ANC-Presentations-Full-18-10_Neat

Corporate headlines







Capital structure Board & Management


Shares on issue (#M) 141.2 - direct experience - commodity / assets / location


St Ives (GFI) (#M) 44.7

Share price (04/10/21) ($) 0.43


Market capitalization ($M) 60.7


Cash – June 30 2021 ($M) 14.0





Tightly held register







Top 20 > 77%


Avg Vol 235k/d


50% IPO issue

traded




3

Globally significant district







The right address.....



• Kambalda


• 1.6Mt nickel metal mined, > 54Mt of
ore since 1966 (at 3.1% Ni)

• ~15 Moz of gold sold since 1980


• LM8 owns two mines that

produced > 90 kt Ni


• No meaningful nickel exploration

since mid 1990s

• Multiple Ni troughs offer

discovery upside






Mine Closed Production

Foster 1994 2.4Mt @ 2.6% (61kt Ni)


Jan Shaft 1986 1.1Mt @ 2.8% (30kt Ni)



4

Foster & Jan – proven producers






Foster Mine (decline & shaft) – closed ‘94

Site played host to a
>30kt nickel new WMC gold mill
metal produced at St Ives in 1987


Relatively shallow
depth ~ 560m
(vs Otter-Juan at
1,300m)

665m














>60kt nickel metal produced
OPEN














Jan Shaft – closed ‘86 5

First Phase RC Success





East Cooee – H/W^


• 9.0 metres (8.7 mTW) @ 1.66% Ni ( 113 m)
6532000mN including 6532000mN
Warren

382000mE
386000mE
Shoot Foster Portal • 1.0 m @ 7.44% Ni (113 m);
N
211kt @ 3.1% Ni • 8.0 metres (7.8 mTW) @ 1.31% Ni (130 m)
(6,400t Ni) including

• 2.0 m (2.9 mTW) @ 3.46% Ni (136 m)
LEGEND
Conceptual Target Foster Shaft
Foster 85H
Advanced Prospect EAST
687kt @ 2.4% Ni COOEE
Resource Target
(16,600t Ni)
Hist. Drill Core Retrieval

Kambalda Komatiite Foster East Trough^
Prospective Ni Contact South • Nickel sulphides confirmed, DHTEM will test for

Project Tenements 340kt @ 4.7% Ni proximal trough

Excluded Area (Gold) (16,000t Ni)
Jan Mine • 2.0 m @ 5.07% Ni (289 m)

• ~ 130 m up plunge from closest WMC hole
JORC’12 LEGEND (CD 587 2.25 m @ 3.37% Ni)
6528000mN 6528000mN
Nickel Resource Area
Indicated Resource 0 1 2
Inferred Resource 382000mE 386000mE
Kilometres 6
st
^see ASX Announcements dated 28 September and 1 October 2021 for drill hole additional details and JORC Table 1 Sections 1 & 2
th

East Cooee – multiple sources of Ni








Line of Cross Section (Slide 8 RIGHT)















East Cooee H/W surfaces

East Trough












Between 200m and 400m
between East Trough and
H/W












7

East Cooee – a new system







East Trough Long Projection East Cooee – H/W – Cross Section








































• Historical WMC drilling is interpreted to have
clipped the prospective channel/trough setting – so

plunge is open


• DHTEM and follow up diamond drilling to target any 8
off-hole plate(s) 8

Foster Mine - 39,000 tonnes in JORC’12







3 pathways to growth


• Surface drilling
• RC to 250-300m

• DD for deeper conceptual targets

• +/- DHTEM

• Historical drill core programme


• Dewater and future mine re-entry and UG DD




JORC 2012 Resource (>1% Ni L.C.O.)

