CASPIN RESOURCES

(ASX:CPN)

◾ W: caspin.com.au COMPANY PROFILE

Investment Highlights

■ Major new platinum-group element-nickel-copper discoveries at Serradella and Vicia prospects, inside its Yarawindah Brook Project, and potential for new discoveries at greenfield site Mount Squires project.

■ Significant pipeline of drilling campaigns planned for 2023, with results pending from Mount Squires project where +10% copper was recently reported at surface.

■ Well funded for exploration, with no debt and $6.8m cash at bank as of September and backing of strategic shareholders including Chalice Mining (ASX:CHN).

A well-funded Western Australian explorer operating in one of the world’s most exciting discovery provinces of recent times, there’s no shortage of excitement around Caspin Resources.

Caspin’s focus is on the 80%-owned Yarawindah Brook platinum group element (PGE)-nickel-copper project in WA’s emerging West Yilgarn PGE province, as well as the 100% owned Mount Squires project in West Musgrave’s nickel-copper corridor. The West Yilgarn is famously home to Chalice Mining’s (ASX:CHN) Gonneville

PGE-nickel-copper deposit, and CPN’s Yarawindah project 40km to the north shows similar promise thanks to a series of prospects discovered by the Caspin team.

The most significant of these are the

Serradella prospect, where drilling intersected wide mineralised zones of up to 25m, which included rhodium – the world’s most expensive precious metal – as well as the recently announced Vicia PGE discovery where 32m of mineralisation was intersected from 58m.

This year, the company plans further drilling around the area to test the extent of rhodium mineralisation. A third rig was recently added to the artillery to accelerate delineation drilling of Serradella – results are expected imminently.

Vicia and Serradella are just two of at least six targets within the broader project, which is said to be geologically similar to Chalice’s Gonneville discovery. Chalice holds a stake in Caspin courtesy of a cornerstoned capital raise announced to market in July 2021.

The company’s concurrent focus is the 100% owned Mount Squires project to the south-west of OZ Minerals’ Nebo and Babel deposits in the West Musgrave province near the WA-South Australian border.

The province is prospective for copper and nickel mineralisation, and Caspin’s exploration work has done the talking so far.

Results from an aircore program carried out near the border of Caspin’s ground and OZ Minerals’ One Tree Hill deposit 200m to the north are pending. This work was designed to establish whether One Tree Hill carries over the lease area boundary.

But rock chip samples taken from surface at an 8km copper geochemical anomaly known as the Sienna prospect assayed as high as 10.6% copper – a result the company said showed it was in the early stages of defining a significant magmatic sulphide system prospective for copper, and potentially nickel and PGEs.

CPN is awaiting the results of a further 1200 soil samples from West Musgrave in addition to aircore assays, while also planning work for the 2023 field season at Mount Squires.

Caspin’s management team has extensive familiarity with its projects going beyond the history of the ASX-listed entity as it currently stands. The company is helmed by Greg Miles, a 25-year mining industry veteran who worked on the early-stage work at both Yarawindah and CPN’s West Musgrave projects for Cassini Resources prior to its takeover by OZ Minerals.

Caspin would ultimately spin out of OZ in 2020 and has quickly forged its own reputation as an explorer to watch in 2023 and beyond.

KEY POINTS

◾ Company Name: Corazon Mining

◾ Company ASX code: CZN

◾ Key Commodities: Nickel, copper, cobalt, lithium

◾ Key Personnel: Terry Streeter, Non-Executive Chairman | Brett Smith, Executive Managing Director

◾ Locations: Canada, New South Wales, Western Australia

◾ Market Cap as of 25/01/23: $14.03M

◾ 52-Week Share Price Range at 25/01/23: $0.014 - $0.039

◾ W: corazon.com.au

Investment Highlights

◾ Corazon is an ASX-listed company focused on the exploration and development of critical battery metals including nickel, copper, cobalt and lithium.

