CASPIN RESOURCES LIMITED — Capital/Financing Update 2024

Sep 22, 2024

23 September 2024

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Option to Acquire High-Grade Bygoo Tin Project, New South Wales

HIGHLIGHTS

• Advanced, high-grade exploration project in a prolific tin producing region

• Surrounds the Ardlethan tin mine which produced 48,000t of tin until 1986[1]

• Significant historical drilling results to date include:

• 35m @ 2.10% Sn from 43m, incl. 5m @ 6.00% Sn from 65m (BNRC011)

• 35m @ 1.71% Sn from 94m, incl. 6m @ 5.04% Sn from 106m (BNRC085)

• 18m @ 1.35% Sn from 58m, incl. 6m @ 2.27% Sn from 65m (BNRC063)

• 12m @ 1.92% Sn from 77m, incl 3m @ 5.20% Sn from 84m (BNRC020)

• 26m @ 1.27% Sn from 140m, incl 7m @ 2.88% Sn from 146m (BNRC073)

• New exploration model and belt scale land holding covering 1,180km[2] hosting hundreds of historical tin workings provides scope for multiple discoveries

• At least seven separate tin prospects already defined with most of the project largely unexplored and subject to limited exploration over the past 40 years

• Mineralisation occurs as cassiterite (SnO2), a common tin ore mineral and most favourable for metallurgical processing

• Provides excellent leverage to increasing global demand, in a first-world jurisdiction with high environmental and social standards

• $1.6m Placement to new and existing shareholders to fund further evaluation and exploration targeting during the Option Period

Caspin Resources Limited (Caspin or the Company) (ASX: CPN) is pleased to announce it has executed an Option Agreement to acquire 100% of the Bygoo Tin Project in New South Wales. The agreement has been reached with Syndicate Minerals Pty Ltd (Syndicate), a private company generating exploration project opportunities across Australia.

Caspin’s Managing Director, Mr Greg Miles, commented “The Bygoo Tin Project is a compelling advanced exploration story that is relatively unique on the ASX. We’re excited by the high grades of tin intersected in previous drilling, close to surface, and on the doorstep of the largest historic tin mine on mainland Australia. Combined with an expanded exploration tenure, Caspin has an excellent opportunity to grow this into one of the most significant modern tin projects in the country.

“This is a fantastic opportunity for Caspin to diversify its base metal exposure into a commodity that is undergoing its most significant structural change in decades. Caspin has the exploration and development expertise to drive this project forward and recognise its value in this escalating market.

“We thank our new and existing shareholders for their support of our placement and look forward to rewarding them with further insights into the Bygoo Project over the coming months.”

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The Bygoo Project – An Emerging Tin Exploration Story

The Bygoo Project comprises three granted leases near the township of Ardlethan in the Riverina District of New South Wales. The project covers an area of 1,180km[2] and surrounds the historic Ardlethan Tin Mine (excised from the package) which produced approximately 48,000t of tin from 1912 to 1986[1] . The mine was the most prolific producer of tin on the Australian mainland until operator Aberfoyle Limited was forced to close the mine during the collapse of the tin market during the mid-80’s. There was subsequently a complete absence of exploration in the Bygoo area for 30 years up until 2015. This has created an exciting modern exploration opportunity.

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Historical exploration during 1960s and 70s was predominantly focussed on shallow extensions of breccia-style mineralisation from the Ardlethan Mine. However, more recent exploration since 2015 has recognised highgrade greisen-style mineralisation, a hydrothermal alteration of granite. Most of the older exploration involved shallow, vertical drill holes that failed to intersect the often steeply dipping greisen mineralisation.

Best results have been returned from the Bygoo North Prospect, approximately 7km north of Ardlethan, where at least five separate greisens have been recognised over a strike of approximately 500m. There are numerous historical workings and shallow pits indicating widespread tin mineralisation. Most of the early drilling in this area has been ineffective.

