CASPIN RESOURCES LIMITED — Capital/Financing Update 2025

Nov 30, 2025

ASX RELEASE 1 DECEMBER 2025

==> picture [540 x 45] intentionally omitted <==

Completion of Tranche 2 Placement and Cleansing Notice

Caspin Resources Limited (ASX: CPN) (“Caspin” or the “Company” ) confirms that it has completed the second tranche of the $4.6m capital raising previously announced on 29 September 2025. The second tranche consisted of raising ~$2.1m via the placement of 28,053,014 fully paid ordinary shares in the Company at $0.075 per share to new and existing institutional and sophisticated investors, and includes $100,000 via the issue of 1,333,334 fully paid ordinary shares in the Company at $0.075 per share to directors (together the “ Shares ”).

In addition to the above, the Company has issued 4,600,000 broker options, exercisable at $0.15 and expiring 1 December 2027 (“ Placement Options ”).

The issue of the Shares and Placement Options was approved by Shareholders at a General Meeting held on 25 November 2025.

Please refer to the accompanying Appendix 2A and 3G which contain further details.

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 1 December 2025 the Company issued 28,053,014 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 under section 708A(6)(e) of the Corporations Act.

This announcement has been authorised for release to the ASX 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

==> picture [596 x 82] intentionally omitted <==

==> picture [104 x 32] intentionally omitted <==

ABOUT CASPIN:

Caspin Resources Limited (ASX Code: CPN ) is a mineral exploration company based in Perth, Western Australia, with expertise in early-stage exploration and development. The Company currently has three Australian projects offering a diverse mix of commodities and excellent opportunity to add value through exploration and discovery.

• The Company’s flagship project is the Bygoo Project in New South Wales, an advanced, high-grade tin project located in a prolific Wagga tin belt. The project surrounds the Ardlethan Mine, one of Australia’s largest producing tin mines on mainland Australia before it closed in 1986. The Company recently announced its maiden Inferred Resource Estimate of 3.94mt @ 0.5% Sn for 19,300t of contained tin.

• The Company has recently acquired an option to earn 80% of the Weethalle Project in NSW, a short distance north of the Bygoo

==> picture [288 x 257] intentionally omitted <==

• Project. The Project is prospective for large-scale intrusive related gold mineralisation, with a structural setting similar to the Hemi deposit in Western Australia. Compelling geophysical and geochemical anomalies have never been drill tested.

• The Yarawindah Brook and Mount Squires Projects are new frontier projects located in WA and prospective for Ni-Cu-PGE sulphide mineralisation. Both projects are located in frontier magmatic sulphide provinces with large scale deposits nearby. The Company believes these projects have long-term strategic value and is pursuing avenues to advance alongside its NSW assets.

These projects are strategically positioned in Australia’s premier mineral districts, providing excellent exposure to new critical and technology mineral markets.

The Tin Market

Tin is a high value metal that currently trades at about 3.5 times the copper price. 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.

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.

FOLLOW US:

==> picture [299 x 72] intentionally omitted <==

2