CORAZON MINING LIMITED — Investor Presentation 2017

Jul 18, 2017

Company Presentation Noosa Mining & Exploration Conference July 2017

LEVEL 1, 329 HAY ST, SUBIACO WA 6008 | PO BOX 8187, SUBIACO EAST WA 6008 | +61(8) 6142 6366 | INFO@CORAZON.COM.AU | WWW.CORAZON.COM.AU

Looking Forward Statement

This presentation has been prepared by Corazon Mining Limited (“Corazon”). It contains forecasts and forward looking statements which are not a guarantee of future performance and which involve certain risks. Actual results and future outcomes will in all likelihood differ from those outlined herein. The presentation should not be construed as an offer or invitation to subscribe for or purchase securities in Corazon. Nor is it an inducement to make an offer or an invitation with respect to said securities.

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.

Competent Person’s Statement

The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr Brett Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr Smith has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Smith consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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Lynn Lake

Nickel-Copper-Cobalt

• 100% control of entire historical mining centre

• Beneficial infrastructure and large remnant resources

• Easy development opportunity

• Exciting exploration potential

• Recent drilling has discovered another large magmatic Ni-Cu-Co sulphide system – 5km from historic mine area

Mt Gilmore

Cobalt-Copper-Gold

• One of the highest grade cobalt deposits in Australia

• Large hydrothermal alteration system

• Extensive occurrences of mineralisation

• Very little modern exploration

• Cobalt – a critical component for rechargeable lithium ion batteries

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ASX: CZN

Total Ordinary Shares on Issue 899.4m Options on issue 60m Market Capitalisation ($0.015/share) $13.5m Trading Range (1 year) $0.007-$0.059 Average Daily Trading Volume 2.66m Cash (31 March 2017) $3.4m

Board of Directors

Clive Jones Non Executive Chairman Brett Smith Managing Director Jonathan Downes Non Executive Director Adrian Byass Non Executive Director

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0.06 600,000,000
Daily Volume Traded On-Market Daily Close Price - CZN
0.05 500,000,000
0.04 400,000,000
0.03 300,000,000
0.02 200,000,000
0.01 100,000,000
0.00 0
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
Close Price (A$/share)
Daily VolumeTraded On-Market
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Shareholders

Top 20 Shareholders 28.6% Board and Management 3.5% Crescent Nominees Ltd 11.4%

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Mt Gilmore Project NSW

COBALT - CRITICAL INGREDIENT FOR LITHIUM ION BATTERIES

• Cobalt price driven by increased demand, or expectations of increased demand, from a growing rechargeable battery sector

• Securing sources (supply) of ethically mined cobalt is a growing concern for battery makers

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LME Cobalt Price Cobalt Market Balance and Price
Forecasts
Historical Long-Term
Cobalt Price
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Growth In Installed Battery Energy Capacity
203 kt
Cobalt Demand
100 kt
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Sources: Canaccord Genuity – May 2017.

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NEW PROJECT FOR CORAZON

• CZN acquired Mt Gilmore in July 2016

• Earning up to 80% - currently CZN has 51% equity

• $2M earn-in over 3 years (+1yr extension)

• Small periodic payments on milestones

• All costs covered by CZN until decision to mine

HIGH GRADE COBALT AND MORE

• Very little modern exploration across the project

• Extensive 1800’s-1900’s copper-gold workings

• Current focus is on the Cobalt Ridge Deposit

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Brisbane
QUEENSLAND
Mt Gilmore Project
PACIFIC OCEAN
NEW SOUTH WALES
Grafton
Coffs Harbour
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• High grade, cobalt-dominant sulphide deposit

• Also prospective for large intrusive-related copper-gold systems

• Analogous to Cadia and Mt Morgans projects

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MT GILMORE TREND

• Large hydrothermal alteration footprint

• Extensive evidence of targeted models - tourmaline breccia hosted Cu-Au deposits, Cu-Au-Fe skarns and quartz-sulphide vein system (such as porphyry Cu-Au deposits)

• Historically Cu has been the focus of exploration

• Cobalt Ridge – Corazon’s initial focus – is one small prospect in a large system

Magmatic – Hydrothermal Tourmaline-Chalcopyrite-Pyrite Breccia's

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Felsic Mafic
Intrusive Intrusive
Sedimentary
Volcano- Basin Cover
Sedimentary
Basement
COBALT RIDGE
DEPOSIT
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RARE COBALT DOMINANT SULPHIDE DEPOSIT

