CORAZON MINING LIMITED — Investor Presentation 2021

Feb 16, 2021

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Building a Significant Nickel Sulphide Asset in Canada

16-18 February 2021 | ASX: CZN

Forward Looking 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.

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.

Corazon Mining Limited – At A Glance

Projects

– Lynn Lake Nickel-Copper-Cobalt Sulphide

• Manitoba, Canada

• Advanced exploration/development project

• Historical mine + prospective exploration ground

• Resource: 116,800t Ni, 54,300t Cu, 5,300t Co

Capital Structure – ASX:CZN

Issued Shares	162.7m
Quoted Options(1) Unlisted Options(1)	26.5m 42.2m
Market Cap (@ $0.06/share)	$9.76m
Cash (Dec Qtr 2020)	$693k

– Mt Gilmore Copper-Cobalt-Gold-Silver Sulphide

• NSW, Australia IMAGE

• Early stage exploration play, major upside potential

• High-grade copper and cobalt from drilling and rock chips

• Large surface anomalies in a new region (+20Km strike)

Board of Directors

Terry Streeter Non Executive Chairman Brett Smith Managing Director Jonathan Downes Non Executive Director Mark Yumin Qiu Non Executive Director

Shareholders

Number of Shareholders	2,848
Top 20 Shareholders	28%
Board and Management	2.0%
Hanking Australia Investments(2)	5.0%

• (1) Quoted Options exercisable at $0.14 by 10 July 2022.

• Additional Unlisted Options include ~42m at $0.07 by 30 June 2021; 250k at $0.14 10 July 2022; and 500k Performance Rights dated 20 December 2023.

• (2) Australian subsidiary of major Chinese mining house - Hanking Holdings Limited (HK$2.75B Mkt Cap - Hong Kong SE).

Two Quality Opportunities

LYNN LAKE – CANADA

Nickel-Copper-Cobalt

• 100% ownership of prolific nickel Mining Centre and prospective exploration ground

• Large JORC Resources + development opportunity provides leverage to the nickel price

• Proven exploration prospectivity

• Currently drill testing new geophysical conductors close to known sulphide mineralisation

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LYNN LAKE PROJECT
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MT GILMORE – NEW SOUTH WALES Copper-Cobalt-Gold

• New regionally substantive copper trend (+20km strike)

• Early exploration play - yet to be drill tested

• Mineralised (copper) porphyry confirmed as priority drill target

• Drilling currently in plan for first-half of 2021

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MT GILMORE PROJECT
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The New World – Stored Renewable Energy

DEMAND FOR BATTERY METALS FORECAST TO SURGE OVER THE NEXT DECADE

• Battery power sources and battery storage will be integral to optimising the efficiency of Renewable Energy

Global Annual Forecast Electric Vehicle Sales

• Global production of rechargeable batteries is dominated by China

• New capacity for the production of batteries is expanding globally – new growth centres in Europe and the US will see a de-coupling from a China reliance

• <5% of nickel is currently used in the battery sector – only Class 1 Nickel (e.g. sulphide) is suitable – demand will accelerate

• Current sources of Class 1 Nickel will not satisfy the forecast demand

Source: Argus White Paper: Demand for battery metals still set to surge thorough the next decade

Biden - “ We’ll take steps toward Meeting EU emissions-cutting goals will require WA Liberals target 100% an even faster expansion of renewable sources, achieving my goal of 100 percent renewables by 2030 in requiring a power sector based 70% on carbon pollution-free electric sector by surprising climate plan. 5 2035 .” January 2021 renewables by 2030.

Lynn Lake Project

OPERATIONAL BENEFITS FOR A POTENTIAL NEW DEVELOPMENT

• 100% ownership of nickel sulphide mining centre and prospective exploration ground

• Large JORC resource base – mostly drilled-out to pre-mining stage – with growth potential – 116,800t Nickel, 54,300t Copper and 5,300t Cobalt

• Metallurgically derisked – mined for 24 years until 1976 – producing 206,200t Nickel and 107,600t Copper

• ~~–~~

• Not remote – exceptional infrastructure significantly reduces start-up capital requirements

• Hydro-Power would be an important component for any future sustainable, environmentally compliant mining operation

• Lynn Lake is close to emerging North American and European rechargeable battery industries

