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Target Market Determination

Made by: Right Resources Limited ABN 81 649 632 744 (Issuer or Company)

Product: unlisted options to acquire fully paid ordinary shares in the capital of the Issuer (Shares), at an exercise price of A$0.09 each, expiring on or before the date that is two years from the date of issue (New Options) to be issued under a transaction specific prospectus dated 5 August 2026 (Prospectus)

Effective Date: 5 August 2026

1. Background

This target market determination (TMD) has been produced by the Issuer in relation to the offers to issue New Options to be made by the Issuer under the Prospectus prepared in accordance with section 713 of the Corporations Act 2001 (Cth) (Act).

Unless otherwise defined in this TMD, capitalised terms have the meaning given to them in the Prospectus (available here).

SPP Offer

Pursuant to the Prospectus, each Shareholder of the Issuer that satisfies all of the below criteria:

  1. have been a Shareholder at the Record Date of 5:00pm (Perth time) on 8 July 2026;
  2. have had a registered address shown on the Register in Australia or New Zealand; and
  3. not be located in the United States and not be acting for the account or benefit of a person in the United States, or any other person outside Australia or New Zealand,

(Eligible Shareholder) may apply for one (1) free New Option for every two (2) New Shares which they subscribe for and will be issued under, and subject to the terms and conditions of, the securities purchase plan offer described in the Prospectus (SPP Offer).

Placement Options Offer

The Prospectus also includes an offer to Placement Participants to apply for free New Options on the basis of one (1) free New Option for every two (2) New Shares subscribed for and to be issued under the placement to raise up to approximately A$2.7 million (before costs) as announced on 9 July 2026 (Placement Options Offer).

The SPP Offer and Placement Options Offer together comprise the Offers. The Offers are conditional on certain matters as detailed in the Prospectus, including Shareholder approval. New Securities under the SPP Offer will only be issued if Shareholder approval for the issue of the New Securities under the SPP Offer is obtained and ASX grants Official Quotation of the New Shares within the period specified in the Prospectus. New Options under the Placement Options Offer will only be issued if Shareholder approval for the issue of those New Options is obtained, and if Shareholders approve the issue of New Options under the Placement Options Offer but do not approve the issue of Shares under the second tranche of the Placement, New Options will only be issued under the Placement Options Offer to Placement Participants who were issued Shares under the first tranche of the Placement.

A copy of the Prospectus is available here and a copy will also be released on the ASX platform and is available from www.asx.com.au under the Company’s ticker code ‘RRE’.

This TMD sets out the class of consumers for which the New Options would likely be consistent with, including their objectives, the distribution conditions and restrictions imposed on the distribution of the New Options as well as reporting requirements for distributors in accordance with the requirements of section 994B of the Act.

All New Options issued under the Offers are on identical terms, being exercisable at A$0.09 each on or before the date that is two years from the date of issue, will not be transferrable and will not be admitted to trading on ASX. This TMD does not provide a full summary of the product features or terms of the New Options. The Offers will be made under the Prospectus. Any recipient of this TMD should carefully read and consider the Prospectus in full and consult their professional adviser if they have any questions regarding the contents of the Prospectus or the Offers. Any recipient of this TMD who wants to acquire New Options under the Offers will need to make an application under, or in accordance with, the relevant Application Form and, where applicable, payment instructions that will be attached to, or provided by the Company with a copy of, the Prospectus in either paper or electronic form.

This TMD is not to be used except for the purpose of a regulated person complying with their obligations under Part 7.8A of the Act. This TMD is not a disclosure document for the purposes of the Act, and therefore has not been lodged, and does not require lodgement, with the Australian Securities and Investments Commission (ASIC). To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. There is no cooling off period in respect of the issue of the New Options.

This TMD is not intended to provide financial advice or consider any particular objectives, financial situations or needs. The Issuer is not licensed to provide financial product advice in relation to the New Options.

2. Target Market

The table below summarises the overall class of consumers that fall within the target market for New Options, based on the product key attributes and the objectives, financial situation and needs that it has been designed to meet.

Factor Target Market
Investment objective

Set out below are the investment objectives for each Offer of New Options made under the Prospectus.

