Financial Position
• The 2022/23 budget concentrates on core services, efficiencies, an extensive array of community initiatives and renewal and
maintenance of the Shires many assets in an escalating cost environment
• Operating Revenue in 2022/2023 of $26,895,575 compared to $13,821,180 in 2021/2022
• Operating Expenditure in 2022/2023 of $24,079,858 compared to $16,728,630 in 2021/2022
• Operating surplus in 2022/2023 of $2,815,717 compared to an operating deficit in 2021/2022 of $2,907,450
• This extraordinary turn around estimated at $5,723,167 is a direct result of the progression of new revenue generating
opportunities. Furthermore, for the first time, the Shire will end up with an estimated positive operating surplus ratio.
• The 2022/2023 Annual Draft Budget also highlights an estimated $7,296,251 net cash provided by operating activities. The
significance of this cannot be underestimated. Very few local governments in WA would have a ratio of 74% of rates revenue
contributing to the renewal of road, building, footpath, drainage and community infrastructure.
There is insufficient housing stock to meet the requirements of
the 2,700 people employed by mining projects in the Region
Mining sector employment is forecast to grow by approximately 12 percent over the study horizon, requiring addi3onal
accommoda3on capacity to house workers, many of which will be employed on a FIFO basis
Property Type Coolgardie Kambalda East Kambalda West Property Type Number of beds
Houses for Sale 4 7 38 Mine-site based accommodaRon
Houses for Rental 1 3 6 Higginsville Village 300
Mount Marion Village 260
Townhouses for Sale 0 0 0
Ford Bayley Village 283
Townhouses for Rental 0 3 1 Township based accommodaRon
CIVEO Kambalda Village 230
Villas for sale 0 0 0
ESS Kambalda Village 534
Villas for rental 0 1 0 Kambalda Hotel 26
Apartments for sale 0 0 0 Coolgardie Goldrush Motels 41
Coolgardie Safari Inn 13
Apartments and units for rental 0 1 0
Denver City Hotel 26
Total 1,713
A number of mining operators have submitted development
applications for new mine-site accommodation capacity
• Proximity of transient worker accommodation is a critical factor
influencing the positive impacts of transient worker
accommodation on community sustainability. EnRty Number of beds LocaRon Status
EvoluKon mining 96 Coolgardie DA Submi,ed
• The Shire of Coolgardie is investing approximately AUD$20 Focus minerals 94 Coolgardie DA Submi,ed
million to develop a 200-bed worker accommodation village within Northern Star 220 Coolgardie Planning
208
ESS (expansion)
Kambalda DA Submi,ed
the Kambalda township during the 2022-23 financial year CIVEO (Gold Fields) 400 Kambalda DA Submi,ed
Shire of Coolgardie 200 Kambalda Being Built
• The facility will be leased on bed rate basis to the mining sector. It New Proponent - Shire 1500 Kambalda Conceptual
would contribute an estimated AUD$9.2 million annually in
revenue, provide economic benefits to local businesses, and
integrate the FIFO workforce within the local community. Over
the study period to June 2026, this amounts to approximately
AUD$46 million in additional revenue.
• The Shire is collaborating with several mining entities to explore
the feasibility of situating new transient worker accommodation
within the Shire, situated in Coolgardie or Kambalda townships
We should have a bigger piece of the ‘green’
mineral pie?
h,ps://micrc.com.au/wp-content/uploads/2021/06/Future-Charge-Report-Final.pdf
Thank you
Australian Nickel Conference
October 2022
Steve Warriner – Exploration Manager
Estrella Resources (ASX:ESR) Investor Presentation 1
Disclaimer & Declaration
This presentation has been prepared by Estrella Resources Limited (“ESR”) as a summary of the company’s exploration and development activities, with particular reference to Carr Boyd Ni/Cu Project near Kalgoorlie, WA and
the Spargoville Project near Kalgoorlie, WA.
No Offer of Securities
The presentation is not, and should not, be considered as an offer or invitation to subscribe for, or purchase any securities in ESR, or as an inducement to make an offer or invitation with respect to those securities. No agreement
to subscribe for securities in ESR will be entered into on the basis of this presentation.
Forward Looking Statements
This presentation contains certain forward-looking statements which have not been based solely on historical facts but, rather, on ESR’s current expectations about future events and on a number of assumptions which are
subject to significant uncertainties and contingencies many of which are outside the control of ESR and its directors, officers and advisers.
Reliance on Third Party Information
Due care and attention has been taken in the preparation of this presentation. However, the information contained in this presentation (other than as specifically stated) has not been independently verified nor has it been
audited. Accordingly, the company does not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by
ESR or its directors, officers or advisers, for the fairness, accuracy or completeness of the information contained in this presentation.