LOPMENT	LOPMENT	LOPMENT	LOPMENT	LOPMENT	LOPMENT	LOPMENT	LOPMENT	LOPMENT	LOPMENT	LOPMENT	LOPMENT	LOPMENT	LOPMENT	LOPMENT
Road Community
			Road				Community
Hydro-Power Station Rail
	Hydro-Power Station								Rail
Category		Base Cut Ni %	Tonnes	Ni %	Cu %		Co %				Tonnes
											Ni	Cu	Co
Indicated		05	12899000	070	033		0034				89800	42900	4400
		.	,,	.	.		.				,	,	,
Inferred		0.5	3,422,000	0.79	0.33		0.027				27,000	11,400	900
Total		0.5	16,321,000	0.72	0.33		0.033				116,800	54,300	5,300

New Markets Exist for a Lynn Lake Product

EXTENSIVE RAIL, ROAD AND SEA TRANSPORT NETWORK

• Historically, Lynn Lake concentrate was railed to Sherritt’s Fort Saskatchewan (now a HPAL facility) in Alberta – many more transport options are now available

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PORT OF
CHURCHILL
Glencore
Vale
LYNN LAKE PROJECT
Sherritt
Vale
Glencore
Vale
7
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Lynn Lake Project Strategy

CORAZON HAS A TWO-PRONGED EXPLORATION AND DEVELOPMENT STRATEGY

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1. Mine Area
Ralph Lake Lynn Lake
• Expand near-surface JORC Complex Township “A Mine”
2012 resource base at the
Mining Centre to complement
existing resources at depth
•
Seek cost and performance
efficiencies in mining and
processing practices,
“EL Mine”
progressing the possible
development of a significant Motruiuk
Ultramafic
low-cost mining operation
Fraser Lake
2. Exploration Ground
Complex
•
Explore for new world-class
Satellite Image
nickel sulphide deposits within
the Lynn Lake Project N
8
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Significant Nickel Sulphide Asset DEVELOPMENT OPPORTUNITY

• Historical production from two mafic intrusions  A Plug - 18Mt @ 0.88% Ni + 0.47%Cu

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

• Total Indicated + Inferred JORC Resources for six deposits: 16.3Mt @ 0.72% Ni, 0.33% Cu, 0.033% Co for total contained 116,800t Ni, 54,300t Cu, 5,300t Co (0.5%Ni cut-off)

• A new mining operation would include a start-up open-cut operation, before going underground

• Corazon drilling within the Mining Centre identified high-grade mineralisation near surface, including:

• 37.8m @ 1.68% Ni & 0.67% Cu from 10m Incl 22.6m @ 2.30% Ni & 0.82% Cu

• 37.0m @ 1.34% Ni & 0.50% Cu from 8m Incl 8.40m @ 2.36% Ni & 0.66% Cu

And at depth:

• EL Deeps – 23.75m @ 3.34% Ni, 1.54% Cu (discovery hole)

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Golf
Disco
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N
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EL Deeps
P
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• ( * = Refer to Slide #6 - Resource - Published 27[th] November 2019)

Exciting Discovery Potential Within Region

MODERN EXPLORATION TESTING FOR CONCEALED DEPOSITS

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Aeromagnetic Image (Source 1997 GeoTEM + 2021 MobileMT
Survey)
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• Exploration drilling by Corazon identifies potential both within the Mining Centre and regionally within similar mafic plugs

• The regional search for nickel massivesulphide has been hampered due to the ineffectiveness of commonly used ElectroMagnetic geophysics in the Lynn Lake area

• Recently completed, new innovative MobileMT geophysical method underpins the search for massive sulphide deposits (nickel and VMS)

Early results are encouraging

• Conductive geophysical anomalies located within interpreted magma channel-ways west of the Fraser Lake Complex (FLC), provide exploration targets for massive sulphide mineralisation

Exploration Focus

Exciting Discovery Potential Within Region NEW INTRUSIVE MODEL FOR THE FRASER LAKE COMPLEX

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MobileMT Total Magnetic Intensity Image
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• The area west of the FLC portrays a complex interconnection of mafic and ultramafic intrusive bodies, underlain by deep crustal-tapping structures

• The affects of strong remnant-magnetism on geophysical signatures for the area to the west of the FLC, has influenced past perceptions of the prospectivity of this area

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• Horizontal/lateral magma flow dominates the Matrix Trend and possibly the areas to the west of the FLC, north to the Motruiuk Complex and south the South Pipe

