CASPIN RESOURCES LIMITED — Capital/Financing Update 2023

May 16, 2023

Proposed issue of securities

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Update Summary

Entity name

CASPIN RESOURCES LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

17/5/2023

Reason for update to a previous announcement

To update for actual date of shareholder meeting, and corresponding changes to timetable.

Refer to next page for full details of the announcement

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Proposed issue of securities

Part 1 - Entity and announcement details

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1.1 Name of +Entity

CASPIN RESOURCES LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type Registration Number ABN 33641813587

1.3 ASX issuer code

CPN

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

To update for actual date of shareholder meeting, and corresponding changes to timetable.

1.4b Date of previous announcement to this update

11/4/2023

1.5 Date of this announcement

17/5/2023

1.6 The Proposed issue is:

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An offer of +securities under a +securities purchase plan

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Part 4 - Details of proposed offer under securities purchase plan

Part 4A - Conditions

4A.1 Do any external approvals need to be obtained or other conditions satisfied before the offer of +securities under the +securities purchase plan issue can proceed on an unconditional basis? Yes

4A.1a Conditions

Approval/Condition	Date for determination	Is the date estimated or	**** Approval**
+Security holder approval	7/6/2023	actual?	received/condition met?
		Estimated

Comments

The Company has obtained a waiver from ASX Listing Rule 7.3.9 to the extent necessary not to include a voting exclusion statement in relation to the SPP participation.

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Part 4B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description CPN : ORDINARY FULLY PAID Will the proposed issue of this +security include an offer of attaching +securities? No

Details of +securities proposed to be issued

ASX +security code and description CPN : ORDINARY FULLY PAID Maximum total number of those +securities that could be issued if all offers under the +securities purchase plan are accepted 6,666,666

Reason for the update of 'Maximum total number of those +securities that could be issued if all offers under the +securities purchase plan are accepted'

Will the offer be conditional on applications for a minimum number of +securities being received or a minimum amount being raised (i.e. a minimum subscription condition)? No Will the offer be conditional on applications for a maximum number of +securities being received or a maximum amount being raised (i.e. a maximum subscription condition)? No Will individual security holders be required to accept the offer for a minimum number or value of +securities (i.e. a minimum acceptance condition)? Yes Is the minimum acceptance unit based or dollar based? Dollar based ($) Please enter the minimum acceptance value $ 1,000 Will individual security holders be limited to accepting the offer for a maximum number or value of +securities (i.e. a maximum acceptance condition)? Yes Is the maximum acceptance unit based or dollar based? Dollar based ($)

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Please enter the maximum acceptance value

$ 30,000

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----- Start of picture text ----- Describe all the applicable parcels available for this offer in number of securities or dollar value$1,000, $2,000, $5,000, $10,000, $20,000, $30,000Offer price detailsHas the offer price been determined?YesIn what currency will the offer What is the offer price perbe made? +security?AUD - Australian Dollar AUD 0.30000Oversubscription & Scale back detailsWill a scale back be applied if the offer is over-subscribed?YesDescribe the scale back arrangementsTo be provided in the SPP Offer Document.Will these +securities rank equally in all respects from their issue date with the existing issued+securities in that class?Yes----- End of picture text -----

Part 4C - Timetable 4C.1 Date of announcement of +security purchase plan 11/4/2023 4C.2 +Record date 6/4/2023 4C.3 Date on which offer documents will be made available to investors 18/4/2023 4C.4 Offer open date 18/4/2023 4C.5 Offer closing date 1/6/2023 4C.7 +Issue date and last day for entity to announce results of +security purchase plan offer 8/6/2023

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Part 4D - Listing Rule requirements

4D.1 Does the offer under the +securities purchase plan meet all of the requirements of listing rule 7.2 exception 5 or do you have a waiver from those requirements? No 4D.1a Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? No 4D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No Part 4E - Fees and expenses 4E.1 Will there be a lead manager or broker to the proposed offer? No 4E.2 Is the proposed offer to be underwritten? No 4E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No 4E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Part 4F - Further Information 4F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue To continue its exploration programs at the Yarawindah Brook PGE-Ni-Cu Project and the Mount Squires Ni-Cu-Au Project, and provide general working capital. 4F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No

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• 4F.2 Countries in which the entity has +security holders who will not be eligible to accept the proposed offer All countries other than Australia and New Zealand

4F.3 URL on the entity's website where investors can download information about the proposed offer

https://www.caspin.com.au/investor-centre/asx-announcements

4F.4 Any other information the entity wishes to provide about the proposed offer

The Company has obtained a waiver from ASX Listing Rule 7.3.9 to the extent necessary not to include a voting exclusion statement in relation to the SPP participation.

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