CORAZON MINING LIMITED — Investor Presentation 2017

Jan 12, 2017

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COBALT
C
NICKEL
COPPER
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Company Presentation ASX : CZN

12 January 2017

• 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.

Company Focus

ASX listed exploration company

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Lynn Lake
Nickel Copper
Cobalt
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Lynn Lake Nickel-Copper-Cobalt Project

• Prominent historical nickel mining centre

• • Development opportunity

• Large existing resources

• Exciting exploration play 5km from mine

• Compelling “Lynn Lake like” targets

Mt Gilmore Cobalt-Copper-Gold Project

• Prospective for large copper-gold systems

• Advanced high-grade cobalt deposit

COBALT

Exciting new focus for CZN

Significant market interest

Cobalt growth sector - “Rechargeable Batteries”

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Perth
ASX : CZN
Mt Gilmore
Cobalt Ridge
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Capital Structure	Capital Structure	Capital Structure
Market Cap. @ 2.0 cps	A$	16.27M
Shares on Issue	#	813.4M
Options on Issue	#	20.0M
Cash(approximate)	A$	1.9M
52 week share trading range	A$	$0.003 – 0.030

Average Trading Volume ~ 12M per day

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CZN RECENT ACTIVITIES v SHARE PRICE
Cobalt Ridge
Cobalt Ridge 0.030
Drilling Assay Results
Drilling Initial Assay Results
Cobalt Ridge
Drilling Completed – Awaiting Results 0.025
Cobalt Ridge
Drilling Timing Update
Cobalt Ridge
Mt Gilmore
Drilling Commences
DD Completed 0.020
Mt Gilmore
Cu Rock Chips
0.015
Mt Gilmore
Possible Acquisition
Lynn Lake
0.010
FLC Drilling to Commence
Lynn Lake
0.005
FLC Geophysical Targets Defined
Lynn Lake
FLC Prelim Geophysical Results
Lynn Lake Lynn Lake 0.000
FLC Geophysical Targets
New Geophysical Anomalies
Early Feb 2016
12 Mth Low
ASX : CZN – PAGE 4
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COBALT BATTERIES

Li-Ion Batteries

NiCd – Nickel-Cadmium NiMH – Nickel-Metal Hydride Lithium Ion Batteries – Accounts for growth in Cobalt usage

Safer Cheaper to manufacture Best commercially accepted energy storage capacity Better energy density ratings

LCO – Lithium Cobalt Oxide – 60% Co

NMC – Lithium Nickel Manganese Cobalt Oxide – 10-20% Co NCA – Lithium Nickel Cobalt – 9% Co

COBALT DEMAND

75% of Market Share of Li-Ion Batteries in 2015 **

Possible growth in demand due to Electric Vehicles (EV’s) and Smart Grid Storage

Driven by rechargeable battery market

EV’s & Cobalt

2015 refined cobalt

Measurable growth in EV production

Output 92,877t* Consumption 90,150t **

• 49% from rechargeable batteries

2016 refined cobalt output +100,000t

Forecast 68% increase in cobalt consumption between 2015 and 2025 **

Government policy incentive stimulus

Chinese sales of “New Energy Vehicles” up 343% in 2015 ***

To supply EV battery sector, energy requirements forecast to consume 75%-78% of total cobalt production **

Sources:

*** Darton Commodities Limited – Cobalt Market Review 2015-2016**

• ** CRU Cobalt Market Outlook – 20 May 2016

• * Global and China Electric Vehicle Industry Report, 2016-2025

END-USERS SEEKING AN ETHICAL STABLE SUPPLY

Cobalt predominantly a by-product

• 60% from copper mining

Dominant Supply Sources

• 38% from nickel mining

• Laterite – Australia, Cuba and Asia Pacific Sulphide – smaller scale

• 2% from primary cobalt mining

DRC copper mines account for between 47%* to 65% of global supply

China - largest producer of refined cobalt 94% of cobalt imported to China is sourced from DRC*

Supply Pressures

22% of this is from DRC Artisanal Mining*

Weak nickel and copper prices = less production = less cobalt

• Government policy affecting nickel laterite production – Indonesia & Philippines The stability of governments in major supply regions is an ongoing concern

Integrity of supply source – Human Rights issues for DRC cobalt supply highlighted by Amnesty International in 2016

Artisanal Mining – “low hanging fruit” – not a long-term supply solution

Sources:

• Darton Commodities Limited – Cobalt Market Review 2015-2016

• ** CRU Cobalt Market Outlook – 20 May 2016

• * Macquarie Wealth Management – Commodities Comment – 12 May 2016

Location

• North-eastern NSW

35km NW from Grafton

• Excellent access throughout Project

CZN currently 51% - earning 80% equity

• $200k expenditure requirement in 1[st] year $2M earn-in over 3 years (1yr extension option)

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Brisbane
QUEENSLAND
Mt Gilmore
Project
NEW SOUTH
Grafton
WALES
Coffs Harbour
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• Small periodic payments

• All costs covered by CZN until decision to mine – with subsequent standard contribute/dilute JV

(full purchase agreement details in CZN ASX announcement dated 16 June, 2016)

ENORMOUS POTENTIAL

under explored and largely undrilled

Mt Gilmore Trend

• Within the New England Orogen - Hosts large coppergold systems

• Mt Morgan Cu-Au Mine (+50Mt @ 5.9 g/t Au and 0.7% Cu) Mt Rawdon Au Mine (50Mt @ 0.71 g/t Au)

• Mineralised “Mt Gilmore Trend” 18km strike

• +25 historic Cu-Au-Co-Fe workings and small mines

• Five large Cu-Au targets identified to date

• Target models include tourmaline breccia hosted Cu-Au deposits, Cu-Au-Fe skarns and quartz-sulphide vein system (such as porphyry Cu-Au deposits)

Cobalt Ridge – High Grade Cobalt Deposit

• Corazon’s initial exploration focus – but part of a much larger system

• Multiple sulphide lodes drill defined over 300m strike

• Drill tested from surface to ~140m depth

• Extensions open and un-tested

• Minimal work required for resource definition

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Chromite in
mafics
Au-Sb-W
In granite
Mafic
Intrusive
Felsic
Intrusive
Sedimentary
Volcano- Basin Cover
Sedimentary
Basement
COBALT RIDGE
DEPOSIT
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Interpreted geology (NSW Govt) and mineral occurrences
over Google Earth Digital Globe Image
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Flintoff’s Cobalt Target
Cobalt Ridge Exploration Targets
Cobalt Ridge East Target
Cobalt Ridge West Target
Cobalt in Soils
>25ppm
>50ppm
>100ppm
>200ppm
Historic Working
Drill Hole
Cobalt soil geochem image, with old workings, drill
collars and traces, over aerial photograph
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November 2016 Drilling

Results confirmed projects potential as a valuable high-grade cobalt dominant deposit Broad zones of shallow mineralisation – up to 37 metre down-hole intersections

Best individual result of 1m @ 2.79% Co Multiple +1% Co results

High grade open to the west

New targets identified from surface workings and geology

Flintoff’s Cobalt Target

Cobalt Ridge East Target

Cobalt Ridge West Target

• Projected Cobalt Ridge cobalt in soil and interpreted structural trend under sedimentary cover.

• Extension of drill-defined mineralisation

• Historic copper workings, including deep shafts, over ~220m strike.

• Sub-cropping quartz–tourmaline–limonite breccia (Cobalt Ridge host rock).

• Sub-cropping quartz-tourmaline–limonite breccia (Cobalt Ridge host rock).

• Cobalt in soil geochemical anomalies.

• Cobalt in soil geochemical anomalies.

Cobalt Ridge Drill Hole Collar & Trace Plan With Long Section Location

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Cobalt Copper/Gold
Dominant Dominant
Mt Gilmore Datum
Domain Domain
GDA94 – Zone 56
Scale in meters
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Summary

18 RC holes for 1,960m Identified zonation in cobalt/copper/gold mineralisation along strike Steep northwest plunge to high-grade cobalt mineralisation

Main Cobalt Lode

Tested by 6 holes Average 8m true width with grades of between 0.23% to 0.65% Co Inclusive of high grade zones up to 7m downhole and up to 1.48% Co Best individual sample of 2.79% Co Copper + gold credits