Bygoo North is characterised by relatively high-grade mineralisation that compares favourably to other hard rock tin projects in Australia. Examples of recent high-grade drill intersections include:

• 35m @ 2.10% Sn from 43m, including 5m @6.00% Sn from 65m (BNRC011)

• 35m @ 1.71% Sn from 94m, including 6m @ 5.04% Sn from 106m (BNRC085)

• 26m @ 1.27% Sn from 140m, including 7m @ 2.88% Sn from 146m (BNRC073)

• 12m @ 1.92% Sn from 77m, including 3m @ 5.20% Sn from 84m (BNRC020)

• 18m @ 1.35% Sn from 58m, including 6m @ 2.27% Sn from 65m (BNRC063)

• 15m @ 1.42% Sn from 120m, including 3m @ 3.44% Sn from 125m (BNRC013)

A full table of BNRC series (2015 to present day) results can be found in Appendix A.

The tin greisens are open in multiple directions, with many obvious target areas to extend mineralisation.

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Importantly, petrographic studies have shown that tin mineralisation occurs as cassiterite, a tin oxide (SnO2), and often the only primary tin mineral that can be economically processed. No other sulphide minerals are recognised as accessory to cassiterite, indicating good potential for clean concentrates. No metallurgy studies have been undertaken to date but would form an important milestone of Caspin’s future work programs.

Regional Potential

Beyond Bygoo North, the entire Ardlethan Granite contact is prospective for greisen-style mineralisation, striking over 20km on its eastern margin. This eastern contact has been the focus of most historic exploration and prospecting with hundreds of small workings and diggings, indicating extensive tin occurrences.

Some recent exploration has demonstrated the potential for further significant discoveries of tin mineralisation across the project area. For example, drilling at the Bald Hill Prospect, at the southern end of the Ardlethan Granite and 17km south of Bygoo North, returned significant tin results from only three holes drilled:

• 9m @ 0.49% Sn from 26m, including 1m @ 1.42% Sn from 28m (BHRC001)

• 20m @ 0.30% Sn from 26m, including 1m @ 1.61% Sn from 20m (BHRC002)

• 17m @ 0.16% Sn from 23m (BHRC003)

No further work has been conducted at Bald Hill since these holes were completed in 2018.

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The western contact of the Ardlethan Granite has had very little exploration of any kind, in part because of separate tenement ownership, which has only been consolidated in recent times. Drilling along the western margin has been very sparse and represents an almost entirely new search space for Caspin to explore.

The Bygoo Project is within a large, mineralised belt, known as the Wagga Tin Granites, with many occurrences of tin and associated metals. The Company has additional tenure covering the belt south of Ardlethan with recognised tin occurrences and again, limited exploration, which will form part of the Company’s longer-term plans.

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Next Steps

The Company will use a 3-month option period to compile all available datasets to prioritise drill targets. There is additional historical drilling in the order of 100 to 150 holes currently not reported (typically from the 1970’s), to be consolidated into the drill database. An assessment of geophysical datasets will also be undertaken, given the apparent strong structural control on greisen mineralisation, which may potentially be recognised through high resolution magnetics.

Field reconnaissance will commence in the coming weeks.

$1.6m Placement to Advance Exploration

The Company is pleased to announce that it has received firm commitments from existing and new strategic, institutional and sophisticated investors for a capital raising of $1,600,000 (before costs), to be completed via the issue of 32,000,000 new fully paid ordinary shares in Caspin (“New Shares”) at $0.05 per New Share (“Placement”).

Combined with the Company’s current cash, the funds raised under the Placement will be used to fund exploration at the Bygoo Tin Project, along with working capital and the costs of the Bygoo acquisition.

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The capital raise will be completed via the issue of 32,000,000 new fully paid ordinary shares via a twotranche placement. The Company will utilise its existing placement capacity under ASX Listing Rules 7.1 (14,139,848 shares) and 7.1A (9,426,566 shares) for the issue of a total of 23,566,414 shares in Tranche 1, with the balance of 8,433,586 shares to be issued under a second Tranche subject to shareholder approval at the Company’s Annual General Meeting, anticipated to be held in mid to late November.

