CORAZON MINING LIMITED — AGM Information 2023

Nov 16, 2023

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AGM Presentation Opportunity – Critical Metals Discovery

17[th] November 2023

FORWARD LOOKING STATEMENT

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This presentation has been prepared by Corazon Mining Limited (“Corazon” or “Company”). 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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COMPETENT PERSONS 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 lithium Exploration Results and Targets is based on information compiled by Dr Ben Li, Member AIG and an employee of Corazon Mining Limited. Dr Li has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that 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”. Dr Li 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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CORAZON’S CRITICAL METALS FOCUS

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Discovery of Lithium Pegmatite within Eastern Goldfields “Spodumene Hub”

• At surface – never drilled

• Large geochemical anomaly

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Discovery and Development of Nickel Sulphide Resources for the Growing North American and European Battery Supply Chain

• Large Class-1 Nickel Sulphide resources

• Project powered by renewable hydro-electricity

• New geophysical methods identify exploration targets for drilling

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MIRIAM PROJECT – WESTERN AUSTRALIA REGION OF GROWING LITHIUM PEGMATITE SIGNIFICANCE

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Discovery of Lithium Pegmatite

• Close to major resources

• Spodumene-rich pegmatite outcrop in old gold workings – never drilled

• Area predominantly covered by thin soils

• Large geochemical anomaly

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Miriam Pegmatite – Spodumene Crystals Under Ultraviolet Light
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MIRIAM – ALSO A NICKEL SULPHIDE PROJECT

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Discovered in 1969 – drilling identified a ‘high nickel tenor’
within komatiite hosted massive and disseminated sulphide –
minimal nickel exploration over the past 20 years
Multiple ultramafic channel horizons over a 2.5 km strike
Miriam Deposit discovery drilling 1969-1974 returned:
 9.6m @ 5.60% Ni
 12.5m @ 0.56% Ni Nickel
Sulphide
 3.2m @ 2.59% Ni
Target
 0.9m @ 5.57% Ni
 6.1m @ 0.90% Ni
Corazon’s exploration work to date has included modern
ground geophysics and the reprocessing of historical surveys
to map the basal contact and channels within the ultramafic Lithium
units for drill testing Pegmatite
Target
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MIRIAM LITHIUM PROSPECT

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Lithium in Soil Geochemical Image
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Recent discovery of outcropping spodumene (lithium) bearing weathered (depleted) pegmatite assaying as high as 1.85% Li2O (ASX announcement 17 January 2023)

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Evidence for multiple pegmatite occurrences – under shallow soil cover

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Soil geochemical survey delivered a significant lithium anomaly (~1.6km strike and 300m wide) (ASX announcement 29 March 2023)

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Lithium exploration to take priority alongside nickel sulphide focus – shallow drilling proposed as an easy firstpass test – with the drilling approval process underway

LYNN LAKE HISTORICAL MINING CENTRE - REDEVELOPMENT

LOOKING TO BUILD A LOW-CARBON, LOW-COST, LONG-LIFE MINING OPERATION

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Community Hydro-Power Station Rail
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• Mining studies, for a large-scale operation, incorporating new “fit-for-purpose” resource estimates

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• Concept for an opencut startup, progressing to a totally underground operation

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• Historical geotechnical information identifies excellent ground conditions – conducive for bulk mining

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• Refurbishment studies for historical shaft supports increased hoisting capacity from ~1.2Mtpa to ~2.4Mtpa

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• Metallurgical testwork shows excellent performance

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• Conventional flotation (ASX announcement 11 Feb 2019)

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• Pre-flotation “ore-upgrading” of extensive low-grade material (ASX announcement 23 Aug 2023)

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• New Exploration Agreement signed with First Nation (ASX announcement 18 Aug 2023)

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• Environmental assessment work has commenced (ASX announcement 18 Aug 2023)

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EXPLORATION FOCUSSED ON THE FRASER LAKE COMPLEX

GEOPHYSICS IS THE KEY TO DISCOVERY UNDER COVER

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Large fertile intrusive complex – polluted with NiCu-Co sulphides + barren sedimentary sulphide xenoliths

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• Exploration methods have been developed since 2017 – starting to deliver results

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Fraser Lake Gravity Image

EXPLORATION FOCUSSED ON THE FRASER LAKE COMPLEX

EXTENSIVE SULPHIDE MINERALISATON DISCOVERED BY CORAZON’S DRILLING

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Mineralised Matrix Trend – Best Results
88.5m @ 0.22% Ni & 0.11% Cu
56.1m @ 0.43% Ni & 0.18% Cu
Incl 22.6m @ 0.70% Ni & 0.35% Cu
27m @ 0.37% Ni & 0.16% Cu
Motriuk
Ni Sulphides in
Recent Drilling
South Pipe
Possible Source of
“Ni-Rich” Magma
Fraser Lake Complex – Magnetic Inversion Plan (~ 250m below surface)
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Matrix Trend – primary focus for CZN’s exploration to date Exploration has defined extensive disseminated sulphide – massive sulphide bodies remain elusive Innovative geophysical surveys are delivering results

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EXPLORATION FOCUSSED ON THE FRASER LAKE COMPLEX

GEOPHYSICS IS THE KEY TO DISCOVERY UNDER COVER

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New 3D IP+MT Survey
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• Aerial magneto-telluric (MT) (2020) and gravity (2022) surveys have unlocked the internal structure of the Fraser Lake Complex intrusives

