CASPIN RESOURCES LIMITED — AGM Information 2023

Nov 15, 2023

CASPIN RESOURCES LTD Annual General Meeting

16 November 2023

Greg Miles, Managing Director ASX: CPN | www.caspin.com.au

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, 29 September 2022, 15 November 2022, 14 December 2022, 1 February 2023, 13 February 2023, 14 February 2023, 14 March 2023, 21 March 2023, 4 May 2023, 23 May 2023, 18 August 2023, 13 September 2023 and 17 October 2023.

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 and in this presentation. 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, Managing Director.

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CAPITAL STRUCTURE (15 November 2023)

MAJOR SHAREHOLDERS (15 November 2023)

Unlisted Options & Performance Rights[1]

ASX Code Shares on Issue

CPN 94.3m

6.5m

Share Price Market Cap. Cash Balance[2] A ~A A $0.13 $12m $2.8m

Chalice Gold Mines Ltd 8.7% Tinci (HK) Limited 5.9% Mr Buxiao Yu 5.1% Atasa Holdings Pty Ltd and Tjandra Pramoko + Simone Suen 4.3% Top 20 Shareholders 47.8% Board & Management[1] 7.3%

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LEADERSHIP TEAM
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SWAP THIS FOR THE BOARD ROOM
PHOTO
Successful exploration, corporate and
capital markets team
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CPN – ASX Share Performance (3 months)
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$0.25 2,000,000
Volume Close $
1,750,000
$0.20
1,500,000
$0.15 1,250,000
1,000,000
$0.10
750,000
500,000
$0.05
250,000
$- -
15-Aug-23 29-Aug-23 12-Sep-23 26-Sep-23 10-Oct-23 24-Oct-23 07-Nov-23
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Advancing Exploration Across Two Projects
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Technical achievements during 2023

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MOUNT SQUIRES PROJECT

Ni-Cu Au REE

• First-ever discovery of Rare Earth Element mineralisation in the region

• 12km strike extension of magmatic Ni-Cu sulphide host rocks along West Musgrave Corridor

• Suite of Ni-Cu, Au, REE geochemistry targets developed using innovative soils technique

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YARAWINDAH BROOK PROJECT

PGE-Ni-Cu

• Delineation of high-grade peridotite (Pt-Rh rich) and bulk pyroxenite (Pd rich) lodes at Serradella

• Developed new near-surface drill targets – Balansa, Brassica Shear Zone

• Recognition of lithium prospectivity with geological setting similar to Greenbushes

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MOUNT SQUIRES PROJECT (CPN 100%) Large scale greenfield gold, REE and base metal project

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A strategic position with multi-commodity prospectivity
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• Rare Earth Elements:

New discovery, a first for the province

• :

• Nickel & Copper

Only 10km along strike from A$1.7B Nebo-Babel mine development by BHP and recognised targets

• Gold: 40km structural trend with demonstrated gold mineralisation at surface

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West Musgrave Magmatic Sulphide Corridor
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Looking for the next Nebo-Babel Deposit

• Nickel and copper deposits are potentially large (>1Mt contained metal), but obscured by desert sands, requiring multiple phases of exploration

• Caspin has recognised prospects with similar chemistry to NeboBabel deposits

• Copper mineralisation found at Sienna – up to 10% Cu rock chips

• First drill program complete, confirms prospective host rocks continue into the project over a strike of at least 12km

• Mapping and reconnaissance ongoing, developing next round of drill targets under transported cover

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Extension of High Grade Heavy Rare Earths at Duchess
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The first discovery of REE in the province

• Significant results from first RC drill program include:

• 27m @ 0.70% TREO from 42m Including 12m @ 1.15% TREO from 55m (MSRC0003)

Comprising 1,662ppm Nd2O3, 404ppm Pr6O11, 325ppm Dy2O3, 54ppm Tb4O7 (“magnet rare earths”)

• High value heavy REE (Dy & Tb) in TREO up to 73%. Generally ~5 times more valuable than Light REE (Nd & Pr)