Directors of the Company have committed to invest $100,000 (2,000,000 shares) as part of Tranche 2 of the Placement, subject to shareholder approval.

The Placement issue price of A$0.05 per share represents a 13.8% discount to the Company’s last traded price on 18 September 2024 (A$0.058) and a 6.5% discount to the Company’s 30-day VWAP of $0.0535.

The Company expects the Tranche 1 Placement Shares to be issued on Monday, 30 September 2024. The Placement Shares will rank equally with the existing fully paid ordinary shares on issue.

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Discovery Capital Partners Pty Ltd (“Discovery Capital”) acted as Lead Manager and Broker to the Placement. Discovery Capital will receive 1,000,000 unlisted options (exercisable at $0.10 and expiring 3 years from date of issue) (subject to shareholder approval).

Key Agreement Terms

The Company has secured an exclusive 3-month option to acquire 100% of the shares of Riverston Tin Pty Ltd, a wholly owned subsidiary of Syndicate Minerals Pty Ltd.

The consideration payable by the Company to Syndicate is as follows:

1. An option fee of $100,000 on signing, providing Caspin with 3 months exclusivity;

2. Subject to exercise of the Option, the following consideration securities:

3. a. 10,000,000 Caspin shares at a deemed issue price of $0.05;

4. b. 5,000,000 Options exercisable at $0.08 on or before that date that is two years from the date of issue; and

5. c. 5,000,000 Options exercisable at $0.12 on or before that date that is two years from the date of issue; the issue of which would be subject to shareholder approval pursuant to ASX Listing Rule 7.1; and

6. Deferred cash consideration of $1,600,000 comprising:

7. a. $200,000 cash within 6 months of signing;

8. b. $200,000 cash within 18 months of signing;

9. c. $200,000 cash on earlier of completing 2,500m of RC or diamond drilling and 18 months of signing;

10. d. $500,000 cash on completion of a JORC Resource greater than 20kt of contained tin; and

11. e. $500,000 cash on completion of a Scoping Study that supports Caspin making a decision to commence a PFS.

12. Upon completion of the deferred cash consideration, the Company will also pay to Syndicate a 2% net smelter returns (NSR) royalty, with Caspin retaining the right to buy back 50% of the royalty (or 1% NSR) for $1m cash.

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The Tin Market

Tin is a high value metal, currently trading around US$31,700/t (cf. copper trading around US$9,200/t). It is a common metal used in everyday applications. Just over 50% of global tin production is used in solder, the connection material used in circuit boards and other electric components. For this reason, tin is often considered a ‘technology metal’, increasingly important to support growing demand for electrification and computing, from solar panels to AI data centres. Understandably, tin is on the US critical minerals list and the strategic mineral list in Australia.

Tin supply is dominated by China, Indonesia and until recently, Myanmar. Smaller amounts of production come from other southeast Asian countries as well as central Africa and South America. Due to a glut of supply over the past 40 years the tin price has stagnated, leading to a severe under-investment in tin exploration in Australia and across the world.

A large portion of global production has environmental (subsea dredging) and social (artisanal mining, conflict regions) concerns. Australia contrasts as an attractive destination for tin investment, being a safe first-world jurisdiction with high environmental and social standards.

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Decline in tin
output over the
past 20 years
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Source: International Tin Association. https://www.internationaltin.org/
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The price of tin has rallied over 30% in 2024, potentially signalling the recognition of strong demand fundamentals for tin and the lack of quality new supply options to meet the emerging energy transition thematic. Caspin is excited to be well positioned to benefit from this promising development.

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Source: tradingroom.com
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This announcement is authorised for release by the Board of Caspin Resources Limited.

-ENDS-

For further details, please contact:

Greg Miles

Managing Director admin@caspin.com.au Tel: +61 8 6373 2000

References:

1. PATERSON R G 1990 - Ardlethan Tin deposits: in Hughes F E (Ed.), 1990 Geology of the Mineral Deposits of Australia & Papua New Guinea. The AusIMM, Melbourne. Monograph 14, v2, 1357-1364

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 his 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

ASX Announcements relevant to information provided in this release from Thomson Resources Ltd (TMZ).