Compliance Statement
The information in this presentation relating to Exploration Results is based on information compiled by Steve Warriner, who is the Exploration Manager of Estrella Resources, and a member of The Australasian Institute of
Geoscientists. Mr. Warriner 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 Resource and Ore Reserves”.
The T5 Mineral Resource has been compiled under the supervision of Mr. Shaun Searle who is a director of Ashmore Advisory Pty Ltd and a Registered Member of the Australian Institute of Geoscientists. Mr. Searle has
sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code.
With reference to previously reported Exploration results and mineral resources included in this presentation, the company confirms that it is not aware of any new information or data that materially affects the information
included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market
announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original
market announcement.
The Board authorised for this presentation to be released to ASX.
Estrella Resources (ASX:ESR) Investor Presentation 2
Experienced Board & Management
LESLIE PEREIRA Experienced investor and businessman with involvement in small companies and maximising their potential value. Heavily
Non-Executive Chairman involved in driving growth of Majestic Resources / Petra Diamonds – now merged with Petra Diamonds – and, subsequently,
Kangaroo Resources (Indonesia)
CHRISTOPHER DAWS Experience in running junior resources companies, including previous involvement with Niagara Mining (Poseidon Nickel), US
Managing Director Nickel and KMC Limited. Director and founder of Apollo “Phoenix” Resources Pty Ltd and a Director of Nimbus Mines Pty Ltd.
JOHN KINGSWOOD Experienced mining professional with over 25 years in the engineering services industry specializing is underground mine
Non-Executive Director infrastructure. Successful businessman with a track record of acquiring mineral projects and implementing effective business
strategies. Currently a Director of Apollo “Phoenix” Resources Pty Ltd and Nimbus Mines Pty Ltd (a resource investment group).
STEVE BROCKHURST 15 years’ experience in the finance and corporate advisory industry and is a Director of Mining Corporate Pty Ltd. His experience
Company Secretary includes corporate and capital restructuring, corporate advisory, company secretarial services, capital raising, ASX and ASIC
compliance requirements. Has served on the Board and acted as Company Secretary for numerous ASX listed and private
companies
STEVE WARRINER Has worked mainly in Western Australia and Canada for the past 30 years. He has spent the majority of that time in nickel
Exploration Manager mining and exploration, working for Western Mining Corporation, Fox Resources, Poseidon Nickel and as an independent
consultant. He is presently the Exploration Manager for Estrella Resources.
Estrella Resources (ASX:ESR) Investor Presentation 3
Estrella – At A Glance
WA-focussed nickel exploration company looking to transition into production in a Tier-1 mining and processing jurisdiction with a
highly experienced board and management team
Carr Boyd Ni-Cu-S Project
(100% Owned) Spargoville Ni-S Project
❑ Lies 80km north of Kalgoorlie- (100% Ni rights)
Boulder with initial drilling ❑ Lies 20km South-West of
discovering Massive Nickel Kambalda, four Kambalda-style
Sulphide at T5 in 2019 deposits have been discovered and
❑ Exploration Target of between developed on 2 ML’s
35,000t and 105,000t Ni metal ❑ Estrella is aiming to transition
based on T5 Resource (6Kt Ni + Spargoville project into a producing
3.5Kt Cu) and 45km of drilling and asset
new geological / technical studies
Estrella Resources (ASX:ESR) Investor Presentation 4
Spargoville Nickel Sulphide Project
(100% Ni rights)
Estrella Resources (ASX:ESR) Investor Presentation 5
Spargoville – Right Time For New Mine Developments
With recent appreciation in the nickel price, time is right to
transition Spargoville nickel sulphide project to a producing asset
❑ Acquired via the purchase of WA Nickel Pty Ltd in 2017, the nickel
rights to mine and explore around 4 existing nickel deposits
❑ Underlying tenements owned by Maximus Resources
❑ Nickel sulphides were first discovered in the area in the late 1960’s
❑ 1A, 5A, 5B, and 5D (Andrews) deposits partially developed on two of
the three mining leases for which the Nickel Rights were purchased
❑ All mines have remnant nickel sulphide and transitional mineralisation
and exploration potential at depth
❑ After unsatisfactory sales process in early 2022 ESR decided to
progress the project itself
Potential cashflows from Spargoville production to assist in the
exploration and development of Carr Boyd
Estrella Resources (ASX:ESR) Investor Presentation 6
Spargoville – 5A Nickel Deposit (2022-2023 Priority)
5A represents a potential early nickel producing opportunity for Estrella via an open pit cutback operation
❑ 5A Oxide was mined in an open pit (1996-1997)
❑ Beneath this is a thick, high-grade Transitional
Sulphide Zone underlain by Fresh Sulphides
❑ Resource confirmation drilling completed in Aug-22
❑ New Resource Estimation imminent to inform a
Definitive Feasibility Study
❑ 2019 Bench-scale testing confirmed amenability of
5A transitional sulphides to alternative processing
❑ Estrella aims to extract a 2,000-4,000 tonne
metallurgical sample in Oct-Nov 2022
5A October 2019 Mineral Resource Estimate (0.5% Nickel Cut-off)
Tonnage Ni Cu Ni Cu
kt % % T T
Indicated 69 2.4 0.19 1,630 130
Inferred 58 1.3 0.11 730 70
Total 127 1.9 0.15 2,370 190
Above: Photo of the 5A Open Pit looking West Below: Photo of Massive Sulphides in SPDD002 at 65m down hole with Refer ASX Release date 18 October 2019 (ASX: ESR)
nickel assays (as announced to ASX on 30/06/2022)
Estrella Resources (ASX:ESR) Investor Presentation 7
Spargoville – Other Potential Near-Term Production Assets
5B Deposit 5D (Andrew’s) Deposit 1A Deposit
Cross sectional view of the 1A Nickel
Cross-section of the 5B Nickel Deposit, gold pit and Mine and remaining resource
decline, last drilled by Minotaur in 2014.
