CORAZON MINING LIMITED — Capital/Financing Update 2022

Jul 12, 2022

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ASX ANNOUNCEMENT
13 July 2022
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Lynn Lake Nickel Sulphide Project Update

Significant progress made on exploration drilling, metallurgical testwork and defining additional resources within 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 provide an update on activities at its flagship project, the 100%-owned Lynn Lake Nickel-CopperCobalt Sulphide Project (Lynn Lake or Project) in the province of Manitoba, Canada.

Corazon’s ongoing focus is the pursuit of the potential redevelopment of Lynn Lake’s historical nickel sulphide Mining Centre towards production, and the targeted exploration for new nickel-copper-cobalt sulphide deposits within the Project area.

At the Mining Centre, the Company is assessing the potential to benefit from the extensive low-grade sulphide mineralisation surrounding known deposits and identifying relatively untested extensions to the current resources (within the upper levels of the mine surrounds).

Metallurgical testwork on lower grade material is currently underway and new 3D models of structure, rock type and geophysical surveys for the A-Plug Mining Centre (Figure 1) are being utilised to define potential areas for exploration and resource definition drilling.

Exploration drilling is ongoing at the Fraser Lake Complex (FLC) (Figure 1), testing geophysical targets (ASX announcement 11 April 2022). Encouraging nickel and copper sulphide mineralisation has been intersected at the Motriuk intrusion (ASX announcement 7 June 2022). The existence of visible pentlandite (nickel sulphide) in blebs and the potential for these sulphides to accumulate at depth, provide a compelling target for the drilling currently in progress.

Key Highlights

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• Exploration drilling continuing at Fraser Lake Complex testing geophysical anomalies within the Motriuk ultramafic intrusion - encouraging nickel and copper sulphide mineralisation intersected

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• New detailed geological modelling underway at the Lynn Lake Mining Centre to identify additional near surface resource potential not included in previous resource estimates or mining studies

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• Metallurgical testwork on lower-grade mineralisation from the mining centre is underway – incorporating innovative “ore-sorting” technology as an upgrading option

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ASX Announcement | Lynn Lake – Project Update – 13 July 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

Exploration drilling at the Fraser Lake Complex is continuing, following early encouraging results from drilling at the Motriuk Ultramafic (ASX announcement 7 June 2022).

Progress of the drilling has been slow, with the drilling contractor needing to revert to one shift per day, due to the limited availability of personnel. This is an industry-wide issue due to both the effects of the Covid-19 pandemic and the seasonal demands for exploration personnel.

Currently, there is a 10-day scheduled break in drilling, which is due to recommence on the 22[nd] of July 2022. With an all-inclusive per-metre rate for this drilling program, Corazon bears no additional cost for drilling down-time or slow meterage.

In mid-June 2022, senior Company personnel traveled to site to review the progress of the drilling, including the sulphides intersected at Motriuk (ASX announcement 7 June 2022). While the amount of sulphide mineralisation reported was low (typically 1-5% of volume) and as such the expectations for the nickel content is also low, the existence

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ASX Announcement | Lynn Lake – Project Update – 13 July 2022

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of visible pentlandite is very encouraging. The Motriuk Complex 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 in-situ.

The Motriuk Ultramafic body is “keel-like” in shape, with a base that has been defined by geophysics. The current drilling is targeting the base of this intrusion, which has a dense and magnetic geophysical signature.

Updates regarding this drilling will be provided in due course.

Mining Centre Exploration and Mining Studies

Corazon’s geological personnel are working with international mining consultants, Palaris, on incorporating all relevant historical data into 3D digital models that will facilitate the identification of areas for potential resource upside within the Mining Centre. This study is progressing according to plan, with results expected next month.

These new 3D models are precursors to new mining studies for Lynn Lake. These studies are expected to determine the most appropriate development pathway to deliver a robust, long-lived, economically viable mining operation, utilising modern mining and processing techniques.

Palaris have been engaged to undertake mining studies, which are focused on four separate disciplines: Geology, Geotechnical, Mining Strategy and Processing. The study program seeks to assess and maximise the synergies and interactions across all four disciplines to ensure optimal whole-of-project outcomes. The final deliverable of the mining studies will be a revised mining strategy for the entire mineralised area, focused on optimal production rates and low mining costs.

