CASPIN RESOURCES LIMITED — Investor Presentation 2021

Oct 4, 2021

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www.caspin.com.au
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An Emerging Precious and Base Metals Company

AUSTRALIAN NICKEL CONFERENCE

5 October 2021

GREG MILES, CEO

ASX CODE: CPN

DISCLAIMER

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The information contained in this presentation is for informational purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular Investment Needs, Objectives And Financial Circumstances.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Caspin Resources Ltd, their directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

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 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 from previous Company announcements (including drill results extracted from the Company's Prospectus) announced to the ASX on 23 November 2020 and on 30 March 2021, 28 April 2021, 24 May 2021, 16 June 2021, 5 July 2021, 19 August 2021 and 21 September 2021.

Forward Looking Statements

Some statements in this report 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, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward-looking statements may be affected by a range of variables that could cause actual results to differ from estimated result ~~s e~~ xpressed or implied by such forward-looking statements. These risks and uncertainties include but are not limited to liabilities inherent in exploration and development activities, geological, mining, processing and technical problems, the inability to obtain exploration and mine licenses, permits and other regulatory approvals required in connection with operations, competition for among other things, capital, undeveloped lands and skilled personnel; incorrect assessments of prospectivity and the value of acquisitions; the inability to identify further mineralisation at the Company’s tenements, changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt exploration and development activities, operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of transportation services; the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks and various other risks set out in the Prospectus. There can be no assurance that forward-looking statements will prove to be correct. Statements regarding plans with respect to the Company’s mineral properties may contain forward looking statements. Statements in relation to future matters can only be made where the Company has a reasonable basis for making those statements.

Authorised for release to the ASX by Greg Miles, Chief Executive Officer.

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Corporate Overview

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CPN - ASX 6 Month Share Price Performance VOLUME
$3.00 4,000,000
Volume Close $
3,500,000
$2.50
3,000,000
$2.00
2,500,000
$1.50 2,000,000
1,500,000
$1.00
1,000,000
$0.50
500,000
$- -
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Backed by strategic shareholders and well funded for exploration

Capital Structure(4 October 2021)	Details
ASX Code	CPN
Total Ordinary Shares on Issue 1	74,740,710
Unlisted Options & Performance Rights2	5,492,750
Share Price(close 4 October 2021)	$0.70
Market Capitalisation	~$52M
Cash Balance 3 (30 June 2021)	$15.05M
Debt(30 June 2021)	nil

1. Includes 4.92M Shares held by Board and Management - subject to ASX escrow until 25/11/2022.

2. 2.5M Board & Management 5 year Options at $0.30 strike price.

3. 2M Lead Manager 5 year Options at $0.30 strike price.

4. 992,750 Management and Employee Performance Rights (various vesting conditions). All subject to escrow until 25/11/2022

5. Balance 30 June quarterly cash and gross Placement proceeds settled 22/07/ 2021.

No.	Substantial Shareholders	No. (m)	%
1	Chalice Gold Mines Ltd	6.9	9.2%
2	Tinci (HK) Limited	5.6	7.5%
3	Mr Buxiao Yu	4.5	6.1%
4	Atasa Holdings Pty Ltd;
	& Tjandra Pramoko + Simone Suen	4.2	5.7%
5	Mr Sufan Siauw	3.4	4.5%
6	Colin Iles	3.0	4.1%
Total	Substantial Shareholders	27.6	37.1%
Balance of Top 20		16.8	22.4%
Balance of Board & Management1		5.3	7.1%

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Board and Management

Mr Cliff Lawrenson – Non-Executive Chair

Mr Greg Miles – Chief Executive Officer

Dr Jon Hronsky – Non-Executive Director

Ms Simone Suen – Non-Executive Director

Highly experienced exploration, corporate and capital markets team

Mr Justin Tremain – Non-Executive Director Mr Steven Wood – CFO & Company Secretary

1. Excludes 4.2M shares (5.7%) held by Atasa Holdings Pty Ltd & Tjandra Pramoko + Simone Suen. Includes Escrow shares in %’s.

