CORAZON MINING LIMITED — AGM Information 2019

Nov 28, 2019

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Company Presentation

ANNUAL GENERAL MEETING 29 November 2019

LEVEL 2, 38 Richardson St, West Perth, WA 6005 | PO BOX 8187, SUBIACO EAST WA 6008 | +61(8) 6142 6366 | INFO@CORAZON.COM.AU | WWW.CORAZON.COM.AU

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Forward Looking Statement
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This presentation has been prepared by Corazon Mining Limited (“Corazon”). It contains forecasts and forward looking statements which are not a guarantee of future performance and which involve certain risks. Actual results and future outcomes will in all likelihood differ from those outlined herein. The presentation should not be construed as an offer or invitation to subscribe for or purchase securities in Corazon. Nor is it an inducement to make an offer or an invitation with respect to said securities.

The Company believes that it has a reasonable basis for making the forward-looking Statements in the announcement based on the information contained in this and previous ASX announcements.

The Company is not aware of any new information or data that materially affects the information included in this presentation, and the Company confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the exploration results in this release continue to apply and have not materially changed.

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

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Corazon Mining Limited – Corporate Overview
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	ISSUED	QUOTED	SHARE MARKET	CASH
	ASX CODE SHARES	OPTIONS(1)	PRICE CAP.	(Sept 19)
	CZN 2.04b	188m	$0.003 $6.12m	$1.2m
Board of Directors			Shareholders
Terry Streeter	Non Executive Chairman		Top 20 Shareholders		34.8%
Brett Smith	Managing Director		Number of Shareholders		2,392
Clive Jones	Non Executive Director		Board and Management		1.4%
Jonathan Downes	Non Executive Director		Hanking Australia Investments(2)		7.98%
Mark Yumin Qiu	Non Executive Director		Crescent Nominees (Tattersfield)		5.84%

(1) Quoted Option exercisable at $0.007 by 10 July 2022. Unlisted Options include 40m at $0.035 by 31 March 2020.

(2) Australian subsidiary of major Chinese mining house - Hanking Holdings Limited - +HK$1.9B Mkt Cap (Hong Kong SE).

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Two Quality Projects – Key Demand Driven Commodities
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1[st] World locations Metals critical for the emerging rechargeable battery sector

Lynn Lake Nickel-Copper-Cobalt Old Mining Centre Large JORC Resource Base Redevelopment Opportunity Exciting Ni Sulphide Exploration Play

Mt Gilmore Copper-Cobalt-Gold Newly Recognised Area Large Project – Little Historical Work Cu-Co Dominant Sulphide Mineralisation

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Corazon – The Last 12 Months
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2019 – A TALE OF TWO PROJECTS

Two compelling exploration projects in commodities poised to be key components of the global growth in next-generation battery technologies

Investor Interest in Cobalt Slows

Nickel Market Tightens - Interest Up

Mt Gilmore - NSW

• Corazon’s project equity increased to 80%

• Exploration delineated a major (+20km) coppercobalt-silver-gold trend with multiple <1km geochemical anomalies

Lynn Lake - Canada

• Appointment of Mr Terry Streeter as Chairman reflects the Company’s intent at Lynn Lake

• Focus on brown-fields exploration and project development work

• Visible sulphides at surface + high-grade copper rock chip results

• High-tenor geophysical anomalies defined – coincident with geochemical anomalies

• New JORC Resource underpins a substantive nickel asset

• Exceptional metallurgical results – for the first time deliver separate high-grade nickel and copper concentrates

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Lynn Lake – The Advantages
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LOGISTICALLY EASY EXPLORATION

• Prolific historic mining centre

• Excellent infrastructure

• Large resource base

• Resource growth potential

• Exciting regional discovery opportunity

• Manitoba – one of the best mining provinces in Canada

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Lynn Lake Deposits – Geologically Unique Within Region
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Historical Mine
Area
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ALL PROSPECTIVE INTRUSIONS CONTROLLED BY CZN

• Multiphase intrusive mafic-ultramafic igneous “plugs”

• Extreme crustal contamination of plugs indicates:

• Interaction of the magma with country rocks – assimilation of pre-existing VMS deposits