Metallurgical Testwork

New metallurgical testwork has commenced on the Lynn Lake mineralisation. Approximately 1,200 kilograms of core sample acquired from drilling in December 2021 from the EL Mine (Figure 1) is being used to:

• Finalise flotation testwork;

• Investigate pre-flotation ore-upgrade of low-grade material; and for

• Initial work on the amenability of Lynn Lake mineralisation in the production of battery grade products for rechargeable lithium-ion batteries.

Two third-party suppliers of ore-sorting (upgrade) technology have been engaged to complete initial bench-scale testwork on low-grade material from the EL Deposit. Intervals of interest within the two metallurgical drill holes include:

	From	To	Interval	Ni%	Cu%	Co%
EL-2201-01	10	77.6	67.6	0.61	0.30	0.019
EL-2201-02	10	76.8	66.8	0.54	0.30	0.017
Table 1– EL Deposit drilling (December 2021) – Mineralised intervals

Some of this material sits outside the current resource for the EL Deposit and indicates good potential for additional resource tonnages. Ore-sorting testwork samples have been determined based on geology and grade. Three low-grade samples have been created (Table 2), disregarding sample intervals of plus 1% Ni, as it is envisaged they would constitute direct ROM feed.

Additional metallurgical testwork will be considered subsequent to the results of the ore-sorting studies.

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ASX Announcement | Lynn Lake – Project Update – 13 July 2022

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Sample	Hole	Interval	Grade	Grade	Grade	Desccription
			Ni%	Cu%	Co%
1	EL-2021-01	10-16m	0.45	0.43	0.011	Diseminated 0.4%Ni
	EL-2021-02	10-16m	0.42	0.39	0.011
	Combined		0.44	0.41	0.011
2	EL-2021-01	16-28m	0.21	0.17	0.009	Blebby 0.2%Ni
	EL-2021-02	16-25m	0.22	0.13	0.010
	Combined		0.21	0.15	0.009
3	EL-2021-01	28-58m	0.40	0.18	0.014	Blebby 0.4%Ni
	EL-2021-02	25-56m	0.38	0.28	0.012
	Combined		0.39	0.23	0.013

Table 2 – Definition of low-grade samples for metallurgical testwork

The current phase of testwork, assessing the characteristics of the lower-grade mineralisation, is expected to be completed by October 2022.

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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

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.

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ASX Announcement | Lynn Lake – Project Update – 13 July 2022

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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 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.

The information in this report that relates to the Processing and Metallurgy for the Lynn Lake Project 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.

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 3: Checklist of Assessment and Reporting Criteria

13[th] July 2022

Core Drilling (December 2021) – EL Deposit, 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	Whole core was controlled crushed to -32mm on an individual metre basis and
techniques	chips, or specific specialised industry standard	subset via a rotary splitter for analysis.
	measurement tools appropriate to the minerals under
	investigation, such as down hole gamma sondes, or	Bulk crushed individual metre samples will be further subsampled (rotary split)
	handheld XRF instruments, etc). These examples should	and composited based on geology (and possibly re-split) for further
	not be taken as limiting the broad meaning of sampling.	metallurgical testwork.
		Minimum sample interval is 1 metre.
	Include reference to measures taken to ensure sample	Drill core logged on site by a qualified geologist, secured/sealed in core boxes
	representivity and the appropriate calibration of any	for transport to Sudbury, where individual core boxes were placed on a pallet
	measurement tools or systems used.	and couriered to ALS Laboratory in Brisbane, before being transported to ALS
		Metallurgy in Perth.
		Drilling delivered 100% recovery and is representative of the area being tested.
		The two metallurgical drill holes testing the margins of the EL Deposit
		intersected very similar material.
		Downhole depths are identified and labelled by the drilling company on core-
		blocks inserted in the core trays and reconciled by the Geologist in charge of
		the program and again in Perth, where the drill core was re-logged.
		Sampling has been carried out by independent laboratory ALS Metallurgy
		(Perth).
	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 where appropriate.
	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 industrystandard exploration and

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Table 3: Checklist of Assessment and Reporting Criteria

13[th] July 2022

Core Drilling (December 2021) – EL Deposit, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	there is coarse gold that has inherent sampling problems.	analytical techniques, which are defined within this table.
	Unusual commodities or mineralisation types (eg submarine
	nodules) may warrant disclosure of detailed information	Initial assaying of the whole crushed sample on a metre basis was undertaken
		by ALS Laboratories on a rotary split sub-sample, using analytical methods
		including:
		ICP D3 0.5g-100ml in poly tubes
		Na (0.0020 %)
		LOI
		LOI_1000 (-60.00 %)
		XRF BM
		Al2O3 (0.01 %), As (0.01 %), CaO (0.01 %), Co (0.002 %), Cu (0.01 %), Fe
		(0.01 %), K2O (0.01 %), MgO (0.01 %), Ni (0.01 %), S (0.01 %), SiO2 (0.01
		%).
Drilling	Drill type (eg core, reverse circulation, open-hole hammer,	HQ core drilling was 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
	oriented and if so, by what method, etc).
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.
	grade and whether sample bias may have occurred due to
	preferential loss/gain of fine/coarse material.

