CASPIN RESOURCES LIMITED — AGM Information 2025

Nov 24, 2025

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ANNUAL GENERAL MEETING

25 November 2025

www.caspin.com.au

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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 Estimation and Reporting of Mineral Resources is based on information compiled or reviewed by Mr Michael Job, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Job is an independent consultant employed by Cube Consulting 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 Job consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results and Exploration Target 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 announced to the ASX 23 September 2024, 13 November 2024, 4 December 2024, 20 March 2025, 27 March 2025, 3 April 2025, June 2025 , 1 September 2025, 15 September 2025 and 24 September 2025.

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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Highlights of the year
Building momentum through 2025 and a strong foundation for success in 2026
Maiden Kelpie Option to earn $4.6M capital
Resource up to 80% of the raising with
Estimate of Weethalle Gold strong
3.94Mt @ Project, NSW institutional
Exercising the Excellent 0.50% Sn for support
Option to high-grade $2.1M capital 19,300t Sn and Demonstration
Acquire the Commenced and broad raising to much larger of ore sorting to Commencement
Bygoo Tin drilling at drilling results continue Exploration upgrade Kelpie of drilling at
Project, NSW Bygoo from Bygoo exploration Target Mineralisation Weethalle
CPN Tin
Close $
(USD/T)
$0.160 $40,000
$38,000
$0.140
$36,000
$0.120
$34,000
$0.100
$32,000
$0.080 $30,000
$28,000
$0.060
$26,000
$0.040
$24,000
$0.020
$22,000
Close $ Tin Price USD
$- $20,000
15-Nov-24 15-Dec-24 15-Jan-25 15-Feb-25 15-Mar-25 15-Apr-25 15-May-25 15-Jun-25 15-Jul-25 15-Aug-25 15-Sep-25 15-Oct-25 15-Nov-25
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CPN – ASX Share Performance (6 months)

LEADERSHIP TEAM

Volume Close $

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Mr Justin Tremain Mr Greg Miles Dr Jon Hronsky OAM Mr Steven Wood Non-Executive Chair Managing Director Non-Executive Director CFO/ Co. Secretary

PROFORMA CAPITAL STRUCTURE[1] (24 November 2025)

Unlisted Options & Performance Rights[2] ~55m

ASX Code Shares on Issue

CPN

~242m

Share Price Market Cap. Cash Balance[3] A ~A ~A $0.13 $31m $6m

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PROFORMA MAJOR SECURITY HOLDERS [1] (24 November 2025)
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	Syndicate Minerals Pty Ltd2 Lion Selection Group	4.1% 4.1%
	Directors and Management(fully diluted) Top 50 Shareholders	10.6% 63.2%

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Tin Demand
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Metals most likely to be impacted by new technology

• Rio Tinto commissioned Massachusetts Institute of Technology (MIT) to survey new technologies and compile a list of metals required to meet the evolving demand with new technology.

• Demand evidenced by rapidly growing data centres and AI computing

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Autonomous & Electric Vehicles Advanced Robotics Renewable Energy Advanced Computation & IT
Energy Storage
Advanced Oil & Gas
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• KEY METRICS: 1. Ease of substitution including dematerialiation trends.

• 1. Likelihood of market disruptions due to the technology.
• 1. Potential size change of commodity demand for the technology compared to the current market size for that commodity.

Sources: MIT Energy Initiative, Rio Tinto; March 2018.

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Tin Supply
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Very delicately balanced market

• Recent supply disruptions:

• Civil war in DRC affecting the Bisie Mine

• Closure and delayed re-start of Man Maw in Myanmar

• Indonesia clamp down on illegal mining

• Limited significant new project developments

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An Emerging Tin Project and now Exposure to Gold
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In the heart of the Wagga Tin Granite Belt, NSW

• 100% ownership of the Bygoo Tin Project covering 1,180km[2]

• Surrounds the Ardlethan Tin Mine (excised), which was the largest tin mine on mainland Australia, producing >31kt Sn until 1986

• Recent announcement of Maiden Resource Estimate at the

  • Kelpie Deposit: 3.94Mt @ 0.5% Sn for 19.3Kt of contained tin

• Part of a much larger Exploration Target of 12-20Mt @ 0.35-0.50% Sn

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Maiden Resource Estimate – Kelpie Deposit
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A significant step towards a viable mining project

• Inferred Mineral Resource Estimate of:

