CORAZON MINING LIMITED — Interim / Quarterly Report 2013

Jan 30, 2013

ASX ANNOUNCEMENT

31 January 2013

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The Manager - Company’s Announcements Australian Securities Exchange

QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2012

Corazon Mining Ltd ASX: CZN

Highlights: Q4, 2012

• Option secured to acquire the Top Up Rise Project, a giant copper-gold target in Western Australia

Capital Structure

M.Cap @ 2.8cps A$3.9M Ordinary Shares 139 M Options 66.54 M

• Land Access Agreement signed with Traditional Owners to pave way for commencement of exploration at Top Up Rise

Post Q4, 2012, Highlights

• Shareholder approval granted to secure the option to earn up to 75% of Border Exploration Pty Ltd, 100% owner of the Top Up Rise Project

Board of Directors

Clive Jones

Non-Executive Chairman

• Corazon to raise $3M to fund exploration activities via:

  • Placement of up to 68.2 million shares at as issue price of 2.2 cents per share to raise up to approximately $1.5M; and

  • Share Purchase Plan of up to $15,000 per eligible shareholder at same price as the Placement, capped at $1.5M.

Brett Smith Managing Director

Jonathan Downes Non-Executive Director

Adrian Byass Non-Executive Director

Diversified base metals exploration company, Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”), is pleased to present its Quarterly Activities Report for the period ending 31 December 2012.

Management

Rob Orr Company Secretary

The highlight of the quarter was the Company’s announcement of an option to acquire up to 75% of the Top Up Rise Copper-Gold Project in Western Australia. The Top Up Rise Project presents a unique opportunity to quickly test and explore for a large world-class style of deposit. Corazon aims to commence work programs at the project early in 2013, with drilling proposed for the second quarter.

During the December quarter, Corazon continued to progress its Canadian projects. Mining/development studies are underway for the Lynn Lake Nickel-Copper Sulphide Project, and the acquisition and collation of historical exploration data for the Beaucage Lake Gold Project has identified the asset as an exciting high-grade exploration play.

Contact Us

Brett Smith Managing Director Ph: +61 (8) 6164 6366

James Moses Media & Investor Relations Ph: +61 (0) 420 991 574

Level 1, 350 Hay Street, Subiaco, WA 6008 | PO BOX 8187, Subiaco East, WA 6008 | info@corazon.com.au | www.corazon.com.au

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EXPLORATION ACTIVITES

TOP UP RISE COPPER-GOLD PROJECT, AUSTRALIA

Option to Acquire Large Copper-Gold Target in Western Australia

During the quarter, Corazon announced it had secured an option to earn up to 75% of Border Exploration Pty Ltd (“Border”), which owns 100% of the Top Up Rise Project (“TUR Project”) in Western Australia (ASX announcement 30[th] October 2012) .

Located in the Gibson Desert region of north-eastern Western Australia, the TUR Project is believed to be prospective for large gold-copper intrusive related deposits, similar in style to Olympic Dam, Prominent Hill and Carapateena. The primary target is an unexplored gravity anomaly, which represents one of the largest amplitude residual gravity anomalies in Australia. The core of the anomaly is 8 kilometres by 4 kilometres in area, similar in size to the Olympic Dam geophysical anomaly.

Land Access Agreement Signed with Traditional Owners

Corazon signed a Land Access Agreement with the Tjamu Tjamu (Aboriginal Corporation) RNTBS and the Ngaanyatjarra Land Council (Aboriginal Corporation) which will facilitate the commencement of exploration programs at the TUR Project (ASX announcement 11[th] December 2012).

The agreement was a significant step forward for the development of the TUR Project as it allowed Corazon to seek a Ministerial Access Permit, which will provide authorisation for the commencement of geophysical ground work to commence at the project area. It is expected on-ground heritage clearances will commence in early 2013, with ground geophysics scheduled for completion in Q1, 2013, followed by the commencement of a maiden drilling program during Q2, 2013.

Approval Provided for Top Up Rise Acquisition at Shareholder Meeting in January, 2013

Subsequent to the end of the quarter, the necessary shareholder approvals for the staged acquisition of up to 75% of Border Exploration Pty Ltd were granted at the General Meeting held on January 25[th] , 2013.

BEAUCAGE LAKE GOLD PROJECT, CANADA

Option to acquire a Canadian Gold Project with High Priority Drill Targets

Corazon has the option to acquire the Beaucage Lake Gold Project (“Beaucage Lake” or “the Project”), in the Lynn Lake mining district of central Canada (ASX announcement 4[th] September 2012). Beaucage Lake is located 45 kilometres south-east of Corazon’s core asset, the Lynn Lake Nickel-Copper Sulphide Project, and the acquisition further expanded Corazon’s strategic exploration ground holding in the Lynn Lake district.

Exploration at the Beaucage Lake project area has been limited since the mid-1980s. Corazon’s December quarter activities at the project centred on the collation and interpretation of all existing exploration data to assist in target generation for future drilling. Information acquired to date indicates previous exploration has

Level 1, 350 Hay Street, Subiaco, WA 6008 | PO BOX 8187, Subiaco East, WA 6008 | info@corazon.com.au | www.corazon.com.au

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been focused on small areas of outcrop within the project area. Geophysics has been useful in identifying favourable trends and Corazon has identified numerous targets.