ANNOUNCEMENT DATE	ANNOUNCEMENT TITLE
13thApril 2015	Thomson acquires advanced Tin Project
13thJuly 2015	Strong drilling results at Bygoo Tin Project
21stOctober 2015	Outstanding Tin results in second phase drilling at Bygoo
28thJune 2017	Further outstanding drill results for Bygoo Tin
19thMarch 2018	Strong drill results at Bygoo Tin
5thApril 2018	Further Tin intercepts at Bald Hill
7thJanuary 2019	Strong drill results at Bygoo Tin

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 will conduct 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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APPENDIX A

TABLE 1: SIGNIFICANT DRILL INTERCEPTS (>0.1% Sn).

HOLE ID	East	North	RL	Dip	Azi	EOH	From	Width	Sn
						(m)	(m)	(m)	%
BNRC001	484726	6208048	251	-60	270	138	96	2	0.36
							101.0	3	0.11
BNRC002	484674	6208118	250	-60	226	156	80	4	0.12
							95	6	0.35
						Incl	99	1	1.36
BNRC003	484674	6208118	250	-60	272	156	118	18	0.82
						Incl	126	1	5.23
						And	134	1	3.00
							140	2	0.84
BNRC004	484734	6208097	250	-60	250.5	150	80	8	0.26
							121	4	0.25
							130	5	1.34
BNRC005	484594	6208115	252	-60	151	72	25	2	0.20
BNRC006	484539	6208104	257	-60	159	114	93	2	0.84
BNRC007	484595	6207985	258	-60	302.5	54	NSA
BNRC008	484517	6208022	260	-60	309.5	80	NSA
BNRC009	484675	6208075	251	-60	296	80	NSA
BNRC010	484619	6208007	255	-60	12	84	15	20	0.27
							61	2	0.13
							66	13	1.05
						Incl	67	2	2.20
BNRC011	484644	6208007	253	-60	360	108	31	5	0.24
							43	35	2.10
						Incl	65	5	6.00
BNRC012	484631	6207982	254	-60	360	120	14	6	0.16
							24	6	0.34
							44	2	0.19
							49	4	0.11
							59	10	0.12
BNRC013	484669	6208007	252	-60	360	174	66	7	0.74
						Incl	67	2	1.62
							87	7	1.50
						Incl	89	2	2.32
							97	7	0.79
						Incl	97	2	2.42
							120	15	1.42
						Incl	125	3	3.44
							166	4	0.33
BNRC014	484657	6208029	253	-60	360	84	36	10.0	0.24
BNRC015	484593	6208007	256	-60	360	114	NSA
BNRCD016	484678	6208129	248	-60	180	151.5	NSA
BNRC017	484695	6208077	252	-60	180	127	91	2.0	0.18
BNRC018	484696	6208107	252	-60	180	153	96	13	0.81
							113	2	0.64

