CASPIN RESOURCES LIMITED — Investor Presentation 2022

Feb 14, 2022

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www.caspin.com.au

RIU Explorers Conference, Fremantle 15-17 February 2022 Presenter: GREG MILES, CEO CASPIN RESOURCES LTD

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, 21 September 2021, 26 November 2021, 24 January 2022 and 9 February 2022.

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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Corporate Overview

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CPN - ASX 6 Month Share Price Performance VOLUME
$1.60 4,000,000
Volume Close $
$1.40 3,500,000
$1.20 3,000,000
$1.00 2,500,000
$0.80 2,000,000
$0.60 1,500,000
$0.40 1,000,000
$0.20 500,000
$- -
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Backed by strategic shareholders and well funded for exploration

Capital Structure(14 February 2022)	Details
ASX Code	CPN
Total Ordinary Shares on Issue 1	74,740,710
Unlisted Options & Performance Rights2	5,492,750
Share Price(close 14 February 2022)	$0.93
Market Capitalisation	~$70M
Cash Balance(31 December 2021)	$12.3M
Debt(31 December 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.

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

3. 1,233,724 Management and Employee Performance Rights (various vesting conditions). All subject to escrow

No. 1	Substantial Shareholders Chalice Gold Mines Ltd	No. (m) 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%

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

Highly experienced exploration, corporate and capital markets team

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ABOVE: Steven Wood, Cliff Lawrenson, Jon Hronsky, Justin Tremain, Simone Suen & Greg Miles
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1. Excludes 4.2M shares (5.7%) held by Atasa Holdings Pty Ltd & Tjandra Pramoko + Simone Suen. Includes Escrow shares in %’s.

Caspin’s Fundamentals

STRONG SUPPORT

THE TEAM

  - Well-funded with backing from local and foreign strategic investors

• Highly credentialed technical and corporate expertise

• Exploration

• $9.75M raised July 2021

• Development

• M&A

• Capital markets

• Australia and overseas

PROJECTS IN EMERGING REGIONS

• On the doorstep of world class discoveries

• Highly leveraged to battery metals thematic

• Proven prospectivity

• The right rocks in the right address

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AN ACTIVE EXPLORER

• Applying first-class geoscience

• Active Exploration programs

• RC Drilling

• Diamond Drilling

• Soil Geochemistry

• Aerial Electromagnetics

• Providing immediate exposure to discovery

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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) PGE-Ni-Cu

• Large, strategic position in the West Yilgarn, 40km north from Chalice Mining’s Gonneville PGE-Ni-Cu deposit

• Actively exploring with excellent Ni-Cu & PGE results from latest drilling

• Developing a pipeline of prospects across the project

– 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 )

• Exciting Au-Cu-Mo-Pb geochemistry at the Duchess Prospect

• Ni-Cu potential: strike continuity to OZ Minerals’ West Musgrave Project, Nebo-Babel DFS well advanced

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YARAWINDAH BROOK (CPN 80%) A large strategic land position in an emerging PGE-Ni-Cu belt

A Strategic Land Position

Provides strong underlying value

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•
Yarawindah Brook
Project contains
extensions of Julimar
mafic/ultramafic host
rocks
•
Large project area
surrounded by
Chalice Mining and
other competitors
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Latest News: XC-22 Prospect

Significant Results from fist drill hole

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YARC0022

68m zone of mineralisation includes two distinct higher-grade zones:

• Upper Ni-Cu sulphide zone;

• 2m @ 1.42% Ni, 0.47% Cu, 0.33g/t 3E (Pd+Pt+Au) from 46m

• Lower low-sulphide, PGE-rich zone; 13m @ 0.97g/t 3E, 0.26% Ni & 0.21% Cu from 101m, incl. 2m @ 2.88g/t 3E, 0.23% Ni, 0.09% Cu from 112m

Implications:

• Upper Ni-Cu zone correlates with large AEM anomaly

• Lower PGE zone possibly correlates with larger magnetic anomaly, plus support from historical drill results

• In both zones, mineralisation is open and yet to be tested

Drilling at XC-22 Prospect, November 2021

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Why XC-22 was a Compelling Target

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Combining multiple datasets suggested something… different

• Gravity survey a game changer – recognised that the northern part of the intrusion is a gravity low, but magnetic high – distinct from most of the intrusion

• Similar geophysical response to Chalice’s Gonneville

• AEM anomaly is large, but could have been a false positive

• Some anomalism in soil geochem and historical drilling

• … Just drill it!

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Ad XC-22 label
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Upper Zone: Ni-Cu Sulphides

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Correlates with AEM Anomaly

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Lower Zone: PGE-rich Sulphides

Shows continuity with previous drilling

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Lack of effective drilling means mineralisation is still open

 YARC0025 & YARC0027 abandoned due to excessive groundwater – to be completed with diamond tails

• YBR series – no Ni-Cu assays

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Potentially a Large System

PGEs correlating with ultramafic rocks

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• PGE horizon potentially correlates with magnetic feature = ultramafic rocks

• Encouraging PGE results from historical drilling – but mostly ineffective

• Still… some of the best PGE results in the project

• area

• Extends beyond the AEM anomaly

• 1,000m strike

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Multiple Exploration Fronts at Yarabrook Hill

Still an Early Stage of Exploration

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Central Yarabrook Hill

Very thick zone of low-grade mineralisation

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Exploring several conceptual targets:

1. Higher-Grade Segments within the extensive Main Mineralised Zone

2. Narrower, higher-grade zones within the broader Main Mineralised Zone

3. Primary Basal Contact MassiveSulphide mineralisation below the HW contact Shear Zone

Assays for YARCD0012 & YAD0019 still to come

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Exciting Developments for Yarawindah Brook

And a busy few months ahead

• YARC0022 is a very significant result and development for the Yarawindah Brook Project

• Best result to date, not just grades - continuity of mineralisation very

• important, plus geological context

• Starting to see similarities in mineralisation style to Chalice’s Gonneville Deposit

• Drilling due to recommence by end of February – 2 rigs - RC & DD

• Meanwhile, other targets being worked up on the project area – AEM results to come, exploration on Brassica Trend

• Central Yarabrook Hill still live

• Clearly the most advanced exploration play in the West Yilgarn

• behind Chalice

Exploration search space is opening, not closing!

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CASPIN INVESTMENT HIGHLIGHTS

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• Yarawindah Brook holding a prime position in Australia’s hottest new mineral district

• Exciting results from XC-22 Prospect

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• Two drills to resume in the coming weeks

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• Developing a pipeline of targets across the project

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• Experienced team, well funded, in fundamental commodities

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Caspin Resources Limited

Ground Floor, 675 Murray 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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