CORAZON MINING LIMITED — Investor Presentation 2019

Oct 15, 2019

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Company Presentation

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LEVEL 2, 38 Richardson St, West Perth, WA 6005 | PO BOX 8187, SUBIACO EAST WA 6008 | +61(8) 6142 6366 | INFO@CORAZON.COM.AU | WWW.CORAZON.COM.AU

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Forward Looking Statement
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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.

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 presentation, 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.

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.

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Corazon Mining Limited – Corporate Overview
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	ISSUED	QUOTED	SHARE MARKET	CASH(1)
	ASX CODE SHARES(1)	OPTIONS(2)	PRICE CAP.	(Sept 19)
	CZN 2.04b	188m	$0.003 $6.12m	$1.2m
Board of Directors			Shareholders
Terry Streeter	Non Executive Chairman		Top 20 Shareholders		38%
Brett Smith	Managing Director		Number of Shareholders		2,358
Clive Jones	Non Executive Director		Board and Management		1.8%
Jonathan Downes	Non Executive Director		Hanking Australia Investments(3)		10.0%
Mark Yumin Qiu	Non Executive Director		Crescent Nominees (Tattersfield)		7.3%

• (1) Estimated post raising.

• (2) Quoted Option exercisable at $0.007 by 10 July 2022. Unlisted Options include 40m at $0.035 by 31 March 2020. (3) Australian subsidiary of major Chinese mining house - Hanking Holdings Limited - +HK$1.9B Mkt Cap (Hong Kong SE).

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Two Quality Projects – Key Demand Driven Commodities
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1[st] World locations Metals critical for the emerging rechargeable battery sector

Lynn Lake Nickel-Copper-Cobalt

Old Mining Centre Large JORC Resource Base Redevelopment Opportunity Exciting Ni Sulphide Exploration Play

Mt Gilmore Copper-Cobalt-Gold

Newly Recognised Area Large Project – Little Historical Work Cu-Co Dominant Sulphide Mineralisation

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Current Strategy
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Lynn Lake Nickel-Copper-Cobalt

Increase in Nickel price - Lynn Lake becomes the major focus for CZN

• Near-mine exploration and project development work

Mt Gilmore Copper-Cobalt-Gold Low Cobalt price – Cobalt Ridge resource definition work on hold

Exploration Strategy Influenced by Metal Prices

• Regional exploration for copper-cobalt sulphide deposits on-going, as a lower order priority

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Corazon Consolidates the Entire Lynn Lake Nickel Camp for the First
Time Since Mine Closure in 1976
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NICKEL EXPLORERS HAVE STRUGGLED FOR MARKET TRACTION AGAINST FALLING METAL PRICES

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Discovery - EL Deeps
23.75 m @ 3.34% Ni & 1.54% Cu
EL Discovery Deepest Hole
44.75m @ 1.55%Ni & 0.65%Cu Nickel Price Chart
Including :-
3.85m @ 2.83%Ni & 0.24%Cu Acquisition
11.03m @ 2.31%Ni & 1.01%Cu Lynn Lake Mine Area
11.51m @ 2.37%Ni & 0.78Cu Project Consolidation
Discovery
Fraser Lake Complex
56.1m @ 0.43% Ni & 0.21% Cu
Acquisition
Lynn Lake
Exploration Ground
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Lynn Lake – First World Location
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LOGISTICALLY EASY EXPLORATION

• All year access to mine area

• Excellent infrastructure

• Township, shops, hospital

• Abundant hydro-electricity and water

• Sealed Airstrip

• Main road access to Thompson (major Vale nickel mining camp) ~ 320km

• Partially used rail access to Flin Flon (base metal mining centre) ~ 300km)

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Lynn Lake Township Drilling – EL Plug Rail to Flin Flon
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Lynn Lake – 5 [th] Largest Ni Producing Area in Canada
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“EL Plug” Mine – Satellite Deposit
250m
Cross-Section
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PROLIFIC HISTORICAL MINING CAMP