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	HOLE ID East North RL Dip Azi EOH (m) From (m) Width (m) Sn %
	BNRC019 484721 6208108 251 -60 180 169 113 2 1.80
	120 9 1.53
	Incl 121 2 3.89
	141 11 0.56
	BNRC020 484655 6208083 253 -60 175 120 65 3 0.49
	77 12 1.92
	Incl 84 3 5.20
	120 3 0.31
	BNRC021 484656 6207780 250 -60 281 91 56 10 1.03
	Incl 61 3 2.55
	BNRC022 484566 6207797 257 -60 108 42 22 7 0.19
	BNRC023 484608 6207846 255 -60 180 114 57 2 0.42
	BNRC024 484628 6207827 255 -60 175 23 NSA
	BNRC025 484631 6207850 255 -50 169 144 35 5 0.24
	50 8 0.16
	75 4 0.12
	BNRC026 484594 6207890 254 -60 169 96 NSA
	BNRC027 484576 6207812 255 -60 169 66 NSA
	BNRC028 484631 6207734 255 -50 350 120 36 7 0.61
	45 5 1.16
	54 2 0.13
	73 10 0.21
	87 3 0.51
	BNRC029 484660 6207742 255 -50 349 109 53 5 0.58
	90 3 0.12
	BNRC030 484660 6207717 255 -60 349 129 NSA
	BNRC031 484665 6207794 254 -60 214 114 42 21 0.82
	Incl 53 6 1.44
	BNRC032 484680 6208114 248 -60 169 144 90 12 0.21
	108 8 0.15
	123 8 0.29
	BNRC033 484660 6208070 252 -60 169 102 58 18 0.97
	Incl 59 4 2.90
	79 8 1.43
	BNRC034 484606 6207859 252 -60 270 174 NSA
	BNRC035 484607 6207742 253 -60 360 120 16 2 0.20
	22 16 0.64
	Incl 24 3 2.11
	BNRC036 484542 6207797 253 -60 90 132 NSA
	BNRC037 484651 6207984 252 -60 360 180 52 5 0.26
	66 6 0.16
	75 3 0.16
	BNRC038 484629 6208127 246 -55 180 180 16 19 0.61
	Incl 17 5 1.64
	82 4 0.10
	BNRC039 484673 6208087 250 -60 169 120 76 11 0.54
	Incl 81 1 2.16
	95 13 0.43
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	HOLE ID East North RL Dip Azi EOH (m) From (m) Width (m) Sn %
	BNRC040 484626 6208022 257 -60 360 90 9 3 0.12
	17 19 0.26
	49 3 1.59
	Incl 50 1 3.72
	57 12 1.14
	Incl 62 4 2.54
	Incl 17 5 1.64
	82 4 0.10
	BNRC041 484622 6207982 254 -55 180 102 NSA
	BNRC042 484633 6208142 248 -55 180 54 5 4 0.24
	15 3 0.58
	22 15 0.22
	BNRC043 484615 6208156 249 -55 180 36 9 9 0.44
	Incl 9 2 1.23
	BNRC044 484631 6208158 248 -55 180 48 26 12 0.61
	BNRC045 484659 6208123 248 -55 180 162 75 4 0.18
	110 4 0.24
	BNRC046 484633 6208166 248 -75 0 84 55 15 0.49
	BNRC047 484726 6208126 246 -60 180 150 144 3 1.39
	Incl 145 1 3.58
	BNRC048 484629 6208189 249 -55 180 72 46 2 0.73
	56 7 0.27
	BNRC049 484656 6208171 247 -55 180 72 NSA
	BNRC050 484710 6207971 248 -60 0 168 99 2 0.26
	109 4 0.28
	123 9 0.75
	Incl 124 2 1.84
	150 3 0.58
	BNRC051 484650 6208092 249 -60 300 48 21 11 0.89
	BNRC052 484620 6208002 251 -60 0 120 1 3 0.27
	7 3 0.25
	20 14 0.44
	42 6 0.16
	BNRC053 484651 6208025 250 -60 0 90 NSA
	BNRC054 484661 6208181 250 -55 270 84 NSA
	BNRC055 484660 6208141 248 -55 272 84 NSA
	BNRC056 484663 6208092 250 -55 270 72 27 12 0.52
	Incl 31 2 1.69
