CORAZON MINING LIMITED — Capital/Financing Update 2016

Oct 20, 2016

Announcement

21 October 2016

==> picture [196 x 84] intentionally omitted <==

CZN Completes Successful Placement

- Acceleration of Mt Gilmore Cobalt Project Exploration -

• Placement successfully completed to raise $2.1 million

• Placement heavily oversubscribed

• Funds allow expansion of exploration effort at the Mt Gilmore – Cobalt Ridge Project in New South Wales

• Cobalt is a key component in lithium-Ion batteries, used in the rapidly emerging rechargeable battery industry

• Funding also provides capacity to drill the Company’s large and compelling nickel-copper-cobalt targets at the Lynn Lake Project in Canada

Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”), is pleased to announce it has received commitments from institutional and sophisticated professional investors to raise approximately $2.1 million at an issue price of $0.013 per share (“Placement”).

The Placement will include the issue of up to approximately 161.54 million new shares, pursuant to the Company’s capacity under ASX Listing Rules 7.1 and 7.1A.

The strong demand for the Placement, which was heavily oversubscribed, reflects the significant market interest in the Company’s Cobalt Ridge prospect and the wider Mt Gilmore Project area in New South Wales. Cobalt Ridge is an advanced, drill defined, high-grade, cobalt dominant deposit. There is growing market recognition that cobalt is a significant component for rechargeable batteries, a sector that is currently experiencing strong growth.

The funds raised pursuant to the Placement will be used primarily to fund the exploration at the Mt Gilmore Project and in particular the Cobalt Ridge prospect. This work will include drilling and processing test-work with a focus on producing cobalt suitable for use in rechargeable batteries. A 2,000 metres of RC drill program is underway at Cobalt Ridge. This drilling will test the extents and continuity of high-grade mineralisation defined by past exploration and small-scale mining.

The placement also provides the Company with the capacity to drill large geophysical targets at the Fraser Lake Complex, within the Lynn Lake Nickel-Copper-Cobalt Project in Canada. Detailed target definition and planning for this work is currently underway.

Australian financial services firm and Corazon’s corporate advisor, Hartleys Limited, acted as Lead Broker to the Offer.

END .

==> picture [196 x 84] intentionally omitted <==

Announcement

21 October 2016

For further information visit www.corazon.com.au or contact:

Brett Smith James Moses Managing Director Media and Investor Relations Corazon Mining Limited Mandate Corporate P: +61 (8) 6142 6366 M: +61 (0) 420 991 574 E: info@corazon.com.au E: james@mandatecorporate.com.au

Important Information

Competent Persons Statement :

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.

==> picture [198 x 8] intentionally omitted <==

==> picture [198 x 8] intentionally omitted <==

==> picture [198 x 8] intentionally omitted <==