Ronin Resources Strengthens Porphyry Case at La Punilla With Multi-Element Hit

Porphyry Signal Strengthens at La Punilla: Ronin Resources Delivers Multi-Element Hit and Magnetic Confirmation

Ronin Resources Limited (ASX: RON) has released new geological and geophysical results from its 100%-owned La Punilla Project in San Juan Province, Argentina, delivering a meaningful step forward in defining a porphyry copper-gold target. Rock-chip samples from the Quebrada Palca colour anomaly have returned values of up to 3.04 g/t Au, 13.75 g/t Ag, 1,055 ppm Cu, and 2,110 ppm W, surpassing results reported from earlier field campaigns.

Crucially, a drone-based magnetic survey has identified a distinct magnetic source directly beneath the main area of interest — a result that meaningfully strengthens the porphyry interpretation and adds a geophysical dimension to what had previously been a surface geochemistry story. The Ronin Resources La Punilla porphyry copper gold results in Argentina are attracting attention from investors tracking early-stage porphyry development across the Andes.

With a cash position of $2.895 million as at 31 March 2026, a market capitalisation of approximately $7.87 million, and a follow-up field campaign already underway, Ronin is a small-cap explorer executing systematically at a project that is beginning to show multi-target potential across its ~3,800-hectare tenement package.

What the New Results Actually Mean

Quebrada Palca: Surface Chemistry and Subsurface Geophysics Align

The Quebrada Palca colour anomaly has been the focal point of Ronin's exploration work at La Punilla. The latest results from two field campaigns — November 2025 and January 2026 — have materially upgraded the picture at this target.

Rock-chip samples collected from quartz veinlet zones returned a range of anomalous values across multiple metals. The key results are summarised below:

The spatial distribution of anomalous gold and copper follows an east-northeast trending belt, which coincides directly with the long axis of the newly identified magnetic anomaly. This alignment between surface geochemistry and subsurface geophysics is a significant development — it means the anomaly has a coherent three-dimensional geometry, not just scattered surface values.

The Aeromagnetic Survey: A New Layer of Evidence

In March 2026, Ronin contracted DAMS SRL, a San Juan-based geophysical company, to conduct a drone-based high-resolution magnetic survey over approximately 3 km x 2 km of the Quebrada Palca area. The survey comprised approximately 55 line-kilometres flown at 100-metre line spacing and approximately 90 metres above ground.

The results are telling. Processing of the data — using the analytical signal of the vertical integral, a method that removes regional magnetic gradients and correctly positions magnetic sources in space — revealed a magnetic anomaly directly beneath the Quebrada Palca colour anomaly.

The dimensions of the surveyed portion of the anomaly are approximately 1 km x 500 m, and critically, the anomaly was not closed off at its eastern edge, meaning it could extend further. These dimensions are consistent with the magnetite-bearing potassic alteration zones that characterise the deep core of porphyry copper systems — a meaningful observation at this stage of exploration.

Understanding Porphyry Systems: Why Does This Target Type Matter?

For investors less familiar with porphyry copper-gold deposits, a brief explanation is useful context for understanding why Ronin's exploration approach at La Punilla is significant.

What Is a Porphyry Deposit?

A porphyry deposit is a large-volume, low-to-moderate grade mineralised system generated by fluids released from a cooling magma intrusion. These systems are the world's primary source of copper and are significant producers of gold, silver, and molybdenum. Furthermore, examples include some of the largest mines on Earth, particularly across the Andes in South America.

Why Does the Alteration Signature Matter?

Porphyry systems develop concentric zones of alteration as hot fluids move outward from the intrusive source. The innermost zone — potassic alteration — is characterised by magnetite, which is why magnetic surveys are a core exploration tool for these targets.

The presence of a subsurface magnetic source beneath surface Cu-Au-Mo chemistry is exactly the kind of convergent evidence that exploration geologists look for when assessing porphyry potential.

What Is Ammonium Illite?

Ammonium illite is a clay mineral that forms in the upper, cooler portions of hydrothermal systems. Its identification at Target 3 suggests that the mineralising fluids responsible for the Quebrada Palca anomaly may have had a broader footprint across the La Punilla tenement package — an encouraging early indicator of system scale.

