ASX Announcement 31 July 2015

RNI TO SELL GOLD ASSETS TO METALS X

- Sale will help eliminate RNI's debt and enable the Company to refocus on its highly- prospective ~1,300km2 Bryah Basin exploration portfolio

RNI NL (ASX: RNI) is pleased to announce the Company has signed a binding Heads of Agreement (HoA) to sell its gold assets to Metals X Limited (ASX: MLX).

The gold assets to be sold to Metals X include the Grosvenor Gold Project, the Horseshoe Project and part of the Peak Hill Project in Western Australia's Bryah Basin (Figure 1). RNI will retain rights over the copper interests from those projects, including the Forrest copper discovery.
In consideration for the gold assets, Metals X will issue RNI with 18 million new fully-paid Metals X shares, which have a current share market value of $20.3 million. Metals X will also advance RNI $300,000 as an interest-free convertible loan1 to provide the Company with working capital during the sale process.
RNI plans to use the sale proceeds to help repay the Company's debt facility of approximately $23 million to
Taurus Resources No 2 Fund.
The sale to Metals X is conditional upon the finalisation of legal agreements, approval from RNI shareholders, agreement from Taurus to extend the 7 August 2015 debt repayment deadline and any other regulatory approvals.
As part of the HoA, Metals X will have a first right of refusal on any future sale by RNI of its copper or gold assets.

Figure 1: RNI's Bryah Basin portfolio including the gold assets to be sold to Metals X

1 Note: Convertible into RNI shares at the price of the Company's next capital raising.

RNI NL ABN 77 085 806 284

34 Bagot Road Subiaco Western Australia 6008 PO Box 298 West Perth WA 6872 T +61 8 9489 9200 F +61 8 9489 9201

E [email protected] W rninl.com.au

RNI TO SELL GOLD ASSETS TO METALS X 31 JULY 2015

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The sale of the gold assets to Metals X will enable RNI to refocus on its ~1,300km2 exploration portfolio in the
Bryah Basin, which is considered highly-prospective for significant copper-gold discoveries.
The retained portfolio will include the Cashmans, Morck's Well and Doolgunna projects and the Peak Hill copper interests. Together these tenements host a combined ~120 strike km of prospective volcanic hosted massive sulphide (VHMS) target horizons (Figure 1) in one of Australia's most exciting exploration provinces.
Previous exploration work carried out by RNI has already identified a series of high-priority copper targets across these project areas.
These include advanced targets identified within three VHMS corridors at RNI's Doolgunna Project, which is located within 5km along strike from the Monty massive sulphide discovery and approximately 2.5km from the DeGrussa copper-gold mine.
Other high-priority targets include a series of electro-magnetic conductors identified at the Beatty Park prospect at Cashmans and within the Morck's Well Project, which directly adjoins the boundary of Sandfire's Doolgunna Project, which hosts DeGrussa.
In conjunction with the sale, RNI will purchase from Metals X the Chunderloo copper-gold project at Meekatharra for a consideration of 25 million new fully-paid RNI shares, providing additional scale to RNI's copper exploration strategy.
The sale of the gold assets to Metals X will significantly reduce RNI's annual expenditure commitments on its exploration tenements from more than $3 million to approximately $1.2 million per annum.
The sale of RNI's gold assets to Metals X was negotiated by GMP Securities Australia.
ASX will be notified later today of the under subscriptions in respect of RNI's pro-rata renounceable entitlements offer which closed at 5.00pm (WST) on 30 July 2015.
For further information, contact:

MILES KENNEDY EXECUTIVE CHAIRMAN

Tel: +61-8 9489 9200

RNI NL ABN 77 085 806 284

RNI TO SELL GOLD ASSETS TO METALS X 31 JULY 2015

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Forward-Looking Statements

This announcement is for information purposes only. Neither this document nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.
This announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. This document does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this representation are not intended to represent recommendations of particular investments to particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. No responsibility for any errors or omissions from this document arising out of negligence or otherwise is accepted.
This announcement does include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of RNI. Actual values, results, outcomes or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and ASX Listing RNI does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

RNI NL ABN 77 085 806 284