Assays returned for all 6 RC holes intersecting the Main Cobalt Lode

Copper Equivalent grades as an indicator of value

MGRC002 16m @ 0.65% Co and 0.26% Cu Incl 6m @ 1.48% Co and 0.14% Cu MMGRC003 37m @ 0.14% Co and 0.23% Cu Incl 2m @ 0.36% Co and 1.37% Cu & 1m @ 1.20% Co and 1.02% Cu MMGRC006 34m @ 0.23% Co and 0.26% Cu Incl 4m @ 0.48% Co and 0.27% Cu & 5m @ 0.71% Co and 0.88% Cu MMGRC007 15m @ 0.33% Co and 0.25% Cu Incl 3m @ 0.82% Co and 0.26% Cu & 1m @ 0.61% Co and 0.67% Cu MMGRC008 17m @ 0.35% Co and 0.09% Cu Incl 7m @ 0.72% Co and 0.02% Cu MMGRC009 28m @ 0.10% Co and 0.41% Cu Incl 1m @ 0.53% Co and 2.01% Cu

4.20% CuEqv 9.07% CuEqv 1.08% CuEqv 3.74% CuEqv 8.36% CuEqv 1.67% CuEqv 3.21% CuEqv 5.25% CuEqv 2.31% CuEqv 5.37% CuEqv 4.54% CuEqv 2.18% CuEqv 4.37% CuEqv 1.06% CuEqv 5.54% CuEqv

Cobalt Intercept calculation parameters: Greater than or equal to 0.3m down hole thickness, greater than or equal to 0.05% Co, greater than or equal to 0.05% Co cut-off and less than or equal to 3m internal dilution. Gold is associated with the mineralisation at Cobalt Ridge, but is not reported above. Gold values at lower detection limit <0.01ppm are attributed a value of 0.005ppm for interval calculations.

Copper equivalents (CuEqv) = Cu%+(Co%5.89)+(Au_ppm0.679). Metal prices used are Cu US$5,642/t, Co US$33,249/t and Au US$1,191.86/oz (reference infomine.com spot prices quoted on 12-01-2017). The CuEqv values were completed on the Cobalt Intercept calculations identified above. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered.

Assays returned for all 6 RC holes intersecting the Main Cobalt Lode

MGRC002 16m @ 0.65% Co and 0.26% Cu Incl 6m @ 1.48% Co and 0.14% Cu MMGRC003 37m @ 0.14% Co and 0.23% Cu Incl 2m @ 0.36% Co and 1.37% Cu & 1m @ 1.20% Co and 1.02% Cu MMGRC006 34m @ 0.23% Co and 0.26% Cu Incl 4m @ 0.48% Co and 0.27% Cu & 5m @ 0.71% Co and 0.88% Cu MMGRC007 15m @ 0.33% Co and 0.25% Cu Incl 3m @ 0.82% Co and 0.26% Cu & 1m @ 0.61% Co and 0.67% Cu MMGRC008 17m @ 0.35% Co and 0.09% Cu Incl 7m @ 0.72% Co and 0.02% Cu MMGRC009 28m @ 0.10% Co and 0.41% Cu Incl 1m @ 0.53% Co and 2.01% Cu

Cobalt Grades At Other Operations

Canada - Lynn Lake Ni-Cu-Co sulphide –

0.02% to 0.04% Co , +1% Ni, 0.5% Cu Australia - Murrin Murrin Ni-Co laterite 0.09% Co , 1.3% Ni

USA - Idaho Underground Project (TSX:ECS) 0.55% Co , 0.75% Cu, 0.53 g/t Au

DRC – Kalongwe Cu-Co

0.27% Co , 2.7% Cu

Cobalt Intercept calculation parameters: Greater than or equal to 0.3m down hole thickness, greater than or equal to 0.05% Co, greater than or equal to 0.05% Co cut-off and less than or equal to 3m internal dilution. Gold values are included in the intercepts, but not reported above. Gold values at lower detection limit <0.01ppm are attributed a value of 0.005ppm for interval calculations.

Copper equivalents (CuEqv) = Cu%+(Co%5.89)+(Au_ppm0.679). Metal prices used are Cu US$5642/t, Co US$33,249/t and Au US$1191.86/oz (reference infomine.com spot prices quoted on 12-01-2017). The CuEqv calculation were completed on the Cobalt Intercepts calculated using the Co intercept calculations identified above.