Great foundation of resources and infrastructure

• 100% controlled[(1)] by Corazon

• Big system – multiple orebodies

• Excellent infrastructure – power, water & township

DEVELOPMENT POTENTIAL

Brown-Fields discovery potential

• New JORC Resources

• (ASX announcement date 11[th] October 2018)

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“A Plug” Main Mine Area Long-Section
1000’ Level
2000’ Level
3000’ Level
~ 3 km Strike
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• “Game changing” metallurgical results

• (ASX announcement date 11[th] & 12[th] February 2019)

PROVEN EXPLORATION UPSIDE

• Modern discoveries within Mining Centre

• New discovery of a large magmatic sulphide system 5 km to the south at the Fraser Lake Complex

(1) Option Agreement ASX Announcement 09/08/12, Purchase Agreement ASX Announcement 01/04/15

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Lynn Lake – Unique Geological Characteristics
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Within the
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La Ronge – Lynn Lake Greenstone Belt
Mafic/Ultramafic Intrusive
Regional Geology
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MAJOR MANTLE PLUMBING SYSTEM

• Lynn Lake is the regional centre of magmatic activity within the La Ronge – Lynn Lake Greenstone Belt

• Circular to elliptical form of the intrusions, punctuated with smaller “pipe-like” massive sulphide bodies

• Mantle tapping conduits that gave rise to not only the mafic-ultramafic intrusions but their coeval mafic volcanics

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Lynn Lake – Endowment
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Area of Historical Mining

Prolific Nickel Producing Camp

Past Production 1954-1976

• A Plug - 18Mt @0.88% Ni + 0.47%Cu

• EL Plug - 1.9Mt @ 2.4% Ni + 1.15% Cu

JORC Indicated + Inferred Resources[*]

• 15.3Mt @ 0.72% Ni, 0.34%Cu, 0.034% Co (0.5% Ni base cut)

• 5.18Mt @ 1.00% Ni, 0.41%Cu, 0.044% Co (0.7% Ni base cut)

Additional Potential Within Mine Area

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• Past and Foreign resource estimations at lower cut-off grades identify substantial tonnages of low-grade mineralisation

• 5 Deposits within current Resource – another 11 Deposits yet to be reviewed for remnant tonnages

• Modern discoveries made within the “shadow of the headframe”

*** Mineral Resource Estimate – CZN ASX announcement date 11[th] October 2018**

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Lynn Lake JORC Resource Estimation
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LARGE TONNAGE – LOW COST PRODUCER

• Average deposit 80m-120m strike and 30m-50m wide

• +20 defined deposits within the Mining Centre

 Underground development to approximately 1,100 metres below surface

	Deposit	Base Cut Ni%	Tonnes	Ni(%)	Cu(%)	Co(%)		Tonnes
								Ni	Cu	Co
	EL Plug	0.50	1,745,000	0.76	0.28	0.023		13,300	4,800	400
	O Deposit	0.50	5,165,000	0.68	0.31	0.027		35,300	16,300	1,400
	N Deposit	0.50	5,793,000	0.69	0.36	0.044		39,700	20,900	2,600
	P Deposit	0.50	196,000	0.71	0.47	0.028		1,400	900	0
	Disco	0.50	0	0.00	0.00	0.000		0	0	0
	TOTAL INDICATED		12,899,000	0.70	0.33	0.034		89,700	42,900	4,400
	Deposit Base Cut Ni% Tonnes Ni(%) Cu(%) Co(%)
	Deposit	Base Cut Ni%	Tonnes	Ni(%)	Cu(%)	Co(%)		Tonnes
								Ni	Cu	Co
Resource Study Areas Metallurgical Samle	EL Plug	0.50	692,000	1.38	0.45	0.039		9,600	3,100	300
	O Deposit	0.50	837,000	0.68	0.32	0.027		5,700	2,700	200
	N Deposit	0.50	775,000	0.59	0.29	0.038		4,600	2,300	300
	P Deposit	0.50	22,000	0.69	0.48	0.027		200	100	0
	Disco	0.50	77,000	0.71	0.41	0.014		500	300	0
p	TOTAL INFERRED		2,403,000	0.86	0.35	0.034		20,600	8,500	800
	Total IND + INF(0.5% Ni)		15,302,000	0.72	0.34	0.034		110,300	51,400	5,200
	Mineral Resource Estimate - ASX announcement date 11th Oc