Deposit Mt % Ni Ni kt


Foster 0.69 2.4% 16.6

85 H

Foster

South 0.34 4.7% 16.0


Warren 0.21 3.1% 6.4


Total 1.24 3.2% 39.0

see ASX Announcement dated today, 5 October 2021, for drill hole additional details and JORC Table 1 Sections 1 & 2 9
th

Historical Drill Core Retrieval programme










Stds/blanks
Access 350km inserted, density

of core, check measured,
logging,
metallurgical
duplicate characterisation,

sample/assay
Establish RPEEE criteria QAQC checks
for reporting as per

JORC 2012

requirements



Cross

reference with Historical

digital geology
database, section, plan

interpret, and log

model and reviews from
estimate grade WMC era



10

19 years of detailed geology records







• All 3D registered


• Over 430 individual


plans/sections


• >3 km of strike and

800 m depth

coverage at Foster



• >500 m depth and

full E-W & N-S


X/secs at Jan


• Foundation to all

LM8 interpretation

& JORC’12


estimations


• Fact based……


11

Goals of the Programme







• Previous successfully applied at Foster


South


• 690m BGL, 300m south of Foster Decline

• Resulted in 16kt nickel metal*

• Objectives for Foster:


• If results warrant, REGULARLY add to existing
Mineral Resource underground


• Facilitates the RPEEE test for all subsequent
resource estimates

• Identify near mine targets for Surface/DD

drilling; and/or

• Generate targets for future underground test
when mine is dewatered


• For Jan Shaft, possible first JORC’12

compliant estimate & assist targeting of

Jan Deeps



*see ASX Announcement 30 July 2021 12
for illustrated drill hole additional details and JORC Table 1 Sections 1,2 & 3

Nickel sulphides – central to Kambalda







Production: Pre-WMC sale vs Total Life of

Mine to date

4.3%

4.1%
3.9% 342
3.7% 203

3.5%
Ni % 3.3% 101 467 674

3.1%
2.9% 196

2.7% 91
2.5%
2.3%
75 175 275 375 475 575 675 775


Nickel metal (kt)







IGO – Long Shaft MCR – Widgie/Nth Kamb PAN – Lanfranchi LM8 – KNP
Purchased in 2003 Purchases from 2000/01 on Purchased in 2004/09 JV 2014 / IPO 2021

Long Shaft (36 yrs) Widgie/Nth Kamb (47 yrs) Lanfranchi (34 yrs) Foster/Jan (19 yrs)
1979-99; 2003-18 1969-2016 3 phases 1976-2016 1975 - 1994 13

^source: historical WMC production records, relevant ASX company announcements

Nickel sulphides ~ charging up.....








nd
• New BHP - Tesla supply deal announced 22 July 2021

• BHP sells ~80% of its nickel into the EV battery sector*


• “Demand for nickel in batteries is estimated to grow by over 500 per cent over
the next decade…”*


• Nickel West has off-take pre-empt over future LM8 Ni produced

• Kambalda concentrator only 25km north of LM8 project

• Offers capital-light processing route





























Sources: *: bhp.com 28/07/21 & 2021 Diggers presentation **carbonbrief.org/factcheck-how-electric-vehicles-help-to-tackle-climate-change; 14
^^Department of Industry, Science, Energy and Resources (2021)

Lunnon’s “Kambalda Playbook”














Significant opportunity
• Deep • World • No • Global drive
Poised for the next cycle
knowledge of renowned meaningful for net zero
project nickel district exploration emissions
for >25 yrs
• 39kt Ni in • Assets locked • Nickel key
JORC12* in gold • $15M raised contributor
focussed in IPO

• 350km of major • Sulphide
historical drill Aggressive discovery program • Extend the Nickel key forward facing metal sourced Ni
core • Missed last known provides cost
nickel price resources, & env’

• 19 years of boom target the new benefits
geology
records • First phase • Tesla-BHP
RC success at deal
East Cooee





Exposure to gold in a world class, 15 Moz gold belt




*see Appendix page 17 for detailed breakdown 15

Contact Us









Suite 5/11 Ventnor Avenue


West Perth, WA 6005






PO Box 470


West Perth


WA 6872






Tel: (08) 9226 0887






www.lunnonmetals.com.au



Driller, Jack Lunnon (far right) overlooking Lake Lefroy from north
side of Red Hill: with local and WMC dignitaries at site of KD1,

discovery hole for nickel at Kambalda (image source ABC Goldfields-Esperance:
story dated 1st Feb 2016: image late 1960s / early 1970s - not on Company’s tenements)
16