• CZN’s 2016 drilling programme identified excellent grade

• Multiple parallel Co-Cu-Au sulphide lodes

 Main Cobalt Lode:

• Drilled over 200m strike and open in every direction

• Average ~12m true width

• Grade range: 0.23% to 0.65% Co

• Best high grade zone: 6m @ 1.48% Co

• Best individual 1m assay: 2.79% Co

Intercept calculation parameters: > or equal to 0.3m down hole thickness, > or equal to 0.05% Co, > or equal to 0.05% Co cutoff & < or equal to 3m internal dilution

Gold values at lower detection limit <0.01ppm halved to 0.005ppm for Au intercept calculations

The copper equivalent equation is: CuEq = Cu% + (Co_% * 9.713) + (Au_ppm * 0.710)_

Metal prices used were: Cu US$5,688/t, Co US$55,247/t & Au US$1,257/oz (infomine.com spot prices quoted on 02-05-2017) The CuEq calculations were completed on the Cobalt Intercepts calculated using the Co intercept calculation parameters quoted above

Hole ID	Hole Type	From Depth (m)	Interval (m)	Co %	Cu %	Au g/t	CuEq %
MGRCD001	Core	165	13	0.18	0.54	0.17	2.41
		incl	1	1.12	1.96	0.81	13.41
MGRCD004	Core	128.3	3	0.54	1.83	0.17	7.20
		incl	1	0.73	4.51	0.23	11.76
MGRC002	RC	135	16	0.65	0.26	0.17	6.68
		incl	6	1.48	0.14	0.32	14.74
MGRC003	RC	0	37	0.14	0.23	0.08	1.60
		incl	2	0.36	1.37	0.38	5.12
		&	1	1.20	1.02	0.44	12.94
MGRC006	RC	42	34	0.23	0.26	0.08	2.55
		incl	4	0.48	0.27	0.15	5.06
		&	5	0.71	0.88	0.27	7.98
MGRC007	RC	41	15	0.33	0.25	0.17	3.58
		incl	3	0.82	0.26	0.42	8.51
		&	1	0.61	0.67	0.43	6.88
MGRC008	RC	97	17	0.35	0.09	0.07	3.51
		incl	7	0.72	0.02	0.14	7.13
MGRC009	RC	12	28	0.10	0.41	0.10	1.43
		incl	1	0.53	2.01	0.65	7.57

CZN’s 2016 Drilling - Main Cobalt Lode Significant Results

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MINERALISED EXTENTS YET TO BE DEFINED

• 1000m x 500m window through cover into mineralised basement

• Intensive multiphase alteration, including extensive quartztourmaline breccia

• Historical workings and exploration have focused on discrete sulphidic lodes carrying copper and gold – past cobalt production was a by-product of this mining

• The cobalt, copper and gold mineralisation are separate events, possibly with different trends/ orientations

• Entire basement outcrop anomalous in cobalt

• Cobalt sulphides not visually obvious and only recently have we been able to field-test with portableXRF’s

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Flintoff’s
Cobalt Ridge
Main Cobalt
Lode Outline
Drilling
Historical Cu
Workings
Glamorgan
West
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Flintoff’s
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Main Cobalt
Lode Outline
Cobalt Ridge
Drilling
Historical Cu
Workings
Glamorgan
West
Gridded Co In Soils Image
NW Shading Direction
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2017 SOIL SAMPLING IDENTIFIES A MUCH LARGER TARGET

• Multiple outcropping Co-Cu-Au sulphide lodes identified from ground-truthing soil anomalies

• Approximately 950m of outcropping mineralisation defined in three trends (Cobalt Ridge, Flintoff’s & Glamorgan)

• Main Cobalt Lode:

• Drilled over 200m strike and open

• Average ~12m true width

• Grade range: 0.23% to 0.65% Co

• Best high grade zone: 6m @ 1.48% Co

• Best individual 1m assay: 2.79% Co

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EARLY METALLURGICAL TESTWORK IS VERY PROMISING

• Excellent recoveries from simple Flotation testwork on RC drill chips

• Cobalt – 92.2%

• Copper – 89.0%

• Gold – 75.5%

• Processing route likely to be simple, inexpensive, and tried and tested methods

• High metal recoveries from a low mass (metals contained in only 11% of sample weight)