Cobalt Ridge Prospect Long Section Interpreted drill hole intersection centre-point of the Main Cobalt Lode with intervals

(greater or equal to 1m downhole thickness and greater or equal to 0.05% Co cut-off, with less-than 3m internal dilution)

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28m @ 0.10% Co, 0.41 % Cu, 0.10g/t Au
Incl. 1m @ 0.53% Co, 2.01% Cu, 0.65g/t Au
37m @ 0.14% Co, 0.23% Cu, 0.08g/t Au 14m @ 0.10% Co, 0.13 % Cu, 0.06g/t Au
Incl. 2m @ 0.36% Co, 1.37% Cu, 0.38g/t Au
& 1m @ 1.20% Co, 1.02% Cu, 0.44g/t Au
6m @ 0.37% Co, 0.55 % Cu, 0.19g/t Au 5m @ 0.11% Co, 0.11 % Cu, 0.21g/t Au
16m @ 0.30% Co, 0.21 % Cu, 0.10g/t Au
9m @ 0.18% Co, 0.40 % Cu, 0.13g/t Au
34m @ 0.23% Co, 0.26% Cu, 0.08g/t Au
Incl. 4m @ 0.48% Co, 0.27% Cu, 0.15g/t Au
& 5m @ 0.71% Co, 0.88% Cu, 0.27g/t Au
11m @ 0.13% Co, 0.81% Cu, 0.18g/t Au
17m @ 0.37% Co, 0.13 % Cu, 0.12g/t Au
15m @ 0.24% Co, 0.90 % Cu, 0.42g/t Au
19m @ 0.32% Co, 0.24 % Cu, 0.12g/t Au
Incl. 3m @ 0.55% Co, 2.30% Cu, 0.90g/t Au
Incl. 2m @ 1.91% Co, 1.63% Cu, 0.87g/t Au
8m @ 0.43% Co, 0.10 % Cu, 0.06g/t Au 15m @ 0.33% Co, 0.25% Cu, 0.17g/t Au
Incl. 3m @ 0.82% Co, 0.26% Cu, 0.42g/t Au
& 1m @ 0.61% Co, 0.67% Cu, 0.43g/t Au
11m @ 0.32% Co, 0.18 % Cu, 0.11g/t Au
16m @ 0.65% Co, 0.26% Cu, 0.17g/t Au 17m @ 0.35% Co, 0.09% Cu, 0.07g/t Au
Incl. 6m @ 1.48% Co, 0.14% Cu, 0.32g/t Au Incl. 7m @ 0.72% Co, 0.02% Cu, 0.14g/t Au
OPEN
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Field-work at Mt Gilmore in 2017 will commence with the definition of additional cobalt drill targets at Cobalt Ridge

Drilling proposed for Q2 2017

Reconnaissance exploration, mapping and surface geochemistry will target other historically defined copper prospects for cobalt

First-pass metallurgical test work on RC drill samples is underway. This work will provide information regarding the nature of the cobalt-copper-gold mineralisation and in particular the suitability of the cobalt for use in the rechargeable battery industry

Islam and Fisher, 2013. Royal Society of Chemistry Publishing.

Corazon controls Canada’s 5[th] largest nickel producing regions

• Ownership consolidated for the first time since mine closure in 1976

• All year access to mine area

• Excellent infrastructure

• Township, shops, hospital

• Abundant hydro-electricity and water

• Sealed airstrip

• Road or rail options for metal transport

• No environmental or Native Title issues

• Large remnant resource defined

• Historic and recent drilling has identified resource upside potential in Mining Centre

Modern techniques being used to uncover new deposits

• New discoveries in the “shadow of the headframe” within Mining Centre

• Large anomaly under-cover just 5km south of the Mining Centre – indicated of Lynn Lake style of mineralisation

• Multiple drill-ready targets generated

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Raglan
Lynn Lake Voiseys Bay
Thompson
Sudbury
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Lynn Lake
A Plug Intrusion & Mine Area
Mined 22Mt @ 1% Ni & 0.5% Cu
EL Plug Intrusion & Mine
1.9Mt @ 2.4% Ni & 1.15% Cu
Fraser Lake Complex
Intrusion
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Interpreted Geology – Emslie, R.R. and Moore, J.M.
1961. Manitoba Mines Branch, Publication 57-4. Datum
1957
UTM Zone 14 (NAD83).
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Deposit	Lower Cut-off Grade	Lower Cut-off Grade	Lower Cut-off Grade	Tonnes	Grade	Grade	Contained Metal	Contained Metal	Lynn Lake Township Airstrip Main Mine Area
	NIEQ %	Ni %			Ni %	Cu %	Ni Tonnes	Cu Tonnes
Indicated Resource Category
EL Upper		0.4		1,120,000	0.77	0.34	8,600	3,800
EL Lower		0.6		676,000	0.83	0.40	5,600	2,700
N	0.8			2,990,000	0.86	0.41	25,700	12,300
O	0.8			2,630,000	0.82	0.37	21,600	9,700
Indicated Sub-Total				7,420,000	0.83	0.38	61,500	28,500
Inferred Resource Category
EL Upper		0.4	645,000		1.55	0.61	10,000	3,900
EL Lower		0.6	292,000		1.01	0.44	3,000	1,300
N	0.8		710,000		0.79	0.39	5,600	2,800
O	0.8		100,000		0.75	0.36	750	360
G	0.8		240,000		0.94	0.39	2,300	940
Inferred Sub-Total			1,990,000		1.09	0.47	21,600	9,300
Total			9,400,000		0.88	0.40	83,000	37,800