Corazon believes the high tenor of gold mineralisation, over a large area near Beaucage Lake, may be indicative of a large scale mineralised system and the acquisition of Beaucage Lake provides the Company with an additional exploration focus which complements Corazon’s Lynn Lake nickel-copper project and Barrington Lake copper deposit.

LYNN LAKE NICKEL-COPPER SULPHIDE PROJECT, CANADA

Project Update

Following the successful renegotiation of the Earn-In and Option Agreements for the Lynn Lake Project, which provided Corazon with a three year extension to the acquisition date and a reduced consideration, the Company has executed its strategy of consolidating and expanding its land holdings in the Lynn Lake district, a metal rich region in the central northern part of Canada.

The Lynn Lake Project represents a significant development opportunity for Corazon. The key target within the project area is the EL Deposit, which historically was the highest grade deposit at Lynn Lake and produced 1.9Mt at 2.5% nickel and 1.15% copper. In 2010, Corazon discovered a high-grade sulphide breccia at depth below the EL Mine, a discovery which confirmed the prospectivity of the Lynn Lake project area.

Current activities by the Company at Lynn Lake are focused on defining the EL Deposit’s benefits towards the recommencement of a mining operation in Lynn Lake. The EL Deposit has significant drill defined mineralisation from surface, surrounding the historical mine. This mineralisation is not included in the current interim Inferred Resource, but is defined by the “Upper-Zone Exploration Target” and may be exploitable by open-pit mining methods (details of Exploration Target provided in ASX announcement dated 9[th] December 2011).

CORPORATE ACTIVITIES

Cash at 31 December 2012

Cash available to the Company at the end of the December 2012 quarter was approximately $175,000. Listed investments readily convertible to cash for exploration purposes total approximately $545,000 and the Company is expecting a refund of tax paid in Canada of approximately $220,000 in the next quarter.

$3 Million Capital Raise

Post the December quarter, Corazon announced plans to raise up to $3 million dollars to fund the next phase of exploration at its projects in Australia and Canada (ASX announcement 21[st] January 2013).

Corazon proposes to raise the funds as follows:

• A placement of up to approximately 68.2 million shares at an issue price of 2.2 cents per share to raise up to $1.5 million (“Placement”);

Level 1, 350 Hay Street, Subiaco, WA 6008 | PO BOX 8187, Subiaco East, WA 6008 | info@corazon.com.au | www.corazon.com.au

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• A Share Purchase Plan of up to $15,000 per eligible shareholder at the same price as the Placement, capped at $1.5 million (“SPP”).

The proceeds of the Placement and SPP will be primarily used for exploration and drilling activities at Corazon’s Top Up Rise Project (“TUR Project”), studies and exploration at its Canadian projects and general working capital purposes.

The Placement will be completed in two tranches, with up to approximately 20.87 million shares to be issued in tranche one, pursuant to the Company’s 15% capacity under ASX Listing Rule 7.1. The balance of up to approximately 47.3 million shares will be issued in tranche two, subject to shareholder approval at a General Meeting to be held on 27[th] February 2013. The Notice of Meeting was announced and issued on 23[rd] January 2013.

Completion of the Placement was conditional upon Corazon shareholder approval for the acquisition of the TUR Project at the shareholder meeting held on 25 January 2013, where all resolutions were unanimously passed by a show of hands.

The SPP will provide eligible ordinary shareholders (being those persons registered as ordinary shareholders as at 4pm (WST) on 18 January who reside in Australia or New Zealand) with the opportunity to subscribe for new ordinary shares in Corazon at the same price as the Placement. The SPP letter of offer to Corazon shareholders was announced and issued on 23[rd] January 2013.

Subject to demand, Corazon reserves the right to place the SPP shortfall with selected professional and sophisticated investors. Further details of the SPP will be provided to eligible Corazon shareholders in due course. Leading Australian financial services firm and Corazon’s corporate advisor, Hartleys Limited, are the Broker to the Offer.

Issue of Shares

In October the Company announced it had issued 1.25 million fully paid ordinary shares as consideration for the extension of the option to acquire the Lynn Lake Nickel Sulphide Project in Canada, and as consideration to acquire an option over the Beaucage Lake gold project in Canada.

Annual General Meeting (2012)

Corazon’s Annual General Meeting of Shareholders was held on 28[th] November 2012. All resolutions put to the meeting were unanimously passed by a show of hands (ASX announcement 28[th] November 2012)

General Meeting (2013)

The Company held a General Meeting of Shareholders on 25[th] January 2013. The General Meeting was held to seek approval for the staged acquisition of up to 75% of Border Exploration Pty Ltd, 100% owners of the Top Up Rise Project. All resolutions put to the meeting were unanimously passed by a show of hands (ASX announcement 25[th] January 2013).

Ends

Level 1, 350 Hay Street, Subiaco, WA 6008 | PO BOX 8187, Subiaco East, WA 6008 | info@corazon.com.au | www.corazon.com.au

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

Brett Smith Managing Director Corazon Mining Limited P: +61 (8) 6142 6366 E: info@corazon.com.au

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

Level 1, 350 Hay Street, Subiaco, WA 6008 | PO BOX 8187, Subiaco East, WA 6008 | info@corazon.com.au | www.corazon.com.au