Glossary of Key Terms

• Rock-chip sampling: Surface sampling technique where hand-collected fragments from exposed rock are analysed for metal content; used for early-stage reconnaissance
• Aeromagnetic survey: Airborne measurement of the Earth's magnetic field variations to detect magnetic minerals (such as magnetite) in the subsurface
• ppm (parts per million): A unit of metal concentration; 1,000 ppm = 0.1%
• g/t (grams per tonne): Standard unit for reporting gold and silver grades in exploration
• MTMF (Mixture Tuned Matched Filter): A remote sensing technique applied to satellite imagery to identify specific surface mineralogy, particularly alteration minerals associated with hydrothermal systems
• Potassic alteration: A high-temperature alteration assemblage found in the core of porphyry copper systems, containing magnetite which creates magnetic anomalies

Target 3: Does the System Extend Beyond Quebrada Palca?

One of the more strategically important results in this announcement comes not from the main Quebrada Palca zone but from Target 3, located approximately 6 km west-southwest of the colour anomaly.

Reconnaissance rock-chip sampling at Target 3 returned gold values up to 0.16 g/t Au, accompanied by the identification of ammonium illite alteration. While these values are modest in isolation, their significance lies in what they indicate about the broader property:

• The mineralising system is not confined to Quebrada Palca
• The same hydrothermal process appears to be operating across a wider area of the property package
• MTMF-processed Sentinel-2 satellite imagery has performed well at Target 3, providing a validated remote sensing tool that can be applied to focus fieldwork on the most prospective areas
• The host rocks bearing anomalous gold extend southeast beyond the sampled area, suggesting the anomaly has not been fully defined

This is an early-stage result, however it meaningfully broadens the exploration narrative from a single-target story to a multi-target property with potential for system-scale discovery.

The Full Sample Dataset at a Glance

The January 2026 programme collected 33 rock-chip samples across the La Punilla project area. The complete assay results below cover key pathfinder elements:

Selected anomalous results shown. Peak values bolded. Full dataset reported in the ASX announcement. All analyses performed by ALS Argentina S.A., an ISO/IEC 17025 accredited laboratory.

The concentration of anomalous Cu-Au samples in the east-northeast trending belt — aligned with the magnetic anomaly long axis — lends spatial coherence to the dataset that is consistent with structurally controlled, intrusion-related mineralisation.

What Comes Next: The Follow-Up Field Campaign

A follow-up field campaign has already commenced. Ronin's priorities for the current programme are clearly defined and span both known targets and newly identified geophysical anomalies.

Current Field Campaign Priorities:

1. Target 4 — Initial sampling of this previously unsampled target within the property package
2. Target 5 — Located on an adjacent property to the north; reconnaissance sampling to test for system extensions
3. Target 3 (detailed follow-up) — More granular sampling to better define the gold and ammonium illite anomaly, which extends beyond the currently sampled area
4. Target 1 revisit — Further work at this target to better constrain the geochemical signature
5. Magnetic anomaly ground-truthing — Field validation of the subsurface magnetic features identified in the March 2026 magnetic survey

The integration of geological mapping, multi-element geochemistry, satellite-derived alteration mapping (MTMF), and drone-based magnetics places Ronin in a position to begin systematically converging on the most drill-ready areas of the property.

The Investment Case: Small Cap, Early Stage, Convergent Evidence

A Compact Company Building a Systematic Exploration Story

Ronin Resources is a small-cap explorer at an early stage of its La Punilla programme. With a market capitalisation of approximately $7.87 million and cash of $2.895 million as at 31 March 2026, the company is modestly sized relative to the exploration potential it is attempting to define.

The La Punilla Project spans ~3,800 hectares in San Juan Province — a well-established mining jurisdiction in Argentina's Andean region — and is 100% owned by Ronin through its local subsidiary.

