CASPIN RESOURCES LIMITED — Director's Dealing 2023

May 23, 2023

ASX RELEASE 24 MAY 2023

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Change In Director’s Interest Notices

Please see enclosed an Appendix 3Y Change in Director Interest Notice for each of Caspin Resources Limited’s (ASX: CPN) (“ Caspin ” or the “ Company ”) four Non-Executive Directors, in respect of a recent market share crossing resulting in the disposal of shares by each Director.

Following the release of shares held in voluntary escrow (as announced on 28 October 2022), Non-Executive Director’s (through their associates) sold shares, primarily via a market crossing, on 18 May 2023. The purpose of the respective sales for the Directors was to fund anticipated tax liabilities associated with the issue of shares (following conversion of performance rights issued at the Company’s 2020 IPO) and their release from voluntary escrow.

The Directors sold only the minimum number of shares required to meet their respective tax liability.

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

-ENDS-

For more information, please contact:

Greg Miles

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

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 Twitter: https://twitter.com/CaspinRes

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Appendix 3Y Change of Director's Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX becomes ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	Caspin Resources Limited
ABN	33 641 813 587

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Mark Clifford Lawrenson
Date of last notice	16 April 2021

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder)	Solution Management Pty Ltd as trustee for the Lawrenson Family Trust -Mr Lawrenson is a director and shareholder of Solution Management Pty Ltd and is a beneficiary of the Lawrenson Family Trust
Date of change	18 May 2023
No. of securities held prior to change	1,270,000 - ORDINARY FULL PAID SHARES 500,000 - INCENTIVE OPT @ $0.30 EXP 23/11/25
Class	ORDINARY FULL PAID SHARES
Number acquired	NIL
Number disposed	459,000
Value/Consideration	$0.30 per share
No. of securities held after change	811,000 - ORDINARY FULL PAID SHARES 500,000 - INCENTIVE OPT @ $0.30 EXP 23/11/25
Nature of change	Sale via crossing to meet anticipated tax liability incurred due to vesting of Caspin Performance Rights

Part 2 - Change of director's relevant interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director's Interest Notice

	Appendix 3Y Change of Director's Interest Notice
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration	N/A
Interest after change	N/A

Part 3 -[+] Closed period

Part 3 -+Closed period
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 2

Appendix 3Y Change of Director's Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX becomes ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	Caspin Resources Limited
ABN	33 641 813 587

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Justin Albert Tremain
Date of last notice	16 April 2021

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Indirect (1 and 2)
Nature of indirect interest (including registered holder)	(1) Justin Albert Tremain and Sasha Tara Tremain as trustees of the J & S Tremain Superfund. -Mr Tremain is a trustee and a beneficiary of the J & S Tremain Superfund. (2) Justin Albert Tremain as a trustee for the J & S Tremain Family Trust. -Mr Tremain is the trustee and the beneficiary of the J & S Tremain Family Trust
Date of change	18 May 2023
No. of securities held prior to change	(1) 250,000 - ORDINARY FULL PAID SHARES (2) 780,000 - ORDINARY FULL PAID SHARES 400,000 - INCENTIVE OPT @ $0.30 EXP 23/11/25
Class	ORDINARY FULL PAID SHARES
Number acquired	NIL
Number disposed	351,000
Value/Consideration	$0.30 per share
No. of securities held after change	(1) 250,000 - ORDINARY FULL PAID SHARES (2) 429,000 ORDINARY FULL PAID SHARES 400,000 - INCENTIVE OPT @ $0.30 EXP 23/11/25
Nature of change	Sale via crossing to meet anticipated tax liability incurred due to vesting of Caspin Performance Rights

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director's Interest Notice

Part 2 - Change of director's relevant interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration	N/A
Interest after change	N/A

Part 3 -[+] Closed period

Part 3 -+Closed period
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 2

Appendix 3Y Change of Director's Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX becomes ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	Caspin Resources Limited
ABN	33 641 813 587

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Dr Jon Hronsky
Date of last notice	16 April 2021

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder)	N/A
Date of change	18 May 2023
No. of securities held prior to change	910,956 ORDINARY FULL PAID SHARES 400,000 - INCENTIVE OPT @ $0.30 EXP 23/11/25
Class	ORDINARY FULL PAID SHARES
Number acquired	NIL
Number disposed	351,000
Value/Consideration	$0.30 per share
No. of securities held after change	559,956 ORDINARY FULL PAID SHARES 400,000 - INCENTIVE OPT @ $0.30 EXP 23/11/25
Nature of change	Sale via crossing to meet anticipated tax liability incurred due to vesting of Caspin Performance Rights

Part 2 - Change of director's relevant interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director's Interest Notice

	Appendix 3Y Change of Director's Interest Notice
Date of change	N/A
No. and class of securities to which interest related prior to change	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration	N/A
Interest after change	N/A

Part 3 -[+] Closed period

Part 3 -+Closed period
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 2

Appendix 3Y Change of Director's Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX becomes ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	Caspin Resources Limited
ABN	33 641 813 587

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Simone Suen
Date of last notice	17 September 2021

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Indirect (1 and 2) and Direct (3)
Nature of indirect interest (including registered holder)	(1) Atasa Holdings Pty Ltd as trustee for the TS3A Family A/C ("Atasa") -Ms Suen is a shareholder and director of Atasa Holdings Pty Ltd and is a general beneficiary of the TS3A Family A/C (2) Tjandra Pramoko and Simone Suen as trustees for the T & S Super Fund A/C ("T&S Super") - Ms Suen is a trustee and benefiicary of the T & S Super Fund A/C
Date of change	18 May 2023
No. of securities held prior to change	(1) 3,695,158 - ORDINARY FULL PAID SHARES 400,000 - INCENTIVE OPT @ $0.30 EXP 23/11/25 (2) 542,274 - ORDINARY FULL PAID SHARES (3) 6,818 - ORDINARY FULL PAID SHARES
Class	ORDINARY FULL PAID SHARES
Number acquired	NIL
Number disposed	244,400
Value/Consideration	$0.30 per share

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director's Interest Notice

	Appendix 3Y Change of Director's Interest Notice
No. of securities held after change	(1) 3,450,758 - ORDINARY FULL PAID SHARES 400,000 - INCENTIVE OPT @ $0.30 EXP 23/11/25 (2) 542,274 - ORDINARY FULL PAID SHARES (3) 6,818 - ORDINARY FULL PAID SHARES
Nature of change	Sale via crossing to meet anticipated tax liability incurred due to vesting of Caspin Performance Rights

Part 2 - Change of director's relevant interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration	N/A
Interest after change	N/A

Part 3 -[+] Closed period

Part 3 -+Closed period
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 2