What Rincon Resources does

Rincon Resources Limited (ASX:RCR) is an Australian mineral exploration company headquartered in Subiaco, Western Australia, focused on the exploration and development of gold, copper, and critical minerals assets in Western Australia. The company holds interests in four projects — Telfer South (gold-copper, Paterson Province), Crackerbox (gold, Murchison region), Laverton Gold, and West Arunta (copper/gold/rare earths/niobium) — at varying stages from early-stage exploration through to resource definition. Its core technology is conventional mineral exploration: geological modeling, drilling programs, and resource estimation, with the most advanced asset being the Hasties prospect at Telfer South (current Mineral Resource Estimate of 870,000 tonnes @ 0.96g/t Au and 0.26% Cu) where an MRE update is expected in Q1 2026.

Rincon is pre-revenue and does not sell products or services with standardized pricing. Its near-term cash inflows come from asset divestments (notably the July 2026 sale of 90% of Lyza Mining, holding the West Arunta project, to Maverick Minerals Australia for A$600,000 upfront plus A$500,000 deferred) and joint venture / farm-in arrangements (Greatland Resources is funding exploration at Telfer South under a multi-stage farm-in). The company's long-term business model depends on either developing a producing mine, selling project interests to a producer, or capitalizing on partner-funded discoveries. Its customer base is effectively large mining companies acting as JV partners rather than end buyers.

Capital structure as of May 2024 comprised 288,305,680 fully paid ordinary shares, 45,990,000 unquoted options, and 6,200,000 performance rights, with enterprise value of approximately A$4.1M. The company has run persistent operating losses in the A$1.1–1.5M EBITDA range across FY2021–FY2024. The board is led by Executive Chairman David Lenigas (mining engineer, WA First Class Mine Managers Certificate) with technical oversight from Non-Executive Director Michael Griffiths (geologist, 35+ years, teams credited with 6Moz+ of feasibility-stage gold).

Name

Rincon Resources

Legal name

Rincon Resources Limited

Website

https://rinconresources.com.au

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Rincon Resources Limited (ASX:RCR) is a pre-revenue Western Australian mineral exploration company advancing four gold, copper, and critical minerals projects (Telfer South, Crackerbox, Laverton, West Arunta) using JV and farm-in partnerships with larger miners.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Gold Ore and Silver Ore Mining (21222), Metal Ore Mining (2122), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Copper Exploration & Resource Development (IMAKADAA)

Keywords

• Mineral exploration
• Gold exploration
• Copper exploration
• Critical minerals
• Western Australia mining

Headquarters

HQ city

Fremantle

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Asset Divestment: Rincon Resources generates near-term revenue through selling partial interests in exploration assets. The company sold 90% of Lyza Mining to Maverick Minerals Australia for A$600,000 upfront plus A$500,000 in deferred consideration, while retaining a 10% free-carried interest.
2. Joint Venture Farm-In Agreements: The company enters into farm-in and joint venture agreements where partner companies fund exploration programs in exchange for earning interests in projects. Greatland Resources is funding exploration on Telfer South under this model, reducing Rincon's capital requirements while advancing projects.
3. Future Production Revenue: Long-term revenue model based on developing mining operations if commercial deposits are discovered and developed. The company retains interests in projects and would receive revenue from future mining operations or asset sales to producing companies.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Rincon Resources is a junior mineral exploration company that acquires, explores, and advances tenements prospective for gold, copper, and critical minerals (niobium, rare earth elements) in Western Australia. The company generates value through grassroots to advanced-stage exploration activities and seeks to monetize discoveries via joint ventures, farm-ins, or divestment to producing miners.

Product overview

Rincon Resources is an Australian mineral exploration company with four project areas in Western Australia: Telfer South (gold-copper), Crackerbox (gold), Laverton Gold, and West Arunta (copper/gold/rare earths/niobium). The company focuses on exploration and development of these mineral assets, with projects at various stages from early exploration to resource development.

