CORAZON MINING LIMITED — Capital/Financing Update 2022

Aug 22, 2022

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ASX ANNOUNCEMENT
23 August 2022
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Drilling Completed at Lynn Lake Nickel Sulphide Project

Drilling intersects nickel and copper sulphide mineralisation; next phase of drilling planning underway, including resource extension drilling at the Lynn Lake Mining Centre

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 completed the latest phase of drilling at its flagship project, the 100%-owned Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake or Project) in the province of Manitoba, Canada.

The Northern spring-summer exploration-drilling program at Lynn Lake’s Fraser Lake Complex (FLC) (Figure 1) drill-tested three new priority target areas, intersected favourable rock types with low-levels of nickel and copper sulphide mineralisation, further validating Corazon’s exploration model at the FLC.

Samples have been submitted for multielement laboratory analysis and are expected to be available within two months; results will be released when available. The outcomes will further advance the Company’s understanding of the FLC system and aid vectoring to areas of potential sulphide accumulation.

Corazon's exploration continues to highlight the area west of the FLC, where the intrusion is interpreted to link up with the Motriuk and South Pipe intrusions (Figure 1). Drilling, supported by geophysics, has identified extensive near-surface sulphide mineralisation within the magma channels into both the FLC and Motriuk bodies, with the link to the South Pipe yet to be drill tested. This represents a priority target and is expected to be drill tested in the coming months, once the ground area has frozen.

In conjunction with its ongoing exploration drilling, Corazon is focused on progressing the potential redevelopment of Lynn Lake’s historical nickel sulphide Mining Centre (Figure 1) towards production. Current activities include defining areas for resource extension drilling and the drilling of new zones, plus metallurgical testwork utilising efficient modern processes. Results from this testwork will be announced as they become available.

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Key Highlights

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• Current phase of exploration drilling at the Fraser Lake Complex completed – nickel and copper sulphide mineralisation intersected and results to be released when available

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• Exploration and re-development studies within the historical Mining Centre are continuing

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• Preparation underway for next phase of drilling to test priority regional exploration targets this coming northern winter

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ASX Announcement | Lynn Lake – Drilling Completed – 23 August 2022

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Figure 1 – Lynn Lake Project - MobileMT survey magnetic susceptibility inversion depth slice at 50m below surface - over a GeoTem total-field regional aeromagnetic image, with the area of the gravity high target outlined.

Fraser Lake Complex Exploration Drilling Completed

The current phase of exploration drilling at the Fraser Lake Complex (FLC) has been completed. This program commenced in the previous quarter (ASX announcement 11 April 2022), with a total of nine holes completed for 3,924 metres of core (refer to Table 1 and 2 for details).

Initial drill testing of three new target areas was undertaken, from more than ten new geophysical anomalies defined by a detailed aerial gravity completed earlier this year (ASX announcement 17 January 2022). Targets tested included the Matrix Trend (one hole), Matrix North (one hole) and the Motriuk Ultramafic (seven holes) (Figure 2).

The initial hole into the Motriuk Ultramafic (FLC-2022-045) intersected low levels of magmatic sulphide (ASX announcement 7 June 2022) with encouraging visual identification of pentlandite (nickel sulphide) and chalcopyrite (copper sulphide). Subsequent holes (FLC-2022-046 to 052) tested geophysical features at the entrance (feeder) to the Motriuk Complex, coincidently the only area accessible at this time of the year.

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ASX Announcement | Lynn Lake – Drilling Completed – 23 August 2022

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Hole ID	Target ID	East_UTM	North_UTM	RL_m	UTM_Azim	Dip	EOH (m)
FLC-2022-041	Matrix Trend	370,927	6,295,816	361	043.4	-80.1	606.0
FLC-2022-042	Matrix North	372,464	6,297,256	360.2	224.5	-83.0	699.0
FLC-2022-045	Motriuk	369,108	6,296,208	342.7	310.7	-81.0	618.0
FLC-2022-046	Motriuk	369,041	6,296,010	344.7	015.6	-75.0	327.0
FLC-2022-047	Motriuk	369,076	6,296,219	344.0	051.2	-55.0	209.0
FLC-2022-048	Motriuk	369,414	6,296,131	351.1	261.8	-70.0	134.4
FLC-2022-050	Motriuk	369,249	6,296,181	343.8	282.1	-55.0	200.0
FLC-2022-051	Motriuk	369,120	6,296,162	347.6	282.0	-70.0	354.6
FLC-2022-052	Motriuk	369,077	6,296,218	343.0	029	-68.0	776.4