• 700m long decline established for u/g drilling
• No u/g mining has taken place
• JORC2004 Resource to be upgraded Long section showing the unmined oxide cap, and
DHEM targets generated by Breakaway Resources and
Minotaur Exploration
Estrella Resources (ASX:ESR) Investor Presentation 8
Spargoville - Transitioning to Production in 2023
JUNE 2022 SEPTEMBER 2022 DECEMBER 2022 2023
Diamond drilling for
metallurgical
confirmation and Resource upgrade & pit Bulk sample testing, Commencement of
optimisation
5A Deposit expansion of JORC completion of DFS & Mining*
2012 Resource Nearing Completion mining approvals
Completed
5B & 5D Deposits to follow similar pathway to production as 5A Deposit
*Targeted production at 5A Deposit in 2023 subject to successful completion of DFS and all necessary approvals
Estrella Resources (ASX:ESR) Investor Presentation 9
Carr Boyd Nickel Sulphide Project
(100%-owned)
Estrella Resources (ASX:ESR) Investor Presentation 10
Carr Boyd Nickel Project - Overview
❑ Carr Boyd Nickel Deposit first discovered in 1968, over 3,000 NiT and 1,000 CuT mined 1972, non-JORC remnant resource
❑ Estrella acquired 3 ML’s and 6 EL’s in 2018 encompassing the entire Carr Boyd Igneous Complex and made the T5 discovery
in 2019 (over 50 Years Later) by targeting the basal contact only 1,000m away from the initial Carr Boyd discovery
Recently published JORC Exploration Target of between 35,000 NiT and 105,000 NiT (5-7Mt @ 0.7%-1.5%Ni)
T5 Inferred Resource 860kt @ 0.7% Ni, 0.4% Cu, 12,000oz Pt + Pd, 55,000oz Ag (See ASX Announcement dated 20-09-2022)
Broonhill
T5
Carr Boyd Mine
Mossgiel
S.W.W. Gossan
Hill
North
T5 core from CBDD030, 13.9m @ 1.2% Ni & 0.4% Cu
Magnetics of the Carr Boyd Intrusive Complex with Estrella’s tenements Broonhill core from CBDD076, 6.23m @ 0.6% Ni & 0.7% Cu
and nickel sulphide prospects
Estrella Resources (ASX:ESR) Investor Presentation 11
Understanding Geological Context to Minimise Exploration Risk
Estrella embarked upon a “back-to-basics” strategy to contextualise the Carr Boyd Intrusion in both time and space,
employing both scientific study and new technology, to minimise exploration risk and to define the most suitable
exploration window
❑ Carr Boyd Nickel Mine first discovered in 1968, T5 discovery made by Estrella in 2019 – over 50 Years Later, within 1 km
2
❑ Carr Boyd Complex = 78km , Estrella’s exploration window is narrowed to 16 linear km using “back-to-basics” approach
❑ Historical exploration at CB: 2,250 holes for 161,000m had tested just 5% of the prospective basal contact “window”
Carr Boyd Mine
T5
North
Magnetics of the Carr Boyd Intrusive Complex with respect to Estrella Resources’ Relative size of Carr Boyd with respect to the City of Kalgoorlie-Boulder
tenements, located 80km NNE of the City of Kalgoorlie-Boulder
Estrella Resources (ASX:ESR) Investor Presentation 12
Why Go Back to Basics?