• High-powered innovative 3D ground induced polarisation (IP) and MT surveys generate new drill targets (ASX announcement 13 June 2023)

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• Survey identified MT conductors – pipe-like bodies that may represent stronger sulphide mineralisation

• MT Conductors are adjacent to IP chargeability anomalies – proven by past drilling to be indicative of disseminated sulphide mineralisation

• Drilling of MT conductor MTC-3 (the only accessible target at the time) identified a pipe-like nickeliferous ultramafic intrusion (ASX announcement 15 August 2023)

Fraser Lake Complex – Magnetic Inversion Plan (~ 250m below surface) Insert Image of MT Conductivity

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FRASER LAKE COMPLEX

MODERN GEOPHYSICS CRITICAL IN UNLOCKING DISCOVERIES UNDER COVER AT LYNN LAKE

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MODERN GEOPHYSICS CRITICAL IN UNLOCKING DISCOVERIES UNDER COVER AT LYNN LAKE
Matrix Trend
IP Chargeability Anomaly
(Disseminated Sulphides)
Adjacent Conductive Pipe
New 3D IP+MT Survey
Drill Hole Intercepts
1. 34.54m @ 0.32% Ni from 36m
2. 25.63m @ 0.66%Ni from 258m
3. 12.97m @ 0.35%Ni from 301.13m
The Matrix Trend is defined by NEW TARGET
multiple flat-lying pulses of metal rich MTC-1
magma . MT Conductivity
Anomaly
“ feeder pipe ?”
Fraser Lake Complex – Magnetic Inversion Plan (~ 250m below surface)
Insert Image of MT Conductivity
Fraser Lake Complex – Cross-Section Through 3D IP Inversion – Looking Northeast
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FRASER LAKE COMPLEX

MODERN GEOPHYSICS CRITICAL IN UNLOCKING DISCOVERIES UNDER COVER AT LYNN LAKE

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MODERN GEOPHYSICS CRITICAL IN UNLOCKING DISCOVERIES UNDER COVER AT LYNN LAKE
Matrix Trend
IP Chargeability Anomaly
(Disseminated Sulphides)
Adjacent Conductive Pipe
New 3D IP+MT Survey
Drill Hole Intercepts
1. 34.54m @ 0.32% Ni from 36m
2. 25.63m @ 0.66%Ni from 258m
3. 12.97m @ 0.35%Ni from 301.13m
The Matrix Trend is defined by NEW TARGET
multiple flat-lying pulses of metal rich MTC-1
magma . MT Conductivity
Anomaly
“ feeder pipe ?”
Fraser Lake Complex – Magnetic Inversion Plan (~ 250m below surface)
Insert Image of MT Conductivity
Fraser Lake Complex – Cross-Section Through 3D IP Inversion – Looking Northeast
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A CRITICAL METALS FOCUS

PROJECT LOCATION BENEFITS OF 1ST WORLD JURISDICTIONS

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Lynn Lake – Big “Low-Carbon” Project

• Large Class-1 Nickel Sulphide resources

• Powered by renewable hydro-electricity

• Exciting discovery potential

Miriam – Nickel-Lithium Project

• Underexplored nickel trend – including the Miriam nickel sulphide deposit

• Recently discovered spodumene (lithium) pegmatite outcrop

Mt Gilmore – District Scale Copper Play

• +20km mineralised trend

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LYNN LAKE – 100%
NICKEL-COPPER-COBALT
MIRIAM – ACQUIRING 100%
NICKEL SULPHIDE
LITHIUM PEGMATITE
HEAD OFFICE
PERTH
MT GILMORE – 80%
COPPER-COBALT-GOLD
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• Geochemical signature of a Giant Porphyry Copper Deposit

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CORAZON MINING LIMITED – AT A GLANCE

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Capital Structure – ASX:CZN	Capital Structure – ASX:CZN
Issued Shares	615m
Unlisted Options/Rights(1)	25.31m
Market Cap(@ $0.016/share)	$9.84m
Cash (September 2023 Quarterly)	$1.56m

Shareholder Composition	Shareholder Composition
Number of Shareholders	2,507
Top 20 Shareholders	55%
Delphi	19.82%
Blackstone Minerals Ltd	16.57%

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52W High $0.031 Low $0.010 Daily Average Volume Traded 498k

Board of Directors	Board of Directors
Terry Streeter	Non-Exec. Chairperson
Brett S Smith	Managing Director
Dr Mark Yumin Qiu	Non-Exec. Director
Kristie Young	Non-Exec. Director
Andrew Strickland	Non-Exec. Director

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(1) Unlisted Options include 19.54m at $0.10 by 20 May 2024, 5.276m
unlisted options exercisable at $0.014 expiry 18 August 2026 and 15
500k Performance Rights dated 20 December 2023
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CORAZON MINING LIMITED

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A stable and driven company with market support that has built quality advanced projects in a very challenging market Right commodities – perfect timing

Historically well supported by investors

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Primary Nickel Supply/Demand Balance (Kt Ni)[(1)]

(1)

Source: Benchmark Mineral Intelligence 2023. As published by IGO Limited at the Australian Nickel Conference – Perth 2023.

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Website LinkedIn
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Telephone: +61 8 6166 6361 Email: info@corazon.com.au Website: corazon.com.au