Table 1 – Drill hole location details

The Motriuk Ultramafic historically has been considered nickel-deficient compared to the average for such ultramafic rock (pyroxenites and peridotites). It is assumed the nickel was extracted from the melt as sulphide (pentlandite) during the magma’s transportation to Motriuk, or during settling in the current location. The amount of sulphide mineralisation reported in the drilling is around 1-5% of volume, and although these are low levels, the existence of visible pentlandite is very encouraging.

The Motriuk Ultramafic body is “keel-like” in shape, with a base that has been defined by geophysics. There is potential for the heavy sulphide material to settle and accumulate at depth within the intrusion. Drill hole FLC-2022-052 proposed to test the magnetic keel of the intrusion at depth. This hole supports that the magnetic high feature within the Motriuk intrusion is an altered peridotite (ultramafic). This peridotite has the same magnetic signature as the peridotite that flanks the gabbro hosted orebodies mined at Lynn Lake.

Drill holes into both the Matrix Trend and Matrix North stopped short of the target depths, with the intention of testing with down-hole electromagnetic surveys prior to completion. This work is proposed for completion later this year.

Samples from the recent drilling have been submitted for multielement analysis and are expected to be returned over the next two months. Results will be released when available.

Drilling to date at the FLC and surrounds have resulted in the identification of extensive magmatic sulphides in the western area, where magmatic channels are interpreted to flow (possibly) from the South Pipe, north into both the FLC and Motriuk. This area is also littered with volcanogenic massive sulphide deposits (barren of nickel), geophysical “redherrings” that have complicated interpretations and influenced the rankings of targets defined. This area is a priority exploration focus and is being considered for additional work this coming winter.

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ASX Announcement | Lynn Lake – Drilling Completed – 23 August 2022

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Figure 2 – Fraser Lake Complex gravity targets on gravity inversion plan ~250m below surface

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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

Managing Director Corazon Mining Limited

P: +61 (08) 6166 6361 E: info@corazonmining.com.au

James Moses

Media & Investor Relations Mandate Corporate M: +61 (0) 420 991 574 E: james@mandatecorporate.com.au

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ASX Announcement | Lynn Lake – Drilling Completed – 23 August 2022

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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 CobaltCopper-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.

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 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”. 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.

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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Table 2: Checklist of Assessment and Reporting Criteria

23[rd] August 2022

Core Drilling - Lynn Lake Project, Canada.

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	Nature and quality of sampling (eg cut channels, random	Drilling
techniques	chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Half core is sampled on the basis of geology. Minimum sample interval of down to 6cm has been completed, based on geological criteria. Generally sampling completed is 1.0m through mineralised zones and a maximum of 1.5m elsewhere. Not all core is sampled.
		The drill core is cut using an industry standard core saw. Individual samples
		are collected in labelled calico bags. Sample weights are typically between 2kg
		and 5kg.
	Include reference to measures taken to ensure sample	Downhole depths are identified and labelled by the drilling company on core-
	representivity and the appropriate calibration of any	blocks inserted in the core trays and reconciled by the Geologist in charge of
	measurement tools or systems used.	the program.
		Sampling has been carried out using industry standard practices that are
		appropriate for the style of mineralisation being tested.
	Aspects of the determination of mineralisation that are	Sampling has been undertaken with regards to defining the statistically
	Material to the Public Report.	anomalous lower bounds of mineralisation for the style of mineralisation being
		tested. The criteria used to define mineralisation and anomalous or significant
	In cases where ‘industry standard’ work has been done this	mineralisation within the report is specified.
	would be relatively simple (eg ‘reverse circulation drilling
	was used to obtain 1 m samples from which 3 kg was	Lynn Lake includes nickel, copper and cobalt sulphide mineralisation that has
	pulverised to produce a 30 g charge for fire assay’). In other	historically been mined and processed to metal concentrates. The
	cases more explanation may be required, such as where	determination of mineralisation utilizes industry standard exploration techniques
	there is coarse gold that has inherent sampling problems.	and are defined within this table.
	Unusual commodities or mineralisation types (eg submarine
	nodules) may warrant disclosure of detailed information
Drilling	Drill type (eg core, reverse circulation, open-hole hammer,	NQ drill core is being undertaken by Vital Drilling Services from Ontario,
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg	utilizing a skid mounted Boyles BBS 37. Rod lengths are 3m, with core run
	core diameter, triple or standard tube, depth of diamond	lengths also of 3m.
	tails, face-sampling bit or other type, whether core is

