CASPIN RESOURCES LIMITED — AGM Information 2022

Nov 14, 2022

CASPIN RESOURCES LTD ANNUAL GENERAL MEETING

15 November 2022

Presenter: Greg Miles, CEO CASPIN RESOURCES LIMITED

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DISCLAIMER

The information contained in this presentation is for informational purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular Investment Needs, Objectives And Financial Circumstances.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Caspin Resources Ltd, their directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr Greg Miles, a Competent Person who is an employee of the company. Mr Miles is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Miles consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results information included in this report from previous Company announcements (including drill results extracted from the Company's Prospectus) announced to the ASX on 23 November 2020 and on 30 March 2021, 28 April 2021, 24 May 2021, 16 June 2021, 5 July 2021, 19 August 2021, 21 September 2021, 26 November 2021, 24 January 2022, 9 February 2022, 7 March 2022, 14 March 2022, 2 May 2022, 7 July 2022, 27 July 2022, 3 August 2022, 6 September 2022, 15 September 2022 and 30 September 2022.

FORWARD LOOKING STATEMENTS

Some statements in this report regarding estimates or future events are forward-looking statements. Forward-looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. Forward-looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward-looking statements may be affected by a range of variables that could cause actual results to differ from estimated result ~~s~~ expressed or implied by such forward-looking statements. These risks and uncertainties include but are not limited to liabilities inherent in exploration and development activities, geological, mining, processing and technical problems, the inability to obtain exploration and mine licenses, permits and other regulatory approvals required in connection with operations, competition for among other things, capital, undeveloped lands and skilled personnel; incorrect assessments of prospectivity and the value of acquisitions; the inability to identify further mineralisation at the Company’s tenements, changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt exploration and development activities, operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of transportation services; the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks and various other risks set out in the Prospectus. There can be no assurance that forward-looking statements will prove to be correct.

Statements regarding plans with respect to the Company’s mineral properties may contain forward looking statements. Statements in relation to future matters can only be made where the Company has a reasonable basis for making those statements.

Authorised for release to the ASX by Greg Miles, Chief Executive Officer.

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2022 – THE HITS THAT MATTER

CPN – ASX 12 MONTH SHARE PRICE PERFORMANCE

Visual sulphides Significant nickel Extensions of Sulphides Wide zones of high New PGE discovery intersected at and PGEs confirmed sulphides at observed at XC-46 grade Rhodium at at Vicia Prospect Serradella at Serradella Serradella Prospect Serradella Nov 21 Feb 22 May 22 Jun 22 Sep 22 Oct 22 $1.60 $1.40 Broad zones of Rhodium Best ever drilling Outcropping discovered at result at Au-Ag system at the Au-Ag and Cu-Mo $1.20 Serradella Serradella Duchess Prospect drilling at the Duchess Prospect Mar 22 Jul 22 Aug 22 Sep 22 $1.00 $0.80 $0.60 $0.40 $0.20 $- 15/11/2021 15/12/2021 15/01/2022 15/02/2022 15/03/2022 15/04/2022 15/05/2022 15/06/2022 15/07/2022 15/08/2022 15/09/2022 15/10/2022

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CORPORATE OVERVIEW

Backed by strategic shareholders and well funded for exploration

$- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00	VOLUME - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 CPN - ASX 6 Month Share Price Performance Volume Close $
4 CAPITAL STRUCTURE ASX Code CPN Total Ordinary Shares on Issue 1 74,740,710 Unlisted Options & Perf. Rights2 5,614,924 Share Price(close 14 November 2022) $0.66 Market Capitalisation ~$49M Cash Balance(30 September 2022) $6.8M Debt(30 September 2022) nil 1. Includes 4.92M Shares held by Board and Management - subject to ASX escrow until 25/11/2022. 2. 2.5M Board & Management 5 year Options at $0.30 strike price. 2M Lead Manager 5 year Options at $0.30 strike price. 1,114,924 Management and Employee Performance Rights (various vesting conditions). All subject to escrow 1. Excludes 4.2M shares (5.7%) held by Atasa Holdings Pty Ltd & Tjandra Pramoko + Simone Suen. Includes Escrow shares in %’s. No. SUBSTANTIAL SHAREHOLDERS No. (M) % 1 Chalice Gold Mines Ltd 6.9 9.2% 2 Tinci(HK)Limited 5.6 7.5% 3 Atasa Holdings Pty Ltd; &TjandraPramoko+Simone Suen 4.2 5.7% 4 Mr Buxiao Yu 3.9 5.3% 5 Mr Colin Iles 3.0 4.0% Total Substantial Shareholders 23.7 31.7% Balance of Top 20 20.8 27.8% Balance of Board & Management1 5.3 7.1% BOARD AND MANAGEMENT Mr Cliff Lawrenson– Non-Executive Chair Mr Greg Miles– Chief Executive Officer Dr Jon Hronsky– Non-Executive Director Ms Simone Suen– Non-Executive Director Mr Justin Tremain– Non-Executive Director Mr Steven Wood– CFO & Company Secretary Highly experienced exploration, corporate and capital markets team