Mineral Resource Estimate - ASX announcement date 11[th] October 2018

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New Metallurgical Results a “Game-Changer” for the Project
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SIMPLE MODERN FLOTATION PROCESSING DELIVERS SPECTACULAR RESULTS

• For the first time – separate high-value Copper and Nickel/Cobalt concentrates have been produced

Recent testwork indicates +85% recoveries possible for all metals

• Exceptional grades and recoveries

• Nickel concentrate – 26% Ni grade at 71% recovery

• Copper concentrate – 27% Cu grade at 77% recovery

• On-going work will deliver further improvements in recoveries

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Past mine produced a nickel concentrate of 8%15% Ni + 2% Cu and an additional separate Cu concentrate

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Lynn Lake Near Mine - Proven Prospectivity
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OLD DATA + NEW PROCESSES & UNDERSTANDING = MAKING DISCOVERIES

• Abundant drill defined mineralisation within Mining Centre outside of resource area

• 11 deposits yet to be reviewed for remnant tonnages

• Targeting using modern geophysical processing techniques and 3D modelling underway

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MODERN DISCOVERIES

Tango – 2010 – Independent Nickel Inc 17m @ 0.6% Ni & 0.30% Cu Disco – 2008 – Western Areas NL 18m @ 1.5% Ni, 0.70% Cu & 0.04 %Co EL Deeps – 2011 – Corazon Mining Limited 23.75m @ 3.34% Ni, 1.54% Cu & 0.079 %Co

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Near Mine Target Generation
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Untested Targets
(red)
Mine Stopes Disco Discovery
(yellow) 18m @ 1.5% Ni,
0.70% Cu & 0.04 %Co
‘O’ Resource
‘N’ Resource
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INTEGRATION OF PAST AND MODERN EXPLORATION AND MINING DATA IDENTIFIES NEW AREAS FOR DRILLING

• Priority target generation work underway

• 6,000 historical drill holes added to database provide new information

• New IP surveys (2010) defined +33 high-priority drill targets with potential to add to existing resources – yet to be followed up

• New Magnetic Vector Inversion (MVI) processing technology tested in Mining Centre (2019) proves better at identifying mineralisation compared with past processing methods

Plan Map of Interpreted Causative Bodies and Known Mineralisation within the A Plug

After Kallfa and Kapllani - Matrix GeoTechnologies Ltd (2010) IP Survey Interpretation Report

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EL Deposit 1947 Discovery Hole 183m @ 4.7 %Ni & 1.7 %Cu

OLD DATA + NEW PROCESSES & UNDERSTANDING = MAKING DISCOVERIES

• Modern exploration techniques and a new understanding for the formation of these deposits has identified multiple Lynn Lake style targets

• Difficult terrain, targets are predominantly under cover

• Geophysics is the key to discovery – Lynn Lake deposits have specific geophysical characteristics

• Multiple “ EL Deposit like ” targets

• The Fraser Lake Complex is a stand-out target

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Muskeg Terrain
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Fraser Lake Complex – Matrix Trend IP Anomaly
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EXTENSIVE MAGMATIC SULPHIDES COINCIDENT
WITH IP CHARGEABILITY HIGH