Appendices







Mineral Resource Statement




Foster Mine Indicated Inferred Total



Cut-off
Shoot Tonnes % Ni Ni metal Tonnes % Ni Ni metal Tonnes % Ni Ni metal
(Ni %)



85H 1% 387,000 3.3 12,800 300,000 1.3 3,800 687,000 2.4 16,600



Foster
South 1% 223,000 4.7 10,500 116,000 4.8 5,500 340,000 4.7 16,000



Warren 1% 136,000 2.7 3,700 75,000 3.7 2,700 211,000 3.1 6,400


Total 746,000 3.6 27,000 491,000 2.4 12,000 1,238,000 3.2 39,000


FORWARD LOOKING STATEMENT – INFERRED RESOURCE STATEMENTS:
The Company notes that an Inferred Resource has a lower level of confidence than an Indicated Resource and that the JORC Code 2012 advises that to be an Inferred
Resource it is reasonable to expect that the majority of the Inferred Resource would be upgraded to an Indicated Resource with continued exploration. Based on
advice from the relevant Competent Persons, the Company has a high degree of confidence that the Inferred Resources reported at Foster Mine will upgrade to an
Indicated Resource with further exploration work.


The Company believes it has a reasonable basis for making this forward looking statement in this presentation, based on the information contained in this presentation
in the context of the JORC Code, 2012 and the Mineral Resource for 85H, Foster South and Warren recorded in the Company’s Prospectus dated 22 April 2021.
17

Competent Persons Statement






Mineral Resources

The information in this presentation that relates to geology, nickel mineralisation and Mineral Resources is based on and fairly represents information compiled and reviewed by Mr.
Aaron Wehrle, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Wehrle is a full time employee of Lunnon Metals Ltd, a shareholder and holder of
employee options; he has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify
as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Wehrle consents to the
inclusion in the presentation of the matters based on his information in the form and context in which it appears.

Exploration Target

Any information in this presentation that relates to the East Cooee Exploration Target is based on and fairly represents information compiled and reviewed by Mr. Aaron Wehrle. Mr.
Wehrle is a Member of The Australasian Institute of Mining and Metallurgy, is a full time employee of Lunnon Metals, a shareholder and holder of employee options; he has sufficient
experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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. Wehrle consents to the inclusion in the report of the matters
based on their information in the form and context in which it appears.
An Exploration Target for East Cooee was estimated by the Company in 2020 in accordance with the guidelines of the JORC Code, 2012. This work identified multiple mineralised
surfaces in basalt-ultramafic contact trough locations, contact flanking locations, footwall positions and extensive hangingwall surfaces. The combined tonnage and grade potential of
the Exploration Target was estimated to be in the range of 500 to 750 kt with an average grade of 1.25% to 2.5% nickel. The potential quantity and grade of the Exploration Target is
conceptual in nature. The Exploration Target is based on supporting geological information and drillhole data from WMC and geological interpretations by Lunnon Metals. Included in
the data on which this Exploration Target has been prepared are the results from surface diamond drillholes, completed by WMC during the 1970s and 1980s.

The Exploration Target does not account for potential geological complexity, possible mining method or metallurgical recovery factors. The Exploration Target was estimated in order
to provide an assessment of the potential scale and grade of the mineralisation intersected in drilling and supported by the strong and high magnitude nickel-in-soils geochemical
anomalism. The Company’s work programs will seek to apply funds raised to progress exploration activities at East Cooee to confirm the presence of nickel mineralisation and
generate sufficient new significant dill intercepts to position the Company to consider the estimation of a Mineral Resource within the first two years after listing.