Notes -

Resource released by Corazon Mining Limited in an ASX announcement date 16[th] April, 2015 .

Cobalt mineralisation not reported within resource due to incomplete historical analysis for the metal.

Nickel equivalent grades (NIEQ%) are provided as an indicator of value in a multi-metallic deposit. Lynn Lake has a long history as a nickel, copper and cobalt mining camp. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered. Past mining of these deposits on average produced a nickel concentrate, consisting of 14% nickel, 1.5% copper and 0.35% cobalt and a copper concentrate having 30% copper and 0.60% nickel. In this circuit, 85% of the nickel, 93% of the copper and 80% of the cobalt were recovered on average.

NIEQ% = (((Cu%222.04622)+(Ni%7.2222.04622))/7.22)/22.04622 based on metal prices of Ni = US$7.22 /lb Cu = US$2.00 /lb.

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Lynn Lake Township
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More than 70 years of exploration and 23 years of mining data needed to be located and digitally captured

Data collation has been a major undertaking by Corazon

Information predominantly in pre-computer era paper format

Data held by multiple parties and needed to be located - project land tenure was divided post mine closure

Drill hole database grown from 2,800 holes to ~9,000 holes

Mostly mine and resource focussed drilling

• Previous operators with a “Mine focus” – non-typical (in size or nature) mineralisation not targeted or followed up

New zones of mineralisation have been identified

CZN has collated an extensive geophysical dataset – from 1950’s to current generation

Geophysics is the key to discovery at Lynn Lake

Deep rooted systems

Extensive thin cover, including swap, till and alluvial

A Plug Mines 3D Dataset

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A Plug Mineralisation – new area – +50yo drill hole not sampled
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EL Deposit 3D Modelling
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Geophysical anomalies appears bigger & better than Lynn Lake

Predominantly under shallow cover of muskeg (swamp) & overburden (till deposits)

Fertile in nickel and copper – geochemically and geophysically similar to Lynn Lake – same host rocks

Twice as large as Lynn Lake

Strong amplitude IP anomalies - suggesting highly mineralised environment – massive and disseminated signatures

Best anomalies are generally sub-vertical, extending from near surface (outcrop) to great depths

Muskeg Terrain

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Lynn Lake
A Plug & Mine Area
Mined 22Mt @ 1% Ni & 0.5% Cu
EL Plug & Mine
1.9Mt @ 2.4% Ni & 1.15% Cu
Fraser Lake Complex
Intrusion
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Interpreted Geology – Emslie, R.R. and Moore, J.M. 1961. Manitoba Mines Branch, Publication 57-4. Datum UTM Zone 14 (NAD83).

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Fraser Lake Complex
Outline
Deep Gravity Feature
Possible Feeder ‘Neck’
of FLC
Gravity Image
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New model for formation of FLC

• A deep-rooted gravity anomaly to the south of FLC may be the source of mafic/ultramafic units

• The southern narrowing of the FLC (neck) marks a possible feeder zone, from the gravity anomaly

• Feeders to mafic/ultramafic bodies provide an ideal location for the formation of magmatic sulphide bodies

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Eastern Magnetic Zone
Ultramafic
Motriuk Ultramafic
Aeromagnetic Image
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FLC is a nickel rich intrusive

• Surface sampling has established the presence of nickel within the FLC, including nickel sulphides in rock chips and historical drilling

• The Motriuk Ultramafic may be sourced from the same deep-rooted gravity feature that is thought to feed the FLC. Motriuk is depleted in nickel – meaning the nickel has been removed from the melt and deposited elsewhere