◾ 100% ownership of the historic nickel-copper-cobalt Lynn Lake mining centre in Manitoba, Canada that hosts large JORC-compliant resources of 116,800t of nickel, 54,300t of copper and 5800t of cobalt.

◾ On the back of the emerging rechargeable battery sector, Corazon is leveraged to exploration success and the redevelopment of the Lynn Lake mining centre.

BRETT SMITH EXECUTIVE MANAGING DIRECTOR

Corazon Mining

than 20 separate deposits.

Corazon took the strategic step of consolidating the entire Lynn Lake nickel field under its ownership in 2015 – the first time this world-scale nickel belt had been controlled by one company.

the company, alongside the exploration and expansion of the undeveloped Miriam nickel sulphide deposit.

KEY POINTS

◾ Company Name: Charger Metals

◾ Company ASX code: CHR

◾ Key Commodities: Lithium

◾ Key Personnel: David Crook, Managing Director and CEO | Terry Gardiner, Non-Executive Chairman

Adrian Griffin, Non-Executive Director

◾ Locations: Western Australia, Northern Territory

◾ Market Cap as of 25/01/23: $23.29M

◾ 52-Week Share Price Range at 25/01/23: $0.305 - $1.000

◾ W: chargermetals.com.au

INVESTMENT HIGHLIGHTS

JANUARY 19: Drilling resumes at the Medcalf spodumene prospect at Charger Metals’ Lake Johnston lithium project. Twenty RC holes will test for extensions to the mineralised pegmatites both along strike and at depth.

DECEMBER 20: Maiden drilling program at the Medcalf spodumene prospect intersects numerous spodumene-bearing pegmatites within a 50m-wide zone.

NOVEMBER 21: Charger receives drilling approvals and increases its land position at the Lake Johnston lithium project by 33sq km.

DAVID CROOK MANAGING DIRECTOR & CEO

Charger Metals

(ASX:CHR)

Company Profile

Charger Metals is targeting lithium in two highly prospective provinces among billiondollar neighbours.

Charger’s flagship project is the 70% owned, 62.7sq km Bynoe project, in a known lithium belt close to Darwin. Surrounding Bynoe is Core Lithium’s (ASX:CXO) Finniss lithium project, which has a current mineral resource estimate of 18.9Mt at 1.32% Li2O.

Approvals were received for the maiden drill program at Bynoe last November and Charger is looking forward to starting further exploration.

Geochemistry and aeromagnetic data indicates the trend direction of lithiumcaesium-tantalum (LCT) pegmatites extend from Finniss to the Bynoe project, so the team is keen to begin drilling as soon as wetseason weather allows.

At the Lake Johnston lithium project in Western Australia’s Eastern Goldfields, the drill rigs have been revved up for the year at the Medcalf spodumene discovery.

The region has been attracting a lot of interest from lithium explorers thanks to it being home to Covalent Lithium’s Earl Grey project, which is linked to the broader Mount Holland Lithium Project.

Mt Holland is one of the largest undeveloped hard-rock lithium projects in Australia, with ore reserves for the Earl Grey deposit estimated at 189 Mt at 1.5% Li2O.

Covalent is a joint venture between subsidiaries of the world’s largest lithium producer, Chile-based SQM, and Wesfarmers.

Exploration at Charger’s nearby Medcalf spodumene discovery has confirmed multiple lithium systems, with soil anomalies and rock chips yielding high-grade lithium oxide samples from 1.51% to 7.15%.

Charger’s maiden drilling program at the Medcalf spodumene discovery got off to a very encouraging start before a break for the festive season, with numerous spodumene-bearing pegmatites intersected within a 50m-wide structural zone.

Drilling has now resumed to test the 800m by 300m swarm of pegmatites both along strike and at depth.

Another key prospect is Mount Day, a large LCT pegmatite field including numerous mapped pegmatites within a 5.5km by 1.5km field.

And in November, Charger acquired a 33sq km tenement, with areas falling within the Lake Johnston ‘Goldilocks Zone’ for lithium mineralisation.

