CASPIN RESOURCES LIMITED — Capital/Financing Update 2025

May 12, 2025

13 MAY 2025

ASX RELEASE

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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 $2.1m capital raising previously announced on 5 May 2025. The first tranche consisted of raising ~$1.71m via the placement of 34,244,800 fully paid ordinary shares in the Company (“ Shares ”) at $0.05 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 General Meeting anticipated to be held in late June.

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 13 May 2025 the Company issued 34,244,800 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

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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 has recently completed the acquisition of the Bygoo Project in New South Wales, an advanced, high-grade tin project located in a prolific tin producing region. Positioned within the Wagga Tin Granites, a mineralised belt with many occurrences of tin and associated metals, the project surrounds the historic Ardlethan Tin Mine, one of Australia’s largest producing tin mines on mainland Australia.

• The Company’s Yarawindah Brook Project located in the West Yilgarn region of WA, an

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• exciting new mineral province hosting the Gonneville PGE-Ni-Cu Deposit owned by Chalice Mining Limited only 40km to the south. Initial drill campaigns at Yarawindah Brook have made discoveries of PGE, nickel and copper sulphide mineralisation. Further exploration is focussed on prospective near-surface targets with potential for high-grade massive nickel and copper sulphide.

• Mount Squires is a large scale, greenfield gold, rare earths and base metal project located in the West Musgrave region of Western Australia. The project is located adjacent to the western border of BHP’s $1.7b West Musgrave mine development which hosts the large Nebo-Babel Ni-Cu sulphide deposits. The Company has discovered rare earth elements (REE) and currently has an exclusive option agreement with Australian Strategic Materials allowing them to earn up to 75% of REE rights, whilst the Company continues its search for nickel and copper.

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.

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