• Causative formation of a large amount of sulphide rich melt

• Structurally controlled sulphide deposits

• Deep “mantle-tapping” source for magma

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Lynn Lake – Nickel Endowment
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0 500m
N
A Shaft
A Plug
Golf
Deposit
Disco
Deposit
Farley Shaft
‘P’ Deposit
Plan Legend
‘O’ Deposit
Sulphide Deposits
‘N’ Deposit Peridotite
Amphibolite
Quartz-Hornblende Diorite
Gabbro
Resource
Study Areas
EL Plug
‘EL’ Deposit
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PROLIFIC LARGE TONNAGE – LOW COST PRODUCER

Past Production 1953-1976

• 206,200 t Nickel and 107,600 t Copper

 A Plug - 18Mt @0.88% Ni + 0.47%Cu  EL Plug - 1.9Mt @ 2.4% Ni + 1.15% Cu

Resource Estimate – 27[th] December 2019

Category	Base Cut Ni %	Tonnes	Ni %	Cu %	Co %		Tonnes	Tonnes	Tonnes
							Ni	Cu	Co
Indicated	0.5	12,899,000	0.70	0.33	0.034		89,800	42,900	4,400
Inferred	0.5	3,422,000	0.79	0.33	0.027		27,000	11,400	900
Total	0.5	16,321,000	0.72	0.33	0.033		116,800	54,300	5,300

Category	Base Cut Ni%	Tonnes	Ni %	Cu %	Co %			Tonnes
							Ni	Cu	Co
Indicated	0.7	4,279,000	0.93	0.40	0.044		39,700	17,200	1,900
Inferred	0.7	1,110,000	1.25	0.45	0.039		13,900	5,000	400
Total	0.7	5,389,000	0.99	0.41	0.043		53,600	22,200	2,300

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Lynn Lake Mining Centre – Multiple Deposits – Growth Potential
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South North
4 kms
Disco Resource
77kt @ 0.71%Ni,
B A C
‘EL’ Resource 0.41%Cu
E
2.4Mt @ 0.94%Ni, 0.32%Cu
‘O’ Resource
6.0Mt @ 0.68%Ni, 0.32%Cu F
D
J
D Lower
‘EL’ Deeps K
Discovery G
‘P’ Resource
218kt @ 0.71%Ni, 0.47%Cu Golf Resource
1.0Mt @ 0.64%Ni, 0.29%Cu
‘N’ Resource
6.6Mt @ 0.67%Ni, 0.35%Cu
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Strategic Importance of Disseminated Sulphides
“DISSEMINATED SULPHIDE
Mines
DEPOSITS SHOULD ATTRACT
Projects
South Kambalda INCREASING INTEREST”
Eagle Venus Victoria Kabanga Sudbury, Glencore
Savannah Nova Voisey's Bay
Grasset In a context of
Windarra
ForrestaniaEagle's Nest
Fisher East Ontario, Vale
Lake Johnston Lanfranchi JilinNunavik Cosmos Jinchuan  Supply growth from laterite
1.0 Avebury Honeymoon Well Polar, Nornickel projects currently focused on
Lynn Lake
Duketon Kola, Nornickel
Ntaka Hill NPI and the stainless steel
Leinster DSS Yakabindie sector
Ban Phuc (high estimate) Mt Keith
Radio Hill
Kingash
East Yellow Mountain
Ban Phuc (low estimate) Dumont 
Nickel King Souker Zebediela Limited supply growth from
Selkirk Kevitsa
nickel massive sulphide mines
Phoenix Turnagain and projects, and
Ronnbacken
Decar
West Musgrave
0.1
1 10 100 1,000 10,000
Mineral Resources (million tonnes) - Log Scale
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10.0
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• Limited supply growth from nickel massive sulphide mines and projects, and

Reference: JF Bertincourt – Terra Studio – Nickel Market Analysis – November 2019 Update – www.terrastudio.biz

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New ‘Game-Changing’ Metallurgical Results
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DELIVERS “PRODUCT” OPTIONALITY

• First comprehensive flotation testwork in more than 40 years

• First time separate clean high-value nickel and copper concentrates have been produced

(ASX announcements date 11[th] & 12[th] Feb 2019)

26% Nickel Con. with recoveries of 71%

27% Copper Con. with recoveries of 77%

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PROPOSED TESTWORK

• Recent testwork supports assumptions for target concentrate products of:

• +15% Nickel Con. with recoveries of +85%

• Pre-flotation up-grade of low-grade disseminated mineralisation

• Onsite downstream processing options

• +25% Copper Con. with recoveries of +90%

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Lynn Lake – Multiple Deposits – High Probability of New Discoveries
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Geology InterpretationLynn Lake Intrusion PROVEN EXPLORATION UPSIDE
0 500m

Plus 20 defined deposits within the Mining Centre
N

A Plug Average deposit 80m-120m strike and 30m-50m wide

Tango 6 Deposits within current Resource – numerous deposits yet
to be reviewed for remnant tonnages
Disco

Past and ‘Foreign’ resource estimations at lower cut-off
grades identify substantial tonnages of low-grade
mineralisation

Modern discoveries within Mining Centre
Disco – 2008 – Western Areas NL
Plan Legend
Resource 18m @ 1.5% Ni, 0.70% Cu & 0.04 %Co
Study Areas
AreasPriority Target Tango – 2010 – Independent Nickel Inc
Sulphide Deposits
17m @ 0.6% Ni & 0.30% Cu
Peridotite EL Plug
Amphibolite EL Deeps EL Deeps – 2011 – Corazon Mining Limited
Quartz-Hornblende Diorite
Gabbro 23.75m @ 3.34% Ni, 1.54% Cu & 0.079 %Co
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Lynn Lake – Exciting Discovery Potential in Region
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CONSOLIDATION OF PROSPECTIVE NICKEL GROUND

• Modern exploration techniques and a new understanding for the formation of these deposits has identified multiple Lynn Lake style targets

• Difficult terrain, targets are predominantly under cover

• Geophysics is the key to discovery – Lynn Lake deposits have specific geophysical characteristics

• Multiple “ EL Deposit like ” targets

• The Fraser Lake Complex is a stand-out target

EL Deposit 1947 Discovery Hole 183m @ 4.7 %Ni & 1.7 %Cu

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Fraser Lake Complex – Promising Exploration Play
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EXTENSIVE MAGMATIC SULPHIDES COINCIDENT
WITH IP CHARGEABILITY HIGH

~1.8km IP Chargeability anomaly coincident
with multiple stacked sulphide-rich horizontal
Hole #14 magmatic pulses/flows
56.1m @ 0.43% Ni & 0.21% Cu
From 258m
Hole #16
27m @ 0.37% Ni & 0.16% Cu
From 30m
Matrix Trend Plan
IP Chargeability Image & Drilling
Legend
CZN Drilling
Historical Drilling
Outline of Matrix Trend
Mapped Sulphidic Sediments 14
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Lynn Lake - Summary
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RIGHT COMMODITIES – PERFECT TIMING

• Lynn Lake Nickel-Copper-Cobalt Sulphide Project

• One of the best nickel exploration plays in North America

  • Underpinned by 116,800t nickel, 54,300t copper, 5,300t cobalt

• Market support and sentiment for nickel sulphide projects is growing

  • Nickel market deficit since 2015 – forecast critically tight market from 2021

• Current studies seek improvements on a number of fronts for the benefit of any future mining operation

  • Metallurgical and Processing (pre-flotation and down-stream)

  • Mining studies and optimising mining methods to reduce costs

• Discovery - drilling targeting additional near mine mineralisation imminent

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Mt Gilmore Project - Targeting “Battery Metals” in Australia
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Mt Gilmore Copper-Cobalt-Gold

Cobalt Ridge Prospect – Cobalt dominant sulphide deposit

New giant copper-cobalt geochemical anomalies - exciting regional exploration focus

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Geology + Copper
Mt Gilmore – Regional High-Grade Cu in Soils Image
Mt Gilmore
Grafton
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21.6 %Cu
Geology + Copper
361 ppmAg
in Soils Image
0.17 g/t Au
0.64 %Cu
176 ppmCo 0.78 %Cu
294 ppmMo 148 ppmCo
0.12 g/tAu
10.75 %Cu
180 ppmCo 0.41 %Cu
0.11 g/tAu 409 ppmCo
74.7 ppmAg 0.82 g/tAu
0.52 %Zn 0.35 %Zn
5.04 %Cu 7.35 %Cu
1,795 ppmCo 1.29 g/tAu
1.03 g/tAu 88 ppmAg
46 ppmMo
16.3 %Cu
2.55 %Cu 393 ppmCo
238 ppmAg
209 ppmCo
171 ppmMo
13.55 %Cu
12.75 %Cu 898 ppmCo
15.15 g/tAu
1,250 ppmCo
66 ppmAg
0.19 g/tAu
474 ppmMo
93 ppmAg
0.34 %Zn
885 ppmMo
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Mt Gilmore – Regional High-Grade Cu