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Table 3: Checklist of Assessment and Reporting Criteria

13[th] July 2022

Core Drilling (December 2021) – EL Deposit, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
Logging	Whether core and chip samples have been geologically and	Core is geologically logged on site and tested for magnetic susceptibility &
	geotechnically logged to a level of detail to support	resistivity/conductivity. This core was relogged in Perth for additional detail
	appropriate Mineral Resource estimation, mining studies	and geotechnical purposes.
	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	The drill core was not cut, with whole core being sampled.
sampling	core taken.
techniques
and sample
preparation
	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 were transported to independent and accredited laboratory ALS
	appropriateness of the sample preparation technique.	Metallurgy in Perth, Australia.
		Sample preparation and subsampling has been tailored for the metallurgical
		testwork being undertaken and subscribes to best practice techniques.
		In addition to the expertise offered by ALS Metallurgy, all work has been
		supervised by METS Engineering, metallurgical consultants to Corazon Mining
		Limited.

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Table 3: Checklist of Assessment and Reporting Criteria

13[th] July 2022

Core Drilling (December 2021) – EL Deposit, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	Quality control procedures adopted for all sub-sampling	Quality control measures including duplicate sampling and standard testing
	stages to maximise representivity of samples.	protocols, are in place as standard operating procedures (for ALS Metallurgy).
	Measures taken to ensure that the sampling is	Whole core has been controlled crushed to -32mm and rotary split for
	representative of the in situ material collected, including for	subsampling. Quality control measures including duplicate sampling and
	instance results for field duplicate/second-half sampling.	standard testing protocols, are in place as standard operating procedures.
	Whether sample sizes are appropriate to the grain size of	Sample sizes are considered appropriate for the metallurgical testwork being
	the material being sampled.	undertaken. While the grain size of the material being sampled will have little
		impact on results, analysis of the sample for Ore-Sorting testwork may identify
		grain size or particle sizes as a critical competent for future sample preparation
		or processing.
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 ALS Metallurgy in Perth, using:
		ICP D3 0.5g-100ml in poly tubes
		Na (0.0020 %)
		LOI
		LOI_1000 (-60.00 %)
		XRF BM
		Al2O3 (0.01 %), As (0.01 %), CaO (0.01 %), Co (0.002 %), Cu (0.01 %), Fe
		(0.01 %), K2O (0.01 %), MgO (0.01 %), Ni (0.01 %), S (0.01 %), SiO2 (0.01
		%).

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Table 3: Checklist of Assessment and Reporting Criteria

13[th] July 2022

Core Drilling (December 2021) – EL Deposit, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		Additional selected sample subsets will be used for various metallurgical
		testwork, including (but not restricted to) sample Characterisation, Ore-Sorting,
		Heavy Liquid Separation and SAB Mill Comminution.
		At each step, analytical methods will be appropriate for the work being
		completed and reported.
	For geophysical tools, spectrometers, handheld XRF	Such results are not reported.
	instruments, etc, the parameters used in determining the
	analysis including instrument make and model, reading
	times, calibrations factors applied and their derivation, etc.
	Nature of quality control procedures adopted (eg standards,	ALS Metallurgy laboratories have in-house duplicate, repeat and standard
	blanks, duplicates, external laboratory checks) and whether	testing protocols. These results are reported to the Company.
	acceptable levels of accuracy (ie lack of bias) and precision
	have been established.	For this work, it was not considered appropriate for additional quality control to
		be initiated by the Company. In addition to the expertise offered by ALS
		Metallurgy, all work has been supervised by METS Engineering, metallurgical
		consultants to Corazon Mining Limited
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
		Additional logging was completed by Corazon’s Dr Ben Li (Principal Geologist)
		in Perth. This logging provided additional detail necessary for determining
		sampling intervals for Ore-Sorting testwork.
		The assay results are consistent with expectations from the geological logging.
	The use of twinned holes.	The reported drill holes have not been twinned.