❑ Last detailed scientific study on Carr Boyd was in 1972, Carr Boyd has not been understood in regional or local context
❑ Variations on the layered intrusive model used for exploration were largely unsuccessful for 50 years
❑ Active interest in nickel sulphide science spearheaded by the CSIRO bringing new insights to the nickel exploration industry
❑ Estrella aimed to capitalise on this by co-funding research with CSIRO at Carr Boyd
Older Context Newer Models
Diagram from Hoatson et. al. 2006, Nickel sulfide deposits in Australia Diagram from Barnes et. al. 2016, Nickel sulfide deposits in Australia
Photo from No2 Shoot, Mega-breccia at Carr Boyd Nickel Mine circa early 2000’s
Estrella Resources (ASX:ESR) Investor Presentation 13
Carr Boyd Intrusive Complex - What does “back-to-basics” look like
❑ We know the system is fertile however…. What age is the intrusion? Exactly which way was down?
❑ Type, complexity and shape of intrusion? What were the flow dynamics and direction? Local or distal sulphur sources?
❑ Are the Carr Boyd sulphides related to the T5 sulphides? What has happened between nickel formation and now?
Diagram from Barnes et. al. 2016, Nickel sulfide deposits in Australia
Broonhill
T5 Carr Boyd Mine
Mossgiel
Tregurtha
Gossan Hill
Sir William
Wallace
Frenchman’s Hill
Without context and answers to
these basic questions we cannot get
the best information out of our
North
drilling nor vector in on where to drill
next.
Estrella Resources (ASX:ESR) Investor Presentation 14
Carr Boyd Intrusive Complex – Some of the Answers
❑ CSIRO dated the CBIC at ~2690 ± 50 Ma
❑ Just younger than Mt Keith, Kambalda, Scotia - played a part in the early orogenic process
❑ Will show effects of all regional deformation including overturning
❑ Only example of mineralised mafic-ultramafic layered intrusion of that age in the Goldfields. Where are the others?
Graphs of T5 and Carr Boyd Pt, Pd and Ni Tenor
❑ T5 Sulphides and Carr Boyd Sulphides are from different melts
❑ PGE depletion in CB much higher than expected
❑ Can’t be adequately explained by sulphide differentiation alone
❑ Suggests CB magma formed another deposit deeper in the system prior
to forming the PGE depleted Carr Boyd Mine magmatic sulphide breccia
❑ Starts to give a sense of the dynamics to expect within the system
❑ Potentially extends the exploration window above the basal contact
❑ New seismic system used to model internal and external contacts / structures
❑ Improve success in targeting the basal contact location at depth
❑ Understanding the change in basal contact orientation to form traps
❑ Seismic refined the paleo-gravity direction
Ultramag’s E-Vibe in action at Carr Boyd
Estrella Resources (ASX:ESR) Investor Presentation 15
Paleo-gravity, Inflation, Rotation
❑ This might be a particularly interesting learning if
exploring an intrusion that has not undergone
much tilting during deformation where the basal
contact cannot be observed through mapping
❑ Pyroxenite-Gabbro layering in the upper intrusion T5
caused by gravity accumulation of phenocrysts
and is almost exclusively controlled by gravity at
the time of intrusion: paleo-gravity direction
❑ Rotation of the basal contacts (at T5 and Gossan
Hill) occurs during inflation of the chonolith; what
we observe now was not their original “trap site” Mossgiel
orientation
❑ Mossgiel pyroxenite core has thermally eroded Gossan Hill
downward and twisted clockwise (now north)
Rock Solid Seismic (Graeme Hird) 3-D interpretation of Carr Boyd seismic with Estrella’s paleo-gravity interpretation
Estrella Resources (ASX:ESR) Investor Presentation 16
Paleo-gravity, Inflation, Rotation
❑ Nickel and copper sulphide intercepts can now be
put in context with respect to the original
orientation of the intrusion
❑ Many of the historical intercepts are not on basal
contact positions but close enough to indicate T5
sulphides are travelling along the basal contact
❑ Drilling and geophysics can now be used to find
sulphide traps where these sulphides have
accumulated
rd
❑ 3 dimension (not shown here) indicates the Mossgiel
intrusion is flattening w.r.t. stratigraphy at depth
❑ This has been Estrella’s approach in applying Gossan Hill
geological context to Carr Boyd exploration
1VD magnetics with Estrella’s paleo-gravity interpretation and nickel-copper intercepts >100m depth and > 0.4% Ni+Cu
Estrella Resources (ASX:ESR) Investor Presentation 17
Carr Boyd - Summary
Carr Boyd Exploration Window Quantified and Located in 3D Space with a JORC Exploration Target of between 35,000 NiT and 105,000 NiT
Clearly defined 16km of basal contact down to 1.5km depth, with an oriented and vectored geological model in ongoing development
Estrella’s approach is to test the exploration window fully and we can now quantify and budget for this with much more certainty
Broonhill
T5 Carr Boyd Mine
Mossgiel
Tregurtha
Gossan Hill
Sir William
Wallace
Frenchman’s Hill
North
Estrella Resources (ASX:ESR) Investor Presentation 18
Investment Opportunity
❑ Active nickel explorer in a tier-1 mining jurisdiction
❑ Focused on discovery of a World Class, High
Quality, Nickel Sulphide Resource
❑ Transitioning to near-term production - cashflows
to assist exploration and development
❑ Using up to date knowledge and technology as a
key de-risking tool for exploration
❑ Experienced board and management with an
innovative approach to exploration and mining
Estrella Resources (ASX:ESR) Investor Presentation 19
Contact:
Chris Daws
Managing Director
M: +61 8 9481 0389
E: [email protected]
Investor Presenta,on
Explora,on and Development
Nickel | Copper |Cobalt
FORWARD LOOKING STATEMENT
This presenta4on has been prepared by Corazon Mining Limited (“Corazon” or “Company”). 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
presenta4on should not be construed as an offer or invita4on to subscribe for or purchase securi4es in Corazon, nor is it an inducement to make an offer or an
invita4on with respect to said securi4es.