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Table 2: Checklist of Assessment and Reporting Criteria

23[rd] August 2022

Core Drilling - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	oriented and if so, by what method, etc).	Depth capacity of this drill rig is approximately 900 metres
Drill sample	Method of recording and assessing core and chip sample	Recovery of the core drilling is typically excellent (+99%). Ground conditions
recovery	recoveries and results assessed.	and core recovery at Lynn Lake are very good.
	Measures taken to maximise sample recovery and ensure	The drilling company takes responsibility for core recoveries, with instances of
	representative nature of the samples.	core loss (poor recovery) being immediately reported to the supervising
		geologist. Instances of poor core recovery are documented by the drilling
		company and by the geologists/technicians during logging of the core.
	Whether a relationship exists between sample recovery and	No sample bias has been observed. Areas adjected to historical mining
	grade and whether sample bias may have occurred due to	operations may be broken and core loss may occur drilling close to old stopes.
	preferential loss/gain of fine/coarse material.
Logging	Whether core and chip samples have been geologically and	Core is geologically logged and tested for magnetic susceptibility &
	geotechnically logged to a level of detail to support	conductivity.
	appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Logging is conducted by a qualified geologist and to ensure consistency, is overseen by the Company’s Chief Geologist.
		Logging is of a standard that supports appropriate Mineral Resource
		estimations, mining studies and metallurgical studies to be undertaken.
	Whether logging is qualitative or quantitative in nature. Core	Core logging records both the qualitative and quantitative aspects of the
	(or costean, channel, etc) photography.	geology and mineralisation. Information recorded from logging are both
		measurable and descriptive. This includes (but is not restricted to) recording of
		lithology, alteration, mineralogy, weathering characteristics, geotechnical and
		structural features, textural and interpretive information.
	The total length and percentage of the relevant intersections	All drill holes are logged in full.
	logged.
Sub-	If core, whether cut or sawn and whether quarter, half or all	Drill core is cut and typically half core is taken as a sample for analysis.
sampling	core taken.
techniques
and sample
preparation

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Table 2: Checklist of Assessment and Reporting Criteria