Leading the way, Charger has a highly credentialled and experienced board and management team who have extensive experience in exploration, development, operations, funding and M&A.

The company got a major show of support last September when it completed a $5.5 million placement to institutional, sophisticated and professional investors.

“Increasing demand for primary supply into the lithium market should continue to underpin projects such as Charger’s Bynoe and Lake Johnston lithium projects, and the funds raised will allow us to aggressively drill both these highly prospective lithium projects,” Charger managing director, David Crook, said at the time.

KEY POINTS

◾ Company Name: Dreadnought Resources

◾ Company ASX code: DRE

◾ Key Commodities: Rare earths, nickel, copper

◾ Key Personnel: Paul Chapman, Chairman Dean Tuck, Managing Director

◾ Locations: Kimberley, Gascoyne and Yilgarn regions of Western Australia

◾ Market Cap as of 25/01/23: $302.79M

◾ 52-Week Share Price Range at 25/01/23: $0.032 - $0.155

◾ W: dreadnoughtresources.com.au

INVESTMENT HIGHLIGHTS

■ Rapidly expanding, potentially globally significant rare earths elements (REE) opportunity with the discovery of the Yin REE ironstone and carbonatite complex at the Mangaroon project, situated in WA’s underexplored Gascoyne region.

■ Copper, silver, gold and cobalt massive sulphide camp discovery at the Tarraji-Yampi project in the Kimberley.

■ Nickel, copper, and platinum group elements (PGE) earn-in and joint venture with First Quantum Minerals at Mangaroon.

COMPANY PROFILE

Massive commitments to the green energy transition over the next decade and beyond will require substantial amounts of critical metals like nickel, copper, cobalt, and lithium – and experts say supply won’t be able to keep up. That puts those already advanced in the space, like emerging nickel-focused explorer and developer Corazon Mining, in the driver’s seat to help meet ever-increasing demand.

Corazon’s flagship Lynn Lake nickelcopper-cobalt project in Manitoba, one of Canada’s largest historic nickel producing regions, provides a huge opportunity for resource development and discovery.

Lake Lynn was a prolific historical operation that was mined for 24 years through to 1976, producing 206,200t of nickel and 107,600t of copper, and hosting more

CZN has so far defined large JORCcompliant resources amounting to 16.3Mt of ore containing 116,800t of nickel, 54,300t of copper and 5,300t of cobalt – from just six of the +20 deposits located within the mining centre.

Corazon also plans to undertake a drilling program in early 2023 targeting porphyry copper-gold-cobalt deposits at the 80%-owned Mt Gilmore project in New South Wales.

(ASX:CZN) (ASX:DRE)

DEAN TUCK

MANAGING DIRECTOR

Dreadnought Resources

At Corazon’s market capitalisation of ~$13 million – Lynn Lake’s enterprise value is roughly $7 million, providing plenty of upside given the company’s aggressive exploration strategy, which is focused on extending the existing resource and uncovering new nickel sulphide deposits.

The company also has exposure to its target commodities in Western Australia and New South Wales.

CZN piqued investor interest in December 2022 with a lithium discovery at its Miriam project in the Eastern Goldfields region of Western Australia that sent shares up 65%. Field mapping at the project revealed pegmatite at surface with high concentrations of spodumene. No past lithium exploration had been undertaken at the Miriam project, providing a potentially significant opportunity for Corazon.

Lithium exploration will be a priority for

Mt Gilmore hosts a +20km trend with mineral geochemical characteristics specific to large porphyry copper-gold deposits. The project hosts the cobalt-dominant ‘Cobalt Ridge’ prospect, where extremely high grades of up to 8% cobalt have been reported.

With the substantial growth continuing in the battery sector, Corazon is leveraged to both exploration success and the potential to redevelop the Lynn Lake mining centre. Mining studies are ongoing with the goal of transforming Lynn Lake into a sustainable, long-life, automated, bulk tonnage, and low-cost operation right on the doorstep of the high-demand American and European markets, hungry for highquality nickel sulphide.