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Table 3: Checklist of Assessment and Reporting Criteria

13[th] July 2022

Core Drilling (December 2021) – EL Deposit, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	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 accuracy.
	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.
		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. The Company has recently acquired Lidar data over the
		project and it is expected this data will be used to correct and standardise the
		“z” values for the drill hole database.
Data spacing	Data spacing for reporting of Exploration Results.	Drill holes reported within are close to each other and testing a targeted area
and		within the EL Deposit, defined from historical drilling, past mining and
distribution		geophysical trends.

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Table 3: Checklist of Assessment and Reporting Criteria

13[th] July 2022

Core Drilling (December 2021) – EL Deposit, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	Whether the data spacing and distribution is sufficient to	This drilling is expected to be added to the drill hole databases and may be
	establish the degree of geological and grade continuity	used for future mineral resource estimation or mine planning purposes..
	appropriate for the Mineral Resource and Ore Reserve
	estimation procedure(s) and classifications applied.
	Whether sample compositing has been applied.	Assays being reported were sampled on a 1 metre basis and assayed on a 1
		metre basis. Assay intervals reported are statistically composited (ie not
		physically composited).
Orientation	Whether the orientation of sampling achieves unbiased	Drill holes were targeted to acquire a good volume of lower-grade nickel
of data in	sampling of possible structures and the extent to which this	material. As such the sampling is biased but fit for this purpose.
relation to	is known, considering the deposit type.
geological
structure
	If the relationship between the drilling orientation and the	Drill holes were targeted to acquire a good volume of lower-grade nickel
	orientation of key mineralised structures is considered to	material. Sampling as such is bias for this purpose.
	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”.
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.
		Whole core was transported from site to ALS Metallurgy in Perth, where it was
		relogged and reconciled against the geological logs and core photos taken on
		site.
Audits or	The results of any audits or reviews of sampling techniques	At this stage, no audits or reviews have been conducted.
reviews	and data.

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Table 3: Checklist of Assessment and Reporting Criteria

13[th] July 2022

Core Drilling (December 2021) – EL Deposit, Lynn Lake Project, Canada.

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 closely with First Nation groups and several government organizations responsible for mining and the environment. Work Permits are currently in place for land-based drilling.
	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.

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Table 3: Checklist of Assessment and Reporting Criteria

13[th] July 2022

Core Drilling (December 2021) – EL Deposit, Lynn Lake Project, Canada.

Criteria JORC Code explanation	Commentary
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 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.	Drill hole collar below.	survey data pertaining to this report are presented in the table Easting Northing RL Depth AZI DIP 375922.5 6299315 348.2 77.6 178 -50 375922.5 6299315 348.2 76.8 178 -46
	Hole ID	Easting	Northing	RL	Depth	AZI	DIP
	EL-2021-01	375922.5	6299315	348.2	77.6	178	-50
	EL-2021-02	375922.5	6299315	348.2	76.8	178	-46
If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Material information not included in the table above includes the “down hole length and interception depth”. This information has been provided in table form in the body of the announcement. 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”.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	No data aggregation has been reported in this announcement and 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. This report tables results of the interpreted mineralised zone intersected by the drilling. Results are focussed on the broad lower-grade interval.
Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	All averaging over intervals is calculated on an individual interval weighted average basis from the primary (initial) assay data. No bottom-cuts or top-cuts have been applied.

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Table 3: Checklist of Assessment and Reporting Criteria

13[th] July 2022

Core Drilling (December 2021) – EL Deposit, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	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.
	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”.
	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 are focussed on the broad lower-grade interval.
	high grades and/or widths should bepracticed to avoid

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Table 3: Checklist of Assessment and Reporting Criteria

13[th] July 2022

Core Drilling (December 2021) – EL Deposit, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	misleading reporting of Exploration Results.
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 results presented in this announcement are for the purposes of
	lateral extensions or depth extensions or large-scale step-	metallurgical testwork. Specifically, this report tables results of an interpreted
	out drilling).	broad lower-grade mineralised zone.
		It is expected that additional metallurgical testwork will be undertaken, utilising
		sample from this drilling.
	Diagrams clearly highlighting the areas of possible	Diagrams within are consider adequate for this purpose of this report.
	extensions, including the main geological interpretations and
	future drilling areas, provided this information is not
	commercially sensitive.

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