The Company believes that it has a reasonable basis for making the forward-looking statements in the announcement based on the informa4on contained in this
and previous ASX announcements.
The Company is not aware of any new informa,on or data that materially affects the informa,on included in this presenta,on, and the Company confirms
that, to the best of its knowledge, all material assump,ons and technical parameters underpinning the explora,on results in this release con,nue 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”, “an4cipate(s)” and similar
expressions are intended to iden4fy forward-looking statements. These statements include, but are not limited to statements regarding future produc4on,
resources or reserves and explora4on results. All such statements are subject to certain risks and uncertain4es, 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
informa4on and statements. These risks and uncertain4es include, but are not limited to: (i) those rela4ng to the interpreta4on of drill results, the geology, grade
and con4nuity of mineral deposits and conclusions of economic evalua4ons, (ii) risks rela4ng to possible varia4ons in reserves, grade, planned mining dilu4on and
ore loss, or recovery rates and changes in project parameters as plans con4nue to be refined, (iii) the poten4al for delays in explora4on or development ac4vi4es
or the comple4on of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctua4ons, (v) risks related to failure to obtain adequate
financing on a 4mely basis and on acceptable terms or delays in obtaining governmental approvals or in the comple4on of development or construc4on ac4vi4es,
and (vi) other risks and uncertain4es related to the Company’s prospects, proper4es and business strategy. Our audience is cau4oned not to place undue reliance
on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obliga4on to revise and disseminate forward-looking
statements to reflect events or circumstances aWer the date hereof, or to reflect the occurrence of or non-occurrence of any events.
2
CORAZON MINING LIMITED - BATTERY METALS FOCUS
PROJECT LOCATION BENEFITS OF 1ST WORLD JURISDICTIONS
LYNN LAKE – 100%
NICKEL-COPPER-COBALT
• Prolific historical producing area
• Large JORC resources - +80% Indicated/Measured
• Redevelopment opportunity
• Exci4ng discovery poten4al
MT GILMORE – 80%
COPPER-COBALT-GOLD
• New district scale explora4on play
• Large copper-cobalt-silver-gold hydrothermal system
+20km strike – high-grade surface samples – poten4al
untested by drilling
• Includes a drill defined cobalt dominant
sulphide deposit
MIRIAM – OPTION EXERCISED
HEAD OFFICE TO ACQUIRE 100%
PERTH NICKEL-COPPER-COBALT
• Nickel sulphide deposit discovered in 1969
• Extensive high-tenor nickel
• Very limle modern nickel explora4on
3
CORAZON MINING LIMITED - BATTERY METALS FOCUS
PROJECT LOCATION BENEFITS OF 1ST WORLD JURISDICTIONS
Lynn Lake Historical Ni-Sulphide Mining Centre
• Applying modern and innova4ve prac4ces to mining and
processing studies – founda4on work for possible mining
redevelopment
• Winter explora4on programs defined
• Mining Centre explora4on drilling tes4ng for resource
extensions
• Resource valida4on and metallurgical drilling of ‘N’
and ‘O’ deposits
• Con4nued regional explora4on for new sulphide
deposits
4
CORAZON MINING LIMITED - BATTERY METALS FOCUS
PROJECT LOCATION BENEFITS OF 1ST WORLD JURISDICTIONS
Miriam – Undeveloped Ni-Sulphide Deposit
• Pushing for gran4ng of tenements
• Priority ground geophysical survey to test
mineralised trend
• Drilling as soon as possible post geophysics
Miriam Deposit
1969-1974 Drilling
9.6m @ 5.60% Ni
12.5m @ 0.56% Ni
3.2m @ 2.59% Ni
0.9m @ 5.57% Ni
6.1m @ 0.90% Ni
5
CORAZON MINING LIMITED - BATTERY METALS FOCUS 21.6 %Cu
Geology + Copper
361 ppmAg
0.64 %Cu in Soils Image
PROJECT LOCATION BENEFITS OF 1ST WORLD JURISDICTIONS 0.17 g/t Au
176 ppmCo
294 ppmMo 0.78 %Cu
148 ppmCo
10.75 %Cu
180 ppmCo 0.12 g/tAu
0.11 g/tAu
74.7 ppmAg 0.41 %Cu
Mt Gilmore – Targe,ng Porphyry Cu-Au-Co 409 ppmCo
Deposits 0.52 %Zn 0.82 g/tAu
