but worth-noting drafting error.

Investor takeaway

The MobileMT survey has produced a high-quality, large-scale target beneath the existing Hasties Gold-Copper Zone that aligns with surface geochemistry and the known mineralised trend. This is an exploration-stage development that sets up an RC drilling programme later in 2026 as the principal upcoming value-driver. The new target is undrilled and the announcement is interpretive in nature; investors should treat it as a meaningful step in the exploration sequence rather than as a discovery. Material work — including additional geophysics, drilling, and a future revised Mineral Resource Estimate — remains ahead, and the timing and capital cost of that programme are yet to be detailed.

The Greatland Resources JV provides technical capability and regional alignment that materially help a small explorer advance a project of this scale. This report does not constitute financial advice. Readers should consult the original Rincon Resources announcement and a licensed financial adviser before making any Investment decision.