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A GREAT TIME FOR SHAREHOLDERS

Mount Squires Project

• Exciting new Cu-Pd anomaly ~8km strike with Cu mineralisation occurring at surface

• Drilling results due by year end – exciting Au-Ag, Cu-Mo results received from 1st phase at Duchess

• Strategic position in an emerging & competitive province

• OZ Minerals Nebo-Babel funding package potentially triggers Caspin contingent payment

Yarawindah Brook Project

• Commencement of summer drilling program:

• Best ever result in September, now drilling to test continuity

• Testing of conceptual basal contact – world-class deposit testing

• Long pipeline of drilling results in the New Year

• Strategic value of a large landholding in a new metal province continues to increase

Against a global backdrop of supply concerns for battery metals and critical minerals…

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YARAWINDAH BROOK (CPN 80%) A breakthrough discovery in an emerging - - PGE Ni Cu belt

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AN EXCITING GROWTH STORY

• A large, strategic position in the emerging West Yilgarn PGE-Ni-Cu Province

• A breakthrough new PGE discovery at the Serradella Prospect with all the hallmarks of a large-scale deposit

• Recognition of similar geology to the nearby Chalice Mining Gonneville PGE-Ni-Cu deposit (11Moz 3E, 560kt Ni)

• Long pipeline of exploration targets including potential for more nickel (& copper) rich deposits

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SERRADELLA DISCOVERY

Confidence in an economic PGE discovery

• YARC0036:

• 17m @ 2.33g/t 4E and 0.17% Ni; including

  • 3m @ 6.04g/t 4E and 0.17% Ni;

• YARCD0025:

• 12.1m @ 2.07g/t 3E and 0.20% Ni; including

  • 1m @ 6.29g/t 3E and 0.30% Ni

• Discovery hole - YARC0022:

• 13m @ 1.08g/t 4E and 0.26% Ni, including

  • 2m @ 3.29g/t 4E and 0.23% Ni

For context, Chalice Mining’s Gonneville Resource:

• Global - 350Mt @ 0.96g/t 3E, 0.16% Ni,

• 0.10% Cu

• HG - 84Mt @ 1.7g/t 3E, 0.21% Ni, 0.20% Cu

See ASX Announcements of 27 July 2022, 6th & 15th September 2022 for more detail

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HIGH-GRADE RHODIUM DISCOVERY

A point of difference to other Ni-PGE projects

4 Year Commodity Price Comparison USD/oz (weekly)

• Six element PGE assaying returns high grade rhodium results:

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$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
Source: www.dailymetalprice.com
$-
9/11/2018 9/05/2019 9/11/2019 9/05/2020 9/11/2020 9/05/2021 9/11/2021 9/05/2022 9/11/2022
Rhodium Palladium Gold
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• YARC0036 – 17m @ 0.20g/t Rh; Including

• 3m @ 0.56g/t Rh

• Peak value of 0.69g/t Rh

• Rhodium used in high-end industrial applications, similar to platinum and palladium

• Production dominated by South Africa, with lesser contributions from Russia, Canada and Zimbabwe

• Very high value – 100ppb is significant

• Major implications for project economics and further exploration at Yarawindah

Value of rhodium has increased dramatically compared to gold and palladium

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SCALE OF THE OPPORTUNITY CONTINUES TO GROW

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Serradella possibly the first of a number of new discoveries

• Northern Yarabrook Intrusion proving to be highly prospective

• Mineralisation open across multiple lenses

• Vicia demonstrates potential mineralisation beneath Serradella and perhaps throughout the Yarabrook Intrusion – 60% yet to be tested

• Soil geochemistry works! Many regional anomalies still to be drill tested

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NEW RESULTS SUPPORT GEOLOGICAL MODEL

Lower Serradella: Large-scale, conceptual targeting for world-class deposits

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• Latest results:

• YARCD0041 – 133m @ 0.49g/t 3E, 0.11% Ni ;

• YARC0042 – 111m @ 0.30g/t 3E, 0.09% Ni ;

• YARC0040 91m @ 0.48g/t 3E, 0.11% Ni

• All holes demonstrate a very thick zone of mineralisation developing in the northeast direction

• Mineralisation open down plunge - working towards the anticipated basal contact position and probably more strongly mineralised part of the intrusion

• Small change in tenor would be a game changer

• Weaker results in YARC0043 & YARC0044

• support the interpretation!