• Mineral vectoring studies by CODES (University 5.04 %Cu 0.35 %Zn
of Tasmania) underway 1,795 ppmCo
• Working towards a targeted drilling campaign 1.03 g/tAu 7.35 %Cu
early in 2023 46 ppmMo 1.29 g/tAu
2.55 %Cu 88 ppmAg
209 ppmCo
171 ppmMo 16.3 %Cu
393 ppmCo
12.75 %Cu 238 ppmAg
1,250 ppmCo
0.19 g/tAu 13.55 %Cu
Mt Gilmore
93 ppmAg 898 ppmCo
885 ppmMo 15.15 g/tAu
Graeon 66 ppmAg
474 ppmMo
0.34 %Zn 6
CORAZON MINING LIMITED – AT A GLANCE
Capital Structure – ASX:CZN
Issued Shares 610m
Unlisted Op4ons/Rights (1) 20.04m
Market Cap (@ $0.016/share) $9.77m
Cash (June 2022 Quarterly) $7.9m
En4tlement Offer – April 2022 $7.6m
52W High $0.049 Low $0.015
Daily Average Volume Traded 390,400
Shareholders
Board of Directors
Number of Shareholders 2,618
Terry Streeter Non-Exec. Chairperson
Top 20 Shareholders 54%
Brem S Smith Managing Director
Delphi 19.99%
Dr Mark Yumin Qiu Non-Exec. Director
Blackstone Minerals Ltd 16.70%
Jonathan Downes Non-Exec. Director
(1) Unlisted Op4ons include 19.54m at $0.10 by 20 May 2024 and 500k 7
Performance Rights dated 20 December 2023
Nickel-Copper-Cobalt Sulphide
LYNN LAKE PROJECT LOCATION AND INFRASTRUCTURE
Community Support Services
Hydro-Power Sta,on Rail
9
GEOLOGICALLY UNIQUE WITHIN THE REGION
Mining Centre
Ralph Lake Complex
+1% Ni in 1950’s Drilling
A Plug – Mining Opportunity with +20
Deposits & Large JORC Resource
Motriuk Complex – EL Deposit – Opencut Mining
Recent Discovery of Ni Opportunity + High-Grade
Sulphide in Drilling Mineralisa,on at Depth
Fraser Lake Complex – Developing Explora,on
Play with Extensive Drill Defined Mineralisa,on
South Pipe – Possible Source of
Ni-Rich Magma for the FLC
Lynn Lake Aeromagne,c Image – 1997 GeoTEM + 2021 MobileMT Surveys Lynn Lake Geological Interpreta,on
10
PROLIFIC HISTORICAL PRODUCER
Farley Shae
A Shae
Produced 206,200t Ni and 107,600t Cu
• More than 20 separate deposits
• A Plug – 18Mt @ 0.88% Ni + 0.47% Cu
• EL Plug – 1.9Mt @ 2.4% Ni + 1.15% Cu
Lynn Lake Townsite and Mining Centre 1972
1Mtpa underground opera,on
• Labour intensive - non-mechanised mining opera4on
• Selec4ve mining prac4ces
• Development down to ~1,100m below surface
Explora,on Drilling 1950’s ‘A’ Shae 1965
11
EXTENSIVE DRILL DEFINED MINERALISATION
**
Resource 80% Measured + Indicated Category
**
Resource on only 6 deposits of the +20 deposits
defined within the Mining Centre
~10,000 drill holes define plenty of upside poten4al
A Shae Farley Shae EL Shae
Lynn Lake Townsite and Mining Centre
1972
Disco A Shae Farley Shae
EL
EL Deeps
O & N
P
1 km
Golf
Mining Centre 3D View Looking Southeast
th
* JORC Resource Es4mate at 0.5% Ni Base Cut - Published 25 October 2021 12
** 100% Sulphide Nickel (Negligible Unrecoverable Silicate Nickel)
NEW MINING STUDIES TO OPTIMISE MODERN PRACTICES
Current focus on:
Geotechnical models that will support increasing stope/void
sizes and reducing development costs
Op4mising mining and material handling prac4ces and
integra4ng project areas within the Mining Centre
Improving metallurgical performance to deliver high-value metal
concentrates or sulphates suitable for the rechargeable bamery
sector
Iden4fying beneficial tonnages, proximal to mine infrastructure, 2016 Conceptual Mine Design
defined by past drilling
13
FRASER LAKE COMPLEX – EXPLORATION FOCUS
South Pipe
Possible Source of
“Ni-Rich” Magma
South Pipe
Fraser Lake Complex – Magne4c Inversion Plan (~ 250m below surface) Lynn Lake Aeromagne,c Image –1997 GeoTEM + 2021 MobileMT Surveys
14
FRASER LAKE COMPLEX – EXPLORATION FOCUS
Mineralised Matrix Trend – Best Results Matrix Trend – main focus for CZN’s explora4on to date
88.5m @ 0.22% Ni & 0.11% Cu
56.1m @ 0.43% Ni & 0.18% Cu Geological model developing
Incl 22.6m @ 0.70% Ni & 0.35% Cu Area to the west of the FLC looking promising
27m @ 0.37% Ni & 0.16% Cu
Motriuk
Ni Sulphides in
Recent Drilling
Trend Untested
South Pipe with Drilling
Possible Source of
“Ni-Rich” Magma
Fraser Lake Complex – Magne4c Inversion Plan (~ 250m below surface)
15
FRASER LAKE COMPLEX – EXPLORATION FOCUS
“Pipe-Like”
Gravity Highs
A fer4le but difficult explora4on scenario
Electromagne,cs (EM) has not been effec,ve