In the Company’s Independent Technical Assessment Report in Schedule 3 of the Prospectus lodged on the ASX on 11 June 2021, Optiro Pty Ltd notes that there has been
insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Disclaimer

References in this presentation may have been made to certain previous ASX announcements, which in turn may have included exploration results and Mineral Resources. For full
details, please refer to the said announcement on the said date. The Company is not aware of any new information or data that materially affects this information. Other than as
specified in this announcement and mentioned announcements, the Company confirms it is not aware of any new information or data that materially affects the information included in
the original market announcement(s), and in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the
relevant 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 announcement. 18

www.caspin.com.au










An Emerging


Precious and Base


Metals Company





AUSTRALIAN NICKEL

CONFERENCE

5 October 2021


GREG MILES, CEO




















ASX CODE: CPN

DISCLAIMER













The information contained in this presentation is for informational purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in this
presentation is not investment or financial product adviceand is not intended to be used as the basis for making aninvestment decision. The presentation has been prepared without taking into account the investment
objectives, financial situation or particular needs of any particular person. Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is
appropriateinlightof your particularInvestmentNeeds, Objectives And Financial Circumstances.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent
permitted by law, none of Caspin Resources Ltd, their directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss
arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement
or reasonableness or any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to

significantuncertainties and contingencies.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr Greg Miles, a Competent Person who is an employee of the company. Mr Miles is a Member of the
Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent
Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Miles consents to the inclusion in this
reportof the matters based oninformationintheform and context inwhichitappears.

The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results information included in this report from previous Company announcements (including drill
results extracted from the Company's Prospectus) announced tothe ASX on 23 November 2020 and on30 March2021, 28 April 2021, 24 May 2021, 16 June 2021, 5 July 2021, 19 August 2021 and 21 September 2021.


Forward Looking Statements
Some statements in this report regarding estimates or future events are forward-looking statements. Forward-looking statements include, but are not limited to, statements preceded by words such as “planned”,
“expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. Forward-looking statements, opinions and

estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on
interpretations of current market conditions. Forward-looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward-looking statements may be
affected by a range of variables that could cause actual results to differ from estimated results expressed or implied by such forward-looking statements. These risks and uncertainties include but are not limited to
liabilities inherent in exploration and development activities, geological, mining, processing and technical problems, the inability to obtain exploration and mine licenses, permits and other regulatory approvals
required inconnection with operations, competition for among other things, capital, undeveloped lands and skilled personnel; incorrectassessments of prospectivity and the value of acquisitions; the inability to identify
further mineralisationat the Company’s tenements, changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt exploration and development activities,
operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of transportation services; the ability to secure adequate financing
and management's ability toanticipateand managetheforegoing factors andrisks and various other risks setout inthe Prospectus. Therecanbeno assurancethatforward-looking statements will provetobecorrect.

Statements regarding plans with respect to the Company’s mineral properties may contain forward looking statements. Statements in relation to future matters can only be made where the Company has a reasonable
basis for making thosestatements.

Authorised for releaseto the ASX by Greg Miles, Chief ExecutiveOfficer.




2

Corporate Overview








Backed by strategic shareholders and well funded for exploration





Capital Structure (4 October 2021) Details CPN - ASX 6 Month Share Price Performance VOLUME
$3.00 4,000,000
ASX Code CPN Volume Close $


Total Ordinary Shares on Issue 1 74,740,710 $2.50 3,500,000
Unlisted Options & Performance Rights 2 5,492,750 3,000,000


Share Price (close 4 October 2021) $0.70 $2.00
2,500,000
Market Capitalisation ~$52M

Cash Balance (30 June 2021) $15.05M $1.50 2,000,000
3

Debt (30 June 2021) nil 1,500,000
$1.00
1. Includes 4.92M Shares held by Board and Management - subject to ASX escrow until 25/11/2022. 1,000,000
2. 2.5M Board & Management 5 year Options at $0.30 strike price.
2M Lead Manager 5 year Options at $0.30 strike price. $0.50
992,750 Management and Employee Performance Rights (various vesting conditions). 500,000
All subject to escrow until 25/11/2022
3. Balance 30 June quarterly cash and gross Placement proceeds settled 22/07/2021.
$- -