23[rd] August 2022

Core Drilling - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	If non-core, whether riffled, tube sampled, rotary split, etc	Not applicable for core drilling.
	and whether sampled wet or dry.
	For all sample types, the nature, quality and	Samples are transported to Geoanalytical Laboratories in Saskatoon for
	appropriateness of the sample preparation technique.	sample preparation, including total sample crushing and pulverising to 80%
		passing 75 microns. Geoanalytical complete an initial analysis for nickel,
		copper and cobalt using multielement analysis using ICP-MS with a 4 acid
		digest (30 gram samples).
		Based on the initial assay results from Geoanalytical, it is expected selected
		samples will be forwarded to ACME Laboratories in Vancouver for additional
		multielement analysis using ICP-MS with a 4 acid digest (30 gram samples). A
		total of 37 elements are tested for (ACME method code AQ525).
		Both Geoanalytical and ACME are accredited Canadian laboratories.
	Quality control procedures adopted for all sub-sampling	Quality control measures include sample duplicates (taken as an additional split
	stages to maximise representivity of samples.	in the Lab from the coarse reject sample), CANMET certified reference
		materials (standards) and silica blanks. Duplicates and silica blanks are
		taken/inserted at a minimum of one in 30 samples. Standards are inserted at a
		minimum rate of one in 30 samples, or at a greater frequency through
		mineralised zones.
		Assay results at plus 1% nickel are repeated as “check assays” with the
		inclusion of higher grade CANMET standards.
		The laboratory (Geoanalytical and ACME) also have their own duplicate, repeat
		and standard testing protocols, with the results reported to the Company.
		Sample security, shipment and transport is overseen by the senior geologist in
		charge of the drilling program.
	Measures taken to ensure that the sampling is	Quality control measures include core duplicates (1/4 core),
	representative of the in situ material collected, including for
	_instance results for field duplicate/second-half sampling. _

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Table 2: Checklist of Assessment and Reporting Criteria

23[rd] August 2022

Core Drilling - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	Whether sample sizes are appropriate to the grain size of	Sample sizes are considered appropriate for the rock type and style of
	the material being sampled.	mineralisation at Lynn Lake.
Quality of	The nature, quality and appropriateness of the assaying and	The analytical techniques used for Lynn Lake are considered appropriate for
assay data	laboratory procedures used and whether the technique is	the mineralisation type.
and laboratory tests	considered partial or total.	Initial assaying for nickel, copper and cobalt is completed by Geoanalytical Laboratories in Saskatoon multielement analysis using ICP-MS with a 4 acid digest (30 gram samples).
		Additional selected samples may be transported to ACME Laboratories in
		Vancouver for analysis. Analysis includes a multi-element analysis using ICP-
		MS with a 4 acid digest (30 gram samples). A total of 37 elements are tested
		for (ACME method code AQ525).
		Both Geoanalytical and ACME are accredited Canadian laboratories.
	For geophysical tools, spectrometers, handheld XRF	A hand-held XRF is sometimes used for the purposes of assisting with mineral
	instruments, etc, the parameters used in determining the	identification. Such results are not reported.
	analysis including instrument make and model, reading
	times, calibrations factors applied and their derivation, etc.
	Nature of quality control procedures adopted (eg standards,	Quality control measures include sample duplicates (taken as an additional split
	blanks, duplicates, external laboratory checks) and whether	in the Lab from the coarse reject sample), CANMET certified reference
	acceptable levels of accuracy (ie lack of bias) and precision	materials (standards) and silica blanks. Duplicates and silica blanks are
	have been established.	taken/inserted at a minimum of one in 30 samples. Standards are inserted at a
		minimum rate of one in 30 samples, or at a greater frequency through
		mineralised zones.
		The laboratory (Geoanalytical and ACME) also have their own duplicate, repeat
		and standard testing protocols, with the results reported to the Company.
		Sample security,shipment and transport is overseen bythe seniorgeologist in

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Table 2: Checklist of Assessment and Reporting Criteria