• The FLC is polluted with magma4c (Ni-Cu-Co)
sulphide and barren sulphidic sedimentary xenoliths
• Conduc4ve surface material from extensive swamp,
lake and glacial sand cover
Matrix Tend
Complex magne,c signature – including magne4c IP Chargeability High
remanence issues that influence processing and
interpreta4ons
New gravity (2022) has iden,fied new targets
• Mul4ple dense pipe-like bodies converging at depth
within the centre of the FLC
Gravity Inversion Plan at ~250m below surface – hot colours indicate
denser material
16
INVESTMENT HIGHLIGHTS
Corazon is an ASX listed mineral explora,on company focused on the explora,on and development of
strategically cri,cal basery metals (nickel, copper and cobalt).
100% ownership of the historical nickel-copper-cobalt Lynn Lake mining centre in the province of
Manitoba, Canada
Large JORC compliant resources of 116,800t Ni, 54,300t Cu and 5,800t Co
At a market capitaliza4on of ~$10M – Lynn Lake’s enterprise value is <$5M
New mining studies underway for the Lynn Lake Mining Centre
Aggressive explora4on strategy at Lynn Lake looking to discover new nickel sulphide deposits
Quality Australian assets provide an addi,onal explora,on focus for Corazon’s target commodi,es
On the back of the emerging rechargeable basery sector, Corazon is leveraged to both explora,on
success and an improved environment for the redevelopment of the Lynn Lake Mining Centre.
17
CORAZON MINING LIMITED
A stable and driven company with market
support that has built a quality nickel
sulphide project in a very challenging
market
Right commodi4es – perfect 4ming
Well funded explora4on and resource (1)
development programs Global Nickel Supply Capacity and Demand
(1) Source: Rystad Energy BameryMaterialsCube, Rystad Energy 18
research and analysis. October 2021.
For further informa,on, please contact:
Bres S. Smith
Managing Director
Corazon Mining Limited
Telephone: +61 8 6166 6361
Email: [email protected]
Website: corazon.com.au
Drilling Underway to Uncover a Tier-1 Nickel
Sulphide Discovery in the East African Nickel Belt
Paydirt Nickel
Conference
5 & 6 October 2022 | ASX: ADD
Important Notice and Disclaimer
This presentation has been prepared by Adavale Resources Ltd (ASX:ADD).This presentation contains background information about ADD current at the date of this presentation. The presentation
is in summary form, has not been independently verified and does not purport be all inclusive or complete nor does it contain all the information that a prospective investor may require in
evaluating a possible investment in ADD or its assets.
Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and
opinions contained in this presentation. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.
Recipients of this presentation who decide to invest in ADD do so at their own risk.
This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the
purchase or sale of securities in any jurisdiction. This presentation is not a prospectus and does not contain all of the information which would be required to be disclosed in a prospectus. This
presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions
that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. This presentation does not constitute investment advice and has been
prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not
intended to represent recommendations of particular investments to particular persons. Recipients should seek their own professional, legal, tax, business and/ or financial advice when
deciding if an investment is appropriate.
To the fullest extent permitted by law, ADD and its related bodies corporate, its directors, officers, employees and representatives (including its agents and advisers), disclaim all liability, take
no responsibility for any part of this presentation, or for any errors in or omissions from this presentation arising out of negligence or otherwise and do not make any representation or
warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts, conclusions or other representations
contained in this presentation.