No. Substantial Shareholders No. (m) %


1 Chalice Gold Mines Ltd 6.9 9.2%

2 Tinci (HK) Limited 5.6 7.5% Board and Management

3 Mr Buxiao Yu 4.5 6.1% Mr Cliff Lawrenson – Non-Executive Chair


4 Atasa Holdings Pty Ltd;
& Tjandra Pramoko + Simone Suen 4.2 5.7% Mr Greg Miles – Chief Executive Officer

5 Mr Sufan Siauw 3.4 4.5% Dr Jon Hronsky – Non-Executive Director

6 Colin Iles 3.0 4.1%
Ms Simone Suen – Non-Executive Director
Total Substantial Shareholders 27.6 37.1% Highly experienced

Balance of Top 20 16.8 22.4% Mr Justin Tremain – Non-Executive Director exploration, corporate and


Balance of Board & Management 1 5.3 7.1% Mr Steven Wood – CFO & Company Secretary capital markets team

3
1. Excludes 4.2M shares (5.7%) held by Atasa Holdings Pty Ltd & TjandraPramoko + Simone ABOVE: Steven Wood, Cliff Lawrenson, Jon Hronsky, Justin Tremain, Simone Suen & Greg Miles
Suen. Includes Escrow shares in %’s.

Overview of Assets








Two highly prospective and complementary projects in Tier 1 jurisdiction







1) Yarawindah Brook (80% interest) – PGE-Ni-Cu-Co


 40km north from Chalice’s high-grade Julimar PGE-Ni-Cu-Co discovery


2
 First-mover advantage with priority geological landholding (>400km )

 Ni-Cu-PGE mineralisation intersected in drilling




2) Mount Squires (100% interest) – Au, Ni-Cu



 Large scale 750km , greenfield gold project - one of the last unexplored WA
2
gold provinces


 Shallow significant intercepts prove potential:


− 20m @ 1.27g/t Au from 23m (including 7m @ 2.54g/t Au)


− 15m @ 2.30g/t Au from 31m (including 9m @ 3.25g/t Au)


 Ni-Cu potential: adjacent to OZ Minerals’ West Musgrave Project

(40m @ 1.2% Cu and 22m @ 1.8% Cu)




3) Up to A$20 million contingent cash payment from

OZ Minerals



 In the event of a sale of all or a portion of OZ Mineral’s interest in the

West Musgrave Project or of the contained nickel at that project 1





1. Subject to meeting certain thresholds. Caspindoes not hold any direct or indirect ownership interest in the West Musgrave Project
4 4 4

YARAWINDAH BROOK




(CPN 80%)





A large strategic land


position in an emerging


PGE-Ni-Cu belt









































5

Yarawindah Brook Project























































































6

Prime Position in an Emerging Ni-Cu-PGE Belt







A Strong Foundation For Success







 Located 40km north of, and within same group of host rocks


as Chalice’s Julimar PGE-Ni-Cu-Co-Au Project




 Targeted in 2018 (pre-Julimar discovery) due to proximity to


important regional structural intersection




 Overlooked in the past due to lack of geological exposure,


competition with agriculture and focus on Kambalda-style Ni



 Exploration paradigm shift to orthomagmaticNi-Cu-PGE


deposits




 Historical exploration identifies significant Pd & Pt


mineralisation



 e.g. 11m @ 1.78g/t Pd & 0.56g/t Pt (YBR089)



 Julimar discovery in similar host rocks supports targeting


concepts











7

An Active Explorer Focused on Discovery






Accelerated Exploration Since IPO in Nov 2020




Nov 2020: Airborne EM survey Jan 2021: Ground EM survey at Nov-Mar 2021: >2,500 soil Geo- Apr 2021: Focus on PGE mineralisation
chemistry samples
XC-29 Prospect
at Yarabrook Hill Prospect

































Diamond drilling at Airborne Gravity
Apr-May 2021: Yarabrook Hill & XC-29 Jun 2021: Gradiometer Survey Jul-Aug 2021: RC Drilling program at Yarabrook Hill

