23[rd] August 2022

Core Drilling - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		charge of the drilling program.
Verification	The verification of significant intersections by either	Drilling is being managed by a senior geologist with experience in deposits
of sampling	independent or alternative company personnel.	consistent with the style of mineralisation at Lynn Lake. All work is overseen
and		by Corazon’s consultant and nickel sulphide expert Dr Larry Hulbert.
assaying
		The assay results are consistent with expectations from the geological logging.
	The use of twinned holes.	The reported drill holes have not been twinned.
	Documentation of primary data, data entry procedures, data	All data is captured electronically on site and transferred to backup facilities.
	verification, data storage (physical and electronic) protocols.	All paper information is captured electronically and stored digitally and in paper
		format.
	Discuss any adjustment to assay data.	No adjustment to primary assaying has been undertaken. For reporting
		significant intersections, all averaging over intervals is calculated on an
		individual interval weighted average basis.
Location of	Accuracy and quality of surveys used to locate drill holes	Drill holes were positioned using a hand-held Garmin GPS with an assumed
data points	(collar and down-hole surveys), trenches, mine workings	accuracy of +5 metres and a Reflex Northfinder APS, with sub-metre.
	and other locations used in Mineral Resource estimation.	Down-hole surveys were completed with a Gyro supplied and operated by the
		Vital Drilling.
	Specification of the grid system used.	The survey data is recorded in real-world co-ordinate system NAD 83 Zone 14.
	Quality and adequacy of topographic control.	Lynn Lake is an historical mining centre. All past drilling has been recorded by
		surveyors on a Local Mine Grid. All drilling has been transformed to real-world
		coordinate system NAD 83 Zone 14. The “Z-Values” for surface drilling have
		been adjusted and pegged to the surface DTM provided by a 2008 VTEM
		geophysical survey. All underground drilling has been corrected such that drill
		holes have elevations defined by underground plans and sections, and
		subsequently transformed to elevations defined by real-world coordinate
		system NAD 83 Zone 14.

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Table 2: Checklist of Assessment and Reporting Criteria

23[rd] August 2022

Core Drilling - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		The Company considers the accuracy of the x, y and z coordinates of the
		underground drilling to be very good. While the x and y coordinates for the
		surface drilling are very good, a more accurate and up to date DTM is required
		to define the z values.
Data spacing	Data spacing for reporting of Exploration Results.	Drill holes are widely space and targeting areas of interest defined from
and		historical drilling, past mining and geophysical trends defined by Corazon
distribution		Mining Limited.
		This drilling is intended to identify areas of interest for future resource definition
		drilling.
	Whether the data spacing and distribution is sufficient to	This exploration is reconnaissance in nature and as such will not result in the
	establish the degree of geological and grade continuity	immediate definition of a mineral resource estimation.
	appropriate for the Mineral Resource and Ore Reserve
	estimation procedure(s) and classifications applied.
	Whether sample compositing has been applied.	No compositing was applied.
Orientation	Whether the orientation of sampling achieves unbiased	Drill holes are widely space and targeted at individual areas of interest and
of data in	sampling of possible structures and the extent to which this	geophysical anomalies.
relation to geological structure	is known, considering the deposit type.	Azimuths and dips are variable, dependent on the targets being tested. Drilling attempts to intersect the targets normal to the assumed dominant trend. Positioning and targeting of drilling around historical workings also needs to
		consider access complexities and the targeting of drill holes such that voids are
		avoided.
		The Lynn Lake deposit are described as “pipe-like bodies” that can be
		influenced by controlling structures.
		The ‘form’ of the mineralised bodies within the Fraser Lake Complex is less
		defined. Drilling to date supports concentrations of sulphide proximal to
		sedimentary xenoliths and interpreted structures. Gravitational accumulation
		of sulphide minerals is also documented. Pipe-like feeder bodies have yet to
		be defined.
		There is no data that supports a bias for the sampling has been established.

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23[rd] August 2022

Table 2: Checklist of Assessment and Reporting Criteria

Core Drilling - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	If the relationship between the drilling orientation and the	The is widely spaced and the orientation of drilling and key mineralised
	orientation of key mineralised structures is considered to	structures is not considered to have introduced a sampling bias.
	have introduced a sampling bias, this should be assessed and reported if material.	The Lynn Lake deposit are described as “pipe-like bodies” that can be influenced by controlling structures. Drilling for the reported program attempts
		to test areas adjacent to historical infrastructure and mining. Reported
		mineralised intervals may not be defined as “true widths”. Where possible,
		information regarding true widths is provided.
Sample	The measures taken to ensure sample security.	Sample security on site is overseen by the senior geologist in charge of the
security		drilling program.
		Individual samples are collected in plastic bags, before being bundled together
		into sealed in large PVC bags and sealed with security tags for transport to the
		laboratory via a recognised freight service.
Audits or	The results of any audits or reviews of sampling techniques	Industry standard duplicate sampling and submission of certified blank and
reviews	and data.	standard samples have been undertaken.
		At this stage, no audits or reviews have been conducted.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	Type, reference name/number, location and ownership	The claims that make up the Lynn Lake Project are 100% owned by Corazon
tenement and	including agreements or material issues with third parties	Mining Limited.
land tenure status	such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	Corazon Mining works with First Nation groups and several government organizations responsible for mining and the environment. Work Permits are currently in place for land-based drilling.