This presentation contains forward looking statements concerning Adavale. Forward-looking statements are not statements of historical fact and actual events
and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors.
Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could
cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on
behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development
and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward
looking statements in this presentation are based on Adavale’s beliefs, opinions and estimates of Adavale as of the dates the forward-looking statements are
made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future
developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are
reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and
unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different
from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among
others, the actual market price of nickel, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as
those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or
undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward- looking statements
in this presentation will actually occur.
Competent Person Statement
The information in this release that relates to “exploration results” for the Nickel Project is based on information compiled or reviewed by Mr
David Dodd of MSA, South Africa. Mr Dodd is a consultant for Adavale Resources Limited and is a member of the SACNASP. Mr Dodd has
sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration as well as to the activity that is being
undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Dodd consents to this release in the form and context in which it
appears.
The information in this release that relates to “exploration results” for the Uranium Project is based on information compiled or reviewed by Mr Patrick Harvey MAppSci, Australia. Mr
Harvey is a consultant for Adavale Resources Limited and is a member of the AIG. Mr Harvey has sufficient experience that is relevant to the style of mineralisation and type of deposits under
consideration as well as to the activity that is being undertaking to qualify as a Competent Person under the ASX Listing Rules. Mr Harvey consents to this release in the form and context in
2 which it appears.
Why invest in Adavale?
U
Ni Exposure to critical minerals - Nickel and Uranium
- Electrification and Decarbonisation
A dominant Nickel exploration portfolio in the East African Nickel Belt (“EANB”)
- Poised to become an epicentre for nickel discovery and production in Tanzania
Success through dedicated methodology and a considered exploration program
- 32 new and untested large-scale Ni sulphide targets identified
Drilling program now underway
- RC/DD initially testing 7 priority Heli-EM targets areas
- Drill targets based on coincident ground-based gravity and Heli EM anomalies
A team with deep African experience and a track record of major discoveries in Nickel
Fully funded to execute imminent drill programs and ongoing exploration
- Recent placement and rights issue completed to raise ~$3M
3
Board & Capital Structure
ADD $15.7m* ~3.1cps ~$3.6m*
Grant Pierce ASX Code Market Cap Share Price Cash & Liquids
Non-Executive Chairman
Mining engineer with ED, NED, GM experience
Strong and long-standing affinity with Tanzania
~5% 17m 81.4m* Nil
David Riekie
Executive Director Board & Options
Corporate experience, ASX roles (NED, MD, ED, CEO) Management Performance Debt
including Nickel, Uranium/Energy, African experience Rights Avg. Ex-Price 5.1cps,
Ownership Exp: 21 Dec 22 to 30 Jan 25
John Hicks
Non-Executive Director
Accomplished Nickel Sulphide Geologist/Explorer, 15yrs of
GM level Geo/Explorer for ASX listed Current Shares on Issue Proforma (Placement + Right Issue)*notes m ~508
Pro-forma Cash & Liquids (30 June 2022) $m 3.6
Allan Ritchie
Chief Executive Officer Market Cap (at 3.1 cps @ 4 October 2022) $m 15.7
Experienced ASX/HKEx Energy and Resources CEO/ED/MD, Enterprise Value (implied) $m 12.1
30+yr Investment Banking career
Leonard Math * Notes:
Chief Financial Officer/ Company Secretary • Refer to Placement and Entitlement Offer details in announcement “Adavale raising up to $3M to accelerate nickel
exploration” dated 27 July 2022; proforma Mkt Cap
Experienced Resources sector executive, ASX listed ED, CFO, • Options include 1:3 attaching options from Placement & Rights Entitlements Issue
Coy Sec • Cash & liquids includes $400k (as at 30 June 2022) and $175k cash draw facility with LKC Technology Pty Ltd
(LKC)
• Board & Management ownership assumes subscription for 5M shares in Tranche 2 of the Placement (subject to
shareholder approval) and directors taking take up their eligible entitlements under the Entitlement Offer
• Performance rights 17m (Directors/KMP 9m tranche Ni/U308 JORC resource (exp Dec 2023); 5day VWAP 15cents
(Jun 23)
4
Nickel Sulphide Deposits – Rare and In Demand
Pechenga
Noril’sk-Talnakh
Raglan
Thompson
Voisey’s Bay
Eagle
Jinchuan
Electrification is driving nickel
sulphide demand and prices
NICKEL PORTFOLIO
Kabanga Significant M&A activity in the
sector to secure deposits and
prospective land
Selebi-Pikwe Recent acquisition of Noront
Resources by Wyloo in Canada
Nickel sulfide deposit
Basal-related dike/sill-hosted BHP invests in world class
Komatiite-associated
Basal contact PGE-enriched low-sulfide Tanzanian discovery to enhance
Astrobleme-associated nickel sulphide exposure
5