  • See ASX announcement of 7 July 2022 for detailed explanation of geological model

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A BUSY FIELD SEASON AHEAD

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Fully funded, multi-rig drilling program underway

• Close drill spacing at Upper Serradella– focus on high-grade zones

• ‘Resource-style’ drilling around YARC0036 and extending rhodium assaying

• Many recent holes will require extension, ‘dusters’ could still yet return significant results

• Search for the basal contact position at Lower Serradella – test potential for the really big deposit

• Continue to evaluate other targets within the project, such as Vicia and XC-46 on the Brassica Shear Zone

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MOUNT SQUIRES PROJECT (CPN 100%) Large scale greenfield gold and base metal Project

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West Musgrave: A Hot Province for Nickel

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OZ Minerals – ASX Release, 23 September 2022

‘Green light for West Musgrave’ – Final Investment Decision Presentation (Slide 17)

Mount Squires Project

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Province
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-Cu
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SOURCES:

https://www.afr.com/companies/mining/oz-minerals-gives-green-light-to-1-7b-copper-nickel-mine-20220923-p5bkf6 https://thewest.com.au/business/mining/oz-rejects-84b-offer-from-bhp-c-7795574 https://www.ozminerals.com/ArticleDocuments/435/2441125.pdf.aspx?Embed=Y

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HIGHLY STRATEGIC POSITION AT MOUNT SQUIRES

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LARGE SCALE GREENFIELD Au-Cu PROJECT

• Large ~750km[2 ] landholding with proven gold mineralisation

• Significant historical drill results include:

• 20m @ 1.27g/t Au from 23m, including 7m @ 2.54g/t Au

• Exciting Au-Ag, Cu-Mo results from the Duchess Prospect

POTENTIAL STRIKE EXTENSION OF Ni-Cu MINERALISATION

• OZL approved A$1.7b development of Nebo Babel Ni-Cu

• 24 year operating life + potential resource growth

• OZL One Tree Hill Prospect (40m @ 1.2% Cu)

• 200m from tenement boundary

• NEW 8km Cu-Pd soil anomaly confirms potential!

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NEBO-BABEL MAGMATIC SULPHIDE CORRIDOR

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Exciting new results from early exploration

• 8km long copper-palladium soil anomaly – Succoth signature

• Outcropping copper mineralisation within the anomaly – very rare

• New soil geochemical technique providing an advantage

• Multiple new AEM anomalies throughout the corridor

• Reconnaissance aircore program testing for extensions to One Tree Hill – results pending

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OUTCROPPING GOLD AND SILVER AT DUCHESS

Gold-silver & copper-molybdenum mineralisation trends emerging

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• Small outcrop with quartz veining running >2g/t Au and ~50g/t Ag – but most of the area is obscured by transported cover

• Significant grades of gold, silver, copper and molybdenum from first drilling program

• Two discrete mineralisation trends developing

• Follow-up drilling now complete – results pending

Figure 2. Mineralised vein outcrop at the Duchess Prospect assaying

2.46g/t Au and 49.7g/t Ag.

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EXCITING TIMES AHEAD IN 2023

• Exploration results flowing from Mount Squires, drilling at Yarawindah Brook underway

• Brilliant drill results from Serradella provides momentum

• Confirmed PGE discovery with large scale potential

• Strong cash balance and large drilling programs in 2022-23

UPCOMING PROGRAMS Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

Nebo-Babel Corridor Aircore Serradella RC & DD (Incl Vicia) Yarabrook Gravity Anomaly Brassica SZ, XC-46

Duchess RC

Handpump IP Anomaly

Soil geochem/geophysics

West Mus Corridor recon AC/RC

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Caspin Resources Limited Ground Floor, 675 Murray Street West Perth, Western Australia 6005

• T: +61 8 6373 2000

• E: admin@caspin.com.au

• W: www.caspin.com.au

ASX: CPN

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