3.94Mt @ 0.5% Sn for 19,300t of contained tin

• Very robust estimate based on >20,000m of drilling

• Defined within an optimised pit shell to 190m depth  0.5% Sn = Very good grade for open pit tin. Compares favourably to peers

• Constrained only by the limits of drilling - room for significant growth

• Part of a much larger Exploration Target to be tested in upcoming drill program

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Very Large Exploration Target
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Major upside to be realised by more drilling

• Exploration Target of: 12-20 million tonnes (Mt) grading 0.35-0.50% Sn

• Growth in Kelpie to be realised by:

• Infill drilling between resource lodes

• Extensions up to 250m along strike to the north and south

• Depth extensions to 250m below surface

• Testing for repetitions of, or stacked, lodes, not currently included in ET

• However, evidence of a much larger mineralised system:

• Hundreds of historical working and significant rock chip samples up to 0.82% Sn, 2,000m to the SW of Kelpie

• Geochemical anomalism, 1,000m north, suggests greisen mineralisation under shallow cover

• No effective exploration to the south along prospective granite contact

• Therefore, very good potential for discovery of new deposits

The potential quantity and grade of the Exploration Target are conceptual in nature. As such, there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code 2012.

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Excellent potential to host a large-scale tin province
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Majority of the project yet to be effectively explored

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• Kelpie Deposit and Exploration Target represent just 5% of the prospective eastern contact of the Ardlethan Granite

• 20km of prospective contact, very little modern exploration

• Recently completed aeromagnetic survey to assist with targeting

• Developing target at Ardlethan East, a short distance from the Ardlethan Mine (with endowment of ~50kt Sn)

• Limited exploration on western contact of the granite, potentially another suitable host for tin mineralisation

Next Steps

• Drill testing of extensions to Kelpie MRE and Exploration Target in December Quarter

• Metallurgical test work continuing on gravity separation and flotation

• Further surface mapping and sampling in the broader Kelpie region, working towards reconnaissance drilling

• Continue to evaluate the prospectivity of the entire project, informed by recent aeromagnetic survey, Ardlethan East a focus

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New Target Developing At Ardlethan East
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Attractive Ardlethan Mine ‘look-a-like’ target

• Multiple coherent basement geochemical anomalies

• Peak assay of 1.86% Sn from bottom of role RAB, with no follow-up drilling

• Rock chips nearby >0.1% Sn

• Coincident with magnetic features similar to the Ardlethan Mine

• Targeting to be assisted by new aeromagnetic survey

• Potential granite breccia host surrounded by sedimentary rocks

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Kelpie Amenable to Ore Sorting
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Positive results from first inspection testing at TOMRA

• High-grade feed upgrade approximately 3x times with 71% mass rejection

• Low-grade feed upgrade approximately 6x times with 92% mass rejection

• Only a small volume test, but provides confidence to proceed to bulk sampling testwork

• Presents optionality to development scenarios

• Conventional metallurgy results to follow

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High-grade product stream images. Left is raw XRT image. Right is processed or classified image where green colours represent host rock, black/yellow colours represent high-density inclusions (eg cassiterite).

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Kelpie – A Significant Australian Tin Project [1]
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1. Peer group represents all ASX listed companies with primary tin assets and First Tin PLC, listed on LSE.

2. MLX Ore Reserve Update 31 January 2025

Kelpie is an exceptional grade for an open pit mining scenario

1. SKY ASX Announcement 23 January 2024

2. SRZ ASX Announcement 4 September 2023

3. ELT Investor Presentation 6 December 2024 6. 1SN Definitive Feasibility Study 2 May 2024 7. Market capitalisation based on data from 24 November 2025

2 3 4 5 5 6	2 3 4 5 5 6	2 3 4 5 5 6	2 3 4 5 5 6	2 3 4 5 5 6	2 3 4 5 5 6	2 3 4 5 5 6	2 3 4 5 5 6
Resource Grade(Sn %)	1.45%	1.04%	0.15%	0.46%	0.75%	0.10%	0.5%
Resource Tonnes(Mt)	20.2	7.48	15.6	19.6	7.47	133	3.94
Contained Sn(kt)	292.2	77.9	23.2	75.8	56.1	133	19.3
Project	Renison	Heemskirk	Tallebung	Oropesa	Cleveland	Taronga	Bygoo
Location	Tasmania	Tasmania	New South Wales	Spain	Tasmania	New South Wales	New South Wales
Status	Producing	ScopingStudy	Resource Expansion	DFS	Exploration/Scoping	DFS	Resource Expansion
Mine Type	Underground	Underground	Open Pit	Open Pit	Underground	Open Pit	Open Pit