The New Options are not suitable for investors who require an income stream from their investment in the New Options, who do not understand or accept the risks of New Options, who cannot fund the exercise price prior to the expiry date or who are ineligible under the Prospectus.

SPP Offer

The Issuer expects that an investment in the New Options under the SPP Offer will be suitable for current investors:

  • who want to have the right, but not the obligation, to gain further exposure to equities in a mineral exploration company focused on gold, copper and critical minerals that is listed on the Australian Securities Exchange (ASX) by participating in the SPP Offer; and
  • who are Eligible Shareholders, being persons who satisfy all of the below criteria (or, in the case of Custodians, may participate for Eligible Beneficiaries as permitted by the Prospectus):
    • have been a Shareholder at the Record Date of 5:00pm (Perth time) on 8 July 2026;
    • have had a registered address shown on the Register in Australia or New Zealand; and
    • not be located in the United States and not be acting for the account or benefit of a person in the United States, or any other person outside Australia or New Zealand.
Placement Options Offer

The Issuer expects that an investment in the New Options under the Placement Options Offer will be suitable for Placement Participants:

  • who want to have the right, but not the obligation, to gain further exposure to equities in a mineral exploration company focused on gold, copper and critical minerals that is listed on the ASX by participating in the Placement Options Offer; and
  • who are Placement Participants, being those who have been issued Shares under the first tranche of the Placement and those who have or will successfully subscribe for and will be issued Shares under the second tranche of the Placement, provided that if Shareholders approve the issue of New Options under the Placement Options Offer but do not approve the issue of Shares under the second tranche of the Placement, only Placement Participants who were issued Shares under the first tranche of the Placement may participate in the Placement Options Offer.
Investment timeframe

The target market of investors in the New Options will take a short to medium-term outlook in relation to their investment in the Issuer and are in a financial position that is sufficient for them to invest further funds via the payment of the exercise price until the expiry of the New Options (being the date that is two years from the date of issue), should they wish to exercise their New Options.

Holders of New Shares also can exercise such New Options and trade the underlying Shares issued on exercise. However, investors should be aware that this is only likely to be commercially viable if the trading price of the Shares exceeds the exercise price of the New Options both at the date of exercise and at the date of any sale of the underlying Shares.

Given the need to pay the exercise price in order to acquire Shares, investors in the target market are in a financial position that is sufficient for them to invest their funds on exercise of the New Options over an approximate two-year time horizon, during which their ability to liquidate their New Options may be limited by a lack of liquidity and by the trading price of Shares. Exercise of the New Options will also be subject to the minimum exercise requirements set out in the Prospectus.

Investor suitability metrics

While the Company does not have an established eligibility framework for investors based on metrics such as age, expected return or volatility, it is expected that the target market for the New Options are investors who wish to obtain optionality for exposure to the Issuer's ongoing activities and will be able to withstand potentially large fluctuations and the potential for the losses in the value of their investment. The New Options offer no guaranteed income or capital protection and offer no guarantee of whether there will be liquidity to enable trading of the New Options or of the underlying Shares which may be issued upon their exercise. The Issuer has assessed the New Options and formed the view that the New Options are likely to be consistent with the objectives, financial situation and needs of the potential investors in the target markets described above.

Risk

The Issuer considers that an investment in the New Options will have a different risk profile to a direct investment in Shares. For example, the New Options will be unquoted securities that will not be transferable, there is no obligation to exercise the New Options, and the existence of a fixed exercise price provides increased leverage to movements in the price of Shares.

The Issuer considers that an investment in the New Options (including the exercise of the New Options to acquire Shares) is high risk and speculative, such that an investment in the Issuer may not be appropriate for an investor who would not be able to bear a loss of some or all of their investment.

Investors should also have a sufficient level of financial literacy and resources (either alone or in conjunction with an appropriate adviser) to understand and appreciate the high risks of investing in the New Options as an asset class generally (as opposed to ordinary shares) and the risks of investing in the Issuer, which may be higher than the risks associated with an investment in other companies.

A summary of the risk factors that apply to the Issuer and to the Offers is set out in Section 5 of the Prospectus, and investors should review those risks carefully before deciding whether to invest.