• The South Pipe represents a major vertical pathway for magma into an area that hosts extensive disseminated magmatic sulphide mineralisation (Matrix Trend) and multiple new conductor targets

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Exciting Discovery Potential Within Region

NEW CONDUCTOR TARGETS IDENTIFIED FOR DRILL TESTING

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Mobile MT Resistivity/Conductance Image Plan at ~250m Below Surface
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• The innovative MobileMT geophysical method has identified new conductors – targets of interest are defined and ranked on the basis of their intensity and coincidental anomalism with other geophysical characteristics (such as magnetics, gravity and IP)

• New areas of conductance have the potential to host massive nickel-copper-cobalt sulphide bodies

• The main historical target for exploration – the main FLC intrusion and the Matrix Trend – are extensively mineralised (with disseminated sulphides) but are not conductive

• The Matrix Trend hosts multiple stacked flat-lying magmatic flows – extending from the newly defined area of conductance and polluted with sulphides

• Drilling of priority conductors of interest has commenced

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Matrix Trend
IP Chargeability High
NEW CONDUCTIVE Mineralised
TREND But Not Conductive
Mineralised Matrix Trend
88.5m @ 0.22% Ni & 0.11% Cu
56.1m @ 0.43% Ni & 0.18% Cu
Incl 22.6m @ 0.70% Ni & 0.35% Cu
Image ~250m 27m @ 0.37% Ni & 0.16% Cu
Below Surface
Refer to Slide 9 for Location
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Mineralised Matrix Trend
88.5m @ 0.22% Ni & 0.11% Cu
56.1m @ 0.43% Ni & 0.18% Cu
Incl 22.6m @ 0.70% Ni & 0.35% Cu
27m @ 0.37% Ni & 0.16% Cu
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Refer to Slide 9 for Location
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Exciting Discovery Potential Within Region

NEW CONDUCTOR TARGETS IDENTIFIED FOR DRILL TESTING

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A FLC2021-24
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300 mRSL
200 mRSL
100 mRSL
0 mRSL
-100 mRSL
-200 mRSL
-300 mRSL
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Cross-Section looking southwest. Stacked tilted 100m spaced depth slices through the MobileMT Resistivity Model, including current drill hole FLC2021-24.

Plan of MobileMT Resistivity Model depth slice at +100 mRSL (~250 metres below surface).

MobileMT Resistivity Images. Hotter colours (purples and reds) depict higher conductivity areas than the colder colours (blues and greens) which depict low conductivity areas.

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PLAN
Fraser Lake
Complex
B
FLC2021-24
A
South Pipe
Image ~250m
Anomaly
Below Surface
Refer to Slide 9 for
Location
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Exciting Discovery Potential Within Region

NEW CONDUCTOR TARGETS IDENTIFIED FOR DRILL TESTING

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 Image ~250m Image ~350m
The new South Pipe Conductor
Below Surface Below Surface
is traced over a 750m vertical
depth – remaining open at depth
Fraser Lake
Fraser Lake
 The “target model” for the South Complex Complex
Pipe conductor is the EL Deposit
at Lynn Lake – mined to only
250m below surface for
1.9Mt @ 2.4%Ni and 1.15%Cu
EL Mine
FLC2021-24 FLC2021-24
South Pipe
Magnetic
Anomaly
South Pipe South Pipe
Conductor Conductor
14
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Corazon – Way Forward

RIGHT COMMODITIES – PERFECT TIMING

• Lynn Lake Nickel-Copper-Cobalt Sulphide Project

• One of the best nickel exploration plays in North America

  • Underpinned by significant Resource with additional expansion potential: 116,800t nickel, 54,300t copper, 5,300t cobalt

• Market support and sentiment for nickel sulphide projects is growing

• Mining and Processing studies seeking to minimise costs and optimise the potential for a mining operation

• Discovery opportunity – new methods delivering new drill targets in a fertile project area

• Drilling underway testing new priority geophysical conductor anomalies

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15
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Mt Gilmore Project - Targeting “Battery Metals” in Australia

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Mt Gilmore Copper-Cobalt-Gold

• Giant copper-cobalt-silver-gold geochemical anomalies – yet to be drill tested

• Porphyry Copper potential confirmed – main exploration focus

• • Cobalt Ridge Prospect – cobalt dominant sulphide deposit

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16
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Geology + Copper
in Soils Image
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Mt Gilmore – Large Copper Target