What distinguishes the current phase of exploration is the convergence of multiple independent lines of evidence pointing toward a coherent porphyry-style system:

• Multi-element surface geochemistry (Au, Ag, Cu, Mo, W) with values exceeding prior campaign results
• Spatial alignment between geochemical anomalism and the magnetic source
• Magnetic anomaly dimensions (approximately 1 km x 500 m, open to the east) consistent with the magnetite core of a porphyry system
• Multi-target footprint suggested by anomalous gold and ammonium illite alteration at Target 3, 6 km from the main anomaly

None of this constitutes a resource or a deposit. The company is clear that data spacing is not sufficient to establish geological or grade continuity, and no Mineral Resource estimation has been undertaken. This is reconnaissance-stage exploration. However, for investors who track the development of porphyry targets from early-stage through to drill testing, the current dataset at La Punilla is building the kind of multi-disciplinary evidence base that precedes a maiden drilling programme.

Broader Portfolio Context

La Punilla is one of three projects in Ronin's portfolio. The company also holds the Vetas Project in Colombia and the Hornby Lake Lithium Project in Ontario, Canada — both 100%-owned. The current announcement focuses entirely on La Punilla, where the most active fieldwork is underway.

While management quotes were not included in the ASX announcement, the systematic approach to exploration evident in the technical data suggests a disciplined methodology focused on building convergent evidence for porphyry-style mineralisation.

Why Investors Should Watch Ronin Resources

Reasons to keep La Punilla on your radar:

• Convergent evidence: Surface geochemistry and subsurface magnetics now independently pointing to the same target zone
• Peak values that have grown with each campaign: The Ronin Resources La Punilla porphyry copper gold results in Argentina from January 2026 exceeded those of November 2025, suggesting systematic sampling is progressively defining — not diluting — the anomaly
• Multi-target potential: Target 3 results indicate the mineralising system may be broader than a single outcrop area
• Open anomaly: The magnetic source was not closed to the east, meaning the system could be larger than currently surveyed
• Funded exploration programme: $2.895 million cash supports continued fieldwork without near-term capital raising pressure
• Active field campaign: Results from current work on Targets 3, 4, and 5 could provide meaningful near-term catalysts
• 100% ownership: No joint venture dilution or partner approval required for exploration decisions

Frequently Asked Questions

How Does the Magnetic Anomaly Strengthen the Porphyry Case?

The identification of a subsurface magnetic source directly beneath surface Cu-Au-Mo chemistry provides independent geophysical validation of the porphyry hypothesis. Magnetic anomalies of this size (1 km x 500 m) are consistent with the magnetite-bearing alteration cores of major porphyry systems.

What Do the Improved Assay Values Suggest?

The progressive improvement in peak values from November 2025 to January 2026 suggests systematic sampling is successfully defining — rather than diluting — the anomaly. The highest gold value of 3.04 g/t and copper of 1,055 ppm exceed previous results, indicating the team is successfully targeting the most prospective areas.

How Significant Is the Multi-Target Discovery?

The identification of anomalous gold and ammonium illite alteration at Target 3, located 6 km from the main anomaly, suggests the mineralising system may be district-scale rather than confined to a single outcrop. In addition, this broadens the exploration narrative considerably.

What Are the Near-Term Catalysts?

The current field campaign targeting Targets 4 and 5 (first-pass sampling), detailed follow-up at Target 3, and ground-truthing of magnetic anomalies could provide multiple newsflow catalysts. Results from these programmes could define additional targets or converge evidence toward drill-ready areas.

Overall, the Ronin Resources La Punilla porphyry copper gold results in Argentina represent an early-stage but systematically developing exploration story. While no resource has been defined and drilling has not commenced, the convergence of multi-element geochemistry, magnetic geophysics, and emerging multi-target potential across a substantial tenement package creates a compelling early-stage exploration narrative worth tracking.

The exploration results discussed in this article are based on reconnaissance-stage rock-chip sampling. No Mineral Resource estimate has been completed. Investors should review the full ASX announcement dated 4 May 2026, including the JORC Table 1 disclosure, for complete technical detail. The Competent Person for the exploration results is Mr Colin Brodie, MAIG 7504, a consultant to Ronin Resources Limited.

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