ABOVE: Steven Wood, Cliff Lawrenson, Jon Hronsky, Justin Tremain, Simone Suen & Greg Miles 3

Overview of Assets

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Two highly prospective and complementary projects in Tier 1 jurisdiction

1) Yarawindah Brook (80% interest) – PGE-Ni-Cu-Co

• 40km north from Chalice’s high-grade Julimar PGE-Ni-Cu-Co discovery

• First-mover advantage with priority geological landholding (>400km[2] )

• Ni-Cu-PGE mineralisation intersected in drilling

2) Mount Squires (100% interest) – Au, Ni-Cu

• Large scale 750km[2] , greenfield gold project - one of the last unexplored WA gold provinces

 : Shallow significant intercepts prove potential

  - 20m @ 1.27g/t Au from 23m (including **7m @ 2.54g/t Au** )

  - 15m @ 2.30g/t Au from 31m (including **9m @ 3.25g/t Au** )

• Ni-Cu potential: adjacent to OZ Minerals’ West Musgrave Project (40m @ 1.2% Cu and 22m @ 1.8% Cu)

• 3) Up to A$20 million contingent cash payment from OZ Minerals

• In the event of a sale of all or a portion of OZ Mineral’s interest in the West Musgrave Project or of the contained nickel at that project[1]

  1. Subject to meeting certain thresholds. Caspin does not hold any direct or indirect ownership interest in the West Musgrave Project

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YARAWINDAH BROOK

(CPN 80%)

A large strategic land position in an emerging PGE-Ni-Cu belt

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Prime Position in an Emerging Ni-Cu-PGE Belt

A Strong Foundation For Success

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• Located 40km north of, and within same group of host rocks

• as Chalice’s Julimar PGE-Ni-Cu-Co-Au Project

• Targeted in 2018 (pre-Julimar discovery) due to proximity to important regional structural intersection

• Overlooked in the past due to lack of geological exposure, competition with agriculture and focus on Kambalda-style Ni

• Exploration paradigm shift to orthomagmatic Ni-Cu-PGE deposits

• Historical exploration identifies significant Pd & Pt

• mineralisation

• e.g. 11m @ 1.78g/t Pd & 0.56g/t Pt (YBR089)

• Julimar discovery in similar host rocks supports targeting

• concepts

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An Active Explorer Focused on Discovery

Accelerated Exploration Since IPO in Nov 2020

Ground EM survey at XC-29 Prospect

Airborne EM survey

Diamond drilling at Yarabrook Hill & XC-29

Airborne Gravity Gradiometer Survey

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2,500 soil Geochemistry samples

Focus on PGE mineralisation at Yarabrook Hill Prospect

RC Drilling program at Yarabrook Hill

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Potential New PGE Discovery at Yarabrook Hill

Most Advanced Exploration Prospect in the Region

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• Shallow historic drilling with surface mineralisation >2km

• Caspin’s first two holes demonstrate mineralisation extends to bedrock

• Demonstrates potential for significant scale – open all directions

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Drilling at Yarabrook Hill, May 2021

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Right rocks – First Milestone

Significant PGE-Ni-Cu Mineralisation in Multiple Lodes

 Over 300m of anomalous PGE-Ni-Cu, open in all directions

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1.93g/t PGE (1.11g/t Pd, 0.82g/t Pt), 1.46% Ni & 1.60% Cu
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1.93g/t PGE (1.11g/t Pd, 0.82g/t Pt), 1.46% Ni & 1.60% Cu 4.17g/t PGE (0.95g/t Pd, 3.22g/t Pt), 3.49%Ni & 1.43% Cu 0.57g/t PGE (0.44g/t Pd, 0.13g/t Pt), 0.53% Ni & 0.13% Cu 4.10g/t PGE (0.77g/t Pd, 3.33g/t Pt), 0.56% Ni & 2.01% Cu

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New Datasets Provide Major Advance in Understanding

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Yarabrook Hill has Significant Scale

• Gravity results show host intrusion is much larger than previously mapped or drilled

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• New geochemical anomalies within the gravity anomaly footprint provides confidence that they represent bedrock mineralisation

• Now recognising internal architecture of the intrusion and potential mineralised positions

• Plus, new context for EM anomalies

Multiple targets for exploration

Yarabrook Hill gravity anomaly comparison with Gonneville Deposit and Hartog gravity anomaly at the same scale. 10 Julimar Project source materials: https://inventum3d.com/c/chalicemining/julimar.