8 8

Potential New PGE Discovery at Yarabrook Hill








Most Advanced Exploration Prospect in the Region






• Shallow historic drilling with surface mineralisation >2km



• Caspin’s first two holes demonstrate mineralisation extends to bedrock



• Demonstrates potential for significant scale – open all directions
























































Drilling at Yarabrook Hill, May 2021

9

Right rocks – First Milestone








Significant PGE-Ni-Cu Mineralisationin Multiple Lodes





 Over 300m of anomalous PGE-Ni-Cu, open in all directions











1.93g/t PGE (1.11g/t Pd, 0.82g/t Pt), 1.46% Ni & 1.60% Cu

















4.17g/t PGE (0.95g/t Pd, 3.22g/t Pt), 3.49%Ni & 1.43% Cu




















0.57g/t PGE (0.44g/t Pd, 0.13g/t Pt), 0.53% Ni & 0.13% Cu
















10
10
4.10g/t PGE (0.77g/t Pd, 3.33g/t Pt), 0.56% Ni & 2.01% Cu

New Datasets Provide Major Advance in Understanding








Yarabrook Hill has Significant Scale






 Gravity results show host


intrusion is much larger than


previously mapped or drilled



 New geochemical anomalies


within the gravity anomaly


footprint provides confidence


that they represent bedrock


mineralisation



 Now recognising internal


architecture of the intrusion and


potential mineralised positions




 Plus, new context for EM


anomalies









Multiple targets for


exploration Yarabrook Hill gravity anomaly comparison with Gonneville Deposit and Hartog gravity anomaly at the same scale.


11
Julimar Project source materials: https://inventum3d.com/c/chalicemining/julimar. 11

Additional Targets for RC Program








Geochemistry and EM Targets






 Northwest and Eastern soil anomalies potentially represent basal mineralisation



 XC-22 priority target – magnetic high, gravity low, possibly serpentinised rocks, similar to Gonneville



 Plan to expand geochemical coverage to the south



























































12
12

New Geological Model Highlights Opportunity for Discovery








Prospective Basal Contact Yet To Be Tested






 Previous exploration limited to only a very small part of the intrusive complex



 Recognised prospectivity for PGE-rich disseminated mineralisation as well as Ni-Cu massive sulphide on basal


contact




























































13

More Anomalies Beyond Yarabrook Hill








First Steps in Unlocking the Region






 Multiple coincident PGE-Ni-Cu


geochemical anomalies




 Yarabrook Hill a standout


geochemical anomaly – peak


result 331ppb, background 1ppb

- but also favourable exposure.


Now recognised significant


leaching of Pd, Pt, Ni & Cu in


the regolith, therefore other


anomalies with poor exposure may


be just as significant




 Need to review with new gravity


data




 Only 35% of the project sampled to


date. Further sampling this


summer




14
14

Current Exploration - Yarabrook Hill








RC drill program underway






 ~3,000m RC drill program completed at


Yarabrook Hill to date



 Assay results from first 11 holes pending –

further refinement of program on receipt




 Drilling expected to recommence in late

October



 New targets to be included in RC program




 Diamond drilling also to commence in

late October

































Drilling at Yarabrook Hill, August 2021 15
15

Actively Exploring a New Mineral Province








A Busy 6 Months Ahead






 Initial results of current program expected from early October



 RC Program to resume in late October



 EIS funded diamond drilling program late-October


 Extend airborne EM coverage over northern project area



 Continue expanding soil geochemistry program


















































16
16
16

MOUNT SQUIRES




PROJECT




(CPN 100%)



A frontier nickel-copper



and gold province














































17

Mount Squires Project























































































18

Mount Squires Project








LARGE SCALE GREENFIELD GOLD PROJECT






 A new gold frontier in the Musgrave Province



 Large ~750km landholding
2


 Significant drill results include:


 20m @ 1.27g/t Au from 23m, including 7m @ 2.54g/t Au


 15m @ 2.30g/t Au from 31m, including 9m @ 3.25g/t Au






POTENTIAL STRIKE EXTENSION OF NI-CU MINERALISATION




 Adjacent to OZ Minerals’ One Tree Hill Prospect


(40m @ 1.2% Cu and 22m @ 1.8% Cu)



 200m from tenement boundary




























19
19

A Strategic Nickel-Copper Position








Potential Extension of Well-endowed Mineral Field






 Significant copper mineralisation at One Tree Hill Prospect (OZL)



 40m @ 1.2% Cu & 22m @ 1.8% Cu, only 200m outside project boundary



 Mafic host rocks known to extend into project area





Cassini Resources Limited (CZI) ASX
Announcement 19 December 2019.


















































20
20

A Potential Copper Porphyry System?








Duchess: Mo-Pb-Cu-Au zonation over an area >2km 2








 Soil geochemical has characteristics of deeply


weathered copper porphyry systems




 Gold at Handpump potentially a distal part of the


system





 Handpump IP anomaly associated with circular


magnetic feature and gold mineralisation










































21

CASPIN INVESTMENT




HIGHLIGHTS









• Yarawindah Brook holding a prime position in


Australia’s newest PGE-Ni-Cu district




• Assay results from first 11 RC holes imminent




• New datasets have significantly enhanced


prospectivity of Yarabrook Hill




• Generating new targets for next round of



drilling programs



• Mount Squires poised to add value




• Experienced team, well supported, in



fundamental commodities













22

Caspin Resources Limited


Ground Floor, 16 Ord Street
West Perth, Western Australia 6005


T: +61 8 6373 2000
E: [email protected]

W: www.caspin.com.au

ASX: CPN



https://twitter.com/CaspinRes


https://www.linkedin.com/company
/caspin-resources-limited
























23

Australia’s



emerging battery


minerals explorer








AUSTRALIAN NICKEL CONFERENCE

th
5 October 2021





Private & Confidential

Disclaimer







This presentation has been prepared by NickelSearch Limited (“NiS” or the “Company”) to assist in informing interested parties about the Company
and its progress. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an
inducement to make an offer or invitation with respect to securities in the Company. No agreement to subscribe for securities in the Company will
be entered into on the basis of this presentation.

You should not act or refrain from acting in reliance on this presentation material. This overview of NiS does not purport to be all inclusive or to
contain all information which recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct
your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information,
statements and opinionscontained in this presentation beforemaking anyinvestmentdecision.


The Company has not verified the accuracy or completeness of the information, statements and opinions contained in this
presentation. Accordingly, to the maximum extent permitted by law, the Company makes no representation and give no assurance, guarantee or
warranty, express or implied, as to, and takes no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or
completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation. The contents of this
presentation areconfidential.


This presentation includes certain “Forward-looking Statements”. The words “forecast”, “estimate”, “like”, “anticipate”, “project”, “opinion”,
“should”, “could”, “may”, “target” and other similar expressions are intended to identify forward looking statements. All statements, other than
statements of historical fact, included herein, including without limitation, statements regarding forecast cash flows and future expansion plans and
development objectives of NiS involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate
and actual results and futureevents could differ materially from thoseanticipated in such statements.


For the purposesof section 734(6) of theCorporations Act, theCompanynotesthe following:
- the Public Offer will be made pursuant to the Company’s Prospectus dated 23 August 2021 which is available for download at
www.nickelsearch.com;
- a person should consider the Prospectusin deciding whether to acquireSharesunder the Public Offer; and


anyonewho wants to acquireSharesunder thePublic Offer will need to completethe application form thatwill accompanythe Prospectus.
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JORC Disclaimer






The information in this document that relates to Exploration Targets, Exploration Results and Mineral Resources in the Reportare prepared in

accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves JORC Code
(2012 Edition) (JORC Code).


The Mineral Resources for the John Ellis laterite deposit have been compiled by Andrew Weeks who is a Director of 2020 ResourcesPty Ltd and a
Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Weeks has sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the activity that they have undertaken to qualify as a Competent Person as defined in the JORC
Code. Mr. Weeks has given prior consent to the inclusion in this document of the matters based on their information in the form and context in
which it appears.


