CASPIN RESOURCES LIMITED — Capital/Financing Update 2023

Apr 16, 2023

ASX RELEASE 17 April 2023

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Completion of Tranche 1 Placement and Cleansing Notice

Caspin Resources Limited (ASX: CPN) (“ Caspin ” or the “Company ”) confirms that it has completed the first tranche of the ~$3.8m capital raising previously announced on 11 April 2023. The first tranche consisted of raising ~$3.7m via the placement of 12,333,332 fully paid ordinary shares in the Company (“ Shares ”) at $0.30 per Share to new and existing institutional and sophisticated investors.

The Shares were issued using the Company's existing placement capacity available under ASX Listing Rules 7.1 and 7.1A.

Please refer to the accompanying Appendix 2A which contains further details. Completion of the balance of the capital raising is subject to shareholder approval at a shareholder meeting to be convened shortly.

Notice pursuant to Section 708A(5)(e) of the Corporations Act 2001

The Company gives notice pursuant to section 708A(5)(e) of the Corporations Act 2001 (Cth) (" Corporations Act ") that:

1. on 17 April 2023 the Company issued 12,333,332 Shares in respect of a placement;

2. the Company issued those Shares without disclosure to investors under Part 6D.2 of the Corporations Act;

3. the Company is providing this notice under section 708A(5)(e) of the Corporations Act;

4. as at the date of this notice, the Company has complied with:

   • a. the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

   • b. sections 674 and 674A of the Corporations Act; and

5. as at the date of this notice, there is no "excluded information" within the meaning of sections 708A(7) and 708A(8) of the Corporations Act which is required to be disclosed by the Company.

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

-ENDS-

For further details, please contact:

Greg Miles

Chief Executive Officer admin@caspin.com.au Tel: +61 8 6373 2000

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Forward Looking Statements

Some statements in this announcement 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. Statements regarding plans with respect to the Company’s mineral properties may also contain forward looking statements.

Forward-looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance or actions. Forward-looking statements may be affected by a range of variables that could cause actual results to differ from estimated results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be correct.-

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 https://twitter.com/CaspinRes

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