	BNRC057 484661 6208072 250 -55 270 66 20 12 0.54
	Incl 30 2 1.44
	BNRC058 484660 6208038 250 -55 270 78 20 7 0.38
	BNRC059 484661 6208003 250 -55 271 60 31 13 0.19
	47 9 0.15
	BNRC060 484660 6207972 250 -55 270 60 32 5 0.20
	41 4 0.14
	BNRC061 484652 6208151 250 -55 270 90 44 8 0.44
	55 8 0.40
	68 12 0.47
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	HOLE ID East North RL Dip Azi EOH (m) From (m) Width (m) Sn %
	BNRC062 484652 6208136 248 -55 254 78 28 9 0.36
	BNRC063 484660 6208058 250 -55 267 90 20 17 0.29
	46 3 1.30
	58 18 1.35
	Incl 65 6 2.27
	BNRC064 484644 6208089 248 -55 260 60 15 13 0.27
	47 2 0.74
	BNRCD065 484701 6208155 246 -60 182 177.6 NSA
	BNRC066 484635 6208250 250 -60 169 96 72 2 0.11
	BNRC067 484460 6208350 255 -61 143 78 39 2 0.14
	BNRC068 484746 6208130 245 -60 180 200 159 4 0.20
	179 2 0.18
	BNRC069 484437 6208375 250 -60 143 166 50 20 0.47
	74 37 0.63
	Incl 88 4 1.69
	117 16 0.55
	138 5 0.18
	150 15 0.46
	BNRC070 484648 6208220 246 -60 270 96 NSA
	BNRC071 484625 6208161 248 -60 270 84 56 4 0.14
	BNRC072 484663 6208042 246 -70 176 96 49 5 0.19
	58 6 0.29
	69 6 0.53
	BNRC073 484725 6208172 245 -60 195 174 94 4 0.46
	140 26 1.27
	Incl 146 7 2.88
	161 6 1.67
	BNRC074 484598 6208115 250 -55 95 126 9 8 0.47
	24 9 0.45
	BNRC075 484513 6208322 265 -60 313 70 80 4 0.87
	108 2 0.23
	112 4 0.68
	129 2 0.45
	135 15 0.95
	Incl 137 4 2.48
	153 4 0.50
	BNRC076 484390 6208332 269 -50 158 120 45 3 0.29
	BNRC077 484413 6208341 255 -50 151 120 54 2 0.17
	BNRC078 484466 6208312 267 -60 325 162 32 4 0.21
	61 25 0.91
	Incl 65 4 1.72
	89 4 0.75
	97 2 0.39
	101 11 0.40
	115 2 0.63
	121 7 0.62
	137 3 0.21
	147 3 0.37
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HOLE ID	East	North	RL	Dip	Azi	EOH	From	Width	Sn
						(m)	(m)	(m)	%
							160	2	0.20
BNRC079	484450	6208335	251	-60	325	162	45	3	0.48
							51	10	0.39
							73	4	0.38
BNRC080D	484423	6208335	252	-60	70	200	31	10	0.25
							51	9	0.27
BNRC081	484540	6208340	248	-60	50	120	NSA
BNRC082	484409	6208406	252	-61	137	180	74	2	0.28
							79	4	0.15
							100	3	0.59
							114	3	0.50
							121	5	0.59
							133	3	0.42
BNRC083	484493	6208269	248	-60	325	180	120	9	0.71
							132	6	0.27
							141	10	0.42
BNRC084D	484666	6208004	245	-60	360	189.5	NSA
BNRC085	484665	6208156	248	-55	180	138	94	35	1.71
						Incl	106	6	5.04
						And	113	7	2.24
BNRC086	484690	6208220	248	-60	270	120	31	2	0.17
							85	4	0.32
							97	2	0.18
BNRC087	484700	6208125	245	-75	180	108	59	25	0.49
						Incl	72	1	2.36
BHRC001	484889	6189244	238	-60	101	60	26	9	0.49
						Incl	28	1	1.42
BHRC002	484895	6189280	238	-60	101	54	26	20	0.30
						Incl	31	1	1.61
BHRC003	484908	6189309	237	-60	121	56	23	17	0.16