Additional Targets for RC Program

Geochemistry and EM Targets

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• Northwest and Eastern soil anomalies potentially represent basal mineralisation

• XC-22 priority target – magnetic high, gravity low, possibly serpentinised rocks, similar to Gonneville

• Plan to expand geochemical coverage to the south

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New Geological Model Highlights Opportunity for Discovery

Prospective Basal Contact Yet To Be Tested

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• Previous exploration limited to only a very small part of the intrusive complex

• Recognised prospectivity for PGE-rich disseminated mineralisation as well as Ni-Cu massive sulphide on basal

• contact

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More Anomalies Beyond Yarabrook Hill

First Steps in Unlocking the Region

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• Multiple coincident PGE-Ni-Cu geochemical anomalies

 Yarabrook Hill a standout geochemical anomaly – peak result 331ppb, background 1ppb - but also favourable exposure. Now recognised significant leaching of Pd, Pt, Ni & Cu in the regolith , therefore other anomalies with poor exposure may be just as significant

• Need to review with new gravity data

• Only 35% of the project sampled to date. Further sampling this summer

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Current Exploration - Yarabrook Hill

RC drill program underway

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• ~3,000m RC drill program completed at Yarabrook Hill to date

• Assay results from first 11 holes pending – further refinement of program on receipt

• Drilling expected to recommence in late October

• New targets to be included in RC program

• Diamond drilling also to commence in late October

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Drilling at Yarabrook Hill, August 2021

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Actively Exploring a New Mineral Province

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A Busy 6 Months Ahead

• Initial results of current program expected from early October

• RC Program to resume in late October

• EIS funded diamond drilling program late-October

• Extend airborne EM coverage over northern project area

• Continue expanding soil geochemistry program

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MOUNT SQUIRES PROJECT (CPN 100%) A frontier nickel-copper and gold province

Mount Squires Project

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LARGE SCALE GREENFIELD GOLD PROJECT

 A new gold frontier in the Musgrave Province

• Large ~750km[2 ] landholding

• Significant drill results include:

• 20m @ 1.27g/t Au from 23m, including 7m @ 2.54g/t Au

• 15m @ 2.30g/t Au from 31m, including 9m @ 3.25g/t Au

POTENTIAL STRIKE EXTENSION OF NI-CU MINERALISATION

• Adjacent to OZ Minerals’ One Tree Hill Prospect (40m @ 1.2% Cu and 22m @ 1.8% Cu)

• 200m from tenement boundary

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A Strategic Nickel-Copper Position

Potential Extension of Well-endowed Mineral Field

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• Significant copper mineralisation at One Tree Hill Prospect (OZL)

• 40m @ 1.2% Cu & 22m @ 1.8% Cu, only 200m outside project boundary

• Mafic host rocks known to extend into project area

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Cassini Resources Limited (CZI) ASX Announcement 19 December 2019.

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A Potential Copper Porphyry System?

Duchess: Mo-Pb-Cu-Au zonation over an area >2km[2]

• Soil geochemical has characteristics of deeply weathered copper porphyry systems

• Gold at Handpump potentially a distal part of the system

• Handpump IP anomaly associated with circular magnetic feature and gold mineralisation

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CASPIN INVESTMENT HIGHLIGHTS

• Yarawindah Brook holding a prime position in Australia’s newest PGE-Ni-Cu district

• Assay results from first 11 RC holes imminent

• New datasets have significantly enhanced prospectivity of Yarabrook Hill

• Generating new targets for next round of drilling programs

• Mount Squires poised to add value

• Experienced team, well supported, in fundamental commodities

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Caspin Resources Limited Ground Floor, 16 Ord Street West Perth, Western Australia 6005 T: +61 8 6373 2000

E: admin@caspin.com.au W: www.caspin.com.au

ASX: CPN

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https://twitter.com/CaspinRes https://www.linkedin.com/company /caspin-resources-limited

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