Differentiator

Problem solved

Functional benefit

Products and services

• Telfer South Project A gold-copper exploration project in Western Australia, targeting extensions of the Telfer gold-copper mineral system. The asset is offered to JV/farm-in partners and advanced through ongoing exploration.
• Crackerbox Project A gold exploration project in Western Australia focused on identifying and advancing gold mineralisation through systematic exploration activities.
• Laverton Gold Project A gold exploration project located in the prolific Laverton gold region of Western Australia, targeting greenfields and brownfields gold mineralisation.
• West Arunta Project A critical minerals exploration project in Western Australia targeting niobium and rare earth elements (REE), positioning the company in the strategic critical minerals supply chain.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Maverick Minerals AustraliacoreStrategic or Co-development Partner · 1 July 2026Rincon Resources signed a binding heads of agreement to sell 90% of its interest in Lyza Mining (holding West Arunta project tenements) to Maverick Minerals Australia for A$600,000 upfront plus A$500,000 in deferred consideration tied to drilling milestones. Rincon retains a 10% free-carried interest until decision to mine. The transaction includes a buyback clause if JV fails to meet drilling programme timelines. Expected to finalize within two months.
• Greatland Resources (ASX:GGP)coreStrategic or Co-development PartnerMulti-stage multi-year exploration Farm-In and Joint Venture agreement with Greatland Resources covering a large part of Rincon's tenement package south of GGP's Telfer gold-copper mine. All permits have been approved for the next drill program to further increase resources at Hasties Main and Hasties South-East.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Greatland Gold: ASX- and LSE-listed gold and copper explorer focused on the Paterson Province in Western Australia — directly comparable to Rincon as the JV partner on Telfer South and a competing operator in the same Tier-1 jurisdiction targeting similar IOCG-style and gold-copper systems.
• Riversgold: ASX-listed gold explorer in Western Australia where Rincon's Executive Chairman David Lenigas also serves as Executive Chairman — highly comparable in jurisdiction, scale, commodity, and corporate structure, with shared executive leadership.
• Odessa Minerals: ASX-listed mineral explorer in Western Australia where Rincon's Executive Chairman David Lenigas also serves as Executive Director — comparable as a small-cap WA-focused exploration company sharing leadership and governance overlap.
• Warriedar Resources: ASX-listed gold explorer with projects in Western Australia — directly comparable to Rincon in jurisdiction, commodity focus, junior scale, and exploration-stage model targeting resource definition across multiple WA gold projects.
• Carnaby Resources: ASX-listed copper-gold explorer operating in Western Australia — comparable to Rincon in commodity focus, junior size, and exploration-stage profile with multiple WA projects targeting similar deposit styles.
• Coda Minerals: ASX-listed copper-gold explorer focused on IOCG and sedimentary copper targets in South Australia and WA — comparable to Rincon as a similarly sized junior explorer pursuing copper-gold discoveries with multi-project portfolios.
• Antipa Minerals: ASX-listed gold-copper explorer with major landholdings in the Paterson Province of Western Australia — directly comparable to Rincon given the shared Paterson Province focus, similar geological targets (IOCG and gold-copper systems), and comparable size and exploration stage.

Emerging players

• Sipa Resources: ASX-listed junior explorer with a diversified portfolio of Western Australian and African projects targeting gold, base metals and critical minerals — comparable to Rincon in multi-commodity, multi-jurisdiction exploration-stage profile at junior scale.
• Patriot Gold: ASX-listed junior gold explorer with Western Australian assets — comparable to Rincon as a small-cap WA gold explorer at a similar stage of project development and resource definition.
• Vango Mining: ASX-listed gold explorer with projects in Western Australia — comparable to Rincon in commodity focus and junior scale, with a similar exploration-to-resource-development pathway across WA gold projects.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/rinconresources
• Xx.com/RinconResources

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rincon Resources