• Open in multiple directions to be tested by further drilling, plus regional targets

• Preliminary metallurgy program to follow

Further reading: Medlin, C.C., Jowitt, S.M., Cas, R.A.F., Smithies, R.H., Kirkland, C.L., Maas, R.A., Raveggi, M., Howard, H.M. and Wingate, M.T.D., 2015. Petrogenesis of the A- type, mesoproterozoic intra-caldera rheomorphic Kathleen Ignimbrite and Comagmatic Rowland suite intrusions, West Musgrave Province, Central Australia: Products of extreme fractional crystallization in a failed rift setting. Journal of Petrology, 56(3), pp.493-525.

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Heavy REE are the most important in the basket
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A strategic point of difference for Mount Squires

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All REE are critical,
but dysprosium & terbium
Magnets Dysprosium
have the greatest leverage and terbium
to future demand
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Source: The trading opportunity that could create resilience in materials. September 26, 2023. McKinsey & Company

Source: Critical Materials Assessment. May 2023. US Department of Energy

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Next Steps
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• Evaluating next tier of geochemical and geophysical Ni-Cu anomalies

• Particularly under thicker cover with more subtle signatures

• Redwood (along strike from One Tree Hill) remains to be fully tested

• Rare Earth opportunity continues to evolve – Duchess probably only one of many prospects.

• Sighter metallurgical test work underway to evaluate chemical and mineral concentrate potential

• Excellent exposure to long term critical mineral thematic

• Planning to test Regal gold anomaly in 2024, subject to heritage clearance

• Understand the genesis of gold mineralisation

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YARAWINDAH BROOK PROJECT

(CPN 80%)

• • Discovering PGE Ni Cu in the emerging West Yilgarn Province

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

• Delineation of a large body of PGE-Ni-Cu mineralisation at the Serradella Prospect with similarities to the nearby Chalice Mining (ASX:CHN) Gonneville PGE-Ni-Cu Deposit (16Moz 3E, 860kt Ni)

• Focussing on near-surface massive sulphide targets – many areas never explored for Ni-Cu-PGE. Now with conceptual lithium targets

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Many opportunities for discovery

…

• Discovered a significant body of mineralisation at Serradella

• Continuing to search for near-surface, high-grade (massive sulphide) PGENi-Cu mineralisation

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 Re-evaluating EM targets at Serradella, along strike from Peridotite Lode

 Developing new geochem targets, such as Balansa

 Brassica Shear Zone, mostly un-explored – extension of Julimar host rocks

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Lithium Opportunity - Utilising existing data to evaluate lithium potential
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• More than just a concept:

• Suitable source rocks in

a greenstone setting

• Historical exploration identifies Li pathfinders

• Caspin geochemistry data identifies Li anomalies in suitable geological setting

• Targeting continuing to evolve

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Next Steps
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Many opportunities for discovery

• Continue to search for near-surface, high-grade PGE-Ni-Cu mineralisation

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• Re-evaluating EM targets at Serradella, along strike from Peridotite Lode

• Developing new targets, such as Balansa

• Brassica Shear Zone, mostly un-explored – extension of Julimar host rocks

• Approximately 30% of the project yet to receive any boots-on-ground exploration for PGE-Ni-Cu

• Continue to evaluate lithium opportunity – a lack of exposure and agriculture hindered past exploration, but Caspin’s geochemical programs provide a head start

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Looking Forward to 2024
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• Fundamentals are sound - two projects with camp-scale potential in emerging .

• regions with enormous strategic value Rare opportunities in the junior sector

• Priority position in the West Musgrave with the team that discovered, drilled out and oversaw the initial feasibility studies on BHP’s $1.7b Nebo-Babel development

• Opportunities for discovery of high-grade, near-surface Ni-Cu-PGE at Yarawindah Brook

• Continue to advance both projects and reward shareholders with discovery

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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

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ASX: CPN
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