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IP Anomaly
Outline #2 & #3 Target
IP Chargeability & Magnetic
Anomaly
#4 Target
Ni anomaly, IP Chargeability
& Magnetic Anomaly
#1 Target
Strong VTEM Conductor
& Magnetic Anomaly
EMD
Possible feeder to the FLC
Ultramafic
from Gravity Feature
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Aeromagnetic Total Field Image with interpreted features, VTEM conductive high anomalies, the main IP anomaly, IP survey outline, historical drilling and anomalous nickel locations

Drill Targets

#1 Target - EM conductor (VTEM anomaly) situated outside the area tested by the IP survey, but within the interpreted neck of the intrusion. It exhibits an extremely high conductance (CT=4,086 S), and interpreted to be 60m wide by 15m thick and 482m down-plunge towards the south-west. Anomaly is under shallow cover and is coincident with a magnetic high of 140m by 120m in area. The high conductance of this anomaly sets it apart from any other anomaly in the Lynn Lake region.

Targets #2 and #3 - within main IP strong chargeability anomaly (between 20 and 45 m/s) that aligns with FLC ‘Neck’. Coincident with high magnetic anomalies.

Target #4 - coincident IP chargeability and magnetic anomaly close to an historical rock chip result of 0.39% nickel and is within what is interpreted to be the feeder to the Eastern Magnetic Domain Ultramafic (EMD).

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Difficult Ground Conditions
Heavy Equipment Requiring Heli-Lift To Sites
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“Dragging” Light Vehicle Access Track
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Light Vehicle Access Track
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Drill Site #1 Target
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Two Quality Exploration Projects – Strong Development Potential

Mt Gilmore

• Cobalt Ridge is a unique high-grade deposit of a strategically important metal Attracting market interest - favoured metal in an emerging industry Larger story of big intrusive copper-gold system defines “blue-sky”

Lynn Lake

• FLC - compelling exploration targets - about to be drilled Existing infrastructure beneficial for exploration and development Existing resources – provide the foundations for a long-life mining operation

Corazon - A Proven Explorer

Currently has cash, operates frugally, low overheads, capital into exploration Active and aggressive exploration philosophy continues to be supported by the market Incredible liquidity for a ‘Junior Explorer’

Indicative Upcoming News Flow

Cobalt Ridge – Core assays returned

• FLC – Commencement of drilling and #1 Target result

• FLC – On-going drilling results (drilling anticipated to take one month) Cobalt Ridge – Results of initial metallurgical test work Cobalt Ridge – ongoing work (surface sampling, geophysics) Mt Gilmore – reconnaissance exploration project wide

In preparation for Phase II drill program

Brett Smith

Managing Director Corazon Mining Limited P: +61 (8) 6142 6366

James Moses

Media and Investor Relations P: +61 (0) 420 991 574 E: james@mandatecorporate.com.au

Corazon Mining Limited

T : +61 (8) 6142 6366

A : Level 1, 329 Hay Street, Subiaco WA 6008 | P : PO Box 8187, Subiaco WA 6008

E : info@corazon.com.au | W : www.corazon.com.au

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.

Canadian geologist Dr Larry Hulbert has been engaged by Corazon to manage the collation of past exploration information and the definition of new targets at Lynn Lake. Dr Hulbert has extensive knowledge of the Lynn Lake district and over 40 years’ experience in Ni-Cu-PGM exploration and research. Dr Hulbert is one of North America's foremost experts on magmatic sulphide deposits and would qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

Dr. Hulbert has authored numerous professional papers, was the recipient of the Barlow Medal from CIM in 1993, a Robinson Distinguished Lecturer for the Geological and Mineralogical Association of Canada for 2001-2002, and in 2003 received the Earth Sciences Sector Merit Award from Natural Resources Canada.

The information in this report that relates to Exploration Results and Mineral Resources for the A Plug deposits at the Lynn Lake project is based on information compiled by Mr Neal Leggo who is a Member of the Australian Institute of Geoscientists. At the time of completing the resource Mr Leggo was a full time employee of Ravensgate and has sufficient experience that is relevant to the style of mineralisation 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 Leggo 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 Exploration Results and Mineral Resources for the EL Plug deposits at the Lynn Lake project is based on information compiled by Mr Stephen Hyland who is a Fellow of the Australasian Institute of Mining and Metallurgy. At the time of completing the resource Mr Hyland was a full time employee of Ravensgate and has sufficient experience that is relevant to the style of mineralisation 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 Hyland consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.