CASPIN RESOURCES LIMITED — Capital/Financing Update 2023

Jun 7, 2023

8 JUNE 2023

ASX RELEASE

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Share Purchase Plan Complete

Caspin Resources Limited (ASX: CPN) (“ Caspin ” or the “ Company ”) is pleased to confirm the Company’s Share Purchase Plan ( SPP ) announced on 11 April 2023 and approved by shareholders at a general meeting held on 7 June 2023, closed on 1 June 2023 and 6,666,666 SPP shares at $0.30 per share have now been allotted.

Under the terms of the SPP, the Company offered eligible shareholders the opportunity to subscribe for up to $30,000 worth of new shares at an issue price of $0.30 per share (" SPP Shares "), subject to shareholder approval. The Company intended to raise $1,000,000 under the SPP but reserved the right in its absolute discretion to accept oversubscriptions up to a maximum amount of $2,000,000.

The Company received $2,844,974.70 in applications under the SPP. As previously disclosed on 17 May 2023 the Company resolved to accept the maximum amount of $2,000,000. Accordingly, SPP applications were scaled back at the Board’s discretion.

All applicants are requested to ensure their bank details have been submitted to the Company’s share registry Automic (https://investor.automic.com.au/#/home) so that application refunds can be promptly processed.

Excess application monies will be refunded to applicants pursuant to the terms and conditions of the SPP documentation.

Funds raised from the SPP will be used to advance exploration at the Mt Squires and Yarawindah Brook Projects, and provide working capital for the Company.

This announcement is authorised for release by the Board of Caspin Resources Limited.

ABOUT CASPIN

Caspin Resources Limited (ASX Code: CPN) is a new mineral exploration company based in Perth, Western Australia. Caspin has extensive skills and experience in early-stage exploration and development. The Company is actively exploring the Yarawindah Brook Project in Australia’s exciting new PGE-Ni-Cu West Yilgarn province and the Mount Squires Project in the West Musgrave region, one of Australia’s last mineral exploration frontiers.

At the Company’s flagship Yarawindah Brook Project, recent drilling campaigns at Yarabrook Hill have made new discoveries of PGE, nickel and copper sulphide mineralisation. Meanwhile, the Company continues to bring new targets to drill readiness by collecting geophysical and geochemical data across the project.

At the Mount Squires Project, Caspin has identified a 40+km structural corridor with significant gold mineralisation as well as a 17km extension of the West Musgrave Ni-Cu corridor which hosts the One Tree Hill Prospect and Nebo-Babel Deposits along strike. The Company is conducting further soil sampling, geophysics and reconnaissance drilling along both mineralisation trends.

FOLLOW US

LinkedIn: https://www.linkedin.com/company/caspin-resources-limited Twitter: https://twitter.com/CaspinRes

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