CASPIN RESOURCES LIMITED — Investor Presentation 2021

Feb 16, 2021

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RIU Explorers Conference, Fremantle Presenter: GREG MILES, CEO 16-18 February 2021

ASX CODE: CPN

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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 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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Investment Highlights

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

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• 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]

• Over-subscribed $8m IPO in November 2020

• Cornerstone IPO investment from Chalice Gold Mines to own a 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

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

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Overview of Assets

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Two highly prospective and complementary projects in Tier 1 jurisdiction

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

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

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

• Ni-Cu-PGE mineralisation

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’ One Tree Hill Discovery (40m @ 1.2% Cu and 22m @ 1.8% Cu)[2]

• 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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Corporate Overview

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Backed by strategic shareholders and well funded for exploration

Capital Structure	Details
ASX Code	CPN	$0.80
Total Ordinary Shares on Issue	60,071,922	$0.70
Escrowed Shares1	4,400,000	$0.60
Unlisted Options & Performance Rights2	5,020,000	$0.50
Share Price(close 15 February 2021)	$0.60	$0.40
Market Capitalisation	$36M	$0.30
Cash Balance(31 December 2020)	$7.3M	$0.20
Debt(31 December 2020)	nil	$0.10
1. Shares held by Board and Management - subject to ASX escrow until 25 November 2022.		$-

3 MONTH CPN SHARE PERFORMANCE SINCE LISTING ON ASX 25 NOVEMBER 2020

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4,000,000
Volume Close $
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
-
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1. 2.5M Board & Management 5 year Options at $0.30 strike price.

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

520,000 Board & Management Performance Rights vesting on 20 day VWAP of $0.70/share.

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Chalice Gold Mines, 9%
Mr Buxiao Yu, 6%
36%
Tinci (HK) Limited, 6%
Atasa Holdings Pty Ltd, 6%
Balance of Board &
Management, 7%
Balance of Top 20
Shareholders, 30%
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No.	Substantial Shareholders	No. (m)	%
1	Chalice Gold Mines Ltd	6.0	9.3%
2	Mr Buxiao Yu	3.9	6.1%
3	Tinci (HK) Limited	3.6	5.6%
4	Atasa Holdings Pty Ltd	3.6	5.6%
Total	Substantial Shareholders	17.2	26.7%
Balance of Top 20		19.4	30.0%
Balance of Board & Management1		4.6	7.2%

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Other Shareholders,
36%
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1. Excludes 3.6M shares (5.6%) held by Atasa Holdings Pty Ltd.

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Board & Management

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Highly experienced exploration, corporate and capital markets team

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• Over 10 years of experience chairing public and private companies post extensive executive career in resources, energy, infrastructure and investment banking. Non-Executive Chair of Paladin Energy (ASX: PDN), Australian Vanadium Limited (ASX:AVL), Canyon Resources (ASX:CAY) and privately owned Pacific Energy and Onsite Rental Group.

Mr Cliff Lawrenson

Non-Executive

• Chairman o Prior to this, Mr Lawrenson was Managing Director of Atlas Iron Ltd from January 2017 to October 2018 when the company was acquired by Hancock Prospecting Pty Ltd for $427m

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• Mr Miles is a former Executive Director of Cassini Resources Ltd, leading the Company’s technical team through the acquisition and early study phases of the West Musgrave Project and exploration of the Yarawindah Brook Project and Mount Squires Project

Mr Greg Miles

Chief Executive Officer

• Mr Miles has extensive experience in the exploration and delineation of mineral resources and has led successful teams in the discovery of new gold and base metal resources

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• Dr Hronsky has 35 years of experience in the mineral exploration industry, primarily focused on project generation, technical innovation and exploration strategy development. He was responsible for conceptually targeting the West Musgrave nickel sulphide province in Western Australia

Dr Jon Hronsky OAM

• Dr Hronsky is also a Non-executive Director of Encounter Resources (ASX: ENR), and is General Partner - Global Targeting and Research at Ibaera Capital. Previously, he was Manager-Strategy & Generative Services for BHP Billiton Mineral Exploration and was Global Geoscience Leader for WMC Resources Ltd

Non-Executive Director

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• Mr Tremain is an experienced Company Director with extensive experience across the mineral resources sector. He’s currently Managing Director of West African gold explorer Manas Resources Ltd. He was previously the Managing Director of Exore Resources Ltd which was acquired by Perseus Mining Ltd in September 2020

Mr Justin Tremain

Non-Executive Director

• Prior to Exore, Mr Tremain founded Renaissance Minerals Ltd in June 2010 and served as its Managing Director until its takeover by Emerald Resources NL in November 2016 where he served as an Executive Director until January 2018

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• Ms Sze Man Suen (Simone) is a highly credentialed Company Director with a Bachelor of Business and over 20 years’ experience predominantly in the resources industry in Australia and internationally

Ms Simone Suen

o Ms Suen brings to Caspin a wealth of experience in financing, business development and marketing of early stage mining projects, particularly in Asian markets

Non-Executive Director

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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

• ~1,800 soil geochemistry samples

• Systematically working through priority areas and targets

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Exciting New Target: XC-29

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A Compelling Drill Target

• AEM identifies XC-29 Anomaly and now confirmed by ground geophysics

• Multiple bedrock conductors over 700m with likely extensions

• Likely hosted by mafic or ultramafic rocks indicated by magnetic signature and soil traverse results

• Magmatic sulphides identified on Brassica Trend in 2020 drill program

• Multiple supporting datasets, therefore… PRIORITY DRILL TARGET

• Numerous other AEM anomalies to be systematically explored

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Brassica Trend Opens Up

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Multiple AEM Anomalies under the spotlight

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• 2018 AEM survey identified several anomalies along Brassica Trend

• (XC-07 to XC-10) but didn’t receive any follow-up. Now under review

• Plus significant PGE results in rock chips at Aries Prospect – potentially a PGE-rich style of mineralisation

• Entire Brassica Trend (~6km strike) potentially prospective

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Next Steps

A busy 3 months coming up

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• Preparations for drilling at XC-29 in full swing

• Expected commencement late Q1

• Soil geochemistry program to continue, initial results expected in coming weeks

• Potential to generate new drilling targets

• A pipeline of prospects for systematic exploration: XC-29, XC-07 to 10, Aries, Yenart … More to come.

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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

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

• Exciting new targets defined by recent EM surveys

• Preparing for maiden drill program in the coming months

• Expecting new targets to emerge from concurrent geochemistry programs

• Will be commencing gold exploration at Mount Squires in Q2

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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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