Renegade Exploration : Quarterly Activities & Cashflow Report

QUARTERLY

REPORT

30 April 2019

ABN 92 114 187 978

ASX Code: RNX

ISSUED CAPITAL

Shares: 712.6 million

Options: 56.6 million

CORPORATE DIRECTORY

Chairman:

Robert Kirtlan

Executive Director:

Mark Wallace

Non Executive Director:

Peter Voulgaris

Company Secretary:

Graeme Smith

CONTACT DETAILS

Suite 5, Level 1, 12-20 Railway Road, Subiaco WA 6008 Australia

PO Box 2025

Subiaco WA 6904

E:[e-mail]

T:[phone]

F:[phone]

For the latest news:

www.renegadeexploration.com

QUARTERLY ACTIVITIES REPORT

for the three months ended

31 March 2019

Highlights

Results from second round of drilling at Yandal East Gold Project received

High grade mineralisation identified with grades up to 5.74 g/t Au at Mizina South from drilling undertaken in December quarter

Thick mineralisation identified at Ward including intervals of 20m @ greater than 1 g/t Au

Better results include;

o23m @ 1.38 g/t Au from 84m, including,

8m @ 2.04 g/t Au from 84m o 20m @ 1.02 g/t Au from 88m, o 1m @ 5.74 g/t Au from 83m

o 1m @ 4.11 g/t Au from 113m o 6m @ 1.67 g/t Au from 80m o 10m @ 0.95 g/t Au from 90m

Yandal East Gold Project Option Agreement renegotiated

Well-funded to continue exploration in 2019 with $1.12M at bank and low-cost structure

During the March quarter Renegade Exploration Limited (ASX:RNX) (the Company or Renegade) received results from its second air core drill program at the Yandal East Gold Project (Yandal East or the Project). The drilling program was successful in identifying both higher grade and thick mineralisation at multiple targets across the Project (ASX release dated 18 January 2019).

The Company is also pleased to have renegotiated the exercise of the Option Agreement over the Yandal East during the quarter and on revised terms (ASX release 9 April 2019) as detailed below.

Yandal East Gold Project Option Agreement

The original terms of the Option Agreement ("Agreement") required the Company to issue $400,000 worth of shares at a 10% discount to the twenty-day VWAP upon exercise of the Agreement.

The Company has renegotiated the Agreement as follows:

Payment of $150,000;

The return of the Coralie Jean prospect to the vendor; and

A once only milestone issue of $300,000 worth of shares, at a 10% discount to the twenty-day VWAP in the Company upon a decision to mine.

The exercise of the Option Agreement now means the Company enters into Joint Venture (JV) with the vendor, Zebina Minerals Pty Ltd (Zebina), on terms (previously announced on 5 September

2017) comprising:

The Company has earned a full 75% interest in the JV;

The Company has full control over the JV;

Zebina is free carried to decision to mine; and

Zebina has an option to dilute to a 1% NSR upon decision to mine if it chooses not to contribute.

Figure 1. Location of Yandal East and priority targets and prospects

Ward

At the Ward Prospect, the Company completed 19 holes for 2,207m. The holes were drilled along strike from significant mineralisation identified in the inaugural aircore program earlier in 2018. Drilling was undertaken within a 600m un-drilled corridor where 19 holes comprising 3 lines spaced 100m apart (Figure 2 and 3). Thick, significant mineralisation was returned from multiple holes, the better intercepts include;

23m @ 1.38 g/t Au from 84m, including,

o8m @ 2.04 g/t Au from 84m (YEAC0317)

20m @ 1.02 g/t Au from 88m (YEAC0313)

10m @ 0.95 g/t Au from 90m (YEAC0306)

60m @ 0.21 g/t Au from 60m (YEAC0312)

Figure 2. Location and drilling at the Ward and Mizina South prospects

The southern end of the mineralisation was previously interpreted to be closed off immediately north of a small dry lake. The Company drilled a single line on the very northern-edge of the lake in July

and intersected significant mineralisation including 6m @ 1.40 g/t Au from 82m and 4m @ 1.55 g/t Au from 61m. The Company determined the mineralisation to likely be continuous and still open with a 600m un-drilled corridor which was the focus for the November program at Ward. The corridor is immediately south of some of the best drilling intercepts at Yandal East including 13m @ 3.1 g/t Au from 61m. With only one third of the 600m corridor obscured by the lake, the November drilling focused on the easily accessible 400m south of the lake. The Company is excited by the results from this corridor and notably the thickness, including intervals of 23m @ 1.38 g/t Au from 84m and 20m @ 1.02 g/t Au from 88m. These results confirm the prospectivity of the previously un-drilled corridor and the Company plans to continue exploration in this area to determine if higher grade, economic mineralisation can be discovered in the immediate vicinity.

Figure 3. Location of drilling and significant intercepts at Ward

Mizina South

Mizina South is one of the most exciting targets drilled in the inaugural aircore program at Yandal East in July 2018. The follow up program in November consisted of 15 holes for 1,717m. Holes were drilled on 4 new sections north and south of the previously identified mineralisation with grades up to 5.74 g/t returned (Figure 2, 4 and 5). Some of the better results include;

1m @ 5.74 g/t Au from 83m

1m @ 4.11 g/t Au from 113m

6m @ 1.67 g/t Au from 80m

o4m @ 2.31 g/t Au from 80m

Figure 4. Location of drilling and significant intercepts at Mizina South