COMPANY PROFILE

Dreadnought Resources has a demonstrated track record of delivering multiple discoveries hosting the critical metals that are key to the decarbonisation of the global economy.

The company has four substantial projects, all in Western Australia, with optionality in geography and critical metal mix. Most recently, Dreadnought successfully uncovered several large-scale zones hosting rare earths elements (REE), niobium, titanium, and phosphorus mineralisation at its 100% owned Mangaroon project. The project spans 4,900sq km in the vastly underexplored Gascoyne region, providing the explorer with a large-scale first mover advantage.

Recent first-pass, wide-spaced drilling of the C1-C5 carbonatite targets exceeded expectations, expanding the intrusive complex to 6.5km in strike by 1km wide.

“Importantly, the carbonatite complex remains completely open and is interpreted to be significantly larger than we originally believed,” Dean Tuck, managing director of Dreadnought, said.

DRE previously identified 30km of REE ironstones at the Yin prospect that show strong potential for high-grade and significant volumes of neodymium-praseodymium (NdPr), similar to Hasting Technology Metals’ (ASX:HAS) Yangibana REE project located just 25km to the southeast.

NdPr is the key component of highperformance neodymium, iron, and boron magnets, which are rapidly increasing in demand thanks to their use in electric vehicles, speakers and medical devices like MRIs.

In December Dreadnought delivered its initial resource for Yin of 14.36 million tonnes at 1.13% total rare earth oxide and 0.34% neodymium and praseodymium oxide, within six months of discovery. The initial resource covers only 3km, just 10% of the 30km Yin REE ironstone complex.

DRE has also pinpointed seven carbonatite intrusions with potential similarities to major operating REE mines like Lynas’ (ASX:LYC)

Mt Weld in Australia and MP Minerals’ Mountain Pass in the US.

Meanwhile, the company has a major partner doing the heavy lifting on the nickel, copper, and platinum group elements (PGE) component of the Mangaroon project.

$20 billion Canadian heavyweight First Quantum Minerals can earn an initial 51% stake in the Money Intrusion copper-nickelPGE project by spending $12 million and has the option to top up its interest to 70% by sole funding the project through to a decision to mine.

In the Kimberley, Dreadnought’s goal is to uncover a cluster of high-grade copper, silver, gold, and cobalt massive sulphide deposits at the broader Tarraji-Yampi project, where exploration hasn’t occurred since the 1970s. DRE has an extensive pipeline of JORC resource ready drill-out targets.

Paul Chapman, chairman of Dreadnought, said the Orion copper-silver-gold-cobalt-zinc deposit – which the company discovered in 2021 – could extend to a depth of at least 500m and was ready for a JORC resource drill out.

“We also have at least nine Orion lookalikes that have similar if not better potential,” he said.

Dreadnought is a highly active explorer, backed by directors and management that have significant ‘skin in the game’. Over $3 million has been invested by the board and management.

More than 85% of the money spent so far has gone straight into the ground.

Key Points

◾ Company Name: Eagle Mountain Mining

◾ Company ASX code: EM2

◾ Key Commodities: Copper

◾ Key Personnel: Charles Bass, Managing Director | Tim Mason, CEO Rick Crabb, Chairman

◾ Locations: Arizona, US

◾ Market Cap as of 25/01/23:

$74.67M

◾ 52-Week Share Price Range at 25/01/23: $0.150 - $0.705

◾ W: eaglemountain.com.au

Investment Highlights

DECEMBER 16: EM2 intersected

9.94% copper, 102g/t silver and 3.35g/t gold over 1.3m at North East Talon, along with elevated rare earth elements detected in previous drilling.

NOVEMBER 11: Strong grades continued to flow in large diameter drilling at Talon, within the broader Oracle Ridge project.

OCTOBER 6: Strong assays reported outside of the updated resource for the Oracle Ridge copper mine.

TIM MASON CEO