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23[rd] August 2022

Table 2: Checklist of Assessment and Reporting Criteria

Core Drilling - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	The security of the tenure held at the time of reporting along	The tenure includes multiple Mineral Claims, within the historical mining centre,
	with any known impediments to obtaining a licence to	as defined by the Provincial Government of Manitoba. All claims are currently
	operate in the area.	in good standing.
		Work Permits are in place for the work being completed. There are no
		impediments in maintaining Corazon’s rights over this project.
Exploration	Acknowledgment and appraisal of exploration by other	Where exploration has been completed by other parties, those parties have
done by other	parties.	been referenced in this document or within previous ASX announcements by
parties		the Company. In particular refer to CZN ASX announcement dated 11 April
		2016.
		Lynn Lake is an historical mining centre, discovered in the late 1940’s,
		explored and operated as a mine by the company Sherritt Gordon up until
		1976. Subsequent to mine closure, the tenure has been in part owned by
		multiple parties. Corazon has consolidated the mining centre and all
		prospective exploration ground, for the first time since mine closure in 1976.
Geology	Deposit type, geological setting and style of mineralisation.	Greenstone hosted magmatic nickel-copper-cobalt sulphide deposits
		associated within mafic/ultramafic intrusives (gabbro related).
		Volcanogenic massive sulphide (VMS) deposits also exist in the project area.
		These are zinc dominant, with lesser amounts of lead, copper, silver and gold.
Drill hole	A summary of all information material to the understanding	Survey data presented in real-world grid system NAD 83 Zone 14. Down-hole
Information	of the exploration results including a tabulation of the	survey information is not considered material and has not been provided.
	following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea	Drill hole collar survey data pertaining to this report are presented in the table below. Nine (9) holes were completed for 3,924 metres of core in total.
	level in metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.

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Table 2: Checklist of Assessment and Reporting Criteria

23[rd] August 2022

Core Drilling - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		Coordinate system NAD 83 Zone 14N.
	If the exclusion of this information is justified on the basis	Material information not included in the table above includes the “down hole
	that the information is not Material and this exclusion does	length and interception depth”. This information has been provided in table
	not detract from the understanding of the report, the	form in the body of the announcement.
	Competent Person should clearly explain why this is the case.	Downhole survey data is not reported within and is not considered material to this report.
		Reported mineralised intervals may not be defined as “true widths”. Where
		possible, information regarding true widths is provided.
Data	In reporting Exploration Results, weighting averaging	No data aggregation has been reported in this announcement and no
aggregation	techniques, maximum and/or minimum grade truncations	adjustment to primary assaying has been undertaken.
methods	(eg cutting of high grades) and cut-off grades are usually Material and should be stated.	For reporting significant intersections, all averaging over intervals is calculated on an individual interval weighted average basis. Parametres and criteria for
		calculating intervals are defined within the notes of tables presented.
		Individual nickel grades are presented on the drill hole section provided within
		the report.

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Table 2: Checklist of Assessment and Reporting Criteria