NSA = No significant assay.

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ANNEXURE 1:

The following Tables are provided to ensure compliance with the JORC Code (2012) edition requirements for the reporting of the Exploration Results at the Bygoo Project.

SECTION 1: Sampling Techniques and Data (Criteria in this section apply to all succeeding sections)

	Criteria	JORC Code explanation	Commentary
	Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Single metre intervals were collected via industry standard methods direct from the RC cyclone cone splitter. A three-tiered hand held riffle splitter was then used to further split samples prior to collection in calico bags.
		Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Single metre intervals were collected via industry standard methods direct from the RC cyclone cone splitter. A three-tiered hand held riffle splitter was then used to further split samples prior to collection in calico bags. Hole trajectories were recoded with a Gyro north- seeking orientation survey tool. Drill hole collar locations were surveyed by handheld GPS units which have an accuracy to ±5 metres.
		Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Drill samples were analysed by ALS Laboratories Perth using the ME-MS61L-REE method. Samples were pulverised to 75 microns at SGS Laboratories West Wyalong and then transported to SGS Laboratories Perth Airport for total analysis via the XRF78S method with a gold fire assay finish.
	Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	Drilling was completed via the Reverse Circulation (RC) method using a face sampling bit 130-140mm in diameter to ensure minimal contamination during sample extraction. Diamond drill results referred to in this release were all drilled as ‘tails’ of RC pre-collars and drilled with NQ core.
	Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	RC Drill recoveries are estimated between 60-100% of intervals drilled. Diamond Core recoveries are noted as between 95-100%.
		Measures taken to maximise sample recovery and ensure representative nature of the samples.	No specific reference is made regarding the optimisation of sample recovery. Industry-standard practice is assumed, whereby insufficient recovery is rectified or-re-drilled.
		Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Database review does not imply any sample bias.
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Criteria	JORC Code explanation	Commentary
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Database review indicates that geological logging of drilling reported in this release is of good quality and sufficient for early-stage exploration of its nature. This information has and will not be used for Mineral Resource estimations.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Logging records lithology, mineralogy, mineralisation, weathering, colour and other relevant features of the samples. Logging is both qualitative (e.g. colour) and quantitative (e.g. mineral percentages).
	The total length and percentage of the relevant intersections logged.	All drill intervals were logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Half core was collected for sampling.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	Single metre intervals were collected via industry standard methods direct from the RC cyclone cone splitter. A three-tiered hand held riffle splitter was then used to further split samples. Standard variability in sample moisture is recorded, with the majority of samples collected dry with less than 5% recording any moisture.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Preparation techniques are considered laboratory standard and considered appropriate for the accuracy of assaying methods.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	QAQC was achieved by the insertion of Certified Reference Material at a rate of 1:20.
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	Duplicate samples were collected at a frequency of 1:50.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered appropriate for the methods of sampling and stage of exploration.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Drill samples were analysed by ALS Laboratories Perth using the ME-MS61L-REE method. Samples were pulverised to 75 microns at SGS Laboratories West Wyalong and then transported to SGS Laboratories Perth Airport for total analysis via the XRF78S method with a gold fire assay finish. This methodology is deemed appropriate for the stage of exploration.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Not applicable as no geophysical results reported.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy	Laboratory QAQC involves the use of internal lab standards using certified reference material, blanks and duplicates as part of the in-house procedures.

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Criteria	JORC Code explanation	Commentary
	(ie lack of bias) and precision have been established.	Repeat or duplicate analysis for samples did not highlight any issues.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Significant results reported in this release have been selected by Caspin geologists from the database supplied by Syndicate Minerals Pty Ltd.
	The use of twinned holes.	No twinned holes are referred to in this release.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Field collection of drill collar locations, sample data and geological information was recorded in field logging computers. Data was then sent to the company database.
	Discuss any adjustment to assay data.	Database review does not indicate any adjustment to assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	The location of drill collars were recorded using a handheld GPS which typically have a ±5 metre accuracy. RL Data from handheld GPS is typically unreliable and was instead sourced from topographic maps and GIS DTM elevation layers.
	Specification of the grid system used.	The grid system for the Bygoo Project is GDA94 MGA Zone 55.
	Quality and adequacy of topographic control.	Topographic data was obtained from public download of the relevant 1:250,000 scale map sheets. The area exhibits subdued, low relief across largely cleared farmland. Topographic representation is considered sufficiently controlled.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drill collars were spaced irregularly to test multiple geological models and targets at different prospects.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appr_opriate_for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Not applicable as no Mineral Resource and Ore Reserve reported.
	Whether sample compositing has been applied.	No compositing was applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	The current stage of drilling represents early-stage exploration. The understanding of relationships between mineralisation and structures is developing yet not deemed definitive. Preliminary geological modelling suggests that most drilling has been completed perpendicular to mineralised strike.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	The current stage of drilling represents early-stage exploration. The understanding of relationships between mineralisation and structures is developing yet not deemed definitive. Preliminary geological modelling suggests that most drilling has been completed perpendicular to mineralised strike.
Sample security	The measures taken to ensure sample security.	No unusual methods of sample security are noted. It is assumed standard methods were applied, with