The Mineral Resources and Exploration Target for the RAV8 deposit and Stockpile have been compiled under the supervision of Mr. Jeremy Clark
who is a full-time employee of Lily Valley International Pty Ltd and a Registered Member of the Australian Institute of Mining and Metallurgy. Mr.

Clark has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that they
have undertaken to qualify as a Competent Person as defined in the JORC Code. Mr. Clark consents to the inclusion in this document of the
matters based on their information in the form and context in which it appears.


The Exploration Targets, Exploration Results, and Mineral Resources (excluding the RAV8 and John Ellis laterite deposits) arebased on information
compiled by Mr. David Reid who is a full-time employee of Golder and Fellow of the AusIMM. Mr. Reid has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration and to the activity that they have undertaken to qualify as a Competent Person
as defined in the JORC Code. Mr. Reid consents to the inclusion in this document of the matters based on their information inthe form and
context in which it appears.



Exploration Targets have been derived from applying industry standard grade estimation techniques to historical, unvalidated drilling data. The
potential quantity and grade for the Exploration Targets are conceptual in nature. There has been insufficient exploration toestimate a Mineral
Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Please refer to the Company’s Prospectus
dated 23 August 2021 for further information which can be found at the following link: www.nickelsearch.com 3

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COMPANY




OVERVIEW















4

Investment Highlights










A dominant land position in a Experienced team with a proven


highly prospective nickel belt nickel exploration track record






Shallow mineralisation open in An emerging green energy

most directions with proven high materials supplier


grade nickel production



Proximal to established nickel

High priority brownfield & mining & processing


greenfield targets infrastructure





Committed to sustainable
Near-term mining & processing
resource development &
optionality
minimising environmental impact


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CARLINGUP




NICKEL





PROJECT








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Established Nickel Province













▪ Highly prospective
geological setting for

nickel sulphides




▪ Favourable ultramafic
host rocks for Kambalda-

style komatiitic nickel

sulphide deposits



▪ Well serviced by sealed

roads & power supply



▪ Close to established

nickel mining &

processing infrastructure






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Carlingup Nickel Sulphide Project













▪ 100% owned tenement

package covering 64km 2



▪ Dominant tenure position

(>10km strike) in the fertile

Ravensthorpe greenstone
nickel belt




▪ 8 Mining Licences



▪ 7 Exploration Licences




▪ Acquired in 2011 with

limited systematic
exploration applied






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Medallion Metals Transaction



▪ Acquired 100% interest in

1 ML & 1 EL plus secured
base metals rights to 1 ML

& 4 EL’s from Medallion

Metals (ASX: MM8)



▪ Total tenure increases to

2
108km and captures the
western extension of the
greenstone belt




▪ ML74/13 contains the
historical high grade RAV-8

mine which produced

16.1kt Ni at 3.45% incl.
9.6kt Ni at 5.83%




▪ 100% scrip consideration

results in MM8 holding a
cornerstone equity

position at IPO (15.1%)
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Exploration Targeting: Historical exploration







▪ Most previous drill testing has
been shallow (<80m depth)



▪ Significant potential for virgin

high-grade sulphide nickel
deposits at moderate depths



▪ Multiple nickel targets along

the basal ultramafic contact
remain to be adequately drill
tested



▪ A pyrite study by CODES on drill

hole RAVD120 highlights
potential for Degrussa-style
VHMS Cu-Au mineralisation

hosted in volcanic rocks



▪ DHEM identified subtle
anomalies indicative of

VHMS mineralisation

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Exploration Targeting: Lithogeochemistry









High priority nickel targets
identified (red circles) based on:



✓ High MgO ultramafic units

identified in downhole
lithogechemical study



✓ Magnetic highs sitting on basal
ultramafic host rock contact



✓ Mineralised basal ultramafic

flows identified in previous
drilling



✓ Clusters of Ni sulphide
occurrences and Ni anomalies

throughout the entire area









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