• Potential to significantly reduce downstream processing and capital costs

• Concentrate grade 7.38% Co, 1.29% Cu and 4.1g/t Au

• Expecting better results from testwork on core and rock samples

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DEFINE RESOURCE – SCOPE DEVELOPMENT OPPORTUNITY

• Drilling to commence in August 2017, including:

• Step-out and infill at Main Cobalt Lode – resource definition

• Testing new trends – Flintoff’s, Glamorgan West and others

• Additional metallurgical samples

• Detailed metallurgical testwork to commence in September 2017

• Process engineering design work in December 2017

• Scoping Study proposed for Q1 2018 (dependent on results)

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Lynn Lake Project Canada

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Major Nickel Mines Ragla
MINING CENTRE
Voiseys
n
Bay

Prolific Canadian Ni producing region Lynn Lake

24 year mine production – shutdown in 1976
A Plug – 18.4 Mt @ 0.86% Ni & 0.44% Cu Thompson
EL Plug – 1.7 Mt @ 2.50% Ni & 1.15% Cu
Sudbury
Lynn Lake Geology
CURRENT OPPORTUNITY
A Plug
 Large remnant resource base (partly JORC’d) Township

Redevelopment potential with better metal prices

Excellent opportunity for new discoveries – historical focus on EL Plug
mining, not exploration
 Three modern discoveries in the “shadow of the headframe” Lynn Lake
 Mining Centre
Corazon’s recent exploration success at the FLC
Fraser Lake Complex (FLC)
Emslie & Moore 1959
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FLC EXCITING TARGET FOR BIG DEPOSITS

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FLC EXCITING TARGET FOR BIG DEPOSITS

Similar to Lynn Lake, but twice as big

Fertile for Ni-Cu sulphides Historical
 Historical exploration misdirected Drilling

Newly recognised “feeder-zone” into the FLC is
a priority target – the “Matrix Trend”
Feeder
Zone
FLC Schematic
FLC Feeder
Zone
CZN
Drilling
Gravity
High
Aeromagnetic Image
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FLC FEEDER ZONE - “BELCHING OUT SULPHIDE RICH MAGMA”

• “Matrix Trend” – dominant IP chargeability anomaly coincident with feeder zone

• CZN 2017 drilling identified extensive, pervasive Ni-Cu-Co magmatic sulphide mineralisation

• Only 10 drill holes conducted on a strike of 1.7 km

• Drilling indicates multiple pulses of sulphide rich melt, including thin zones of massive and semi-massive sulphides

• Dominant flat fabric and settling textures – different to Lynn Lake Mining Centre’s vertical pipes

• Drilling to date possibly marginal/ peripheral to main intrusive plumbing system – detailed geochemistry will tell us

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Historical
Drilling
Matrix Trend
CZN
Feeder Zone to FLC
2017 Drilling
IP Chargeability Image
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RESULTS OF CZN EXPLORATION CONDUCTED SINCE JANUARY 2017 BEING PULLED TOGETHER FOR ANALYSIS

• Detailed work is essential to understanding the Feeder Zones’ magmatic framework and for ongoing targeting within what appears to be a big system

• Final assays from drilling expected this month (July 2017)

• Downhole geophysics currently being interpreted

• Multiple pulses of sulphide rich melt – including massive and semi-massive zones – however substantive high-grade sulphide accumulations are yet to be defined

• Results of the recent phase of drilling and geophysics to define ongoing exploration strategy

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FLC-2017-010 – Matrix Sulphides FLC-2017-003 – Leopard Rock FLC-2017-010 – Massive Sulphide
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PROJECT QUALITY

• Two exceptional projects with demonstrated prospectivity in key, demand-driven commodities

• Both projects have the capacity for large economic mineral deposits

ACTIVE EXPLORATION PROGRAMME

• Mt Gilmore and the Cobalt Ridge prospect will be the main focus over the next 6 months

• Results from the recent exploration at Lynn Lake are imminent – expected to show way forward for the project

• Activity expected to deliver significant value appreciation for shareholders

CORPORATE

• Strong market awareness and support for the Company’s growth potential

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LEVEL 1, 329 HAY ST, SUBIACO WA 6008 PO BOX 8187, SUBIACO EAST WA 6008 +61(8) 6142 6366 INFO@CORAZON.COM.AU WWW.CORAZON.COM.AU