3. Distribution conditions

The SPP Offer is being made only to Eligible Shareholders, including Eligible Shareholders who are Custodians participating for Eligible Beneficiaries, and is subject to the terms and conditions in the Prospectus.

Only Placement Participants may apply for free New Options under the Placement Options Offer.

The New Options will be subject to a distribution condition that investors be provided with a copy of the Prospectus and access to this TMD before they apply under an Offer. The Placement Options Offer may only be distributed to Placement Participants in jurisdictions, and through channels, permitted under the Prospectus.

Applications under the Offers must be made under, or in accordance with, the relevant Application Form and, for the SPP Offer, the payment instructions set out in the Prospectus. The Prospectus includes jurisdictional conditions on eligibility, including restrictions applicable to the SPP Offer and separate restrictions applicable to the Placement Options Offer.

By making an application for New Securities under the SPP Offer or New Options under the Placement Options Offer, the applicant confirms that they have had access to this TMD for the New Options and that they fall within the target market described in this TMD for the relevant Offer.

The Issuer considers that these distribution conditions will ensure that persons who invest in New Options fall within the target market in circumstances where personal advice is not being provided to those persons by the Issuer.

4. Review Triggers

The New Options are only being offered for a limited offer period as set out in the Prospectus, after the conclusion of which the New Options will no longer be available for investment by way of issue.

This TMD will only apply in relation to a particular Offer for the period between the date of the Prospectus until the last issue of New Options under the Offers(inclusive of any extension, withdrawal or early close of the Offers) (Review Period), after which this TMD will be withdrawn.

To allow the Issuer to determine whether circumstances exist that indicate this TMD is no longer appropriate to the Offers and should be reviewed, the following review triggers will apply for the Review Period:

  1. there is a material change to the key attributes for the New Options that make them no longer consistent with the likely objectives, financial situation and needs of clients in the target market;
  2. a further offer of New Options that requires preparation of a further disclosure document is made;
  3. any event or circumstance occurs that materially changes a factor that was considered in making this TMD;
  4. the Company lodges with ASIC a supplementary or replacement prospectus to supplement or replace the Prospectus;
  5. the occurrence of a significant dealing in New Options that is not consistent with this TMD;
  6. the Company identifies a substantial divergence in how the New Options are being distributed from this TMD;
  7. an unexpectedly high number of complaints are received from customers that indicate the New Options are not suitable for the target market or the product is not being distributed to the target market;
  8. ASIC raises concerns with the Issuer regarding the adequacy of the Prospectus, the design or distribution of the New Options, or this TMD; and
  9. there are material changes to the regulatory environment that applies to an investment in the New Options.

The Issuer may also amend this TMD at any time.

5. Review Period

If a review trigger occurs in relation to a particular Offer during the Review Period, the Issuer will undertake a review of this TMD considering the review trigger as soon as reasonably practicable and, in any case, within five business days of the review trigger occurring.

If the Closing Date for either of the Offers is extended for more than one month, this TMD will be reviewed on a monthly basis.

Reporting requirement Period for reporting to the Company by the distributor Information to be provided
Whether the distributor received complaints about the New Options.
  • For such time as the Review Period remains open, within five (5) business days after the end of each quarter.
  • Within five (5) business days after the end of the Review Period.
  • The number of complaints received.
  • A summary of the nature of each complaint or a copy of each complaint.
A significant dealing of the New Options that is not consistent with this TMD. As soon as reasonably practicable after the significant dealing occurs, but in any event no later than five (5) business days after the significant dealing occurs.
  • Details of the significant dealing.
  • Reasons why the distributor considers that the significant dealing is not consistent with this TMD.
A summary of the steps taken by the distributor to ensure that its conduct was consistent with this TMD. Within five (5) business days after the end of the close of the offer of New Options in accordance with the Prospectus. A summary of the steps taken by the distributor to ensure that its conduct was consistent with this TMD.

Contact details

Contact details in respect of this TMD for the Issuer are:

Jessamyn Lyons
Company Secretary

Phone: +61 8 6245 2050
Email: jessamyn.lyons@rightresources.com.au

This TMD has been authorised for release by the Board of Directors of Right Resources Limited.