23[rd] August 2022

Core Drilling - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	Where aggregate intercepts incorporate short lengths of	All averaging over intervals is calculated on an individual interval weighted
	high grade results and longer lengths of low grade results,	average basis from the primary (initial) assay data. No bottom-cuts or top-cuts
	the procedure used for such aggregation should be stated	have been applied.
	and some typical examples of such aggregations should be shown in detail.	Parametres and criteria for calculating intervals are defined within the notes of tables presented.
	The assumptions used for any reporting of metal equivalent	Metal equivalent values are not reported.
	values should be clearly stated.
Relationship	These relationships are particularly important in the	Typical Lynn Lake Ni-Cu-Co Magmatic Sulphide Deposits
between mineralisation widths and intercept lengths	reporting of Exploration Results.	Known nickel-copper-cobalt magmatic sulphide deposits in the Lynn Lake Mining Centre are typically “pipe-like” in form, averaging between 80m and 120m in strike, 30m to 60m in width and with vertical extents of 100’s of metres. The historically mined deposits in the Lynn Lake area have been developed to a maximum depth of approximately 1,100 metres.
		Multiple sulphide pipe-like deposits have been identified and mined in the Lynn
		Lake area. The core of these bodies can be massive sulphide bodies or
		sulphide breccia bodies, grading out in sulphide intensity to weakly
		disseminated at the margins.
		The ‘form’ of the mineralised bodies within the Fraser Lake Complex is less
		defined. Drilling to date supports concentrations of sulphide proximal to
		sedimentary xenoliths and interpreted structures. Gravitational accumulation
		of sulphide minerals is also widely observed. Pipe-like feeder bodies within the
		Fraser Lake system have yet to be defined.
	If the geometry of the mineralisation with respect to the drill	Azimuths and dips of the drill holes are variable, dependent on the targets
	hole angle is known, its nature should be reported.	being tested.
		The Lynn Lake deposit are described as “pipe-like bodies” that can be
		influenced by controlling structures. Drilling for the reported program attempts
		to test areas adjacent to historical infrastructure and mining. Reported
		mineralised intervals may not be defined as “true widths”. Where possible,
		information regarding true widths is provided.

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Table 2: Checklist of Assessment and Reporting Criteria

23[rd] August 2022

Core Drilling - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	If it is not known and only the down hole lengths are	This report identifies the down hole lengths of mineralisation intersected in the
	reported, there should be a clear statement to this effect (eg	drilling. Reference within the body of the report may define interpreted true
	‘down hole length, true width not known’).	widths of mineralisation.
Diagrams	Appropriate maps and sections (with scales) and tabulations	Appropriate diagrams have been included in the announcement.
	of intercepts should be included for any significant discovery
	being reported. These should include, but not be limited to a
	plan view of drill hole collar locations and appropriate
	sectional views.
Balanced	Where comprehensive reporting of all Exploration Results is	This report tables results of the interpreted mineralised zone intersected by the
reporting	not practicable, representative reporting of both low and	drilling. Results include the broad lower-grade interval as well as narrow high-
	high grades and/or widths should be practiced to avoid	grade intervals.
	misleading reporting of Exploration Results.	Parametres and criteria for calculating intervals are defined within the notes of
		tables presented.
Other	Other exploration data, if meaningful and material, should be	Historical Exploration and Mining Data
substantive	reported including (but not limited to): geological
exploration	observations; geophysical survey results; geochemical	The Lynn Lake project has been explored for more than 75 years and was
data	survey results; bulk samples – size and method of	mined for more than 24 years. There exists an enormous amount of historical
	treatment; metallurgical test results; bulk density,	data available to the company.
	groundwater, geotechnical and rock characteristics;
	potential deleterious or contaminating substances.	This announcement only contains results for the current exploration program at
		Lynn Lake. Historical exploration results and mining data are referenced if
		considered material to this announcement.
Further work	The nature and scale of planned further work (eg tests for	The current phase of exploration at Lynn Lake is targeting several discrete
	lateral extensions or depth extensions or large-scale step-	geophysical anomalies, based on gravity, magnetics, electromagnetics and
	out drilling).	induced polarisation geophysical methods.

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Table 2: Checklist of Assessment and Reporting Criteria

23[rd] August 2022

Core Drilling - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		The results presented in this announcement are from the first-pass drill testing
		for these areas, which is predominantly covered by glacial till, lake deposits
		and lakes.
		Further drill testing of defined anomalies is expected to be completed by the
		Company.
	Diagrams clearly highlighting the areas of possible	All relevant diagrams have been presented in this report.
	extensions, including the main geological interpretations and
	future drilling areas, provided this information is not
	commercially sensitive.

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