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Criteria	JORC Code explanation	Commentary
		samples transported from site to labs via company staff and transport contractors.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Caspin geologists are in the process of auditing databases and sampling methods.

Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The Bygoo Tin project comprises of three Exploration Titles, EL8260, EL9288 and EL9234. The Titles cover a combined area of 1,183km² and are 100% held by Riverston Tin Pty Ltd, a wholly owned subsidiary of Syndicate Minerals Pty Ltd. The Ardlethan Tin Mine is excised from EL8260 and is not held by Riverston Tin or Syndicate Minerals.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	All Titles are currently live and in good standing. No Mining Agreement has been negotiated.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Prospecting and small-scale artisanal mining occurred across the Bygoo Project following the discovery of the Ardlethan tin mine in 1912. RAB drilling testing for extensions of the Ardlethan mine was conducted from 1961 until 1962, followed by sporadic programs of further RAB drilling between 1977 and 1982 testing for blind alluvial occurrences and extensions of small scale workings including the Bald Hill, Taylors, Killarney, Big Bygoo and Bygoo North occurrences. Drilling completed by Thomson Resources from 2015 to 2019 represents the first period of sustained modern exploration and is detailed within this report.
Geology	Deposit type, geological setting and style of mineralisation.	The Bygoo Project is located within the Lachlan Fold Belt of NSW and part of the ‘Wagga Tin Belt’, a 320 x 80km belt of late Silurian granitoids extending from the towns of Wagga to Condobolin. Granites carry a background enrichment of 10ppm Sn and host the greatest known endowment of tin within the Australian mainland. Locally, the Ardlethan granite intrudes Ordovician sediments with known mineral occurrences concentrated on the eastern margins of this contact. The best understood mineralisation models on the project are a breccia-pipe porphyry at the Ardlethan Mine, and greisens-style at Bygoo North. Extensive alluvial mineralisation has also been

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Criteria	JORC Code explanation	Commentary
		found across the project. Cassiterite hosts Tin mineralisation. Trace copper, lead, zinc, bismuth and molybdenum are noted accessory metals.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length.	Drill hole collar information is detailed in Table 1 and Annexure 1 of this report. All data has been supplied by Syndicate Minerals Pty Ltd.
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Results of the full element suite are not tabulated in Table 1 drill results. The relationship between elements not listed and their relationship to listed elements is currently unknown and not considered material in nature.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	The combination of differing sample lengths due to a partially composite sampling routine has necessitated the use of simple weighted averages for significant intercepts.
	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Caspin have applied a 0.1% Sn lower cut-off to previous drill intercepts listed within the body and Table 1 of this report. The rationale for variable sample lengths are, at this stage, unknown to Caspin and assumed to be due to typical exploration variabilities such as sampling to lithological boundaries.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values are reported.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	Drill results discussed in this announcement represent early-stage exploration. The understanding of the relationship between intercept width and true basement geometries are largely unknown.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer to Figures in body of text.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Only significant results have been reported.

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Criteria	JORC Code explanation	Commentary
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All currently relevant exploration data is detailed in text, Figures, Table 1 and Annexure 1.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large- scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Caspin’s work program during the option period is to complete project due diligence which includes: • Database amalgamation and interrogation • Investigation of ESG issues • Investigation and contact with landowners • Investigation of tenure issues • Site visit

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