~1.8km IP anomaly coincident with multiple
stacked sulphide-rich horizontal magmatic
Hole #14
pulses/flows
56.1m @ 0.43% Ni & 0.21% Cu
From 258m
Hole #16
27m @ 0.37% Ni & 0.16% Cu
From 30m
Matrix Trend Plan
IP Chargeability Image & Drilling
Legend
CZN Drilling
Matrix Trend
Historical Drilling
Outline of Matrix Trend Cross-Sectional
Mapped Sulphidic Sediments Schematic 16
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Lynn Lake Project – Way Forward
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RIGHT COMMODITIES – PERFECT TIMING

 Lynn Lake Nickel-Copper-Cobalt Sulphide Project

• One of the best nickel exploration plays in North America

• Market support and sentiment for nickel sulphide projects is growing

• New metallurgical results significantly enhances this development opportunity

• Looking to complete scoping studies (estimated 6 week work program)

• Targeting for additional near mine mineralisation underway (estimated 4-6 week work program)

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Mt Gilmore Project - Targeting “Battery Metals” in Australia
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Mt Gilmore Copper-Cobalt-Gold

Cobalt Ridge Prospect – Cobalt dominant sulphide deposit

New giant copper-cobalt geochemical anomalies - exciting regional exploration focus

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Mt Gilmore Project – Point of Difference
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THE COBALT RIDGE PROSPECT

• First World location

• Cobalt dominant sulphide mineralisation

• Simple, low capital processing options

+90% of metal captured in <10% of the mass feed via simple flotation processing

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Mt Gilmore
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• Quality products

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Grafton
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Sulphide Mineralisation
Metallurgical Testwork - ASX announcement date 17 [th] May 2018
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High Value Metal Con POX
Solutions
Mt Gilmore Cobalt Sulphate
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Geology + Copper
Mt Gilmore Project – New Copper Trend in Soils Image
COBALT RIDGE – ONE PROSPECT WITHIN A LARGE
REGIONAL COPPER TREND

Soil sampling has proven to be an effective test of
basement geochemistry

DISCOVERY - “district scale” geochemical anomaly
coincident with basement of the Mt Gilmore Trend

Compelling indicators for “Intrusive Related” and
“Replacement” style Copper-Gold Deposit models

Early stage play – very little previous exploration

Existing analogies in the New England Orogen for the
style of mineralisation identified

Cobalt Ridge Prospect (the main focus of exploration to
date) is distal to the main geochemical anomaly within
the Mt Gilmore Trend
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Mt Gilmore Project - Cobalt Ridge Prospect
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QUARTZ-TOURMALINE BRECCIAS SPATIALLY ASSOCIATED WITH COBALT-COPPER MINERALISATION

UNTESTED POTENTIAL

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8 %Co
COBALT-COPPER MINERALISATION 2m @ 0.64 %Co, 1.66
(Historical Workings)
%Cu, 0.13 g/tAu
in Reconnaissance Drilling

Tourmaline is a common mineral within
hydrothermal deposits – typically distal
to the “core” of the system Cobalt Ridge
Drilled Area
Quartz-Tourmaline Breccias

Cobalt Ridge breccias indicate a long-
lived, structurally hosted, intense
5m @ 2.14 %Co, 0.33 %Cu, 15.2 g/tAu, 0.42
hydrothermal environment 0.42 g/tAu %Cu and 0.02 %Co
CZN Drill Result - Within Main Lode
in Rock-Chip
Intercept of 27m @ 0.47 %Co
3.34 %Co
Recovered from “Copper Ore”
(Historical Mine Production Reports)
Cobalt in Soils Image 21
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21.6 %Cu
Geology + Copper
361 ppmAg
Mt Gilmore Project – High Grade Cu in Soils Image 0.17 g/t Au
0.64 %Cu
176 ppmCo 0.78 %Cu
GEOCHEMICAL ANOMALIES UNDERPINNED 294 ppmMo 148 ppmCo
0.12 g/tAu
BY HIGH-TENOR ROCK SAMPLES
10.75 %Cu
180 ppmCo 0.41 %Cu

The recognition that numerous historical small 0.11 g/tAu 409 ppmCo
scale workings are part of a much larger system is 74.7 ppmAg 0.82 g/tAu
a significant advancement for the project 0.52 %Zn 0.35 %Zn

