Highlights

  • The program involved 21 rock-chip samples analysed by ALS, led by consultant geologists Colin Brodie and Hannes Lippke.
  • Copper reached 91.6 parts per million, against 1,055, and tungsten 840 parts per million, against 2,110.
  • No activity took place at its 100 per cent owned Vetas project in Colombia during the quarter.
  • That comprised A$40,000 of exploration, A$20,000 of staff costs and A$42,000 of administration, partly offset by A$44,000 of interest received.

Ronin Resources (ASX:RON) has reported final assay results from its April to May 2026 follow-up rock-chip program at the La Punilla gold-silver project in San Juan, Argentina, and says they were lower than previously reported maxima. In its September 2026 quarterly activities report, the company says the results did not extend the mineralised footprint at the Quebrada Palca colour anomaly or identify significant new mineralisation at the satellite targets. The board is reviewing all exploration data to decide next steps.

What Was Sampled

Ronin holds 100 per cent of La Punilla. The program involved 21 rock-chip samples analysed by ALS, led by consultant geologists Colin Brodie and Hannes Lippke. Targets included four satellite targets identified from satellite spectral processing, a fault zone east of one of them, the area over a magnetic source from a drone aeromagnetic survey, and a granodiorite intrusion west of the Rio Blanco valley that lies outside the project area.

The Results

Within the project area, the highest gold value this quarter was 0.13 grams per tonne, at Target 3, against a previous maximum of 3.04 grams per tonne. Silver peaked at 2.41 grams per tonne, against a previous 13.75. Copper reached 91.6 parts per million, against 1,055, and tungsten 840 parts per million, against 2,110. Arsenic of 4,060 parts per million was recorded at Target 6, linked to fault-hosted veining, and the company treats it as a pathfinder indicator only.

The highest silver and copper values, 4.84 grams per tonne and 181 parts per million, came from a float sample of quartz-sulphide vein collected outside the project area. Ronin says it is not representative of the project.

In the field, alteration at the satellite targets was weaker than at Quebrada Palca. The magnetic source area showed no significant surface hydrothermal alteration or magnetic rocks, which the company suggests could mean any source lies at depth. These are surface sample results, not drilling, and no resource has been defined.

Next Steps

Ronin gives no timeline for the board review. It says testing whether alteration and anomalism persist at depth would need ground geophysics, such as induced polarisation or resistivity, and ultimately drilling. Neither is funded or scheduled in the report. The business states it will keep looking for acquisitions that add value and will update the market under its continuous disclosure obligations. No activity took place at its 100 per cent owned Vetas project in Colombia during the quarter.

Cash And Funding

The Appendix 5B shows net operating cash outflow of A$58,000. That comprised A$40,000 of exploration, A$20,000 of staff costs and A$42,000 of administration, partly offset by A$44,000 of interest received. There were no investing or financing flows. Cash fell from A$2.754 million to A$2.696 million at 30 September 2026, all held in bank balances. The company has no loan or credit facilities.

The report calculates funding of 46.48 quarters at the current rate of spending, so the additional going-concern questions were not required. Related party payments were A$20,000 of director remuneration.

Capital Structure

The report states that Ronin has 40,375,010 ordinary shares on issue, and 3,550,000 options exercisable at A$0.25 that expire on 26 November 2026. It cites a share price of A$0.16 on 27 October 2026, giving a stated market capitalisation of A$6.46 million.

Tenements And Risks

Ronin holds 100 per cent of its tenements, being three applications at La Punilla and a mining title and four mining licence applications at Vetas. The report relies on earlier announcements dated between January and August 2026, and carries standard forward-looking statement warnings. Exploration may not lead to a discovery, and the lower results reduce the immediate case for further work at the current targets.