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WEETHALLE GOLD PROJECT OPTION

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An Emerging Tin Project and now Exposure to Gold
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In the heart of the Wagga Tin Granite Belt, NSW

• Option over 80% of the Weethalle Gold Project – a drill-ready, large-scale Intrusive Related Gold target

• New, 2,000m long geophysical and geochemical target, <200m below surface

• First phase of drilling commenced in October

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Weethalle: Regional Structural Setting Similar to Hemi
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An exceptional discovery-stage gold project with large scale potential

Hemi (rotated)

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10 km
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Weethalle
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• Weethalle Granite a unique circular feature within the Cobar-Wagga Tectonic Zone – similar geometry and size to 12Moz Hemi Deposit in the Pilbara

• Hemi located in a strain shadow of ~10 km circular granitoid intrusion bound by major shear zones

• Euratha Prospect – 2km diameter dome feature at the southern end of the Weethalle Granite

• located at a major structural intersection in an equivalent position as Hemi

• Intrusive Related Gold System characteristics

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Historical gold and silver mining at Euratha
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Evidence of high-grade gold

• Euratha Lode: 300m strike, 100m deep ~ 1m thick

• Very high grades - Average 1-3oz/t gold, up to 5oz/t gold, plus silver

• Importantly, abundant sulphides and quartz = receptive for mapping by Induced Polarisation geophysics…

• … which shows the Euratha mine is not the main part of the system

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Samples of mullock from the Euratha workings - IRG vein

36.3 g/t Au

23.7 g/t Au

22.4 g/t Au

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Induced Polarisation Anomaly
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Euratha Mine Section
•
Modest IP anomaly associated with the Euratha Mine
•
But – better anomaly at depth !
•
And – stronger, larger anomaly to the southeast! 15x background
•
2km combined strike of IP anomalism – Never drill tested!
•
Note – granite systems are not likely to create false-positives
Euratha
Euratha Mine mine
Section
THIS IS THE TARGET
N
S
2.1 km
N
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Chargeability
Resistivity
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Coincident IRGS Geochemical Signature
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Strong correlation between geochemistry and IP anomalies

• Pathfinder anomalies (As, W, Pb) for gold and silver. Very high correlation

• Bulk of anomalism to the southeast of Euratha workings, coincident with IP anomalies

• Approximately 2km of strike

• Multi-element anomalism consistent with intrusion-related, not orogenic gold. Supporting the model

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Site Visit
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Directors & Exploration team onsite at Weethalle Project, October 2025

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Exploration Underway
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Multiple independent datasets pointing to a large mineral system

Option Period Work Program:

• Land access agreements in place

• Environmental permitting received

• First phase drilling targeting IP and geochem anomalies

• Second phase step-outs from initial program, plus newly generated targets – late 2025 or early 2026

Simplified deal metrics:

• Caspin to pay $50k, 1M shares & 0.5M options

• Spend $200k in drilling by March 31[st] for the option to earn 80% of the project

• Upon exercise, two-stage earn-in to 51%, then 80%, with milestone payments of cash and shares and total spending commitments of at least $3M over 2.5 years

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Caspin’s Investment Proposition

• The Kelpie Deposit is a significant value driver for the Company

• We’re aiming to deliver the highest-grade open pit tin project in Australia

• A rare investment opportunity on the ASX and western world, with very strong long-term fundamentals

• Multiple opportunities to grow the Kelpie Deposit and make new discoveries across the Bygoo Project  20km of mostly untested strike with “mine-camp” potential

• Upcoming metallurgical test results to demonstrate a viable processing solution

• The Weethalle Gold Project provides exposure to record gold prices with immediate discovery potential

• An opportunity to leverage our growing knowledge base and capabilities in the under-explored Wagga Belt

• Active field season during the summer months with plenty of upcoming news flow

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Bygoo
Weethalle Bygoo
Project
Project Weethalle Weethalle Kelpie Deposit Weethalle
Kelpie Deposit
Phase 1 metallurgical Phase 1 Phase 2 Phase 1 Option Exercise
Maiden drilling results gold results drilling resource drilling date
NOV DEC JAN FEB MAR APR
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INDICATIVE TIMELINE

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CPN

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www.caspin.com.au

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QR
26/03/24
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