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Mt Gilmore
Grafton
17
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Geology + Copper 21.6 %Cu
361 ppmAg
in Soils Image
0.17 g/t Au
0.64 %Cu
176 ppmCo 0.78 %Cu
294 ppmMo 148 ppmCo
0.12 g/tAu
10.75 %Cu
180 ppmCo 0.41 %Cu
0.11 g/tAu 409 ppmCo
74.7 ppmAg 0.82 g/tAu
0.52 %Zn 0.35 %Zn
5.04 %Cu 7.35 %Cu
1,795 ppmCo 1.29 g/tAu
1.03 g/tAu 88 ppmAg
46 ppmMo
16.3 %Cu
2.55 %Cu 393 ppmCo
238 ppmAg
209 ppmCo
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 – High Grade Copper 18

UNIQUE – EARLY STAGE – DISTRICT SCALE – EXPLORATION PLAY

• Large geochemical anomalies indicative of hydrothermal “Intrusive Related” or “Replacement” style of deposits

• High-grade copper within structures crosscutting geochemical anomalies – possible “leakage structures”

• High cobalt content of mineralisation indicative of a unique geological setting

MINERALISED PORPHYRY DISCOVERED

• Outcropping porphyry intrusive identified within the large Gordonbrook Hill copper anomaly

• Chalcopyrite (copper sulphide) associated with favourable potassic alteration

• Target coincident with IP chargeability anomaly.

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Geology + Copper 21.6 %Cu
19
361 ppmAg
Gordonbrook Hill Copper Anomaly in Soils Image
0.17 g/t Au
0.64 %Cu
176 ppmCo 0.78 %Cu
294 ppmMo 148 ppmCo
0.12 g/tAu
10.75 %Cu
180 ppmCo 0.41 %Cu
0.11 g/tAu 409 ppmCo
74.7 ppmAg 0.82 g/tAu
0.52 %Zn 0.35 %Zn
5.04 %Cu 7.35 %Cu
1,795 ppmCo 1.29 g/tAu
1.03 g/tAu 88 ppmAg
46 ppmMo
16.3 %Cu
Diorite 2.55 %Cu 393 ppmCo
Porphyry 238 ppmAg
209 ppmCo
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
19 Porphyry Micrograph
IP Line 466600E
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Mt Gilmore Project - Cobalt Ridge Prospect

LARGE AREA IDENTIFIED PROSPECTIVE FOR RESOURCE DEFINITION WORK

HIGH GRADE COBALT + COPPER + GOLD

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8 %Co
2m @ 0.64 %Co, 1.66
(Historical Workings)
%Cu, 0.13 g/tAu
in Reconnaissance Drilling
Cobalt Ridge
Main Lode
Quartz-Tourmaline Breccias
5m @ 2.14 %Co, 0.33 %Cu, 15.2 g/tAu, 0.42
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
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• Only the Cobalt Ridge Main Lode has been effectively drill tested

• Quartz-tourmaline breccias spatially associated with mineralisation

• Cobalt Ridge breccias indicate a long-lived, structurally hosted, intense hydrothermal environment

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Mt Gilmore Cobalt Sulphate
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20

Corazon – Way Forward

RIGHT COMMODITIES – PERFECT TIMING

 Lynn Lake Nickel-Copper-Cobalt Sulphide Project

• One of the best nickel exploration plays in North America

• Underpinned by significant Resource with additional expansion potential: 116,800t nickel, 54,300t copper, 5,300t cobalt

• Market support and sentiment for nickel sulphide projects is growing

• Mining and Processing studies seeking to minimise costs and optimise the potential for a mining operation

• Discovery opportunity – new methods delivering new drill targets in a fertile project area

• Drilling underway testing new priority geophysical conductor anomalies

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

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

• Several compelling targets for copper-cobalt-gold-silver sulphide deposits – drilling in 2021

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

Competent Person 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.

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, Gulf, ‘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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22
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CONTACT

Level 3, 33 Ord St, WEST PERTH WA 6005 PO Box 8187, SUBIACO EAST WA 6008 +61(8) 6166 6361 info@corazon.com.au www.corazon.com.au

FOLLOW US

LinkedIn: https://www.linkedin.com/in/corazon-mining-limited Twitter: https://twitter.com/corazonmining

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