High-grade mineralisation interpreted as “leakage 5.04 %Cu 7.35 %Cu
structures” extending from possible concealed 1,795 ppmCo 1.29 g/tAu
copper sulphide rich hydrothermal centres 1.03 g/tAu 88 ppmAg
 Tenor of grade and the composition of the 46 ppmMo 16.3 %Cu
alteration/sulphide assemblages are extremely 2.55 %Cu 393 ppmCo
encouraging 209 ppmCo 238 ppmAg
171 ppmMo
13.55 %Cu
12.75 %Cu 898 ppmCo
15.15 g/tAu
1,250 ppmCo
66 ppmAg
0.19 g/tAu
474 ppmMo
93 ppmAg
0.34 %Zn
885 ppmMo
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Mt Gilmore Project – Recent Results
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LARGE COINCIDENT GEOCHEMICAL & GEOPHYSICAL ANOMALIES Geology + Copper
in Soils Image
Outline of IP
Ground Magnetic Chargeability High
Pluck
Image over 7.5 %Cu
Aeromagnetic 1.29 g/tAu
Image
Busy Bee Cu Lode
Gem
16.3 %Cu
Fine Flower Cu 238 g/tAg
Whiley’s Lode
12 .8 %Cu
1,250 ppmCo Fine Flower Sth Cu
The Gordonbrook Hill Prospect – One example of coincident geophysical and
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geochemical (Cu-Co-Ag-Cu/Zn-Au-Sb-Mo-Se-In-Ga+Bi-Te) anomalism
IP Line IP Line IP Line
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Mt Gilmore Project – Recent Results
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LARGE COINCIDENT GEOCHEMICAL & GEOPHYSICAL ANOMALIES

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Outline of IP
Ground Magnetic Chargeability High
Pluck
Image over 7.5 %Cu
Aeromagnetic 1.29 g/tAu
IP Chargeability
Image
Cross-Sections
Busy Bee Cu Lode
Gem
16.3 %Cu
Fine Flower Cu 238 g/tAg
Whiley’s Lode
12 .8 %Cu
1,250 ppmCo Fine Flower Sth Cu
IP Line IP Line IP Line
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The Gordonbrook Hill Prospect – One example of coincident geophysical and
geochemical (Cu-Co-Ag-Cu/Zn-Au-Sb-Mo-Se-In-Ga+Bi-Te) anomalism
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Corazon – Way Forward
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RIGHT COMMODITIES – PERFECT TIMING

 Lynn Lake Nickel-Copper-Cobalt Sulphide Project

• One of the best nickel exploration plays in North America

• Market support and sentiment for nickel sulphide projects is growing

• New metallurgical results significantly enhances this development opportunity

• Looking to complete scoping studies (estimated 6 week work program)

• Targeting for additional near mine mineralisation underway (estimated 4-6 week work program)

 Mt Gilmore Copper-Cobalt-Silver-Gold Sulphide Project

• Early stage, district scale copper play with strong cobalt signature

• Several compelling targets for copper-cobalt sulphide deposits

• More detailed targeting work required

• Cobalt Ridge – unique cobalt dominant sulphide deposit – room to grow with drilling

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Competent Person Statement
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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.

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

The information in this report that relates to Mineral Resources for the EL, Disco, ‘N’, ‘O ’and ‘P’ deposits contained within the Lynn Lake Nickel Project is based on information compiled by Mr Stephen Hyland who is a Fellow of the Australasian Institute of Mining and Metallurgy and who has provided expert guidance on resource modelling and resource estimation. Mr Hyland is a Principal Consultant Geologist at HGMC consultants and has sufficient experience 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.

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CONTACT

Level 2, 38 Richardson Street, WEST PERTH WA 6008 PO Box 8187, SUBIACO EAST WA 6008 +61(8) 6142 6366 info@corazon.com.au www.corazon.com.au

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