CORAZON MINING LIMITED — Capital/Financing Update 2022

Dec 12, 2022

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ASX ANNOUNCEMENT
13 December 2022
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Corazon Secures Government Funding to Advance Mt Gilmore Cu-Au-Co Project

Innovative mineral geochemistry studies testing for Porphyry Copper Deposits underway at Mt Gilmore to define drill targets

ASX: CZN ABN: 87112 898 825

REGISTERED OFFICE

Level 3, 33 Ord St, West Perth, WA 6005

PO Box 8187 Subiaco East WA 6008

T : +61 8 6166 6361 E : info@corazon.com.au www.corazon.com.au

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce it has been awarded an Australian Government Innovation Connections Grant to help advance exploration and assessment of the Mt Gilmore Copper-Gold-Cobalt Project (Mt Gilmore or Project) in New South Wales (Figure 1).

Corazon is currently undertaking a geochemical testwork program with the University of Tasmania’s (UTAS), Centre of Ore Deposit and Earth Sciences (CODES). The initial phase of this program was successful, confirming that the Mt Gilmore Project hosts key geochemical characteristics specific to large porphyry copper-gold deposits (ASX announcement 12 July 2022).

The second phase of the program is currently underway and is designed to expand on the first phase studies and deliver more precise targeting from which exploration drilling can be planned (ASX announcement 4 October 2022).

This study is titled “Enhanced geochemical targeting at the Mt Gilmore Cu-Au-Co trend” and has successfully been awarded an Australian Government Innovation Connections Grant to assist CODES completing the geochemical studies.

Funding was awarded on a co-funding basis, with CODES receiving a total of $100,000, including $50,000 from the Government grant and $50,000 provided by Corazon.

The surface anomalism for metals at Mt Gilmore (Figure 2) is recognised as the surface expression of a large hydrothermal system of more than 20 kilometres in strike (ASX announcement 5 February 2019). This anomaly is potentially associated with mineralised intrusive rocks (ASX announcement 9 October 2020) and presents an exciting exploration undertaking for Corazon.

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Key Highlights

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• The Mt Gilmore Cu-Au-Co Project hosts a +20km trend with mineral geochemical characteristics particular to known large porphyry copper-gold deposits

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• Corazon is undertaking a program of geochemical testwork with the University of Tasmania’s (UTAS), Centre of Ore Deposit and Earth Sciences

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• The current phase of this work is a new campaign of mineral geochemical studies, utilising tools developed by the UTAS, and is expected to contribute targets for exploration drilling in 2023

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• UTAS’s work will be partially funded by an Australian Government Innovation Connections Grant

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ASX Announcement | Mt Gilmore – Co-Funded Exploration Grant – 13 December 2022

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Figure 1 – Mt Gilmore Project Location

Porphyry Copper Exploration at Mt Gilmore

The current phase of geochemical targeting at Mt Gilmore is designed to follow-up on the first phase of mineral geochemical studies completed by CODES at UTAS (ASX announcement 12 July 2022). The initial phase of work successfully identified that key geochemical characteristics of large porphyry copper-gold deposits are present at Mt Gilmore.

Impressive initial results from the CODES/UTAS studies have highlighted both the Gordonbrook Hill and May Queen areas (Figure 2) at Mt Gilmore. Gordonbrook Hill displays both a large porphyry copper deposit and skarn style signature, while the May Queen prospect has a strong skarn signature, trending to a porphyry system and notably into the “giant” porphyry copper deposit category.

The size and complexity of the soil geochemical anomalies within Mt Gilmore has made effective drill targeting difficult to date. This new work is a more detailed study of these geochemical characteristics, designed to result in the delineation of targets for drill testing.

Detailed mineral geochemical analysis is being undertaken over a much broader area. To date, approximately 55 sites have been sampled, covering the area from Cobalt Ridge to May Queen (Figure 2). Additional samples will be collected throughout the study. The initial focus for this mineral geochemical vectoring analysis by CODES/UTAS will be the Gordonbrook Hill prospect, where a mineralised porphyry was identified in surface mapping/sampling (ASX announcement 9 October 2020) and drilling (ASX announcement 17 June 2021).

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ASX Announcement | Mt Gilmore – Co-Funded Exploration Grant – 13 December 2022

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ASX Announcement

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Figure 2 – Mt Gilmore Project interpreted geology with a copper in soils geochemical image over the sedimentary/volcaniclastic basement rocks, with mineral occurrences and prospect locations.

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ASX Announcement | Mt Gilmore – Co-Funded Exploration Grant – 13 December 2022

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ASX Announcement

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This announcement has been authorised on behalf of Corazon Mining Limited by Managing Director, Mr. Brett Smith.

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

Brett Smith

James Moses

Managing Director Media & Investor Relations Corazon Mining Limited Mandate Corporate P: +61 (08) 6166 6361 M: +61 (0) 420 991 574 E: info@corazonmining.com.au E: james@mandatecorporate.com.au

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About Corazon

Corazon Mining Limited (ASX: CZN) is an Australian resource company with projects in Australia and Canada.

In Canada, Corazon has consolidated the entire historical Lynn Lake Nickel Copper Cobalt Mining Centre (Lynn Lake) in the province of Manitoba. It is the first time Lynn Lake has been under the control of one company since mine closure in 1976. Lynn Lake hosts a large JORC nickel-copper-cobalt resource and presents Corazon with a major development opportunity that is becoming increasingly prospective due to recent increases in the value of both nickel and cobalt metals, and their expected strong demand outlooks associated with their core use in the emerging global electric vehicle industry.

In Australia, Corazon is exploring the Miriam Nickel-Copper Sulphide Project (Miriam) in Western Australia and the Mt Gilmore Cobalt-Copper-Gold Sulphide Project (Mt Gilmore) in New South Wales.

Miriam is a highly prospective nickel sulphide exploration project, representing a strategic addition to Corazon’s portfolio of nickel sulphide assets.

Mt Gilmore is centered on a regionally substantive hydrothermal system with extensive copper, cobalt, silver and gold anomalism, including high-grade rock chip samples over a strike of more than twenty (20) kilometres. Mt Gilmore also hosts the Cobalt Ridge Deposit - a unique high-grade cobalt-dominant sulphide deposit.

The commodity mix of Corazon’s projects place it in a strong position to take advantage of the growing demand for metals critically required for the booming rechargeable battery sector.

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ASX Announcement | Mt Gilmore – Co-Funded Exploration Grant – 13 December 2022

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ASX Announcement

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Competent Persons Statement

The information in this report that relates to 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 on mineral geochemical results and mineral vectoring studies has been produced and provided by Dr Lejun Zhang and Dr Francisco J. Testa from the Centre for Ore Deposit and Earth Sciences (CODES) at the University of Tasmania. Both Dr Zhang and Dr Testa are experts in the field of both porphyry copper and skarn hydrothermal mineral systems.

Forward Looking Statements

This announcement contains certain statements that may constitute “forward looking statement”. Such statements are only predictions and are subject to inherent risks and uncertainties, which could cause actual values, results, performance achievements to differ materially from those expressed, implied or projected in any forward looking statements.

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.

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 ASX release, 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.

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