CASPIN RESOURCES LIMITED — Investor Presentation 2021

May 4, 2021

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RIU Sydney Resources Round-up Conference Presenter: GREG MILES, CEO 4-6 May 2021

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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, 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 information in this report that relates to Exploration Results is extracted from the Company’s prospectus dated 12 October 2020 and released to the ASX Market Announcements Platform on 25 November 2020 ( Prospectus ). The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results information included in the Prospectus. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Prospectus.

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~~ expressed 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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Investment Highlights

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Two highly prospective WA projects + potential $20m contingent payment

• ✓ First mover, highly prospective land position of 400km[2] in emerging Ni-Cu-PGE belt – 40km north from Chalice’s Julimar discovery

• ✓ Large landholding in emerging gold province at Mount Squires, with significant intercepts

• 15m @ 2.30g/t Au from 31m (incl 9m @ 3.25g/t Au ); and

• 20m @ 1.27g/t Au from 23m (incl 7m @ 2.54g/t Au )

• ✓ Right to a cash contingent payment from OZ Minerals of up to $20m cash in the event of a sale of all or a portion of OZ Minerals’ interest in the West Musgrave Project or of the contained nickel at that project[1]

• ✓ Cornerstone IPO investment from Chalice Gold Mines for initial 10% stake

• ✓ Strategic shareholding from Tinci Materials (~A$6bn market cap), one of the largest battery electrolyte manufacturers in China

• ✓ Highly experienced board and management with exploration, corporate, funding and M&A experience

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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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Corporate Overview

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Backed by strategic shareholders and well funded for exploration

Capital Structure(16 April 2021)	Details
ASX Code	CPN
Total Ordinary Shares on Issue 1	64,991,922
Unlisted Options & Performance Rights2	5,492,750
Share Price(close 3 May 2021)	$0.705
Market Capitalisation	$45.8M
Cash Balance(31 March 2021)	$6.8M
Debt(31 March 2021)	nil

CPN Share Price Performance Since ASX Listing

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$1.000 4,000,000
Volume Close $
$0.900
3,500,000
$0.800
3,000,000
$0.700
2,500,000
$0.600
$0.500 2,000,000
$0.400
1,500,000
$0.300
1,000,000
$0.200
500,000
$0.100
$- -
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1. Includes 4.92M Shares held by Board and Management - subject to ASX escrow until 25 November 2022.

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1. 2.5M Board & Management 5 year Options at $0.30 strike price.

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

992,750 Board & Management and Employee Performance Rights (various vesting conditions).

Chalice Gold Mines, 9.2%

No.	Substantial Shareholders	No. (m)	%
1	Chalice Gold Mines Ltd	6.0	9.2%
2	Mr Buxiao Yu	3.9	6.1%
3	Atasa Holdings Pty Ltd	3.7	5.7%
4	Tinci (HK) Limited	3.6	5.6%
Total	Substantial Shareholders	17.2	26.6%
Balance of Top 20		16.9	26.0%
Balance of Board & Management1		5.1	7.8%

1. Excludes 3.6M shares (5.6%) held by Atasa Holdings Pty Ltd. Includes Escrow shares in %’s.

Mr Buxiao Yu, 6.1% Atasa Holdings Pty Ltd, 5.7% Tinci (HK) Limited, 5.6% Balance of Board & Management, 7.8% Balance of Top 20 Shareholders, 26.0%

Other Shareholders, 39.6%

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YARAWINDAH BROOK

A large strategic land position in the heart of the Emerging New Norcia Nickel Province

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Prime Position in an Emerging Ni-Cu-PGE Belt

Strong Foundation for Success

• 400k m[2] of under-explored magmatic Ni-Cu system

• Located 40km north of, and within same group of host rocks as Chalice’s Julimar Nickel Discovery

• 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

• Historical exploration identifies significant Pd & Pt mineralisation

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

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

• Julimar discovery in similar host rocks supports targeting concepts

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Aggressive Exploration Delivering Results

Exploration on Multiple Fronts

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• Collecting data in areas of no previous exploration

• New Airborne EM Survey covering 116km[2] of prospective gravity and magnetic anomaly

• Fixed Loop ground EM over priority AEM anomalies

• ~2,000 soil geochemistry samples

• Currently drilling most advanced targets

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Sulphides Intersected at XC-29

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Excellent Start to Drilling Campaign

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• Broad sulphide zones intersected in all three holes at XC-29

• All the signs of a mineralised system

• Now waiting for laboratory assays

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Core photos from YAD0015 at 100.5m (above) and 122.0m (below)
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New PGE Target at Yarabrook Hill

Exciting Opportunity for Discovery

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• Recognised from detailed analysis of past exploration and Julimar results

• Historical drilling over 2km strike at Yarabrook Hill targeted surficial PGE mineralisation

• Extensive surface mineralisation has to have a proximal bedrock source, but limited drilling to date

• Likely to be a disseminated style – not recognisable by previous EM surveys

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Drilling at Yarabrook Hill
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Yarabrook Hill an Emerging Prospect

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DNN07 one of the few
exceptions.
Evidence that PGE’s
extend at depth!
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Could this be the next Julimar?

• Only circa 10 holes have tested deeper parts of the host intrusion

• Critically, most were never assayed for PGE’s

• But most returned low-level nickel and copper mineralisation, a characteristic of disseminated mineralisation at Julimar

Drilling Underway at Yarabrook Hill

Targeting extensions beneath high-grade surface mineralisation

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 Two holes designed to confirm primary PGE sulphides

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Multiple Pathways to Discovery

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What’s in the pipeline?

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• Drilling at Yarabrook Hill - NOW!

• Drilling results from XC-29

• Evaluation of additional conductors on 6kmlong Brassica Trend

• Soil Geochemistry program on-going. First stage results expected soon for:

• Yarabrook Hill northern extension

• o Aries PGE rock chip anomaly

• Complete Airborne EM coverage

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MOUNT SQUIRES GOLD PROJECT A new frontier gold province

Mount Squires Gold 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 discovery (40m @ 1.2% Cu and 22m @ 1.8% Cu)

• 200m from tenement boundary

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A Focus on Surface Gold

Successful first stage of exploration

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• Previous drilling focused on favourable exposure at Handpump

• Mineralisation open laterally at shallow depth, beneath barren cover rocks

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A Large-scale Gold Project

Very few greenfield gold projects with potential scale

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• Handpump only prospect drilled to date

• Limited soil geochemistry has identified other gold anomalies along structural corridor

• Evidence for a camp-scale mineralised belt over 50km

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CASPIN INVESTMENT

HIGHLIGHTS

• Experienced team, well supported, in the right commodities

• Prime position in Australia’s newest Ni-Cu-PGE district

• Drilling underway on priority targets with results expected in coming weeks

• Expecting new targets to emerge from concurrent geochemistry and geophysical programs

• Initiating gold exploration at Mount Squires

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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

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

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