UNIQUE - EARLY STAGE - DISTRICT-SCALE EXPLORATION PLAY

• Large geochemical anomalies indicative of hydrothermal “Intrusive Related” or “Replacement” style of deposits

• High-grade copper within structures crosscutting geochemical anomalies

• High cobalt content of mineralisation indicative of a unique geological setting

• Cobalt Ridge

• Cobalt dominant sulphide mineralisation

• Drilled over 300m strike – remains open and untested

• Processing testwork achieved high-value concentrates (flotation) and sulphates (POX)

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Mt Gilmore Project - Cobalt Ridge Prospect
MAIN LODE DEFINES POTENTIAL
32m @ 0.15% Co,
27m @ 0.47% 0.25% Cu
Co, 0.15% Cu
A
Cobalt Ridge Main
Lode Drilling
B
5m @ 2.14% Co,
0.33% Cu
Cobalt in Soils Image 19
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Mt Gilmore Project - Cobalt Ridge Prospect
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QUARTZ-TOURMALINE BRECCIAS SPATIALLY ASSOCIATED WITH COBALT-COPPER MINERALISATION

UNTESTED POTENTIAL

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8 %Co
2m @ 0.64 %Co, 1.66
(Historical Workings)
%Cu, 0.13 g/tAu
in Reconnaissance Drilling
Cobalt Ridge
Drilled Area
Quartz-Tourmaline Breccias
5m @ 2.14 %Co, 0.33 %Cu, 15.2 g/tAu, 0.42
0.42 g/tAu %Cu and 0.02 %Co
CZN Drill Result - Within Main Lode
in Rock-Chip
Intercept of 27m @ 0.47 %Co
3.34 %Co
Recovered from “Copper Ore”
(Historical Mine Production Reports)
Cobalt in Soils Image 20
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• Tourmaline is a common mineral within hydrothermal deposits – typically distal to the “core” of the system

• Cobalt Ridge breccias indicate a longlived, structurally hosted, intense hydrothermal environment

Mt Gilmore Cobalt Sulphate

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Corazon – Way Forward
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RIGHT COMMODITIES – PERFECT TIMING

 Lynn Lake Nickel-Copper-Cobalt Sulphide Project

• One of the best nickel exploration plays in North America

• Underpinned by 116,800t nickel, 54,300t copper, 5,300t cobalt

• Market support and sentiment for nickel sulphide projects is growing

• Nickel market deficit since 2015 – forecast critically tight market from 2021

• Mining and Processing studies seeking to optimise the potential for a mining operation

• Discovery - drilling targeting additional near mine mineralisation imminent

 Mt Gilmore Copper-Cobalt-Silver-Gold Sulphide Project

• Early stage, district scale copper play with strong cobalt signature

• Several compelling targets for copper-cobalt sulphide deposits

• Cobalt Ridge – unique cobalt dominant sulphide deposit – room to grow with drilling

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Competent Person Statement
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The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr. Brett Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr. Smith has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Smith consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to the Processing and Metallurgy for the Lynn Lake and Mt Gilmore projects is based on and fairly represents information and supporting documentation compiled by Damian Connelly who is a Member of The Australasian Institute of Mining and Metallurgy and a full time employee of METS Engineering (METS). Damian Connelly has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Damian Connelly consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources for the EL, Disco, Gulf, ‘N’, ‘O ’and ‘P’ deposits contained within the Lynn Lake Nickel Project is based on information compiled by Mr Stephen Hyland who is a Fellow of the Australasian Institute of Mining and Metallurgy and who has provided expert guidance on resource modelling and resource estimation. Mr Hyland is a Principal Consultant Geologist at HGMC consultants and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hyland consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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CONTACT

Level 2, 38 Richardson Street, WEST PERTH WA 6008 PO Box 8187, SUBIACO EAST WA 6008 +61(8) 6142 6366 info@corazon.com.au www.corazon.com.au

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